Trinity Biotech Announces Q3 2024 Financial Results
Trinity Biotech (TRIB) reported Q3 2024 total revenue of $15.2 million, up 3% year-over-year, driven by strong Point-of-Care product revenue growth of 60% Y/Y to $4.3 million. The company's operating loss improved by 51% to $2.2 million from $4.5 million in Q3 2023. TrinScreen HIV sales reached $2.4 million in Q3. The company reiterates guidance to achieve approximately $20 million of annualized run-rate EBITDASO on revenues of $75 million by Q2 2025. Trinity completed two strategic acquisitions in lab-based diagnostics and continues progress on its CGM development. Cash balance decreased to $2.8 million at quarter-end.
Trinity Biotech (TRIB) ha riportato un fatturato totale per il terzo trimestre 2024 di 15,2 milioni di dollari, in aumento del 3% rispetto all'anno precedente, supportato da una forte crescita del fatturato dei prodotti Point-of-Care, che è aumentata del 60% anno su anno, raggiungendo i 4,3 milioni di dollari. La perdita operativa dell'azienda è migliorata del 51%, scendendo a 2,2 milioni di dollari rispetto ai 4,5 milioni di dollari del terzo trimestre 2023. Le vendite di TrinScreen HIV hanno toccato i 2,4 milioni di dollari nel terzo trimestre. L'azienda ribadisce la previsione di raggiungere circa 20 milioni di dollari di EBITDASO annualizzato con ricavi di 75 milioni di dollari entro il secondo trimestre 2025. Trinity ha completato due acquisizioni strategiche nel campo della diagnostica da laboratorio e continua il progresso nello sviluppo del suo CGM. Il saldo di cassa è sceso a 2,8 milioni di dollari alla fine del trimestre.
Trinity Biotech (TRIB) reportó ingresos totales en el tercer trimestre de 2024 de 15,2 millones de dólares, un aumento del 3% interanual, impulsado por un fuerte crecimiento en los ingresos de productos Point-of-Care del 60% interanual, que alcanzaron los 4,3 millones de dólares. La pérdida operativa de la compañía mejoró un 51%, bajando a 2,2 millones de dólares desde 4,5 millones de dólares en el tercer trimestre de 2023. Las ventas de TrinScreen HIV alcanzaron los 2,4 millones de dólares en el tercer trimestre. La empresa reitera su pronóstico de lograr aproximadamente 20 millones de dólares en EBITDASO anualizados sobre ingresos de 75 millones de dólares para el segundo trimestre de 2025. Trinity completó dos adquisiciones estratégicas en diagnósticos de laboratorio y continúa avanzando en el desarrollo de su CGM. El saldo de efectivo disminuyó a 2,8 millones de dólares al final del trimestre.
트리니티 바이오텍(Trinity Biotech, TRIB)는 2024년 3분기 총 수익이 1,520만 달러에 달했으며, 이는 전년 대비 3% 증가했다고 보고했습니다. 이는 60% 증가한 430만 달러의 Point-of-Care 제품 수익 성장에 의해 촉진되었습니다. 회사의 운영 손실은 2023년 3분기의 450만 달러에서 220만 달러로 51% 개선되었습니다. TrinScreen HIV 매출은 3분기에 240만 달러에 도달했습니다. 회사는 2025년 2분기까지 7,500만 달러의 수익에 대해 약 2천만 달러의 연환산 EBITDASO를 달성할 것이라는 지침을 반복합니다. 트리니티는 실험실 기반 진단에서 두 건의 전략적 인수를 완료하였으며, CGM 개발을 지속적으로 진행하고 있습니다. 현금 잔고는 분기 말 기준으로 280만 달러로 줄어들었습니다.
Trinity Biotech (TRIB) a annoncé un chiffre d'affaires total de 15,2 millions de dollars pour le troisième trimestre 2024, en hausse de 3 % par rapport à l'année précédente, soutenu par une forte croissance des revenus des produits Point-of-Care de 60 % en glissement annuel, atteignant 4,3 millions de dollars. La perte d'exploitation de l'entreprise s'est améliorée de 51 %, s'établissant à 2,2 millions de dollars, contre 4,5 millions de dollars au troisième trimestre 2023. Les ventes de TrinScreen HIV ont atteint 2,4 millions de dollars au troisième trimestre. L'entreprise réitère ses prévisions pour atteindre environ 20 millions de dollars d'EBITDASO annualisé avec des revenus de 75 millions de dollars d'ici le deuxième trimestre 2025. Trinity a réalisé deux acquisitions stratégiques dans le domaine des diagnostics en laboratoire et poursuit ses progrès dans le développement de son CGM. Le solde de trésorerie a diminué à 2,8 millions de dollars à la fin du trimestre.
Trinity Biotech (TRIB) meldete im dritten Quartal 2024 einen Gesamtumsatz von 15,2 Millionen US-Dollar, was einem Anstieg von 3% im Vergleich zum Vorjahr entspricht, angetrieben durch ein starkes Umsatzwachstum der Point-of-Care-Produkte von 60% im Jahresvergleich auf 4,3 Millionen US-Dollar. Der operative Verlust des Unternehmens verbesserte sich um 51% auf 2,2 Millionen US-Dollar, verglichen mit 4,5 Millionen US-Dollar im dritten Quartal 2023. Die Verkäufe von TrinScreen HIV erreichten im dritten Quartal 2,4 Millionen US-Dollar. Das Unternehmen bekräftigt die Prognose, bis zum zweiten Quartal 2025 rund 20 Millionen US-Dollar an annualisiertem EBITDASO bei Umsätzen von 75 Millionen US-Dollar zu erreichen. Trinity hat zwei strategische Übernahmen im Bereich der laborgestützten Diagnostik abgeschlossen und setzt den Fortschritt bei der Entwicklung seines CGM fort. Der Kassenbestand sank zum Ende des Quartals auf 2,8 Millionen US-Dollar.
- Revenue growth of 3% Y/Y to $15.2 million
- Point-of-Care revenue increased 60% Y/Y to $4.3 million
- Operating loss improved by 51% to $2.2 million
- Clinical chemistry portfolio grew 79.3% year-over-year
- SG&A expenses decreased by $1.2 million compared to Q3 2023
- Clinical Laboratory revenue decreased 9.6% Y/Y to $10.8 million
- Haemoglobins business revenue declined 17.1% year-over-year
- Gross margin pressure from lower-margin TrinScreen HIV sales
- Cash balance declined from $5.3M to $2.8M in Q3
- Net loss of $4.8 million for the quarter
Insights
Trinity Biotech's Q3 results show mixed performance with notable developments.
Key concerns include low gross margins at
The TrinScreen HIV product shows promising market traction, with
The ongoing CGM development in the
Q3 2024 total revenue of
Point-of-Care product revenue of
Reiterates guidance to achieve approximately
Reiterates guidance to achieve 2024 sales revenue for TrinScreen HIV of approximately
DUBLIN, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today announced the Company’s results for the quarter ended September 30, 2024.
Key Highlights and Developments
Continued Revenue and Profitability Improvements
- Year-over-year revenue growth of
3% and continued disciplined execution on our profitability enhancing initiatives contributed to a decrease in the operating loss (before restructuring and impairment charges) to$2.2 million from$4.5m in Q3 2023, a51% improvement. - Management continues to make significant progress on the execution of the profitability focused initiatives announced in early 2024 as part of its Comprehensive Transformation Plan, many of which are now at the final stages of execution and expected to deliver near term profitability improvements:
- Consolidate & Offshore Manufacturing:
- We successfully completed the transfer of our second rapid HIV product manufacturing processes to our offshore manufacturing partner and we have made submissions to the relevant international regulator to permit commercial production of both rapid HIV tests with our offshore partner. We expect offshore production to begin in Q1 2025.
- We are also beginning the transfer of some more technical aspects of production of both of our rapid HIV tests to our offshore partner. Once in place we expect this to be gross margin-accretive.
- We have continued to make significant progress in consolidating our main haemoglobin manufacturing activities currently carried out at our Kansas City plant into two of our other sites. We remain on track to cease our main manufacturing activities at our Kansas City site by the end of 2024.
- We have informed staff at our autoimmune test manufacturing site in Buffalo, New York, of our intention to consolidate the site's main manufacturing activities into our Jamestown, New York site. We expect to cease main manufacturing activities in our Buffalo site by the end of Q1 2025.
- Centralise & Offshore Corporate Services:
- Our new centralised corporate services site is now live across a number of functions, with additional functions expected to be added through the end of 2024.
- Consolidate & Offshore Manufacturing:
- Based upon continued strong execution in our Comprehensive Transformation Plan, the Company reiterates its guidance of expecting to achieve approximately
$20 million of annualized run-rate EBITDASO1 based on annualised run-rate revenues of approximately$75 million by Q2 2025. This outlook is predicated solely on growth from the existing businesses including haemoglobin testing and HIV, and planned improvements to operating margins, with no contribution from the recently acquired biosensor and lab-based diagnostic businesses.
Diabetes CGM Developments
- We continue to progress the development of our next generation Continuous Glucose Monitoring (“CGM”) solution for diabetes management in line with our previously communicated plan.
- The CGM market is already estimated to be worth over
$10 billion a year and projected to grow rapidly. - Following the successful completion of our first pre-pivotal trial, we are this week starting a second, larger, pre-pivotal trial which will provide extensive data on further developments of the sensor technology which will feed into our sensor design choices.
- We are confident that the steps we are taking, with our impressive partners, with an emphasis on a great user experience, enhanced data capture & insights, and reduced cost through more reusable components, will lead to a differentiated product and a higher value proposition.
- We continue to see strong commercial and strategic interest and are actively building and nurturing these relationships.
- Establishing strategic manufacturing & supply chain relationships with large scale premium market players to prepare for efficient & rapid scaling globally.
Business Development Update
- We recently completed two new lab-based technology acquisitions, which form an additional vertical to our long-term value creation & growth strategy:
- EpiCapture Limited, a company developing a non-invasive test for monitoring the risk of aggressive prostate cancer. Prostate cancer is the most common non-skin cancer among men in the U.S., with about 1 in 8 men diagnosed during their lifetime, and the cost for diagnosis and treatment is estimated at over approximately
$10 billion annually. This acquisition marks Trinity Biotech’s strategic expansion into the oncology diagnostics market. - Metabolomics Diagnostics Limited, a company that has developed an innovative test, PrePsia, to accurately predict the risk of preeclampsia in pregnant women. Preeclampsia is a frequently occurring maternal health issue, impacting up to
5% of pregnancies, which can cause serious illness or death in affected mothers and babies.
- EpiCapture Limited, a company developing a non-invasive test for monitoring the risk of aggressive prostate cancer. Prostate cancer is the most common non-skin cancer among men in the U.S., with about 1 in 8 men diagnosed during their lifetime, and the cost for diagnosis and treatment is estimated at over approximately
We intend to commercialise both tests in our New York State Department of Health-certified Immco diagnostic reference laboratory.
Third Quarter Results (Unaudited)
Total revenue for Q3 2024 was
| 2024 Quarter 3 | 2023 Quarter 3 | Increase/ (decrease) | ||
| US$’000 | US$’000 | % | ||
| Clinical Laboratory | 10,836 | 11,981 | ( | |
| Point-of-Care | 4,316 | 2,696 | ||
| Total | 15,152 | 14,677 | 3.2% | |
Our Point-of-Care (‘PoC’) portfolio generated revenue of
Our clinical laboratory revenue was
Gross profit for the quarter was
We continued to record improved margins in our haemoglobins division in Q3 2024 due to the financial benefits resulting from our previously announced initiatives, namely our revised in-house manufacturing process of our key diabetes HbA1c consumable. The improved margin performance in haemoglobins was offset by the negative margin impact of the higher TrinScreen HIV revenues which are currently achieving lower-than-average gross margin returns. The higher TrinScreen revenues will continue to pressure our overall gross margin percentage in the last quarter of 2024 given its lower price point when compared to our other HIV rapid test, Uni-Gold, and because of temporarily reduced efficiency as we scale up production capacity of this new product. We expect TrinScreen HIV gross margins to improve in early 2025 due to increased operational efficiency and the expected transfer of assembly to a lower cost manufacturing location.
R&D
Research and development expenses in Q3 2024 were
SG&A
Selling, general and administrative (SG&A) expenses were
- Lower recurring salary costs of
$0.7m in Q3 2024 versus the comparative period, driven by ongoing headcount optimisation activities during late 2023 and 2024. - Our share-based payments accounting charge was
$0.5m lower in Q3 2024 compared to Q3 2023, due to headcount changes.
SG&A – Restructuring costs
As previously announced, the Company has implemented a comprehensive restructuring plan across the business to include the centralization and offshoring of corporate services and consolidation and relocation of manufacturing operations. The offshoring of corporate services is progressing well and offshoring has already commenced in several areas and will continue to be rolled out through Q4 2024. Additionally, cessation of the main manufacturing activities in Kansas City remains on schedule and is expected to be completed by December 2024. A charge of
Operating loss for the quarter was
Financial expense costs in Q3 2024 were
| Q3 2024 US$000 | Q3 2023 US$000 | |||
| Term loan interest | 3,224 | 1,942 | ||
| Convertible note interest | 292 | 276 | ||
| Notional interest on lease liabilities for Right-of-use assets | 152 | 151 | ||
| Fair value movement on prepayment option | 3 | 18 | ||
| Accretion interest on deferred contingent consideration | 14 | - | ||
| Capitalization of borrowing costs | (601) | - | ||
| 3,084 | 2,387 |
Loss after tax on continuing operations
Loss after tax on continuing operations for the quarter was
EBITDASO
Loss before interest, tax, depreciation, amortization, share-based payments, impairment and restructuring costs (Adjusted EBITDASO) for continuing operations for Q3 2024 was
| Q3 2024 US$000 | Q3 2023 US$000 | |||
| Operating loss | (2,558) | (4,500) | ||
| Depreciation | 260 | 173 | ||
| Amortization | 338 | 56 | ||
| Restructuring costs | 339 | - | ||
| Adjusted EBITDA on continuing operations | (1,621) | (4,271) | ||
| Share-based payments | 250 | 738 | ||
| Adjusted EBITDASO on continuing operations | (1,371) | (3,533) | ||
The basic and diluted loss per ADS for Q3 2024 was
Liquidity
The Group’s cash balance decreased to
Cash used by operating activities for Q3 2024 was
At the Market Program
On July 12, 2024, the Company entered into an At the Market Offering Agreement with Craig-Hallum Capital Group LLC, as sales agent. As of September 30, 2024, the Company had sold 3,344,208 ADSs under the ATM Program, for aggregate gross proceeds of
Use of Non-IFRS Financial 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 payments, depreciation, amortization, restructuring costs and impairment charges.
Adjusted EBITDA for continuing operations and Adjusted EBITDASO for continuing operations 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 for continuing operations and Adjusted EBITDASO for continuing operations, 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 for continuing operations and Adjusted EBITDASO for continuing operations 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 loss and Adjusted EBITDA for continuing operations and Adjusted EBITDASO for continuing operations are presented.
Forward-Looking Statements
This release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Trinity Biotech’s cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on the Waveform transaction and of our recent acquisitions, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, the impact of the spread of COVID-19 and its variants, potential excess inventory levels and inventory imbalances at the company’s distributors, losses or system failures with respect to Trinity Biotech’s facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech’s products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech’s intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under “Risk Factors” in Trinity Biotech’s annual report on Form 20-F for the fiscal year ended December 31, 2023 and Trinity Biotech’s other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.
About Trinity Biotech
Trinity Biotech is a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors. The Company 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 and has recently entered the wearable biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Our 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 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 September 30, 2024 US (unaudited) | Three Months Ended September 30, 2023 US (unaudited) | Nine Months Ended September 30, 2024 US (unaudited) | Nine Months Ended September 30, 2023 US (unaudited) | ||||
| Revenue | 15,152 | 14,677 | 45,698 | 43,404 | ||||
| Cost of sales | (9,844) | (10,397) | (29,134) | (28,521) | ||||
| Gross profit | 5,308 | 4,280 | 16,564 | 14,883 | ||||
| Gross margin % | ||||||||
| Other operating income | - | 70 | 42 | 141 | ||||
| Research & development expenses | (1,010) | (1,169) | (3,090) | (3,262) | ||||
| Selling, general and administrative expenses | (6,517) | (7,681) | (20,443) | (24,217) | ||||
| Selling, general and administrative expenses – restructuring costs | (339) | - | (2,278) | - | ||||
| Impairment charges | - | - | (446) | (10,815) | ||||
| Operating loss | (2,558) | (4,500) | (9,651) | (23,270) | ||||
| Financial income | 848 | 389 | 903 | 605 | ||||
| Financial expense | (3,084) | (2,387) | (6,184) | (8,761) | ||||
| Net financial expense | (2,236) | (1,998) | (5,281) | (8,156) | ||||
| Loss before tax | (4,794) | (6,498) | (14,932) | (31,426) | ||||
| Income tax credit/(expense) | 35 | (222) | 99 | 56 | ||||
| Loss for the period on continuing operations | (4,759) | (6,720) | (14,833) | (31,370) | ||||
| (Loss)/profit for the period on discontinued operations | - | (1) | - | 12,853 | ||||
| Loss for the period (all attributable to owners of the parent) | (4,759) | (6,721) | (14,833) | (18,517) | ||||
| Basic loss per ADS (USD) | (0.46) | (0.88) | (1.55) | (2.42) | ||||
| Diluted loss per ADS (USD) | (0.46) | (0.88) | (1.55) | (2.42) | ||||
| Weighted average no. of ADSs used in computing basic earnings per ADS | 10,387,099 | 7,665,514 | 9,577,871 | 7,651,417 | ||||
| Weighted average no. of ADSs used in computing diluted earnings per ADS | 10,387,099 | 7,665,514 | 9,577,871 | 7,651,417 | ||||
| Trinity Biotech plc Consolidated Balance Sheets | |||||||||
| September 30, 2024 US$ ‘000 (unaudited) | June 30, 2024 US$ ‘000 (unaudited) | March 31, 2024 US$ ‘000 (unaudited) | December 31, 2023 US$ ‘000 | ||||||
| ASSETS | |||||||||
| Non-current assets | |||||||||
| Property, plant and equipment | 3,767 | 3,906 | 3,363 | 1,892 | |||||
| Goodwill and intangible assets | 46,673 | 41,786 | 38,572 | 16,270 | |||||
| Deferred tax assets | 694 | 2,407 | 2,020 | 1,975 | |||||
| Derivative financial asset | 190 | 193 | 232 | 178 | |||||
| Other assets | 43 | 79 | 79 | 79 | |||||
| Total non-current assets | 51,367 | 48,371 | 44,266 | 20,394 | |||||
| Current assets | |||||||||
| Inventories | 21,804 | 22,956 | 22,645 | 19,933 | |||||
| Trade and other receivables | 21,209 | 17,471 | 17,319 | 13,901 | |||||
| Income tax receivable | 226 | 240 | 299 | 1,516 | |||||
| Cash, cash equivalents and deposits | 2,840 | 5,317 | 5,776 | 3,691 | |||||
| Total current assets | 46,079 | 45,984 | 46,039 | 39,041 | |||||
| TOTAL ASSETS | 97,446 | 94,355 | 90,305 | 59,435 | |||||
| EQUITY AND LIABILITIES | |||||||||
| Equity attributable to the equity holders of the parent | |||||||||
| Share capital | 2,377 | 2,338 | 2,338 | 1,972 | |||||
| Share premium | 57,519 | 49,944 | 49,944 | 46,619 | |||||
| Treasury shares | (24,922) | (24,922) | (24,922) | (24,922) | |||||
| Accumulated deficit | (62,300) | (57,791) | (51,145) | (48,644) | |||||
| Translation reserve | (5,748) | (5,701) | (5,804) | (5,706) | |||||
| Equity component of convertible note | 6,709 | 6,709 | 6,709 | 6,709 | |||||
| Other reserves | 23 | 23 | 23 | 23 | |||||
| Total deficit | (26,342) | (29,400) | (22,857) | (23,949) | |||||
| Current liabilities | |||||||||
| Income tax payable | 333 | 283 | 337 | 279 | |||||
| Trade and other payables | 25,308 | 23,074 | 20,527 | 12,802 | |||||
| Exchangeable senior note payable | 210 | 210 | 210 | 210 | |||||
| Provisions | 50 | 50 | 50 | 50 | |||||
| Lease liabilities | 2,153 | 2,153 | 1,694 | 1,694 | |||||
| Total current liabilities | 28,054 | 25,770 | 22,818 | 15,035 | |||||
| Non-current liabilities | |||||||||
| Senior secured term loan | 66,441 | 65,809 | 58,674 | 40,109 | |||||
| Derivative financial liability | 596 | 1,444 | 1,367 | 526 | |||||
| Convertible note | 15,181 | 14,964 | 14,748 | 14,542 | |||||
| Lease liabilities | 9,730 | 10,199 | 10,310 | 10,872 | |||||
| Other payables | 1,798 | 1,784 | 1,760 | - | |||||
| Deferred tax liabilities | 1,988 | 3,785 | 3,485 | 2,300 | |||||
| Total non-current liabilities | 95,734 | 97,985 | 90,344 | 68,349 | |||||
| TOTAL LIABILITIES | 123,788 | 123,755 | 113,162 | 83,384 | |||||
| TOTAL EQUITY AND LIABILITIES | 97,446 | 94,355 | 90,305 | 59,435 | |||||
| Trinity Biotech plc Consolidated Statement of Cash Flows | |||||||||||
| Three Months Ended September 30, 2024 US (unaudited) | Three Months Ended September 30, 2023 US (unaudited) | Nine Months Ended September 30, 2024 US (unaudited) | Nine Months Ended September 30, 2023 US (unaudited) | ||||||||
| Cash flows from operating activities | |||||||||||
| Loss for the period | (4,759) | (6,721) | (14,833) | (18,517) | |||||||
| Adjustments to reconcile loss to cash used in operating activities: | |||||||||||
| Depreciation | 260 | 173 | 359 | 829 | |||||||
| Amortization | 338 | 56 | 1,082 | 486 | |||||||
| Income tax (credit)/expense | (35) | 222 | (99) | (56) | |||||||
| Financial income | (848) | (389) | (903) | (605) | |||||||
| Financial expense | 3,084 | 2,387 | 6,184 | 8,761 | |||||||
| Share-based payments | 250 | 738 | 1,176 | 3,078 | |||||||
| Foreign exchange (gain)/loss on operating cash flows | (107) | 40 | 301 | (147) | |||||||
| Impairment charges | - | - | 446 | 10,815 | |||||||
| Gain on sale of business | - | - | - | (12,718) | |||||||
| Excess inventory obsolescence charges | 932 | - | 932 | ||||||||
| Other non-cash items | 57 | (178) | (149) | (50) | |||||||
| Operating cash outflows before changes in working capital | (1,760) | (2,740) | (6,436) | (7,192) | |||||||
| Net movement on working capital | (1,880) | (2,327) | (2,349) | (4,984) | |||||||
| Cash outflow from operating activities before income taxes | (3,640) | (5,067) | (8,785) | (12,176) | |||||||
| Income tax benefit received | 16 | 403 | 1,243 | 377 | |||||||
| Net cash outflow from operating activities | (3,624) | (4,664) | (7,542) | (11,799) | |||||||
| Cash flows from investing activities | |||||||||||
| Payments to acquire intangible assets | (2,589) | (492) | (7,080) | (1,260) | |||||||
| Payments to acquire financial assets | - | - | - | (700) | |||||||
| Net proceeds from sale of business unit | - | (266) | - | 28,160 | |||||||
| Payments to acquire trades or businesses | (403) | - | (12,903) | - | |||||||
| Acquisition of property, plant and equipment | (110) | (128) | (248) | (553) | |||||||
| Net cash (outflow)/inflow from investing activities | (3,102) | (886) | (20,231) | 25,647 | |||||||
| Cash flows from financing activities | |||||||||||
| Net proceeds from issue of share capital including share premium | 7,117 | - | 6,847 | - | |||||||
| Net proceeds from new senior secured term loan | - | - | 28,175 | 5,000 | |||||||
| Expenses paid in connection with debt financing | - | - | - | (147) | |||||||
| Repayment of senior secured term loan | - | - | - | (10,050) | |||||||
| Penalty for early settlement of term loan | - | - | - | (905) | |||||||
| Interest paid on senior secured term loan | (2,116) | (1,781) | (5,947) | (6,181) | |||||||
| Interest paid on convertible note | (75) | (75) | (225) | (225) | |||||||
| Interest paid on exchangeable notes | (4) | (4) | (8) | (8) | |||||||
| Payment of lease liabilities | (678) | (571) | (1,838) | (1,763) | |||||||
| Net cash inflow/(outflow) from financing activities | 4,244 | (2,431) | 27,004 | (14,279) | |||||||
| Decrease in cash and cash equivalents | (2,482) | (7,981) | (769) | (431) | |||||||
| Effects of exchange rate movements on cash held | 5 | 14 | (82) | 114 | |||||||
| Cash and cash equivalents at beginning of period | 5,317 | 14,228 | 3,691 | 6,578 | |||||||
| Cash and cash equivalents at end of period | 2,840 | 6,261 | 2,840 | 6,261 | |||||||
The above financial statements have been prepared in accordance with the principles of International Financial Reporting Standards and the Company’s accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).
| Contact: | Trinity Biotech plc Louise Tallon (353)-1-2769800 | LifeSci Partners, LLC Eric Ribner (1)-646-751-4363 investorrelations@trinitybiotech.com |
| RedChip Companies Inc. Dave Gentry, CEO (1)-407-644-4256 TRIB@redchip.com | ||
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1 Earnings before interest, tax, depreciation, amortization, share based payments from continuing operations– also excludes impairment charges and one-off items.
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