Trinity Biotech Announces Fourth Quarter and Fiscal Year 2022 Financial Results
Trinity Biotech (TRIB) reported its fiscal year and Q4 2022 results, revealing total revenues of $74.8 million, down 19.6% from $93.0 million in 2021, with Q4 revenues at $18.0 million. Excluding COVID-related products, revenues were $71.5 million, a 1.0% decline year-over-year. The company saw a 27% growth in its diabetes product line. Despite a 14% decline in the HIV business due to non-recurring orders in 2021, the overall performance remains strong thanks to significant growth in high-margin consumables. However, operational losses reached $7.8 million in Q4, resulting in a basic loss per ADS of $0.27.
- 27% revenue growth in diabetes product line.
- 43% growth in sales of high-margin diabetes consumables in Q4 2022.
- Strong demand for diabetes products in South America and Asia Pacific with 43% and 36% YoY revenue growth respectively.
- Expected launch of the Premier 9210 diabetes instrument in Q3 2023.
- Strategic portfolio review aimed at optimizing shareholder value.
- 19.6% decrease in total revenues year-over-year.
- Operating loss of $7.8 million in Q4 2022.
- 14% decline in the HIV business due to prior non-recurring bulk orders.
- Total gross margin decreased to 29.5% from 41.0% in the previous year.
- Impairment charges of $3.0 million in Q4 2022.
DUBLIN, Ireland, March 23, 2023 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a leading developer and manufacturer of diagnostic products for the point-of-care and clinical laboratory markets, today announced results for the quarter ended December 31, 2022 and fiscal year 2022.
Summary Highlights
Revenue:
- Total revenues for fiscal year 2022 and Q4, 2022 were
$74.8m and$18.0m respectively. Excluding our Covid focused PCR Viral Transport Media (“VTM”) products, full year 2022 revenues of$71.5m were1.0% lower than in 2021 and Q4, 2022 revenues were0.4% lower than in Q4, 2021. - Our performance in 2022 was focused on our core flagship haemoglobins business, where our main diabetes product line experienced
27% overall revenue growth and over60% higher instrument placements versus 2021. As highlighted by the43% growth in sales of high-margin diabetes consumables in Q4, 2022 versus Q4, 2021, the increased instrument placements position the Company for strong recurring revenues in contracted consumables sales over the next several years. - We expect to expand on this strategy with the expected U.S. launch of our Premier Resolution Haemoglobin Variants instrument this year as we continue to work closely with the FDA to gain clearance of our 510(k) submission.
- The Company also continued the development of the next generation of its flagship diabetes HbA1c instrument, the Premier 9210. With an expected launch in Q3, 2023, the instrument is planned to feature an improved, backward compatible reagent column system that will feature up to 3 times the injection capacity and stability, limited calibration, improved user interface and lab system integration. This is the first step of a multi-generational product development plan aimed at expanding the target market, driving lower service downtime and cost, while significantly expanding operating margins.
- We are experiencing particularly strong demand for our diabetes products in the South America and Asia Pacific regions, with
43% YoY revenue growth in South America and36% YoY revenue growth in Asia Pacific. We continue to scale our commercial coverage in these markets where the increase in diabetes and propensity for haemoglobin variants is at some of its highest rates and our boronate affinity technology has a particular competitive advantage. - While our HIV business was down
14% in the year, this reflected significant non-recurring bulk orders from Nigeria in 2021. Our run-rate core Uni-Gold business continues to perform steadily with15% growth in the fourth quarter versus last year and10% growth versus Q3, 2022.
TrinScreen HIV:
- The Company is focused on executing, beginning in Q2 2023, on the launch/distribution of our TrinScreen HIV screening test, following the announcement by the Kenyan Ministry of Health of the adoption of a new HIV rapid testing algorithm. This new algorithm establishes Trinity Biotech’s TrinScreen HIV as the standard screening test in Kenya under World Health Organisation (“WHO”) guidelines.
- The Kenyan HIV screening program is one of the largest in Africa, with an estimated 7 million to 9 million screening tests annually. This announcement demonstrates Trinity Biotech’s ability to disrupt well-established incumbents with world-class, innovative, high-quality point of care solutions.
Lab platform:
- Significant activity is underway to transform our US-based lab business. With a
13% CAGR over the last three years, the Company continues to see significant growth in its proprietary Sjogren’s bio-marker lab developed tests, despite limited commercialization activities. Plans are in development for distribution through ophthalmology, dental and gynaecological channels at scale. - In January 2023, the Company announced a strategic partnership with imaware, Inc. that combines imaware’s built-to-partner digital health platform with Trinity Biotech’s advanced reference laboratory facilities to power the Digital Health Industry with private and white-label at-home and remote testing programs.
- Finally, the Company intends to introduce up to a dozen new lab developed tests in 2023 targeted at the Therapeutic Drug Monitoring (“TDM”) market aimed at high-growth recurring revenue opportunities in autoimmune diseases such as IBD, Rheumatoid Arthritis and Psoriatic Arthritis as well as the rapidly expanding biological therapeutics market tackling cancer and degenerative diseases such as Alzheimer’s.
Strategic Portfolio Review, M&A:
- The Company is conducting a portfolio review of all activities that do not align with its strategic focus around three key priorities, specifically:
- Diabetes/Haemoglobins
- Point of Care & Digital Health Disruption
- Personalized Therapeutic Drug Monitoring
- Management intends to exit or optimize for cash its portfolio of non-core products and platforms in order to maximise shareholder value.
- Given the strong pipeline of attractive M&A opportunities in our areas of strategic focus, in February 2023 the Company secured a
$20 million flexible term-facility specifically to provide the ability to move quickly when opportunistic transactions arise. - Our portfolio optimization efforts and opportunistic M&A are key to our efforts to optimize our capital structure and reduce our debt costs in 2023.
Structural & Operational Initiatives:
- Cost optimisation and pricing actions has resulted in a Q4 operating gross margin run rate of approximately
40% , excluding one-off inventory adjustments. - The Company has reduced headcount by approximately
10% compared to Q4 2021 as we continue to focus on process simplification and automation. - Our emphasis on supply chain optimisation is currently in our haemoglobins division where we seek to reduce the cost of our Premier 9210 diabetes instrument by approximately
15% , in conjunction with our multi-generational product development plan. - Significant margin accretive actions for Q2 2023 are the insourcing of key Haemoglobins manufacturing processes and rapid transformation of our global logistics operations.
Talent:
- A highly motivated, shareholder aligned leadership team is at the core of the Company strategy. We are rolling out a revised employee share-based compensation programme aimed at driving significant shareholder value. The plan follows the same structure as the share-based compensation plan for our CEO, whereby
60% of options are stock performance based and only pay out when the stock reaches trading milestones at$3 ,$4 and$5 per ADS.
Fourth Quarter Results
Total revenues for Q4, 2022 were
| 2021 Quarter 4 | 2022 Quarter 4 | Increase/ (decrease) | ||
| US$’000 | US$’000 | % | ||
| Clinical Laboratory | 17,146 | 15,361 | ( | |
| Point-of-Care | 2,379 | 2,675 | ||
| Total | 19,525 | 18,036 | (7.6%) | |
Clinical Laboratory revenues were
Partly offsetting the reduction in revenues from our PCR VTM products was a continued strong performance in our haemoglobins product line, particularly our diabetes products which recorded a revenue increase of
Fitzgerald Industries, which is the Group’s distributor of raw materials for the life sciences industry, recorded a revenue decrease of
Point-of-Care revenues for Q4, 2022 increased from
Gross Profit
In Q4, 2022, gross profit was
Other operating income
Other operating income decreased from
R&D and SG&A
Research and development expenses increased from
Selling, general and administrative (SG&A) expenses were
- A higher IFRS driven non-cash accounting charge, which increased by
$1.2m in Q4, 2022 compared to Q4, 2021, due to options granted in Q4, 2022. This charge is a notional accounting charge calculated under a Black-Scholes financial model. As previously set out by our Chairman and CEO, Mr. Aris Kekedjian, one of his key priorities is to build a performance culture and drive ownership and accountability in the Company. A share-based compensation model that ensures shareholder alignment is regarded as core to this transformation and is currently being rolled out. As this point in time, it is intended that these share-based compensation awards will be structured in a manner similar to that of the options granted to our CEO, with a significant proportion of any awards being performance-based awards that only become exercisable if the Company’s ADS price reaches a hurdle level. These performance share-based compensation awards are intended to closely align the goals of our team with those of our shareholders in the creation of shareholder value. The majority of the options granted in Q4, 2022 are performance share options and are structured such that they are exercisable only if the Company's ADS price increases to certain levels ($3.00 ,$4.00 and$5.00 per ADS) during the life of the option. None of these performance share options are currently exercisable. - An increase in foreign exchange loss largely related to the accounting driven requirement to mark-to-market Euro-denominated lease liabilities for right-of-use assets. In Q4, 2021, the foreign exchange gain on leases was
$0.2m while in Q4, 2022, a foreign exchange loss of$0.7m was recorded, resulting in an unfavourable quarter-on-quarter variance of$0.9m .
Excluding the impact of the accounting-driven share-based payments expense and the foreign exchange loss on lease liabilities, the remaining increase in SG&A expenses included the following:
- Higher legal and professional fees of approximately
$1.0m mainly comprising non-recurring costs for due diligence, corporate development and corporate finance activities. Included in this cost are professional fees in relation to several M&A opportunities, of which only the strategic partnership with imaware™ has been completed to date. - With the lifting of COVID-related travel restrictions, we have tasked our sales and marketing teams to increase travel to customers and trade shows as we continue to revitalise our sales activities. Similarly, some key functional leaders based in Ireland have resumed visits to our overseas facilities as we seek to drive operational efficiencies. All of this has led to an increase in travel costs in Q4, 2022, compared to Q4, 2021, of approximately
$0.3m . Management believes this is a worthwhile and important investment, but we do not expect the level of travel to stay at this level going forward.
Impairment Charges
The Company recognised an impairment charge of
At December 31, 2022, two internally developed COVID-19 tests, one on a rapid lateral flow format and one an ELISA format, which had carrying values of
The impairment test performed as at December 31, 2022 also identified an impairment loss of
Operating Loss
Operating loss for the quarter was
Financial income and expenses
Financial income for Q4, 2022 was
Financial expenses in Q4, 2022 were
Other Items
The loss after tax for continuing operations for the quarter was
Loss before interest, tax, depreciation, amortisation, share option expense, and impairment charges for Q4, 2022 (Adjusted EBITDASO) was
| $m | ||
| Operating loss | (7.8) | |
| Depreciation | 0.4 | |
| Amortisation | 0.2 | |
| Impairment charges | 3.0 | |
| Adjusted EBITDA | (4.2) | |
| Share option expense | 1.3 | |
| Adjusted EBITDASO | (2.9) | |
The basic loss per ADS for Q4, 2022 was
Liquidity
The Group’s cash balance decreased from
Management is acutely aware of the relatively high cost of its borrowings and is focused on transforming the Company into a high growth business. The Company is actively examining the potential disposal of parts of its portfolio of businesses that are non-core to our future vision and strategy. Proceeds from these disposals may be used to fund repayments of the Group’s debt and to fund investments with higher growth opportunities in strategically core areas.
Management believes that the value of our portfolio of businesses is significantly in excess of the Group’s current market capitalisation plus net debt.
Fiscal Year 2022 Results
Total revenues for fiscal year 2022 were
| Full Year 2021 | Full Year 2022 | Decrease | ||
| US$’000 | US$’000 | % | ||
| Clinical Laboratory | 82,628 | 65,566 | ( | |
| Point-of-Care | 10,337 | 9,213 | ( | |
| Total | 92,965 | 74,779 | (19.6%) | |
Clinical Laboratory revenues decreased from
Revenues for our main diabetes products achieved year-on-year revenue growth of
Point-of-Care revenues for the year ended December 31, 2022 decreased from
Gross Profit
Gross profit was
- VTM inventory write down (
$3.5m ) – as disclosed previously by the Company, we have not seen any evidence during the winter season of 2022-23 of significant peaks in demand for VTM products. This has led management to revisit our strategy of maintaining significant levels of raw materials inventory to meet demand peaks. Consequently, the value of inventory was written down in Q3, 2022 to our estimate of its net realisable value. - Other inventory write down (
$0.9m ) - the value of certain excess raw materials and work in progress was written down in Q3, 2022 following a review and an update to our relevant quality assurance policy. - Tri-stat inventory write down (
$0.3m ) - as disclosed previously, we undertook a strategic review of our Tri-stat instrument line as part of a broader review of our haemoglobins product portfolio. Management decided to limit sales of Tri-stat to certain targeted partnerships and as a consequence the value of this inventory was written down to reflect the revised outlook.
Excluding the effect of significant excess inventory and obsolescence charges of
Other Operating Income
Other operating income decreased from
R&D and SG&A
Research and Development expenses declined from
Selling, General and Administrative (SG&A) expenses increased from
- An IFRS driven non-cash share-based payments accounting charge, which is a notional accounting charge calculated under a Black-Scholes financial model, was
$0.7m higher in 2022 compared to 2021, mainly due to share options granted in Q4, 2022. The majority of the options granted in 2022 are performance share options and are structured such that they are exercisable only if the Company’s ADS price exceeds certain levels ($3.00 ,$4.00 and$5.00 per ADS) during the life of the option. These performance share options align the goals of our team and our shareholders in the creation of shareholder value. None of these performance share options are currently exercisable.
Excluding the impact of the accounting-driven share-based payments expense, the SG&A expenses increased by
- Due diligence and other legal and professional fees have increased by approximately
$0.8m in 2022 as we took an active, but disciplined, approach to pursuing a pipeline of attractive M&A opportunities. - As disclosed in our earnings announcement for Q1, 2022, there was a non-recurring professional fees expense of
$0.6m primarily associated with the debt refinancing. - With the lifting of COVID-related travel restrictions, we have tasked our sales and marketing teams to increase travel to customers and trade shows as we continue to revitalise our sales activities. Similarly, some key functional leaders based in Ireland have resumed visits to our overseas facilities as we seek to drive operational efficiencies. All of this has led to an approximately
$1.1m increase in travel and promotional costs in 2022, however management believes this is a worthwhile and important investment, but we do not expect the level of travel to stay at this level going forward. - Increased expected credit loss on trade receivables, with the majority of the increase due to one distributor.
- Higher recruitment fees incurred in 2022 as we are developing a world class leadership team with appointments of a Chief Technology Officer, Head of Quality and Regulatory Affairs and Global Supply Chain Leader.
Impairment Charges
The Company recognised a non-cash impairment charge of
At September 30, 2022, and as previously announced, it was determined that two internally developed products, the autoimmune smart reader and the Tri-stat instrument, which had a combined carrying value of
The impairment test performed as at June 30, 2022, as previously announced, identified an impairment loss of
As set out above, at December 31, 2022, two internally developed COVID-19 tests, one on a rapid lateral flow format and one an ELISA format, which had carrying values of
Finally, the impairment test performed as at December 31, 2022 identified an impairment loss of
Operating Loss
Operating loss for the year ended December 31, 2022 was
Financial expenses
Financial expenses for current and comparative fiscal years are summarised in the table below.
| Full Year 2021 US$’000 | Full Year 2022 US$’000 | |
| Loss on disposal of Exchangeable Notes | - | 9.7 |
| Penalty for early settlement of term loan | - | 3.5 |
| Term loan interest | - | 9.8 |
| Convertible note interest | - | 0.7 |
| Notional interest on lease liabilities for Right-of-use assets | 0.8 | 0.7 |
| Exchangeable note interest | 4.6 | 0.4 |
| Loan origination costs - term loan | 1.6 | - |
| Fair value movement for derivative asset | - | 0.1 |
| Total financial expense | 7.1 | 24.7 |
Note: table contains rounded numbers
Financial expenses in the year ended December 31, 2022 were
Firstly, we recorded a loss of
Secondly, the Company made an early partial settlement of the senior secured term loan of
Excluding the aforementioned two non-recurring financial expenses, financial expenses for year ended December 31, 2022 were
The remaining increase in financial expenses is due to the debt re-financing which took place at the end of January 2022. Exchangeable Notes with a fixed coupon rate of
Other Items
Financial income for the year ended December 31, 2022 was
The loss before tax for the year ended December 31, 2022 was
The loss after tax for the year ended December 31, 2022 was
Loss before interest, tax, depreciation, amortisation, share option expense, impairment charges and significant excess and obsolescence charges related to inventory for Q3, 2022 (Adjusted EBITDASO) was
| $m | |
| Operating loss | (16.8) |
| Depreciation | 1.4 |
| Amortisation | 0.9 |
| Impairment charges | 5.8 |
| Significant excess and obsolescence charges related to inventory recorded at September 30, 2022 | 4.7 |
| Adjusted EBITDA | (4.0) |
| Share option expense | 1.8 |
| Adjusted EBITDASO | (2.2) |
Non-GAAP Measures
The attached summary unaudited financial statements were prepared in accordance with International Financial Reporting Standards (IFRS). To supplement the consolidated financial statements presented in accordance with IFRS, the Company presents non-IFRS presentations of, Adjusted EBITDA and Adjusted EBITDASO. The adjustments to the Company's IFRS results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results, trends, and performance. Non-IFRS financial measures mainly exclude, if and when applicable, the effect of share-based compensation, significant excess and obsolescence charges related to inventory, depreciation, amortization and impairment charges.
Adjusted EBITDA and Adjusted EBITDASO are presented to evaluate the Company's financial and operating results on a consistent basis from period to period. The Company also believes that these measures, when viewed in combination with the Company's financial results prepared in accordance with IFRS, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA and Adjusted EBITDASO, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA and Adjusted EBITDASO are not measures of financial performance under IFRS and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company's operating profit/(loss) and Adjusted EBITDA and Adjusted EBITDASO are presented.
Forward-Looking Statements
Certain statements made in this release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Trinity Biotech to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, but not limited to, the results of research and development efforts, risks associated with the outbreak and global spread of the coronavirus (COVID-19), the effect of regulation by the U.S. Food and Drug Administration and other agencies, the impact of competitive products, product development commercialization and technological difficulties. For additional information regarding these and other risks and uncertainties associated with Trinity Biotech’s business, reference is made to our reports filed from time to time with the U.S. Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.
About Trinity Biotech
Trinity Biotech develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company's website: www.trinitybiotech.com.
Trinity Biotech plc
Consolidated Income Statements
| (US | Three Months Ended December 31, 2022 (unaudited) | Three Months Ended December 31, 2021 (unaudited) | Twelve Months Ended December 31, 2022 (unaudited) | Twelve Months Ended December 31, 2021 | ||||
| Revenues | 18,036 | 19,525 | 74,779 | 92,965 | ||||
| Cost of sales (including Q3, 2022 significant excess and obsolescence charges related to inventory of | (11,800 | ) | (12,286 | ) | (52,731 | ) | (54,888 | ) |
| Gross profit | 6,236 | 7,239 | 22,048 | 38,077 | ||||
| Gross margin % | 34.6 | % | 37.1 | % | 29.5 | % | 41.0 | % |
| Other operating income | 341 | 722 | 343 | 4,672 | ||||
| Research & development expenses | (1,166 | ) | (941 | ) | (4,138 | ) | (4,497 | ) |
| Selling, general and administrative expenses | (10,188 | ) | (5,581 | ) | (29,166 | ) | (24,683 | ) |
| Impairment charges | (3,032 | ) | (876 | ) | (5,839 | ) | (6,944 | ) |
| Operating (Loss)/Profit | (7,809 | ) | 563 | (16,752 | ) | 6,625 | ||
| Financial income | 112 | 10 | 303 | 1,223 | ||||
| Financial expenses | (2,395 | ) | (3,001 | ) | (24,745 | ) | (7,097 | ) |
| Net financing expense | (2,283 | ) | (2,991 | ) | (24,442 | ) | (5,874 | ) |
| (Loss)/Profit before tax | (10,092 | ) | (2,428 | ) | (41,194 | ) | 751 | |
| Income tax credit | 16 | 1,189 | 192 | 178 | ||||
| (Loss)/Profit for the period on continuing operations | (10,076 | ) | (1,239 | ) | (41,002 | ) | 929 | |
| Loss for the period on discontinued operations | (4 | ) | (25 | ) | (7 | ) | (54 | ) |
| (Loss)/Profit for the period (all attributable to owners of the parent) | (10,080 | ) | (1,264 | ) | (41,009 | ) | 875 | |
| (Loss)/Earnings per ADS (US cents) | (26.5 | ) | (6.0 | ) | (121.6 | ) | 4.2 | |
| Diluted (loss)/earnings per ADS (US cents) | (26.5 | ) | (6.0 | ) | (121.6 | ) | 4.2 | |
| Weighted average no. of ADSs used in computing basic earnings per ADS | 38,107,571 | 20,901,703 | 33,734,832 | 20,901,703 | ||||
| Weighted average no. of ADSs used in computing diluted earnings per ADS | 38,107,571 | 20,901,703 | 33,734,832 | 20,901,703 | ||||
Trinity Biotech plc
Consolidated Balance Sheets
| December 31, 2022 US$ ‘000 (unaudited) | September 30, 2022 US$ ‘000 (unaudited) | December 31, 2021 US$ ‘000 | ||||
| ASSETS | ||||||
| Non-current assets | ||||||
| Property, plant and equipment | 5,682 | 6,082 | 5,918 | |||
| Goodwill and intangible assets | 35,269 | 37,144 | 35,981 | |||
| Deferred tax assets | 4,218 | 4,533 | 4,101 | |||
| Derivative financial asset | 128 | 147 | - | |||
| Other assets | 139 | 155 | 207 | |||
| Total non-current assets | 45,436 | 48,061 | 46,207 | |||
| Current assets | ||||||
| Inventories | 22,503 | 23,553 | 29,123 | |||
| Trade and other receivables | 15,753 | 17,265 | 16,116 | |||
| Income tax receivable | 1,834 | 1,762 | 1,539 | |||
| Cash, cash equivalents and deposits | 6,578 | 7,254 | 25,910 | |||
| Total current assets | 46,668 | 49,834 | 72,688 | |||
| TOTAL ASSETS | 92,104 | 97,895 | 118,895 | |||
| EQUITY AND LIABILITIES | ||||||
| Equity attributable to the equity holders of the parent | ||||||
| Share capital | 1,963 | 1,963 | 1,213 | |||
| Share premium | 46,458 | 46,588 | 16,187 | |||
| Treasury shares | (24,922 | ) | (24,922 | ) | (24,922 | ) |
| Accumulated (deficit)/surplus | (26,695 | ) | (17,929 | ) | 12,559 | |
| Translation reserve | (5,775 | ) | (5,799 | ) | (5,379 | ) |
| Equity component of convertible note | 6,709 | 6,709 | - | |||
| Other reserves | 86 | 23 | 23 | |||
| Total (deficit)/equity | (2,176 | ) | 6,633 | (319 | ) | |
| Current liabilities | ||||||
| Income tax payable | 28 | 21 | 22 | |||
| Trade and other payables | 17,051 | 14,447 | 17,107 | |||
| Exchangeable senior note payable | 210 | 210 | 83,312 | |||
| Provisions | 50 | 50 | 50 | |||
| Total current liabilities | 17,339 | 14,728 | 100,491 | |||
| Non-current liabilities | ||||||
| Senior secured term loan | 44,301 | 44,143 | - | |||
| Derivative financial liability | 1,569 | 1,681 | - | |||
| Convertible Note | 13,746 | 13,557 | - | |||
| Other payables | 12,267 | 11,818 | 13,865 | |||
| Deferred tax liabilities | 5,058 | 5,335 | 4,858 | |||
| Total non-current liabilities | 76,941 | 76,534 | 18,723 | |||
| TOTAL LIABILITIES | 94,280 | 91,262 | 119,214 | |||
| TOTAL EQUITY AND LIABILITIES | 92,104 | 97,895 | 118,895 | |||
Trinity Biotech plc
Consolidated Statements of Cash Flows
| Three Months Ended December 31, 2022 US$’000 (unaudited) | Three Months Ended December 31, 2021 US$’000 (unaudited) | Twelve Months Ended December 31, 2022 US$’000 (unaudited) | Twelve Months Ended December 31, 2021 US$’000 | |
| Cash flows from operating activities | ||||
| (Loss)/Profit for the period | (10,080) | (1,264) | (41,009) | 875 |
| Adjustments to reconcile (loss)/profit to cash generated by/(used in) operating activities: | ||||
| Depreciation | 453 | 146 | 1,410 | 1,827 |
| Amortisation | 215 | 228 | 923 | 917 |
| Income tax credit | (16) | (1,189) | (192) | (167) |
| Financial income | (112) | (10) | (303) | (1,223) |
| Financial expense | 2,395 | 3,001 | 24,744 | 7,097 |
| Share-based payments | 1,318 | 154 | 1,756 | 1,100 |
| Foreign exchange gains on operating cash flows | (91) | (285) | (76) | (251) |
| Loss on disposal/retirement of fixed assets | - | (1) | - | (1) |
| Impairment charge | 3,032 | 876 | 5,839 | 6,944 |
| Other non-cash items | 3,061 | 4,903 | 7,662 | 272 |
| Operating cash inflows before changes in working capital | 175 | 6,559 | 754 | 17,390 |
| Net movement on working capital | 2,112 | (2,649) | (1,662) | (5,761) |
| Cash generated by/(used in) operations | 2,287 | 3,910 | (908) | 11,629 |
| Interest paid | - | 27 | - | (11) |
| Interest received | - | (2) | 2 | 1 |
| Income taxes (paid)/received | (12) | 395 | (15) | 1,619 |
| Net cash generated by/(used in) operating activities | 2,275 | 4,330 | (921) | 13,238 |
| Cash flows from investing activities | ||||
| Payments to acquire intangible assets | (663) | (1,905) | (4,876) | (6,879) |
| Acquisition of property, plant and equipment | (475) | (570) | (1,101) | (1,812) |
| Net cash used in investing activities | (1,138) | (2,475) | (5,977) | (8,691) |
| Cash flows from financing activities | ||||
| Issue of ordinary share capital including share premium (net of issuance costs) | (130) | - | 25,336 | - |
| Proceeds from shares to be issued | 63 | 63 | ||
| Net proceeds from new senior secured term loan | - | - | 80,015 | - |
| Proceeds for convertible note issued | - | - | 20,000 | - |
| Expenses paid in connection with debt financing | - | (848) | (2,356) | (848) |
| Purchase of exchangeable notes | - | - | (86,730) | - |
| Repayment of senior secured term loan | - | - | (34,500) | - |
| Penalty for early settlement of term loan | - | - | (3,450) | - |
| Repayment of other loan | (23) | - | (23) | |
| Interest paid on senior secured term loan | (1,103) | - | (6,424) | - |
| Interest paid on convertible note | (75) | - | (199) | - |
| Proceeds from Paycheck Protection loans | - | - | - | 1,764 |
| Interest payment on exchangeable notes | - | (1,998) | (1,293) | (3,996) |
| Payment of lease liabilities | (577) | (741) | (2,761) | (2,939) |
| Net cash used in financing activities | (1,845) | (3,587) | (12,322) | (6,019) |
| Decrease in cash and cash equivalents | (708) | (1,732) | (19,220) | (1,472) |
| Effects of exchange rate movements on cash held | 32 | 167 | (112) | 55 |
| Cash and cash equivalents at beginning of period | 7,254 | 27,475 | 25,910 | 27,327 |
| Cash and cash equivalents at end of period | 6,578 | 25,910 | 6,578 | 25,910 |
| Contact: | Trinity Biotech plc | Lytham Partners, LLC |
| John Gillard | Joe Diaz | |
| (353)-1-2769800 | (1)-602-889-9700 | |
| E-mail: investorrelations@trinitybiotech.com |
FAQ
What were Trinity Biotech's total revenues for fiscal year 2022?
How much did the company's basic loss per ADS increase in Q4 2022?
What growth did Trinity Biotech experience in its diabetes product line?
What was the operating loss reported for Trinity Biotech in Q4 2022?
What are the expected future developments for Trinity Biotech's products?
