Trinity Biotech Publishes Fourth Quarter and Fiscal Year 2024 Financial Results & Provides a Business Update

Core Insights - Trinity Biotech plc reported a total revenue of $15.9 million for Q4 2024, representing an 18.1% increase from $13.4 million in Q4 2023, driven primarily by a significant growth in Point-of-Care revenues [3][10] - The company is undergoing a Comprehensive Transformation Plan aimed at improving profitability, which includes consolidating manufacturing operations and enhancing offshore production capabilities [5][15] - Despite revenue growth, the company reported a net loss of $17.0 million for Q4 2024, an increase from $5.5 million in Q4 2023, largely due to restructuring costs and increased operational expenses [7][12] Financial Performance - Q4 2024 total revenues were $15.9 million, up from $13.4 million in Q4 2023, with Point-of-Care revenues increasing by 158.0% to $5.5 million [3][10] - Clinical laboratory revenues decreased by 8.6% to $10.3 million, attributed to a 34.3% decline in Infectious Diseases revenues [4][10] - For the fiscal year 2024, total revenues were $61.6 million, an 8.3% increase from $56.8 million in 2023, with Point-of-Care revenues growing by 91.8% [10][11] Profitability and Losses - Gross profit for Q4 2024 was $4.9 million, with a gross margin of 30.8%, down from 34.0% in Q4 2023 [6][10] - The net loss for the fiscal year 2024 was $31.8 million, compared to a loss of $24.0 million in 2023, influenced by restructuring costs and a decrease in impairment charges [12][13] - Selling, general, and administrative expenses decreased by $2.3 million to $28.8 million in 2024, reflecting cost-cutting measures [13] Cash Flow and Liquidity - The cash balance increased to $5.2 million at the end of Q4 2024 from $3.7 million at the end of Q4 2023, with cash generated from operating activities rising to $3.6 million [8][10] - The company entered into an amended credit agreement with Perceptive Advisors, providing an additional liquidity of approximately $4.5 million [15][16] Strategic Initiatives - The company has made significant progress in consolidating its manufacturing operations, including the transfer of production processes to other sites and the reduction of headcount at its Kansas facility [5] - Trinity Biotech is advancing the development of its next-generation continuous glucose monitoring (CGM) solution, with recent pre-pivotal testing completed [5][10]