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Trinity Biotech Appoints Paul Tivnan as Non-Executive Director
Globenewswire· 2025-08-21 13:00
Company Overview - Trinity Biotech plc is a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors [5][6] - The company develops, acquires, manufactures, and markets diagnostic systems for point-of-care and clinical laboratory segments [5][6] Recent Developments - The company announced the appointment of Paul Tivnan as a Non-Executive Director on its Board of Directors [1] - Mr. Tivnan has over 25 years of senior leadership experience in finance, capital markets, and corporate governance across various sectors, including infrastructure and cleantech [2][3] - His previous roles include CFO of Deriva Energy LLC and CFO of Brookfield Renewable Ireland, where he led a successful IPO [2][3] Strategic Goals - The appointment of Mr. Tivnan is aimed at strengthening corporate governance and bringing diverse perspectives to the Board as the company pursues growth opportunities in diagnostics and wearable health technologies [3] - Trinity Biotech is focused on executing its transformation strategy and developing a range of biosensor devices, starting with a continuous glucose monitoring product [6]
Regulatory Approval Granted for Commencement of Trinity Biotech's Offshored and Outsourced Manufacturing of its Flagship Rapid HIV Test, Facilitating Strategic and Financial Performance Transformation
Globenewswire· 2025-08-20 13:00
Core Insights - Trinity Biotech has received regulatory approval to initiate offshore and outsourced manufacturing of its TrinScreen™ HIV rapid test, marking a significant step in its transformation strategy [1][2][3] - The transition to an outsourced production model is expected to drive gross margin expansion, free up working capital, and reduce fixed costs, thereby supporting the company's broader profitability and growth objectives [1][4] Company Overview - Trinity Biotech is a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors [5] - The company develops, acquires, manufactures, and markets diagnostic systems for point-of-care and clinical laboratory segments, and has recently entered the wearable biosensor industry [5]
Trinity Biotech's Redesigned CGM Sensor Favored by New Clinical Data
ZACKS· 2025-08-15 15:01
Company Overview - Trinity Biotech plc (TRIB) is a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors [2] Key Developments - Trinity Biotech announced positive clinical trial results for its next-generation continuous glucose monitoring (CGM) technology, CGM+, confirming accurate glucose readings over a 15-day wear period without finger-stick calibration [1][8] - The redesigned proprietary needle-free glucose sensor reduces disposable components, significantly lowering the cost of care compared to current leading market products [1][8] - The CGM+ platform is designed to enhance accessibility and increase utilization of CGM technology, addressing the high cost of existing devices that hinders widespread adoption [3] Technical Achievements - The elimination of finger-stick calibration is considered the most significant technical achievement for TRIB, aligning its glucose sensor with market leaders while offering a differentiated product that is more affordable, reusable, and sustainable [4] Market Potential - The global CGM market is projected to grow from $13 billion in 2025 to $28 billion by 2030, driven by rising diabetes prevalence and demand for real-time health data, which is expected to provide a significant boost to Trinity Biotech's business [5] Product Development - Trinity Biotech unveiled its new flagship product, CGM+, which is positioned for the $260 billion AI wearables market and combines multi-sensor data with real-time analytics to meet the demands of AI-powered healthcare [6] Competitive Landscape - Medtronic plc (MDT) and Abbott Laboratories (ABT) are notable peers in the diabetes management space, with both companies making advancements in CGM technology and reporting robust growth in their respective diabetes care segments [7][9] - DexCom, Inc. (DXCM) also reported strong revenue growth and received FDA clearance for its Dexcom G7 15 Day CGM System, showcasing extensive clinical evidence for its usage in various diabetes conditions [10]
Trinity Biotech Receives Regulatory Approval to Begin FDA-Cleared PreClara™ Preeclampsia Testing Service
Globenewswire· 2025-08-14 13:00
About Preeclampsia Preeclampsia is a rapidly progressive hypertensive disorder affecting approximately 5-8% of pregnancies, characterized by sudden onset high blood pressure and an associated sign of organ dysfunction like protein in the urine or severe headache. Early diagnosis and intervention are crucial, as preeclampsia significantly contributes to maternal morbidity, mortality, and premature births. In the United States, the condition already accounts for approximately 11% of maternal deaths and 15% of ...
Trinity Biotech Achieves Breakthrough Clinical Trial Results for Redesigned CGM Sensor
Globenewswire· 2025-08-12 12:45
Core Insights - Trinity Biotech has achieved a significant technical breakthrough with its next-generation continuous glucose monitoring (CGM) technology, CGM+, eliminating the need for finger-stick calibration and enhancing the commercial pathway for its biosensor platform [1][2][3] Company Developments - The redesigned needle-free glucose sensor provides accurate readings over a 15-day wear period without finger-stick calibration, reducing disposable components and lowering care costs compared to existing market products [1][3][6] - The successful technical de-risking of the glucose sensor increases confidence in the product's performance and regulatory pathway, aligning it with market leaders while offering a differentiated product architecture [2][6] Market Potential - The global CGM market is projected to grow from approximately $13 billion in 2025 to about $28 billion by 2030, driven by rising diabetes prevalence and demand for real-time health data [4] - Trinity Biotech's innovative CGM+ platform aims to expand access to glucose monitoring technology for millions who are currently priced out of existing systems, emphasizing affordability, reusability, and sustainability [4][6] Product Features - The CGM+ wearable biosensor is designed to integrate glucose monitoring with cardiovascular, temperature, and activity data in a single modular device, enhancing user convenience and reliability [7][6]
Trinity Biotech Announces Launch of FDA-cleared Preeclampsia Testing Service
Globenewswire· 2025-08-07 12:00
Core Insights - Trinity Biotech has launched the FDA-cleared PreClara Ratio (sFlt-1/PlGF) biomarker test aimed at improving management of hypertensive disorders in pregnancy, with plans for rollout in Q3 2025 [1][2] - The test is expected to provide significant clinical and economic benefits, potentially saving over $10 million per 1,000 patients by reducing preterm deliveries and neonatal intensive care admissions [3] Company Developments - The launch of the sFlt-1/PlGF test is part of a strategic collaboration with Thermo Fisher Scientific, enhancing Trinity Biotech's capabilities in maternal health diagnostics [2] - CEO John Gillard emphasized that this launch marks a strategic milestone in the company's maternal health strategy and reflects its commitment to addressing urgent healthcare needs [3] Industry Context - Hypertensive disorders of pregnancy affect approximately 500,000 women annually in the U.S., making it a leading cause of maternal and neonatal complications [2] - Preeclampsia affects 5-8% of pregnancies and is responsible for about 11% of maternal deaths and 15% of premature births in the U.S., with cases nearly doubling since 2007 [5]
Trinity Biotech Unveils CGM+: An AI-Native Platform Targeting the $260 Billion AI Wearable Market
Globenewswire· 2025-07-24 12:20
Core Insights - Trinity Biotech plc has launched CGM+, a next-generation wearable biosensor platform aimed at the $260 billion AI wearables market, currently in the later stages of development [1][10][12] Product Features - CGM+ integrates a minimally invasive electrochemical glucose sensor with continuous monitoring of heart activity, body temperature, and physical activity, all within a single modular device [2][9] - The device is designed for real-time AI analysis, providing insights into metabolic factors such as sleep, stress, and physical activity [2][10] - The proprietary needle-free glucose sensor technology reduces disposable components and waste, lowering the cost of care compared to existing market products [3][4] Market Positioning - CGM+ is positioned at the intersection of high-growth sectors, targeting both clinical and consumer health markets [12][13] - The product aims to bridge the gap between medical-grade monitoring and consumer wellness insights, establishing Trinity Biotech as a leader in intelligent wearables [2][7] Strategic Outlook - The company anticipates a commercial launch of CGM+ in mid-2026, with multiple revenue streams expected from device sales, AI analytics subscriptions, and partnerships with healthcare providers and insurers [13][14] - CGM+ is seen as a foundational platform for AI-native health applications, supporting both clinical workflows and consumer health optimization [11][10] Industry Growth Projections - The global continuous glucose monitoring market is projected to grow from $13.28 billion in 2025 to $28.72 billion by 2030, with a CAGR of 16.68% [16] - The AI in healthcare market is forecasted to reach approximately $200 billion by 2030, growing at a CAGR of 37.6% [16] - The wearable AI market is expected to surpass $260 billion by 2032, with a CAGR of 27.0% [16]
Trinity Biotech Reaches Profitability Inflection Point, Marking Major Milestone in Strategic Turnaround
Globenewswire· 2025-07-01 13:00
Core Insights - Trinity Biotech has reached a critical profitability inflection point and expects to be Adjusted EBITDA positive and cash flow positive starting Q3 2025 [1][5][10] - The company has undergone significant operational restructuring to reduce costs and improve efficiency, laying the groundwork for sustainable profitability [5][10] - Trinity Biotech is focusing on growth opportunities, including the international rollout of new products and the development of innovative diagnostic solutions [5][12] Financial Performance - For Q1 2025, Trinity Biotech reported revenue of $7.6 million, with a gross profit of $1.9 million and an operating loss of $6.5 million [10] - The company anticipates a significant increase in revenue for Q2 2025, projecting a range of approximately $11 million to $12 million due to ramped-up manufacturing and normalized demand for rapid HIV tests [10] - The company expects further revenue growth in Q3 2025, driven by the resumption of manufacturing and supply of its flagship rapid HIV test, TrinScreen HIV [10] Strategic Developments - The company is advancing its next-generation continuous glucose monitoring (CGM) solution, which is seen as a major growth opportunity in the $13 billion global CGM market [5] - Trinity Biotech is also progressing towards commercialization of key medium-term growth drivers, including a preeclampsia screening test and a prostate cancer test [5] - The company has completed a pre-pivotal trial on its upgraded sensor technology for the CGM solution and plans to unveil key aspects of this innovative design soon [5]
Trinity Biotech Secures Key Regulatory Approval for Offshored and Outsourced Manufacturing of Its Flagship Rapid HIV Test, Accelerating Strategic & Financial Performance Transformation
Globenewswire· 2025-06-24 12:00
Core Insights - Trinity Biotech has received WHO approval for offshored and outsourced upstream manufacturing of its TrinScreen™ HIV rapid test, a significant step in its transformation plan aimed at improving financial performance and achieving sustainable profitability [1][6]. Group 1: Manufacturing Transition - The approval allows Trinity Biotech to shift production from in-house operations to a more cost-effective and scalable outsourced model, ensuring product integrity and regulatory compliance [2]. - The transition is expected to unlock significant cost efficiencies, enhance operational agility and scalability, and improve gross margins and working capital [3][6]. Group 2: Strategic Objectives - This move is part of a broader strategic initiative to streamline operations, reduce fixed costs, and focus on innovation and market expansion [3]. - The new manufacturing model for TrinScreen™ HIV is set to be implemented in Q3 2025, marking a critical phase in the company's transformation journey [4]. Group 3: Company Overview - Trinity Biotech is a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors [8]. - The company develops and markets diagnostic systems for point-of-care and clinical laboratory segments, with a presence in over 75 countries worldwide [8].
Trinity Biotech(TRIB) - 2024 Q4 - Annual Report
2025-05-15 21:41
Financial Position and Performance - The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) effective for accounting periods beginning January 1, 2024[22]. - The company has incurred substantial debt, which could impair flexibility and access to capital, adversely affecting financial position[39]. - The company has a history of losses from operations and negative cash flows from operating activities, which may continue in the future[39]. - The company expects to require future additional capital to continue as a going concern[39]. - The company incurred net losses of US$31.8 million and US$24.0 million for the years ended December 31, 2024 and 2023, respectively, with negative cash flows from operating activities of US$4.2 million and US$11.6 million[57]. - The company has a history of negative cash flows from operating activities, raising concerns about its ability to continue as a going concern[58]. - As of December 31, 2024, the total indebtedness was approximately US$101.6 million, with a senior secured term loan outstanding amount of US$75.5 million[62]. - The anticipated annual cash interest expense on US$84.9 million variable rate debt at the current rate of approximately 12.75 percent would be approximately US$10.8 million[72]. - The company incurred an increase in indebtedness of US$9.4 million to US$84.9 million between January 2025 and May 2025[71]. - The company expects to need additional capital in the future, and market conditions may hinder access to funding[59]. Business Strategy and Operations - The company’s long-term success depends on the successful development and commercialization of new products, particularly in the biosensor area[39]. - The transformation plan initiated in April 2024 aims to improve financial performance through cost-saving initiatives, including consolidating manufacturing and outsourcing[81]. - The company plans to reduce costs by changing suppliers and negotiating new deals, as well as simplifying internal operations[82]. - The company made several acquisitions in 2024, including biosensor assets from Waveform and Metabolomic Diagnostics, aiming to expand into maternal health and oncology markets[85]. - The company is facing potential civil claims from the DOJ related to approximately US$4.0 million in first-round PPP loans, with possible treble damages up to US$5.5 million if claims are pursued[90]. - The company may need to raise capital through debt or equity offerings to fund operations and obligations[65]. - The company may encounter difficulties in realizing the potential financial or strategic benefits of recent business acquisitions[39]. - The company is monitoring the impact of geopolitical events, such as the Israel-Hamas and Russia-Ukraine wars, on market conditions and financing availability[59]. Regulatory and Compliance Risks - The company is subject to regulatory risks, including potential delays in obtaining FDA approvals, which could negatively impact product commercialization[51]. - The company’s inclusion in national HIV testing algorithms is critical for sales, and legal challenges to these algorithms could adversely affect business[55]. - The company faces significant competition in the diagnostics industry, with major competitors including Abbott, Roche, and Siemens, which could impact market share and revenues[45]. - The company is subject to regular tax reviews and audits, and disagreements with tax authorities could lead to additional tax liabilities, impacting financial condition[138]. - Changes in the U.S. tax code could significantly affect the company's profitability and the valuation of deferred tax assets and liabilities[139]. - The company is subject to ongoing and extensive post-market regulatory requirements, impacting manufacturing, labeling, and marketing[166]. - Regulatory compliance costs are increasing, and failure to maintain necessary approvals could hinder the ability to market products[157]. - The process for obtaining FDA clearance or approval for medical devices is lengthy and costly, with no assurance of timely approval[159]. - The company is subject to increased scrutiny from the U.S. Department of Justice regarding interactions with healthcare providers, which could lead to investigations and additional compliance costs[189]. Market and Economic Conditions - Changes in global economic conditions may have a material adverse impact on the company's results[39]. - Global trade issues and uncertainties may adversely affect the company's costs and competitiveness, impacting financial results[73]. - The ongoing uncertainty regarding international trade and tariffs poses a risk to the company's cost of goods sold and supply chain stability[100]. - Global economic conditions, including the invasion of Ukraine and the Israel-Hamas war, have increased market volatility and uncertainty, potentially impacting demand for products[111]. - The company has seen disruptions to ordering patterns and demand for its rapid HIV tests due to changes in U.S. government funding, with an estimated 15-20% cut in overall U.S. government spending for development-related programs[49]. Research and Development - The company incurred capitalized R&D expenses of US$10.9 million in 2024, significantly higher than US$1.8 million in 2023 and US$4.5 million in 2022, indicating a strong commitment to R&D following the acquisition of biosensor technology[91]. - Future liquidity and capital requirements will depend on the success of research and product development efforts, particularly in biosensor technology[84]. - The company expects to incur significantly higher R&D costs due to the acquisition of biosensor technology, impacting future financial performance[91]. - The company faces challenges in conducting clinical trials, which are necessary for product approvals, and delays or failures in these trials could adversely affect business prospects[144]. Supply Chain and Manufacturing Risks - Significant interruptions in production at principal manufacturing facilities could adversely affect business and operating results[39]. - The company relies on third-party suppliers for critical components, and disruptions in supply chains could adversely affect manufacturing and sales[98]. - The company experienced interruptions in international supply chains in 2024, which may continue to affect production and fulfillment schedules[114]. - The company faces risks related to manufacturing interruptions, including reliance on third-party manufacturers and potential compliance issues[116][117]. Intellectual Property and Competition - The company holds several active patents, but there is no assurance that these patents will provide sufficient protection against competitive threats or that future patent applications will be successful[197]. - Trade secrets and confidential know-how are critical to the company's success, but there is no guarantee that proprietary information will remain protected[200]. - The diagnostic industry faces prevalent litigation over intellectual property rights, which could lead to costly disputes and limit product sales[205]. - As the diagnostics market grows, the company may face increased patent infringement claims from third parties[206]. - Defending against infringement claims could divert significant resources and lead to substantial litigation expenses[207]. Management and Governance - Approximately 9.6% and 12.5% of the voting share capital is owned by affiliates of Perceptive Credit Holdings III, LP and MiCo IVD Holdings, LLC, respectively, which may influence management decisions[42]. - The company is highly dependent on its senior management team and key employees, and the loss of these individuals could adversely affect operations[43]. - Changes in senior management, including the appointment of a new CEO and CFO, could impact operational effectiveness and results[125][126]. - Ownership concentration by MiCo (12.5%) and Perceptive (9.6%) may influence management decisions and deter favorable transactions for other shareholders[213][214]. Cybersecurity and Data Privacy - Cybersecurity risks, including potential data breaches, could disrupt operations and compromise sensitive data, impacting financial condition and reputation[128][129]. - Compliance with evolving data privacy and cybersecurity regulations may result in significant costs and operational changes for the company[133]. Environmental, Social, and Governance (ESG) Considerations - Increasing scrutiny regarding Environmental, Social, and Governance (ESG) policies may impose additional costs and risks, potentially affecting access to capital[143].