Exhibit 99.1 Trinity Biotech plc Annual Report 2022 This report has been prepared in accordance with the Irish Companies Act 2014 TABLE OF CONTENTS | | Page | | --- | --- | | Corporate Information | 1 | | Market, Industry and Other Data | 2 | | Cautionary Statement Regarding Forward-Looking Statements | 2 | | Board of Directors & Executive Officers | 3 | | Business Overview | 4 | | Directors' Report | 7 | | Statement of Directors' Responsibilities in respect of the annual report and the financial statements ...

[Trinity Biotech Q1 2023 Financial Results](index=1&type=section&id=Trinity%20Biotech%20Q1%202023%20Financial%20Results) [Summary Highlights](index=1&type=section&id=Summary%20Highlights) The company reported Q1 2023 core revenue growth of 2% to $14.0 million while divesting its Fitzgerald division to reduce debt and focus on core franchises [Revenue and Margin](index=1&type=section&id=Revenue%20and%20Margin) Revenue and Margin Metrics | Metric | Value | Note | | :--- | :--- | :--- | | Total Revenue Q1 2023 | $17.2 million | Includes discontinued operations | | Core Revenue Q1 2023 | $14.0 million | Excludes VTM & Fitzgerald; +2.0% YoY | | Gross Margin (ex-Fitzgerald) | Broadly flat YoY | ~4-point improvement vs Q4 2022 | - Revenue growth was driven by strong performance in **Autoimmune (+35% YoY)**, **Clinical Chemistry (+15% YoY)**, and **diabetes HbA1c consumables (+10% YoY)**[5](index=5&type=chunk) - US Autoimmune product revenues **increased over 80% YoY**, and diabetes consumable deliveries in Brazil **rose by approximately 45% YoY**[5](index=5&type=chunk) [Haemoglobins Business](index=1&type=section&id=Haemoglobins) - The company is working with the FDA to gain 510(k) clearance for its **Premier Resolution Haemoglobin Variants instrument**, with a US market introduction expected in **H2 2023**[5](index=5&type=chunk) - Development of the next-generation **Premier 9210 diabetes instrument** is on track for a **2024 rollout**, aiming to expand market, reduce service costs, and increase operating margins[5](index=5&type=chunk) - The company is focusing on expanding its footprint in **China and Brazil** for its Haemoglobins product lines to enhance cost competitiveness and market access[5](index=5&type=chunk) [TrinScreen HIV](index=2&type=section&id=TrinScreen%20HIV) - TrinScreen HIV has been established as the **standard screening test in Kenya** following the adoption of a new HIV rapid testing algorithm by the Kenyan Ministry of Health[12](index=12&type=chunk) - Significant orders are expected in **H2 2023** upon the resolution of legal challenges to the new algorithm[12](index=12&type=chunk) - The Kenyan HIV screening program represents a major market, with an estimated **7 to 9 million screening tests** performed annually[12](index=12&type=chunk) [Portfolio Transformation & Capital Structure](index=2&type=section&id=Portfolio%20Transformation%20%26%20Capital%20Structure) - In April 2023, the company completed the sale of its Fitzgerald Industries division, generating approximately **$30 million in proceeds**[12](index=12&type=chunk) - Approximately **$10 million of the proceeds were used to reduce debt**, as part of a strategy to focus on core Haemoglobins and HIV franchises[12](index=12&type=chunk) - A flexible **$20 million term-facility** was secured in February to enable opportunistic M&A transactions in disruptive diagnostic adjacencies[12](index=12&type=chunk) [Structural & Operational Initiatives](index=2&type=section&id=Structural%20%26%20Operational%20Initiatives) - The company has multiple initiatives underway to **significantly reduce the cost of goods sold** in its core Haemoglobins and HIV franchises[8](index=8&type=chunk) - These initiatives include instrument and consumable design updates, supply chain optimization, and exploring **outsourced/localized manufacturing** to drive higher operating margins[8](index=8&type=chunk) [Financial Performance Analysis (Continuing Operations)](index=2&type=section&id=Financial%20Performance%20Analysis%20(Continuing%20Operations)) Continuing operations revenue fell 5.4% to $14.8 million due to lower COVID-19 product sales, widening the operating loss to $3.9 million [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Revenue by Segment | Revenue Segment | Q1 2023 (US$'000) | Q1 2022 (US$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Clinical Laboratory | 12,669 | 13,511 | (6.2)% | | Point-of-Care | 2,160 | 2,164 | (0.2)% | | **Total** | **14,829** | **15,675** | **(5.4)%** | - The decrease in Clinical Laboratory revenue was mainly due to a **$1.2 million reduction in sales of PCR VTM products** as COVID-19 testing programs scaled down[11](index=11&type=chunk) - The decline was partly offset by strong year-over-year growth in **autoimmune products (over 35%)** and **clinical chemistry products (over 15%)**[13](index=13&type=chunk) [Profitability Analysis](index=3&type=section&id=Profitability%20Analysis) Key Profitability Metrics | Profitability Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Gross Profit | $5.6 million | $6.0 million | | Gross Margin | 37.6% | 38.2% | | Operating Loss | ($3.9 million) | ($1.2 million) | | Loss from Continuing Ops | ($6.3 million) | ($13.1 million) | | Basic Loss per ADS | ($0.15) | ($0.50) | - The Q1 2023 gross margin of **37.6%** represents an improvement over the Q4 2022 like-for-like margin of 33.4%, reflecting benefits from price increases and cost optimization[15](index=15&type=chunk) - The increased operating loss was mainly due to lower revenues and higher indirect costs, particularly a **non-cash share-based payments charge**[19](index=19&type=chunk) [Expense Analysis](index=3&type=section&id=Expense%20Analysis) - R&D expenses declined slightly to **$0.9 million** in Q1 2023 from $1.0 million in Q1 2022[16](index=16&type=chunk) - SG&A expenses increased by $2.4 million to **$8.6 million** in Q1 2023, compared to $6.2 million in Q1 2022[16](index=16&type=chunk) - Key drivers of the SG&A increase included a **$1.2 million higher non-cash share-based payments charge** and increased salary and travel costs[17](index=17&type=chunk) [Financial Income and Expenses](index=4&type=section&id=Financial%20Income%20and%20Expenses) Financial Item Breakdown | Financial Item | Q1 2023 (US$'m) | Q1 2022 (US$'m) | | :--- | :--- | :--- | | Financial Expenses | 2.6 | 12.2 | | Loss on disposal of Exchangeable Notes | – | 9.7 | | Term loan interest | 2.1 | 2.0 | - The significant decrease in financial expenses YoY is due to a **one-off $9.7 million loss** on the disposal of Exchangeable Notes recorded in Q1 2022[22](index=22&type=chunk) [Non-IFRS Financial Measures](index=5&type=section&id=Non-IFRS%20Financial%20Measures) The company uses non-IFRS measures like Adjusted EBITDASO to clarify core operational performance, reporting a loss of $2.0 million for Q1 2023 - The company presents non-IFRS measures, Adjusted EBITDA and Adjusted EBITDASO, to provide a more complete understanding of underlying operational results by excluding items like share-based payments, depreciation, and amortization[28](index=28&type=chunk)[29](index=29&type=chunk) Reconciliation to Adjusted EBITDASO (Q1 2023) | Reconciliation to Adjusted EBITDASO (Q1 2023) | Amount (US$'m) | | :--- | :--- | | Operating loss | (3.9) | | Depreciation | 0.3 | | Amortisation | 0.3 | | **Adjusted EBITDA for continuing operations** | **(3.3)** | | Share option expense | 1.4 | | **Adjusted EBITDASO for continuing operations** | **(2.0)** | [Liquidity and Capital Resources](index=6&type=section&id=Liquidity%20and%20Capital%20Resources) The cash balance ended Q1 2023 at $4.2 million, with post-quarter proceeds from a major asset sale expected to significantly improve liquidity - The Group's cash balance decreased from $6.6 million at the end of Q4 2022 to **$4.2 million at the end of Q1 2023**[30](index=30&type=chunk) - Cash used by operations for Q1 2023 was **$2.7 million**[30](index=30&type=chunk) - Net proceeds of **$4.9 million** were received from a drawdown under the senior secured term loan facility in February 2023[30](index=30&type=chunk) - The disposal of Fitzgerald Industries post-quarter-end for **~$30 million** provides capital for growth, transformation, and potential debt reduction[30](index=30&type=chunk) [Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) Unaudited statements for Q1 2023 show a total loss of $5.8 million, with total assets of $91.2 million and total liabilities of $97.8 million [Consolidated Income Statements](index=8&type=section&id=Consolidated%20Income%20Statements) Income Statement Summary | (US$000's) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Revenues | 14,829 | 15,675 | | Gross profit | 5,573 | 5,982 | | Operating Loss | (3,919) | (1,216) | | Loss for the period on continuing operations | (6,305) | (13,070) | | Loss for the period (total) | (5,809) | (12,279) | | Loss per ADS (US cents) | (15.2) | (50.0) | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) Balance Sheet Summary | (US$ '000) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 32,895 | 45,436 | | Total current assets | 58,262 | 46,668 | | **TOTAL ASSETS** | **91,157** | **92,104** | | **EQUITY AND LIABILITIES** | | | | Total deficit | (6,618) | (2,176) | | Total current liabilities | 16,150 | 17,339 | | Total non-current liabilities | 81,625 | 76,941 | | **TOTAL LIABILITIES** | **97,775** | **94,280** | | **TOTAL EQUITY AND LIABILITIES** | **91,157** | **92,104** | [Consolidated Statement of Cash Flows](index=11&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Cash Flow Summary | (US$000's) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | (2,718) | (1,493) | | Net cash used in investing activities | (1,329) | (1,715) | | Net cash provided by/(used in) financing activities | 1,608 | (12,872) | | **Decrease in cash and cash equivalents** | **(2,439)** | **(16,080)** | | Cash and cash equivalents at end of period | 4,153 | 10,012 |

SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

[Summary Highlights](index=1&type=section&id=Summary%20Highlights) Trinity Biotech's 2022 performance focused on core haemoglobins growth and strategic expansion, alongside cost optimization, despite overall revenue decline from reduced COVID-19 VTM sales Fiscal Year and Q4 2022 Revenue | Period | Total Revenue ($ million) | Revenue (Ex-VTM) ($ million) | YoY Change (Ex-VTM) (%) | | :--- | :--- | :--- | :--- | | Fiscal Year 2022 | $74.8 | $71.5 | -1.0 | | Q4 2022 | $18.0 | Not specified | -0.4 | - The core haemoglobins business was a key focus in 2022, with the main diabetes product line experiencing **27% overall revenue growth** and a **60% increase in instrument placements** compared to 2021[5](index=5&type=chunk) - The company plans to launch its **TrinScreen HIV screening test** in Kenya in Q2 2023, targeting a market with an estimated **7 to 9 million annual tests**[5](index=5&type=chunk) - A **strategic portfolio review** is underway to exit or optimize non-core products, focusing on Diabetes/Haemoglobins, Point of Care & Digital Health, and Personalized Therapeutic Drug Monitoring[10](index=10&type=chunk) - Structural and operational initiatives include achieving a **40% operating gross margin run rate** (excluding one-offs), **reducing headcount by approximately 10%** since Q4 2021, and targeting a **15% cost reduction** for the Premier 9210 instrument[10](index=10&type=chunk) [Fourth Quarter 2022 Financial Results](index=3&type=section&id=Fourth%20Quarter%20Results) Trinity Biotech's Q4 2022 saw total revenue decline by 7.6% to $18.0 million, driven by reduced COVID-19 VTM sales, resulting in an operating loss of $7.8 million due to increased SG&A and impairment charges Q4 2022 Revenue Breakdown (US$ thousand) | Category | Q4 2022 (US$ thousand) | Q4 2021 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Clinical Laboratory | 15,361 | 17,146 | (10.4%) | | Point-of-Care | 2,675 | 2,379 | 12.4% | | **Total** | **18,036** | **19,525** | **(7.6%)** | - The decrease in Clinical Laboratory revenue was mainly due to a **$1.4 million reduction** in PCR VTM product sales as COVID-19 testing programs scaled down[11](index=11&type=chunk) - **SG&A expenses increased by $4.6 million to $10.2 million**, driven by a $1.2 million non-cash share-based payment charge, a $0.9 million unfavorable variance in foreign exchange on leases, and $1.0 million in non-recurring legal/professional fees for M&A activities[17](index=17&type=chunk)[20](index=20&type=chunk) - The company recognized a **$3.0 million impairment charge**, primarily from writing down the value of two internally developed COVID-19 tests to zero due to unsuccessful commercialization and uncertain regulatory pathways[18](index=18&type=chunk)[19](index=19&type=chunk) Q4 2022 Adjusted EBITDASO Calculation ($ million) | Item | Amount ($ million) | | :--- | :--- | | 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 company's cash balance **decreased by $0.7 million** during the quarter, ending at **$6.6 million** as of December 31, 2022[27](index=27&type=chunk) [Fiscal Year 2022 Financial Results](index=7&type=section&id=Fiscal%20Year%202022%20Results) Trinity Biotech's FY 2022 revenues declined 19.6% to $74.8 million, primarily due to reduced COVID-19 VTM sales, leading to a $16.8 million operating loss and a $41.0 million net loss, significantly impacted by financial expenses Fiscal Year 2022 Revenue Breakdown (US$ thousand) | Category | FY 2022 (US$ thousand) | FY 2021 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Clinical Laboratory | 65,566 | 82,628 | (20.6%) | | Point-of-Care | 9,213 | 10,337 | (10.9%) | | **Total** | **74,779** | **92,965** | **(19.6%)** | - The main diabetes products achieved year-on-year revenue growth of **26.6%**, with particularly strong demand in Asia Pacific and Latin America[31](index=31&type=chunk) - **Gross margin for FY 2022 was 29.5%**, significantly impacted by a **$4.7 million excess inventory and obsolescence charge**, primarily a **$3.5 million write-down of VTM inventory**[33](index=33&type=chunk) - **Operating loss for FY 2022 was $16.8 million**, a sharp decline from an **operating profit of $6.6 million** in 2021, due to lower revenues, reduced gross margin, and higher indirect costs[41](index=41&type=chunk) - **Financial expenses increased to $24.7 million from $7.1 million** in 2021, mainly due to a **$9.7 million loss** on the disposal of Exchangeable Notes and a **$3.5 million penalty** for early debt settlement[43](index=43&type=chunk)[44](index=44&type=chunk) FY 2022 Adjusted EBITDASO Calculation ($ million) | Item | Amount ($ million) | | :--- | :--- | | Operating loss | (16.8) | | Depreciation | 1.4 | | Amortisation | 0.9 | | Impairment charges | 5.8 | | Significant inventory charges | 4.7 | | **Adjusted EBITDA** | **(4.0)** | | Share option expense | 1.8 | | **Adjusted EBITDASO** | **(2.2)** | [Consolidated Financial Statements](index=13&type=section&id=Consolidated%20Financial%20Statements) Trinity Biotech's consolidated financial statements for FY 2022 show a net loss of $41.0 million, an equity deficit of $2.2 million, and a $19.2 million decrease in cash, reflecting significant operational and financial challenges Key Income Statement Data (FY 2022 vs FY 2021, US$ thousand) | Metric | FY 2022 (US$ thousand) | FY 2021 (US$ thousand) | | :--- | :--- | :--- | | Revenues | 74,779 | 92,965 | | Gross Profit | 22,048 | 38,077 | | Operating (Loss)/Profit | (16,752) | 6,625 | | Net (Loss)/Profit | (41,009) | 875 | | (Loss)/Earnings per ADS | (121.6)¢ | 4.2¢ | Key Balance Sheet Data (As of Dec 31, 2022 vs Dec 31, 2021, US$ thousand) | Metric | Dec 31, 2022 (US$ thousand) | Dec 31, 2021 (US$ thousand) | | :--- | :--- | :--- | | Total Assets | 92,104 | 118,895 | | Cash & Equivalents | 6,578 | 25,910 | | Total Liabilities | 94,280 | 119,214 | | Total Equity | (2,176) | (319) | Key Cash Flow Data (FY 2022 vs FY 2021, US$ thousand) | Metric | FY 2022 (US$ thousand) | FY 2021 (US$ thousand) | | :--- | :--- | :--- | | Net Cash from Operating Activities | (921) | 13,238 | | Net Cash used in Investing Activities | (5,977) | (8,691) | | Net Cash used in Financing Activities | (12,322) | (6,019) | | **Decrease in Cash** | **(19,220)** | **(1,472)** |

Trinity Biotech plc (NASDAQ:TRIB) Q4 2022 Earnings Conference Call March 23, 2023 10:00 AM ET Company Participants Joe Diaz - Lytham Partners, Investor Relations Aris Kekedjian - Chief Executive Officer John Gillard - Chief Financial Officer Conference Call Participants Jim Sidoti - Sidoti & Company Paul Nouri - Noble Equity Operator Good morning and welcome to the Trinity Biotech Fourth Quarter 2022 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Aft ...

[Q3 2022 Financial Results](index=1&type=section&id=Q3%202022%20Financial%20Results) [Summary Highlights](index=1&type=section&id=Summary%20Highlights) Trinity Biotech reported Q3 2022 revenues of $19.5M, with non-COVID revenues up 2% YoY, driven by strong Haemoglobins and Fitzgerald Life Sciences growth, and advanced its product pipeline Q3 2022 Revenue Highlights | Metric | Value | Comparison | | :--- | :--- | :--- | | Total Revenues Q3 2022 | $19.5M | - | | Non-VTM Revenues Q3 2022 | $19.2M | +2% YoY, +6% QoQ | - Strong YoY revenue growth was driven by a **30% increase** in both Haemoglobins and Fitzgerald Industries Life Sciences businesses, and a **30%+ increase** in the Autoimmune product business[3](index=3&type=chunk) - The Haemoglobins business saw particularly strong demand in AsiaPac (**over 50% YoY growth**) and Latin America (**over 40% YoY growth**)[3](index=3&type=chunk) - Key product pipeline developments include the **FDA 510k submission** for the **Premier Resolution instrument** (expected US launch Q2 2023) and the initiation of development for the **Premier 9210 HbA1c instrument** (expected launch Q3 2023)[3](index=3&type=chunk) [Third Quarter Financial Performance](index=2&type=section&id=Third%20Quarter%20Financial%20Performance) Q3 2022 saw revenue decline to $19.5M due to reduced COVID VTM sales, leading to a 10.3% gross margin, $7.1M operating loss, and $8.9M net loss, impacted by inventory write-downs and impairment charges [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Total Q3 2022 revenue decreased **11.4% YoY to $19.5M**, driven by declines in Point-of-Care and Clinical Laboratory, though Clinical Laboratory (ex-VTM) grew **13.4%** due to Haemoglobins and Fitzgerald Industries Q3 2022 Revenue by Segment (US$ thousands) | Revenue Segment | Q3 2022 (US$'000) | Q3 2021 (US$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Clinical Laboratory | 16,966 | 17,891 | (5.2%) | | Point-of-Care | 2,536 | 4,113 | (38.3%) | | **Total** | **19,502** | **22,004** | **(11.4%)** | - Excluding COVID-related VTM products, Clinical Laboratory revenues increased by nearly **$2.0 million**, or **13.4%**, compared to Q3 2021[5](index=5&type=chunk) - Growth drivers in the Clinical Laboratory segment included a **$1.4M (30.3%) increase** in Haemoglobins revenues and a **$0.9M (30.2%) increase** in Fitzgerald Industries revenues compared to Q3 2021[6](index=6&type=chunk)[8](index=8&type=chunk) - Point-of-Care revenues decreased YoY due to an unusually high volume of HIV tests sold in Africa in Q3 2021; however, Q3 2022 revenues of **$2.5M** represented a **38% increase** compared to Q2 2022[9](index=9&type=chunk) [Profitability Analysis](index=3&type=section&id=Profitability%20Analysis) Gross margin fell to **10.3%** from **40.4%** YoY, primarily due to a **$4.7M** inventory write-down, resulting in a **$7.1M** operating loss and **$2.3M** impairment charge on intangible assets Q3 2022 Gross Profit and Margin (US$ thousands) | Metric | Q3 2022 (US$'000) | | :--- | :--- | | Gross Profit | 2,015 | | Gross Margin % | 10.3% | | Significant Inventory Charges | 4,697 | | **Adjusted Gross Profit** | **6,712** | | **Adjusted Gross Margin %** | **34.4%** | - The company recorded a **$4.7M inventory write-down**, comprising **$3.5M for VTM**, **$0.9M for other excess raw materials**, and **$0.3M for the Tri-stat instrument line**[10](index=10&type=chunk)[11](index=11&type=chunk) - An **impairment charge of $2.3M** was recorded for two internally developed intangible assets: the **autoimmune smart reader** and the **Tri-stat instrument**, whose recoverable amounts were determined to be zero[14](index=14&type=chunk)[15](index=15&type=chunk) - The **operating loss of $7.1M** compares to an **operating profit of $2.8M** in Q3 2021; the **net loss for the quarter was $8.9M**, compared to a **profit of $1.3M** in the prior-year period[16](index=16&type=chunk)[19](index=19&type=chunk) [Earnings Per Share (EPS)](index=6&type=section&id=Earnings%20Per%20Share%20(EPS)) Q3 2022 saw a basic loss per ADS of **23.5 cents**, a reversal from a **6.3 cents** profit in Q3 2021 Q3 Earnings Per American Depositary Share (US cents) | Earnings Per ADS (US cents) | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Basic (Loss)/Profit per ADS | (23.5) | 6.3 | | Diluted (Loss)/Profit per ADS | (23.5) | 6.1 | [Non-IFRS Financial Measures](index=5&type=section&id=Non-IFRS%20Financial%20Measures) Trinity Biotech reported Q3 2022 Adjusted EBITDASO of **$0.8M**, derived from an operating loss of **$7.1M** adjusted for non-cash items like impairment charges and inventory write-downs Q3 2022 Reconciliation to Adjusted EBITDASO (US$ millions) | Reconciliation to Adjusted EBITDASO | Value ($m) | | :--- | :--- | | Operating loss | (7.1) | | Depreciation | 0.5 | | Amortisation | 0.3 | | Impairment charges | 2.3 | | Significant inventory charges | 4.7 | | Share option expense | 0.1 | | **Adjusted EBITDASO** | **0.8** | - The company presents non-IFRS measures like **Adjusted Gross Profit**, **Adjusted Gross Margin**, **Adjusted EBITDA**, and **Adjusted EBITDASO** to help investors perform additional financial analysis and to evaluate and manage operations internally[22](index=22&type=chunk) [Liquidity and Cash Flow](index=6&type=section&id=Liquidity%20and%20Cash%20Flow) The company's cash balance decreased by **$3.2M** to **$7.3M** in Q3 2022, with **$0.7M** cash from operations offset by **$1.3M** capital expenditures and **$1.7M** interest payments - The Group's cash balance fell from **$10.5 million** at the end of Q2 2022 to **$7.3 million** at the end of Q3 2022[23](index=23&type=chunk) Q3 2022 Key Cash Flow Items (US$ millions) | Key Cash Flow Items (Q3 2022) | Value (US$m) | | :--- | :--- | | Cash generated from operations | 0.7 | | Capital expenditure outflows | (1.3) | | Interest payments | (1.7) | | Payments for property leases | (0.7) | [Business Outlook and Strategic Initiatives](index=1&type=section&id=Business%20Outlook%20and%20Strategic%20Initiatives) Trinity Biotech is pursuing product innovation, market expansion, and margin improvement through new instrument launches, commercial footprint growth, strategic partnerships, and operational streamlining - The company's **TrinScreen HIV product** was recommended as the **first-line screening test in Kenya**, with initial orders expected in Q1 2023, ramping up to approximately **6 million tests per year**[7](index=7&type=chunk) - Trinity is in **partnership negotiations** to leverage its **lateral flow manufacturing capabilities** and gain access to new intellectual property[7](index=7&type=chunk) - Margin optimization efforts include **eliminating loss-making legacy products**, **consolidating manufacturing** into its Jamestown facility, and **reducing production headcount** at two facilities[7](index=7&type=chunk)[11](index=11&type=chunk) - The leadership team has been strengthened with recent appointments of a **Chief Technology Officer**, **Head of Quality and Regulatory Affairs**, and **Global Supply Chain Leader**[7](index=7&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The unaudited consolidated financial statements for Q3 2022 show a net loss of **$8.9M**, total assets of **$97.9M**, total equity of **$6.6M**, and a net cash usage of **$3.2M** [Consolidated Income Statements](index=7&type=section&id=Consolidated%20Income%20Statements) Q3 2022 revenues were **$19.5M**, with gross profit of **$2.0M**, leading to a net loss of **$8.9M** after operating expenses and a **$2.3M** impairment charge Consolidated Income Statement (US$ thousands) | (US$000's) | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Revenues | 19,502 | 22,004 | | Gross profit | 2,015 | 8,900 | | Operating (Loss)/Profit | (7,086) | 2,768 | | (Loss)/Profit for the period | (8,945) | 1,321 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of Sep 30, 2022, total assets were **$97.9M**, with **$7.3M** cash and **$23.6M** inventories, total liabilities **$91.3M**, and total equity **$6.6M** Consolidated Balance Sheet (US$ thousands) | (US$ '000) | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 48,061 | 46,207 | | Total current assets | 49,834 | 72,688 | | **TOTAL ASSETS** | **97,895** | **118,895** | | **EQUITY AND LIABILITIES** | | | | Total equity/(deficit) | 6,633 | (319) | | Total liabilities | 91,262 | 119,214 | | **TOTAL EQUITY AND LIABILITIES** | **97,895** | **118,895** | [Consolidated Statement of Cash Flows](index=9&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Q3 2022 saw **$0.7M** cash from operations, **$1.3M** used in investing, and **$2.4M** used in financing, leading to a **$3.0M** net decrease in cash Consolidated Statement of Cash Flows (US$ thousands) | (US$000) | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash generated by operating activities | 676 | 1,697 | | Net cash used in investing activities | (1,324) | (1,959) | | Net cash (used) in financing activities | (2,372) | (726) | | **(Decrease) in cash and cash equivalents** | **(3,020)** | **(988)** |

Financial Data and Key Metrics Changes - Total revenues for Q3 2022 were $19.5 million, down from $22 million in Q3 2021, reflecting a decrease of approximately 23% [6][27] - Gross margin for the quarter was 10.3%, significantly impacted by inventory write-downs; excluding these, the gross margin would have been 34.4%, compared to 40.4% in Q3 2021 [14][15] - Operating loss for Q3 2022 was $7.1 million, compared to an operating profit of $2.8 million in Q3 2021 [27] - Net loss after tax was $8.9 million in Q3 2022, compared to a profit of $1.3 million in Q3 2021 [31][32] Business Line Data and Key Metrics Changes - Excluding COVID-focused PCR products, revenues for Q3 2022 were $19.2 million, a 2% increase year-over-year and a 6% increase sequentially [39] - The haemoglobins and Fitzgerald businesses contributed to a strong year-over-year revenue increase of 30% [40] - Autoimmune products saw a 20% quarter-over-quarter growth due to optimized capacity and pricing changes [41] Market Data and Key Metrics Changes - Strong demand for haemoglobin products was noted in Asia-Pacific with over 50% year-over-year revenue growth and over 40% in Latin America [42] - Preliminary estimates for Q4 indicate continued growth momentum in haemoglobin instrument placements and improving global HIV test demand [44] Company Strategy and Development Direction - The company is focusing on streamlining its product portfolio by eliminating loss-making legacy products and consolidating production facilities [53] - A new flagship diabetes HbA1c instrument, the Premier 9210, is expected to launch in Q3 next year, aimed at improving gross margins [46][48] - The company is also pursuing partnerships to leverage its lateral flow biological development capabilities and enhance its distribution channels [51][52] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising input prices and the need for strategic price adjustments [18][89] - The company expects to end the year with a run rate of around $75 million, with initiatives in place to improve revenue in early 2023 [44][79] - Management expressed confidence in the growth potential of the haemoglobins business, particularly in high-growth markets [58] Other Important Information - The company recorded significant excess and obsolescence charges related to inventory totaling $4.7 million, impacting financial results [7][11] - Impairment charges of $2.3 million were recorded, primarily related to the autoimmune smart reader project and Tri-stat inventory [23][25] Q&A Session Summary Question: What is the expected number of Premier Instruments on the market by 2024? - Management indicated that they expect to have at least three versions of the Premier systems on the market by 2024, focusing on high-growth markets [67][69] Question: Is there enough capacity in Jamestown for continued consolidation? - Management confirmed that the Jamestown site is flexible and will not be closing the Buffalo site, as they are expanding autoimmune manufacturing capabilities [71][72] Question: Any updates on refinancing the remaining portion of the debt? - Management is examining options for refinancing as part of a strategic transaction, with no immediate critical need [75][78] Question: Guidance on gross margin going forward? - Management refrained from providing specific guidance due to various moving pieces but targeted a gross margin level of 40%-45% over the next two to three years [88][89] Question: How did the lab in Buffalo perform this quarter, particularly the Sjogren's test? - The Sjogren's test has shown significant growth, with revenues around $3.5 million, and management sees potential for further scaling [100][108]

Company Overview - Trinity Biotech is a global IVD company providing centralized diagnostic products, lateral flow products, and lab-based testing services[5] - The company has a diversified global platform in Diabetes & Autoimmune markets, as well as Point of Care & Home Testing spaces[6] - Trinity Biotech has core competencies in product development, lab services, regulatory processes, manufacturing & supply chain[6] Financial Performance & Projections - FY21 revenue was $93 million, with $72 million excluding COVID-related revenues[6] - The company projects double-digit growth between 2023-2025 and aims to double recurring revenue by 2025[6] - In H1/2022, Premier 9210 (HbA1c Lab) accounted for approximately 30% of revenues[46] - The company is targeting >20% revenue growth in 2024-2025 with a 45% gross margin[79] - The company is targeting an adjusted operating margin of 15%-20%+ by 2025[79] Market & Growth Strategies - The global Point of Care market is projected to reach $50 billion by 2025[37] - The company is targeting 25% of the 180 million tests/year market in Africa with its WHO-approved HIV screening test[43] - The company plans to reposition its PoC platform to high-margin growth strategies[63]

Financial Data and Key Metrics Changes - Total revenues for Q2 2022 were $18.5 million, down from $25.8 million in Q2 2021, reflecting a significant decline [22] - Gross margin decreased to 35.3% from 42.7% in Q2 2021, primarily due to reduced demand for COVID-related products [23] - Operating loss for Q2 2022 was $1.4 million compared to an operating profit of $200,000 in Q2 2021 [27] - Net financial expenses increased to $8.3 million in Q2 2022 from $0.3 million in Q2 2021, largely due to early repayment penalties and higher interest rates [28] Business Line Data and Key Metrics Changes - Excluding COVID-related products, revenues for Q2 2022 were approximately $18 million, flat compared to Q2 2021, but up 7% from Q1 2022 [38] - The diabetes A1c product line saw a year-over-year revenue increase of over 25% [38] - Fitzgerald Life Science business experienced a 25% quarter-over-quarter growth [39] Market Data and Key Metrics Changes - Preliminary estimates for Q3 2022 revenues are expected to be between $19 million to $20 million, driven by double-digit year-over-year increases in hemoglobins and Fitzgerald Life Science businesses [39] - HIV point-of-care revenue is anticipated to grow over 30% on a quarter-over-quarter basis due to increased orders from Africa [40] Company Strategy and Development Direction - The company aims to establish a clear vision and strategy focusing on scaling core businesses, particularly in point-of-care and lab services [15] - There is a renewed focus on inorganic growth through partnerships and M&A to scale operations [17] - The company plans to leverage its Fitzgerald brand and optimize its hemoglobins business for profitability [15][47] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the fluid situation regarding COVID-19 and its impact on product sales, particularly PCR testing [60][61] - The company is not relying on COVID-related products as a driver of future strategy [60] - Management is optimistic about growth potential in the autoimmune business and plans to invest significantly in the decentralized testing market [49][52] Other Important Information - The company received a $45.2 million investment from MiCo Group, which includes equity and a convertible note [44] - An early repayment of $35 million of the term loan is expected to save $5 million in annual cash interest expenses [45] - The company is undertaking a portfolio-wide capital and talent allocation review to maximize returns [55] Q&A Session Summary Question: What is the outlook for sales of COVID-related products? - Management indicated that sales have significantly declined and are not expected to be a major part of future strategy [60][61] Question: How should interest expenses be viewed for the upcoming quarters? - Interest on the Perceptive debt is approximately 14%, with expected cash interest costs based on the remaining balance [68] Question: What is the expected share count for the third quarter? - The share count is expected to increase due to shares issued to MiCo being outstanding for a longer period [69] Question: What is the market size for the new variant instrument? - The market for the variant product is expected to generate over $5 million to $6 million in revenue annually, primarily in the U.S. [84] Question: What is the company's strategy regarding potential partnerships? - The company is exploring partnerships with both younger tech companies and traditional CPG companies to enhance its market position [94][96]

[Company Overview and Q1 2022 Highlights](index=1&type=section&id=Company%20Overview%20and%20Q1%202022%20Highlights) Trinity Biotech plc announced its Q1 2022 financial results, highlighting strategic refinancing and investment to strengthen capital structure and pursue growth opportunities [Introduction and Announcement](index=1&type=section&id=1.1%20Introduction%20and%20Announcement) Trinity Biotech plc, a diagnostic product developer and manufacturer, released its Q1 2022 financial results - Trinity Biotech plc announced its Q1 2022 financial results[2](index=2&type=chunk) [CEO Commentary and Strategic Outlook](index=4&type=section&id=1.2%20CEO%20Commentary%20and%20Strategic%20Outlook) CEO Ronan O'Caoimh highlighted successful Q1 2022 refinancing with Perceptive Advisors and a strategic investment from MiCo Group, enhancing capital structure for future growth - The CEO highlighted successful Q1 2022 refinancing with Perceptive Advisors and a **$45 million strategic investment** from MiCo Group in May 2022[19](index=19&type=chunk) - These transactions are expected to strengthen Trinity Biotech's capital structure, facilitate refinancing of remaining Perceptive Advisor debt, and position the company to capture growth opportunities in the evolving diagnostics landscape[19](index=19&type=chunk) [Q1 2022 Financial Results Analysis](index=1&type=section&id=Q1%202022%20Financial%20Results%20Analysis) Q1 2022 saw a significant revenue decline, reduced profitability due to lower gross margins, increased financial expenses, and a substantial net loss [Revenue Performance](index=1&type=section&id=2.1%20Revenue%20Performance) Total revenue in Q1 2022 significantly decreased by 26.6% year-over-year, primarily driven by a substantial decline in clinical laboratory revenue, partially offset by modest growth in point-of-care revenue [Total Revenue](index=1&type=section&id=2.1.1%20Total%20Revenue) Total revenue for Q1 2022 was $18.8 million, a 26.6% decrease from $25.6 million in Q1 2021 | Metric | Q1 2021 (US$'000) | Q1 2022 (US$'000) | Change (%) | | :---------------- | :--------------- | :--------------- | :--------- | | Total Revenues | 25,594 | 18,776 | (26.6)% | [Segmental Revenue (Point-of-Care, Clinical Laboratory)](index=1&type=section&id=2.1.2%20Segmental%20Revenue%20(Point-of-Care,%20Clinical%20Laboratory)) Point-of-Care revenue increased by 14.6% to $2.2 million, driven by higher HIV test kit sales in Africa, while Clinical Laboratory revenue decreased by 29.9% to $16.6 million due to reduced COVID-19 PCR VTM product sales | Segment | Q1 2021 (US$'000) | Q1 2022 (US$'000) | Change (%) | | :---------------- | :--------------- | :--------------- | :--------- | | Point-of-Care | 1,888 | 2,164 | 14.6% | | Clinical Laboratory | 23,706 | 16,612 | (29.9)% | - Point-of-Care revenue growth was primarily attributed to increased sales of HIV test kits in Africa, a market characterized by irregular customer order patterns[3](index=3&type=chunk) - The decline in Clinical Laboratory revenue was mainly due to reduced revenue from COVID-19 related PCR VTM products, resulting from a significant reduction in COVID-19 PCR testing programs and lower unit selling prices for PCR VTM products due to increased global manufacturing capacity[4](index=4&type=chunk) [Profitability](index=1&type=section&id=2.2%20Profitability) Gross profit and margin declined due to sales mix changes and PCR VTM product price pressure, leading to a significant reduction in operating profit and a reported after-tax loss [Gross Profit and Margin](index=1&type=section&id=2.2.1%20Gross%20Profit%20and%20Margin) Gross profit decreased to $7.3 million in Q1 2022 from $10.9 million in Q1 2021, with gross margin declining by 3.9% to 38.7%, primarily due to changes in sales mix and downward price pressure on PCR VTM products | Metric | Q1 2021 (US$'000) | Q1 2022 (US$'000) | Change (US$'000) | Change (%) | | :---------------- | :--------------- | :--------------- | :--------------- | :--------- | | Gross profit | 10,913 | 7,270 | (3,643) | (33.4)% | | Gross margin % | 42.6% | 38.7% | - | (3.9)% | - The decline in gross margin was primarily due to changes in sales mix and downward price pressure on PCR VTM products[5](index=5&type=chunk) [Operating Profit](index=2&type=section&id=2.2.2%20Operating%20Profit) Operating profit significantly decreased to $0.2 million in Q1 2022 from $3.1 million in Q1 2021, mainly due to reduced revenue and gross profit, partially offset by lower overheads | Metric | Q1 2021 (US$'000) | Q1 2022 (US$'000) | Change (US$'000) | | :---------------- | :--------------- | :--------------- | :--------------- | | Operating profit | 3,078 | 173 | (2,905) | - The decrease in operating profit was attributed to reduced revenue and gross profit, partially offset by lower overheads[7](index=7&type=chunk) [Net Loss and EPS](index=2&type=section&id=2.2.3%20Net%20Loss%20and%20EPS) The company reported a Q1 2022 after-tax loss of $12.3 million, a significant decline from a $1.6 million profit in Q1 2021, driven by reduced gross profit, increased financial expenses, and a substantial one-off accounting charge | Metric | Q1 2021 (US$'000) | Q1 2022 (US$'000) | Change (US$'000) | | :--------------------------------------- | :--------------- | :--------------- | :--------------- | | (Loss)/Profit after tax | 1,602 | (12,279) | (13,881) | | Basic (Loss)/Earnings per ADS (US cents) | 7.7 | (50.0) | (57.7) | | Diluted (Loss)/Earnings per ADS (US cents) | 7.1 | (50.0) | (57.1) | - The loss was primarily due to reduced gross profit, increased financial expenses, and a **$10.3 million** one-off accounting charge, including a **$9.7 million** loss on the disposal of exchangeable notes and **$0.6 million** in professional fees related to refinancing[9](index=9&type=chunk)[10](index=10&type=chunk) [Expenses](index=1&type=section&id=2.3%20Expenses) R&D expenses decreased due to cost control, SG&A expenses remained stable, while financial expenses significantly increased due to higher interest rates from debt refinancing [Research & Development Expenses](index=1&type=section&id=2.3.1%20Research%20%26%20Development%20Expenses) R&D expenses decreased to $1.0 million in Q1 2022 from $1.4 million in Q1 2021, reflecting the company's focus on cost control measures | Metric | Q1 2021 (US$'000) | Q1 2022 (US$'000) | Change (US$'000) | Change (%) | | :-------------------------------- | :--------------- | :--------------- | :--------------- | :--------- | | Research & development expenses | 1,437 | 965 | (472) | (32.8)% | - The decrease in R&D expenses was due to a continued focus on cost control measures[6](index=6&type=chunk) [Selling, General & Administrative Expenses](index=1&type=section&id=2.3.2%20Selling,%20General%20%26%20Administrative%20Expenses) Selling, General & Administrative (SG&A) expenses remained largely stable at $5.9 million in Q1 2022, a slight decrease of $0.1 million from Q1 2021 | Metric | Q1 2021 (US$'000) | Q1 2022 (US$'000) | Change (US$'000) | Change (%) | | :-------------------------------- | :--------------- | :--------------- | :--------------- | :--------- | | Selling, general and administrative expenses | 6,019 | 5,936 | (83) | (1.4)% | [Financial Expenses](index=2&type=section&id=2.3.3%20Financial%20Expenses) Financial expenses significantly increased to $2.2 million in Q1 2022 from $1.2 million in Q1 2021, primarily due to debt refinancing in late January 2022, which replaced 4.0% exchangeable notes with a 12.25% senior secured term loan | Metric | Q1 2021 (US$'000) | Q1 2022 (US$'000) | Change (US$'000) | Change (%) | | :---------------- | :--------------- | :--------------- | :--------------- | :--------- | | Financial expenses | 1,210 | 2,244 | 1,034 | 85.5% | - The increase in financial expenses was due to debt refinancing, replacing 4.0% exchangeable notes with a 12.25% senior secured term loan[8](index=8&type=chunk) [Non-IFRS Financial Measures](index=3&type=section&id=2.4%20Non-IFRS%20Financial%20Measures) Adjusted EBITDA was $0.9 million and Adjusted EBITDASO was $1.1 million in Q1 2022, serving as non-IFRS metrics for internal operational management and additional investor analysis | Metric | Q1 2022 (US$m) | | :-------------------- | :----------- | | Adjusted EBITDA | 0.9 | | Adjusted EBITDASO | 1.1 | - Non-IFRS measures (Adjusted EBITDA, Adjusted EBITDASO) are used for internal evaluation and management of company operations, and to assist investors with additional financial analysis[18](index=18&type=chunk) [Capital Structure and Liquidity](index=2&type=section&id=Capital%20Structure%20and%20Liquidity) The company underwent significant debt refinancing in Q1 2022, redeeming exchangeable notes with a new senior secured term loan and equity issuance, impacting its cash balance and overall liquidity [Debt Refinancing and Exchangeable Notes Retirement](index=2&type=section&id=3.1%20Debt%20Refinancing%20and%20Exchangeable%20Notes%20Retirement) In Q1 2022, Trinity Biotech redeemed approximately $99.7 million of exchangeable notes, funded by a new term loan, existing cash, and the issuance of 5.3 million American Depositary Shares (ADS), resulting in a $9.7 million disposal loss - The company redeemed approximately **$99.7 million** of exchangeable notes in Q1 2022[10](index=10&type=chunk)[11](index=11&type=chunk) - The redemption was funded by an **$81.3 million** senior secured term loan, existing cash, and the issuance of **5.3 million** ADS[11](index=11&type=chunk) - A **$9.7 million** loss on the disposal of exchangeable notes was recorded as a one-off charge in Q1 2022 due to the consideration under IFRS measurement being higher than the carrying value[10](index=10&type=chunk)[14](index=14&type=chunk) [New Senior Secured Term Loan Details](index=3&type=section&id=3.2%20New%20Senior%20Secured%20Term%20Loan%20Details) The company entered into an $81.3 million, 4-year senior secured term loan credit facility with Perceptive Advisors in Q1 2022, recorded on the balance sheet as a long-term liability and derivative financial balances - The company entered into an **$81.3 million**, 4-year senior secured term loan credit facility with Perceptive Advisors[16](index=16&type=chunk) - The term loan is reflected on the balance sheet as **$76.2 million** in long-term liabilities, a **$0.2 million** derivative financial asset, and a **$1.7 million** derivative financial liability, representing warrants issued to Perceptive for **2.5 million** ADS at an exercise price of **$1.30** per share[16](index=16&type=chunk) [Liquidity Position](index=4&type=section&id=3.3%20Liquidity%20Position) The company's cash balance decreased by $15.9 million to $10.0 million as of March 31, 2022, primarily due to a $9.0 million net cash outflow from debt refinancing and $3.1 million in interest payments | Metric | Dec 31, 2021 (US$m) | Mar 31, 2022 (US$m) | Change (US$m) | | :-------------------- | :---------------- | :---------------- | :---------- | | Cash balance | 25.9 | 10.0 | (15.9) | - The cash decrease was primarily due to a **$9.0 million** net cash outflow from debt refinancing (including associated fees) and **$3.1 million** in interest payments[17](index=17&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q1 2022 reveal a significant revenue decline, substantial net loss, and a shift in the debt structure following the exchangeable notes redemption and new term loan [Consolidated Income Statements](index=5&type=section&id=4.1%20Consolidated%20Income%20Statements) The consolidated income statement for Q1 2022 shows a substantial revenue decrease and a significant net loss, primarily impacted by reduced clinical laboratory sales, lower gross margins, increased financial expenses, and one-off refinancing charges | (US$'000) | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | | :--------------------------------------- | :------------------------------ | :------------------------------ | | Revenues | 18,776 | 25,594 | | Gross profit | 7,270 | 10,913 | | Operating profit | 173 | 3,078 | | Financial expenses | (2,244) | (1,210) | | (Loss)/Profit after tax before once-off & non-cash items | (1,921) | 1,764 | | Once-off items | (10,276) | - | | (Loss)/Profit after tax | (12,279) | 1,602 | | (Loss)/ Earnings per ADS (US cents) | (50.0) | 7.7 | [Consolidated Balance Sheets](index=6&type=section&id=4.2%20Consolidated%20Balance%20Sheets) The consolidated balance sheet as of March 31, 2022, reflects a decrease in total assets, a significant reduction in current liabilities due to exchangeable notes redemption, a substantial increase in non-current liabilities from the new senior secured term loan, and an equity deficit | (US$'000) | March 31, 2022 | December 31, 2021 | | :--------------------------------------- | :--------------- | :---------------- | | TOTAL ASSETS | 106,097 | 118,895 | | Total equity/(deficit) | (6,285) | (319) | | Total current liabilities | 15,937 | 100,491 | | Total non-current liabilities | 96,445 | 18,723 | | TOTAL LIABILITIES | 112,382 | 119,214 | - The balance sheet reflects the impact of debt refinancing, with a significant reduction in exchangeable senior notes within current liabilities and the new senior secured term loan appearing in non-current liabilities[26](index=26&type=chunk) [Consolidated Statement of Cash Flows](index=7&type=section&id=4.3%20Consolidated%20Statement%20of%20Cash%20Flows) The consolidated cash flow statement for Q1 2022 shows negative free cash flow and a significant reduction in cash and cash equivalents, primarily due to net cash outflows from debt refinancing activities | (US$'000) | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | | :--------------------------------------- | :------------------------------ | :------------------------------ | | Cash and cash equivalents at beginning of period | 25,910 | 27,327 | | Cash generated from/(used in) operations | (1,302) | 5,893 | | Free Cash Flow | (3,798) | 3,186 | | Proceeds from term loan (net) | 80,015 | - | | Repayment of Exchangeable Notes | (86,730) | - | | Cash and cash equivalents at end of period | 10,012 | 32,277 | - Cash flows were significantly impacted by debt refinancing, with substantial cash outflows for repayment of exchangeable notes and refinancing fees, partially offset by proceeds from the term loan[28](index=28&type=chunk) [Additional Information](index=4&type=section&id=Additional%20Information) This section provides context on the use of non-IFRS financial measures, outlines the nature of forward-looking statements, and offers an overview of Trinity Biotech's business [Use of Non-IFRS Financial Measures](index=4&type=section&id=5.1%20Use%20of%20Non-IFRS%20Financial%20Measures) Trinity Biotech utilizes non-IFRS financial measures like Adjusted EBITDA and Adjusted EBITDASO to supplement IFRS consolidated financial statements for internal operational assessment and additional investor analysis - The company uses non-IFRS measures (Adjusted EBITDA, Adjusted EBITDASO) to supplement IFRS results[18](index=18&type=chunk) - These non-IFRS measures are not substitutes for IFRS but are used for internal operational assessment and to assist investors with analysis[18](index=18&type=chunk) [Forward-Looking Statements](index=4&type=section&id=5.2%20Forward-Looking%20Statements) This press release contains forward-looking statements, identified by terms such as "estimate," "project," and "expect," which are subject to known and unknown risks and uncertainties, with no obligation for the company to update or revise them - This press release contains forward-looking statements subject to known and unknown risks and uncertainties[20](index=20&type=chunk) - The company undertakes no obligation to update or revise any forward-looking statements for any reason[20](index=20&type=chunk) [About Trinity Biotech](index=4&type=section&id=5.3%20About%20Trinity%20Biotech) Trinity Biotech is a leading developer, acquirer, manufacturer, and marketer of diagnostic systems for point-of-care and clinical laboratory markets, selling products globally through direct sales and international distributors - Trinity Biotech develops, acquires, manufactures, and markets diagnostic systems for point-of-care and clinical laboratory markets[21](index=21&type=chunk) - Products are used for detecting infectious diseases and quantifying hemoglobin A1c and other chemical parameters[21](index=21&type=chunk) - The company sells directly in the US, Germany, France, and the UK, and through international distributors and strategic partners in over 75 countries worldwide[21](index=21&type=chunk)