Trinity Biotech plc (TRIB) has completed its first pre-pivotal clinical trial in Europe for its next-generation continuous glucose monitor (CGM). This trial assessed the effectiveness of significant technology enhancements since acquiring the CGM from Waveform Technologies in January 2024. The results confirm the progress in improving performance, usability and cost-efficiency, positioning Trinity Biotech for further advancements. CGMs are wearable devices that track real-time glucose levels using biosensor ...

DUBLIN, Oct. 07, 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 successful completion of its first pre-pivotal clinical trial in Europe for its next-generation continuous glucose monitor (CGM) technology. The study assessed the analytical performance of CGM technology enhancements implemented by Trinity Biotech since acquiring the technolog ...

Financial Performance - Revenues for the six-month period ended June 30, 2024, were $30,547,000, an increase of 6.4% compared to $28,727,000 for the same period in 2023[8] - Gross profit for the same period was $11,256,000, up from $10,603,000, reflecting a gross margin improvement[8] - Operating loss decreased significantly to $7,093,000 from $18,771,000 year-over-year, indicating improved operational efficiency[8] - Loss for the period from continuing operations was $10,074,000, compared to $24,651,000 in the prior year, showing a reduction of 59%[8] - Basic loss per ADS for continuing operations improved to (109.9) cents from (322.5) cents year-over-year[8] - The total comprehensive loss for the period was US$10,069,000, slightly improved from US$11,650,000 in the previous year[27] - For the six-month period ended June 30, 2024, the company reported a loss of US$10,074,000, compared to a loss of US$11,797,000 for the same period in 2023, indicating an improvement of approximately 14.6%[27] Cash and Cash Equivalents - Cash and cash equivalents at the end of the period were $5,317,000, down from $14,228,000 at the end of June 2023[11] - The company’s cash and cash equivalents rose to US$5,317,000 from US$3,691,000, representing an increase of approximately 43.9%[25] - Net cash used in operating activities was $3,919,000, a significant improvement from $7,135,000 in the same period last year[11] Assets and Liabilities - The total assets increased to US$94,355,000 as of June 30, 2024, up from US$59,435,000 at December 31, 2023, reflecting a growth of approximately 58.8%[25] - Current liabilities increased to US$25,770,000 as of June 30, 2024, compared to US$15,035,000 at December 31, 2023, marking a rise of approximately 71.5%[25] - The total assets reported as of June 30, 2024, were $94,355,000, with total liabilities of $123,755,000[63] Research and Development - The company incurred research and development expenses of $2,080,000, slightly down from $2,093,000 in the previous year[8] - Gross intangible assets increased by US$26,280,000 during the six-month period ended June 30, 2024, primarily due to the acquisition of Waveform assets and development costs for a next-generation CGM system[69] Acquisitions and Investments - The company acquired continuous glucose monitoring assets from Waveform Technologies, issuing 36 million 'A' Ordinary shares in January 2024[50] - The company acquired Waveform Technologies' CGM assets for US$12.5 million in cash and 36 million 'A' Ordinary shares, with contingent consideration of up to US$20 million[89] - The Company acquired Metabolomic Diagnostics for an enterprise value of approximately US$1.3 million, consisting of over 270,000 ADS and cash[144] Financial Management - Financial expenses decreased to $3,100,000 from $6,374,000, reflecting better management of financial costs[8] - The carrying value of the convertible note's debt component was US$15 million, with accretion interest of US$0.4 million recognized as a financial expense[81] - The balance of borrowings at the end of the six-month period was US$65,809,000, an increase from US$40,109,000 at the start of the period[104] Corporate Developments - Louise Tallon has been appointed as the new Chief Financial Officer, effective August 2024, succeeding Des Fitzgerald[122] - The Company is undergoing a comprehensive transformation plan, including ceasing manufacturing operations at the Kansas City plant by the end of 2024[62] - The Company received a deficiency letter from Nasdaq regarding the market value of publicly held shares falling below the US$15 million threshold[143] Shareholder Actions - The Company granted 12,100,000 options at an exercise price of $0.14 per 'A' Ordinary share during the six-month period ended June 30, 2024[54] - The Company issued 1,200,000 warrants to a consultant for the CGM business, with an exercise price of US$0.11 per share, exercisable until January 2029[103] - The Company issued 36,000,000 'A' Ordinary shares (1,800,000 ADSs) as partial consideration for the acquisition of Waveform assets[112] Legal and Compliance - The Company has not recorded any liability for a possible obligation related to the breach of warranty claim from Biosynth as of June 30, 2024[123] - The Company expects the majority of legal provisions to be utilized within one to three years, but the timing of settlement remains uncertain[129]

Trinity Biotech plc (TRIB) has announced the acquisition of privately held Irish deep-tech company Metabolomics Diagnostics. The acquired company specializes in the development of novel biomarker-based diagnostic solutions for complex diseases and is likely to improve diagnostic accuracy using mass spectrometry and machine learning for Trinity Biotech. Trinity Biotech's deal values Metabolomics Diagnostics at approximately $1.3 million. Trinity Biotech will pay the amount with just over 270,000 Trinity Biot ...

-Metabolomics Diagnostics, a deep-tech machine learning diagnostic platform developer, has developed an innovative test, PrePsia, to accurately predict the risk of preeclampsia in pregnant women- -The PrePsia test can predict preeclampsia risk as early as in the 12th week of pregnancy, allowing for early interventions to prevent serious health issues for mothers and their babies- -PrepSia will be commercialized in the U.S. market in 2025 through Trinity Biotech's New York-based Immco reference laboratory- D ...

Trinity Biotech plc (TRIB) recently provided an update on its continued development of its glucose biosensor technology. Earlier this year, the company was granted a European patent for a novel method that enhances the performance of its glucose biosensor. Recent testing of this patented process has confirmed its effectiveness in improving the performance of the sensor. Trinity Biotech intends to use this breakthrough process to stabilize and improve the functionality of its glucose biosensor in its next-ge ...

DUBLIN, Ireland, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a commercialstage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today announced that it has received substantial additional orders for TrinScreen HIV. As a result of this strong demand and the successful scaling of production capacity, the Company is now increasing its expected 2024 sales revenue for TrinScreen HIV to approximately $10 million, up from ...

DUBLIN, Aug. 20, 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 announces the appointment of David Ouston as Biosensor Marketing Director. Mr. Ouston brings a wealth of commercial experience driving the growth of glucose monitoring devices at large, established companies across global markets. John Gillard, President and Chief Executive Officer of Trinit ...

-Q2, 2024 total revenues of $15.8 million grew +14% Y/Y and +7.7% Q/Q based on strong demand and output in the TrinScreen HIV business- -Point-of-Care product revenue of $4.6 million grew 119% Y/Y and +53% Q/Q- -Reiterating guidance to achieve approximately $20 million of annualized run-rate EBITDASO1 on annualized runrate revenues of approximately $75 million by Q2, 2025- DUBLIN, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a commercial stage biotechnology company focused on human ...

DUBLIN, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB) (the "Company"), a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors, will report financial results for the second quarter 2024 on Wednesday, August 14, 2024 at 8:30 AM ET. | --- | --- | |----------------|----------------------------------------------------------------------------| | Date: | Conference Call Dial-In & Webcast Information \nWednesday, ...