Trinity Biotech Provides Preliminary Second Quarter 2024 Update and Enters into UK Distribution Agreement with MedScience

Core Insights - Trinity Biotech plc anticipates second quarter 2024 revenues between $15.5 million and $16.0 million, indicating a year-over-year growth from $13.9 million in the same quarter of 2023 [1] - The company reaffirms its financial guidance, targeting approximately $20 million in annualized run-rate EBITDASO on revenues of about $75 million by Q2 2025 [1][2] - A distribution agreement has been established with MedScience in the UK, effective August 1, 2024, covering clinical chemistry, infectious disease, and autoimmune products [1][2] Financial Performance - Expected revenues for Q2 2024 are projected to show double-digit percentage growth compared to the previous year [1] - Gross margin percentage is anticipated to be consistent with that of Q2 2023 [1] Strategic Initiatives - The company is focusing on increasing product sales, particularly from the new HIV screening product, TrinScreen HIV [2] - Trinity Biotech is implementing a Comprehensive Transformation Plan and advancing its continuous glucose monitor (CGM) program [2] Partnership Development - The partnership with MedScience is expected to enhance Trinity Biotech's market presence in the UK, leveraging MedScience's experienced sales organization [2] - MedScience expresses enthusiasm for the partnership, highlighting familiarity with Trinity Biotech's expertise and product range [2][7] Company Overview - Trinity Biotech specializes in human diagnostics and diabetes management solutions, including wearable biosensors [6] - The company develops and markets diagnostic systems for point-of-care and clinical laboratory segments, with a recent focus on wearable biosensor technology [6]