Trinity Biotech plc (Nasdaq: TRIB), a leading developer and
manufacturer of diagnostic products for the point-of-care and
clinical laboratory markets, today announced the Company’s results
for the quarter ended March 31, 2023.
Summary Highlights:
Revenue/Margin:
- Total revenue for fiscal Q1, 2023 was $17.2m. Excluding our
Covid focused PCR Viral Transport Media (“VTM”) products and
Fitzgerald Industries (which was disposed in April 2023), revenue
for the quarter of $14m was 2.0% higher than in Q1, 2022.
- Our performance in the quarter was led by year over year growth
of approximately 35%, 15% and 10% respectively for our Autoimmune,
Clinical Chemistry and diabetes HbA1c consumable products. Strong
demand from key accounts and a focus on clearing order backlogs
drove an increase of over 80% in revenues for US Autoimmune
products compared to Q1, 2022 and an approximately 45% increase in
deliveries for diabetes consumables in Brazil compared to Q1, 2022.
Partly offsetting these revenue gains are lower revenues from low
margin diabetes instrument deliveries, compared to Q1 2022.
Diabetes instrument placements were up approximately 17% in Q1,
2023 vs Q4, 2022.
- Gross margin, excluding Fitzgerald Industries, was broadly flat
compared to Q1, 2022 but reflected an approximately 4-point
improvement over Q4 2022 as we increase prices and stabilize our
manufacturing and supply chain processes.
Haemoglobins:
- We continue to work closely with the FDA to gain clearance of
our 510(k) submission for the Premier Resolution Haemoglobin
Variants instrument. In addition to a US market introduction in the
second half of the year, we expect FDA approval will drive
significant global order activity.
- The development of the next generation of our flagship diabetes
HbA1c instrument, the Premier 9210, is on track for an expected
roll-out in 2024. The instrument is expected to feature an
improved, backward compatible reagent column system that should
feature up to 3 times the injection capacity and stability, limited
calibration, improved user interface and lab system integration.
This is the first step of a multi-generational product development
plan aimed at expanding the target market, driving lower service
downtime and cost, while significantly expanding operating
margins.
- China and Brazil are markets of particular focus for both
product lines as we assess increasing our footprint in both markets
to drive cost competitiveness, streamline regulatory pathways and
expand market access.
TrinScreen HIV:
- The Company is focused on executing on the launch and
distribution of its TrinScreen HIV screening test, following the
announcement by the Kenyan Ministry of Health of the adoption of
the new HIV rapid testing algorithm. This algorithm establishes
Trinity Biotech’s TrinScreen HIV as the standard screening test in
Kenya under World Health Organisation (“WHO”) guidelines.
- The Kenyan government is currently addressing legal challenges
to the HIV testing algorithm changes and we expect to receive
significant orders in the second half of 2023 upon resolution of
these legal matters.
- The Kenyan HIV screening program is one of the largest in
Africa, with an estimated 7 million to 9 million screening tests
annually.
Portfolio Transformation & Capital
Structure:
- In April, the Company completed the sale of its Fitzgerald
Industries division, generating approximately $30M of proceeds that
were partially used to further reduce debt by approximately
$10M.
- This exit is the first of several strategic moves aimed at
focusing the current portfolio around our core Haemoglobins and HIV
franchises, streamlining our cost structure, reducing debt and
providing firepower for M&A.
- Our pipeline of attractive M&A opportunities is aimed at
disruptive adjacencies with Total Addressable Markets (TAMs) that
matter, provide access to next generation diagnostic product
platforms and where we can leverage our global manufacturing and
distribution footprint.
- In February, the Company secured a $20 million flexible
term-facility specifically to provide the ability to move quickly
when opportunistic transactions arise.
Structural & Operational Initiatives:
- Multiple initiatives are underway to significantly reduce cost
of goods sold in our core Haemoglobins and HIV franchises.
Instrument and consumables design updates, supply chain
optimization and outsourced/localized manufacturing are initiatives
all aimed at driving significantly higher operating margins for
these platforms.
AACC:
- Trinity Biotech will participate in the American Association of
Clinical Chemistry (AACC) annual scientific meeting and clinical
lab expo which takes place in Anaheim, CA from July 23 -27.
First Quarter Results
(Unaudited) The
results of the Fitzgerald Industries life sciences supply business,
which was disposed of on April 27, 2023, have been reported
separately as discontinued operations in the Consolidated Income
Statements for all periods presented, and the assets and
liabilities attributable to Fitzgerald Industries are separately
presented within “Assets included in disposal group held for sale”
and “Liabilities included in disposal group held for sale”,
respectively, in the Consolidated Balance Sheet at March 31,
2023.
Total revenues for Q1, 2023 were $14.8m which
compares to $15.7m in Q1, 2022, a decrease of 5.4% and which were
broken down as follows:
|
2023Quarter 1 |
2022Quarter 1 |
Increase/(decrease) |
|
US$’000 |
US$’000 |
% |
Clinical Laboratory |
12,669 |
13,511 |
(6.2%) |
Point-of-Care |
2,160 |
2,164 |
(0.2%) |
Total |
14,829 |
15,675 |
(5.4%) |
Clinical Laboratory revenues were $12.7m,
compared to $13.5m in Q1, 2022, representing a decrease of $0.8m or
6.2%. This decrease is due to a reduction of approximately $1.2m in
revenues from our PCR VTM products compared to Q1, 2022. Sales
volumes for PCR VTM products have continued to decrease due to a
significant scaling down of PCR testing programs for COVID-19.
Partly offsetting the reduction in revenues from
our PCR VTM products were solid performances across our autoimmune
and clinical chemistry products, which showed over 35% and over 15%
year on year growth respectively. While our diabetes consumables
revenues grew almost 10% year on year, we recorded lower instrument
placement revenues which is driven by pricing changes made in late
2022 to counteract supply chain cost increases we have faced. We
are significantly reorganising and optimising our supply chain to
allow us reduce the price of our instrument. As such, we expect
revenues from this business to continue a strong growth trend later
in 2023 driven by a higher instrument installed base and
operational and strategic supply chain changes, which we expect
will drive opportunities for both competitive pricing optimisation
and margin increase.
Point-of-Care revenues for Q1, 2023 were $2.2m
which was in line with Q1, 2022, with a decrease of just 0.2%.
In Q1, 2023, gross profit was $5.6m, equating to
a gross margin of 37.6%. In Q1, 2022, gross profit amounted to
$6.0m equating to a gross margin of 38.2%. The reduction in gross
profit is largely due to the lower sales activity. We are
continuing to see the benefit of price increases and cost
optimisation initiatives implemented in mid to late 2022, with the
37.6% gross margin in Q1, 2023 being higher than the Q4, 2022
like-for-like margin of 33.4% (excluding the results for
Fitzgerald).
Research and development expenses declined
slightly from $1.0m in Q1, 2022 to $0.9m when compared to Q1, 2023,
mainly due to lower headcount and continued focus on cost control
measures.
Selling, general and administrative (SG&A)
expenses were $8.6m in Q1, 2023, compared to $6.2m in Q1, 2022. A
significant element of the $2.4m increase relates to:
- A higher IFRS driven non-cash
share-based payments accounting charge, which increased by $1.2m in
Q1, 2023 compared to Q1, 2022, due to options granted since
Q1, 2022.
- An increase in foreign exchange
loss largely related to the accounting driven requirement to
mark-to-market Euro-denominated lease liabilities for right-of-use
assets. In Q1, 2022, the foreign exchange gain on leases was $0.1m
while in Q1, 2023, a foreign exchange loss of $0.2m was recorded,
resulting in an unfavourable quarter-on-quarter variance of
$0.3m.
Excluding the impact of the accounting-driven
share-based payments expense and the foreign exchange loss on lease
liabilities, the remaining increase in SG&A expenses included
the following:
- Higher salary costs as a result of
senior hires made in late 2022 as part of our continued development
of a world class leadership team that can lead the transformation
of Trinity Biotech into a high growth, efficient and agile
organisation.
- A continued increase in travel
costs post COVID-related travel restrictions, as our sales and
marketing teams travel to customers and trade shows as we continue
to revitalise our sales activities. Similarly, some key functional
leaders based in Ireland have resumed visits to our overseas
facilities as we seek to drive operational efficiencies. All of
this has led to an increase in travel costs in Q1, 2023, compared
to Q1, 2022, of approximately $0.2m. Management believes this is a
worthwhile and important investment, but we do not expect the level
of travel to stay at this level going forward.
- Savings on non-recurring
transactional costs incurred in Q1, 2022 of $0.5m were offset by
higher legal and professional fees for due diligence, corporate
development and corporate finance activities as we continue to
assess strategic opportunities for inorganic growth and balance
sheet optimisation.
The SG&A expenses of $8.6m in Q1, 2023,
represent a $1.0m reduction on the $9.6m recorded in Q4, 2022.
Operating loss for the quarter was $3.9m,
compared to an operating loss of $1.2m in Q1, 2022. The higher loss
was attributable to the lower revenues, and higher indirect costs –
predominantly the higher non-cash share-based payments charge and
foreign exchange loss on lease accounting as detailed above.
Excluding the impact of higher non-cash share based payment charges
and foreign exchange loss on lease accounting the operating loss
was $2.4m.
Financial income for Q1, 2023 was $0.2m compared
to $0.2m for Q1, 2022, and mainly related to fair value adjustments
for the derivative liability related to warrants granted to the
Group’s principal lender.
Financial expenses in Q1, 2023 were $2.6m
compared to $12.2m in Q1, 2022, a decrease of $9.7m. The financial
expense for the current and comparative period are summarized in
the table below.
|
Q1, 2023US$’m |
Q1, 2022US$’m |
|
|
|
Loss on disposal of Exchangeable Notes |
– |
9.7 |
Term loan interest |
2.1 |
2.0 |
Convertible note interest |
0.3 |
– |
Exchangeable note interest |
– |
0.4 |
Notional interest on lease liabilities for Right-of-use assets |
0.2 |
0.2 |
Other |
– |
– |
|
2.6 |
12.2 |
Note: table contains rounded numbers.
The comparative period included a loss on
disposal of the Exchangeable Notes of $9.7m. In January 2022, the
Company retired approximately $99.7m of the Exchangeable Notes. The
accounting measure of total consideration for the retirement of the
Exchangeable Notes was $92.9m, consisting of cash consideration of
$86.7m and the issuance of ADSs with a market value at the date of
issue of $6.2m. The Exchangeable Notes were treated as a host debt
instrument under IFRS with embedded derivatives attached. The
embedded derivatives related to a number of put and call options
which were measured at fair value in the Income Statement. On
initial recognition in 2015, the host debt instrument was
recognised at the residual value of the total net proceeds of the
bond issue less fair value of the embedded derivatives.
Subsequently, the host debt instrument was measured at amortised
cost using the effective interest rate method. At the date of
disposal, the carrying value of the extinguished Exchangeable Notes
was $83.2m. As the IFRS measure of consideration was higher by
$9.7m, the resulting loss on disposal was recorded as a once-off
charge in the Income Statement in Q1, 2022.
Excluding this non-recurring financial expenses,
financial expenses for Q1, 2022, were $2.5m, compared to $2.6m in
Q1, 2023. With the exception of $0.2m, Exchangeable Notes with a
fixed coupon rate of 4.0% were extinguished in late January, 2022,
and replaced by the senior secured term loan of $81.3m with a
variable coupon which averaged 13% for February and March, 2022.
While the principal on the senior secured notes was reduced
following the partial settlement of $34.5m in May 2022, a further
$5m was drawn down in February 2023 and the variable coupon
increased to an average of 16% in Q1, 2023. As previously
announced, in connection with the disposal of the Fitzgerald
Industries life sciences supply business, the Company used
approximately $11 million of the proceeds of the sale to repay
approximately $10.1 million of its senior secured debt, plus an
approximate $900,000 early repayment penalty.
The 7 year convertible note had not been drawn
down at March 31, 2022 and as such there was no interest expense
recorded in the comparative period’s result on that facility.
The loss after tax for continuing operations for
the quarter was $6.3m in comparison to a loss of $13.1m for the
equivalent period last year. The variance is due to lower net
financial expenses due to the loss on disposal of the Exchangeable
Notes in Q1, 2022 partly offset by lower revenues and higher
indirect costs in Q1, 2023. The profit for the period on
discontinued operations of $0.5m in Q1, 2023, compared to $0.8m in
Q1, 2022, predominantly relates to the net result of the Fitzgerald
Industries life sciences supply business which has been disposed in
April 2023.
Loss before interest, tax, depreciation,
amortisation, share option expense, and impairment charges for
continuing operations for Q1, 2023 (Adjusted EBITDASO) was $2.0m.
This is made up as follows:
|
$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) |
Note: table contains rounded numbers.
The basic loss per ADS for Q1, 2023 was $0.15
compared to a basic loss per ADS of $0.50 in Q1, 2022. Diluted Loss
per ADS is the same as Basic Loss per ADS for both current and
comparative quarters.
Use of Non-IFRS Financial
MeasuresThe attached summary unaudited financial
statements were prepared in accordance with International Financial
Reporting Standards (IFRS). To supplement the consolidated
financial statements presented in accordance with IFRS, the Company
presents non-IFRS presentations of, Adjusted EBITDA and Adjusted
EBITDASO. The adjustments to the Company's IFRS results are made
with the intent of providing both management and investors a more
complete understanding of the Company's underlying operational
results, trends, and performance. Non-IFRS financial measures
mainly exclude, if and when applicable, the effect of share-based
payments, significant excess and obsolescence charges related to
inventory, depreciation, amortization and impairment charges.
Adjusted EBITDA for continuing operations and
Adjusted EBITDASO for continuing operations are presented to
evaluate the Company's financial and operating results on a
consistent basis from period to period. The Company also believes
that these measures, when viewed in combination with the Company's
financial results prepared in accordance with IFRS, provides useful
information to investors to evaluate ongoing operating results and
trends. Adjusted EBITDA for continuing operations and Adjusted
EBITDASO for continuing operations, however, should not be
considered as an alternative to operating income or net income for
the period and may not be indicative of the historic operating
results of the Company; nor is it meant to be predictive of
potential future results. Adjusted EBITDA for continuing operations
and Adjusted EBITDASO for continuing operations are not measures of
financial performance under IFRS and may not be comparable to other
similarly titled measures for other companies. Reconciliation
between the Company's operating profit/(loss) and Adjusted EBITDA
for continuing operations and Adjusted EBITDASO for continuing
operations are presented.
Liquidity
The Group’s cash balance decreased from $6.6m at
the end of Q4, 2022 to $4.2m at the end of Q1, 2023, a decrease of
$2.4m. For clarity, the cash balance of $4.2m includes the cash
balance of Fitzgerald at the end of Q1, 2023. Cash used by
operations for Q1, 2023 was $2.7m (Q1, 2022: $1.5m). During Q1,
2023 the Company had investing cash outflows of $1.3m (Q1, 2022:
$1.7m) and payments for property leases of $0.6m (Q1, 2022: $0.8m).
Interest payments in the quarter were $2.6m (Q1, 2022:
$3.1m). Net proceeds from the February 2023 drawdown under the
amended and restated senior secured term loan credit facility with
Perceptive Advisors were $4.9m. As previously announced, the
disposal of the Fitzgerald Industries life sciences supply
business, for cash proceeds of approximately $30 million subject to
customary adjustments, allows the Company to reduce its debt
servicing costs and provide capital for growth, transformation, and
potentially further debt reduction.
Forward-Looking Statements
Certain statements made in this release that are
not historical are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The words
“estimate”, “project”, “intend”, “expect”, “believe” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties. Many factors could cause the actual results,
performance or achievements of Trinity Biotech to be materially
different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements,
including, but not limited to, the results of research and
development efforts, risks associated with the outbreak and global
spread of the coronavirus (COVID-19), the effect of regulation by
the U.S. Food and Drug Administration and other agencies, the
impact of competitive products, product development
commercialization and technological difficulties. For additional
information regarding these and other risks and uncertainties
associated with Trinity Biotech’s business, reference is made to
our reports filed from time to time with the U.S. Securities and
Exchange Commission. We undertake no obligation to update or revise
any forward-looking statements for any reason.
About Trinity Biotech
Trinity Biotech develops, acquires, manufactures
and markets diagnostic systems, including both reagents and
instrumentation, for the point-of-care and clinical laboratory
segments of the diagnostic market. The products are used to detect
infectious diseases and to quantify the level of Haemoglobin A1c
and other chemistry parameters in serum, plasma and whole blood.
Trinity Biotech sells direct in the United States, Germany, France
and the U.K. and through a network of international distributors
and strategic partners in over 75 countries worldwide. For further
information, please see the Company's website:
www.trinitybiotech.com
Trinity Biotech
plcConsolidated Income Statements
(US$000’s except share data) |
ThreeMonths EndedMarch
31,
2023US$000(unaudited) |
|
ThreeMonths EndedMarch
31, 2022
US$000(unaudited) |
|
|
|
|
Revenues |
14,829 |
|
15,675 |
|
Cost of sales |
(9,256 |
) |
(9,693 |
) |
Gross
profit |
5,573 |
|
5,982 |
|
Gross margin % |
37.6 |
% |
38.2 |
% |
|
|
|
Other operating income |
– |
|
1 |
|
Research & development expenses |
(860 |
) |
(965 |
) |
Selling, general and
administrative expenses |
(8,632 |
) |
(6,234 |
) |
|
|
|
Operating
Loss |
(3,919 |
) |
(1,216 |
) |
|
|
|
Financial income |
154 |
|
218 |
|
Financial expenses |
(2,551 |
) |
(12,222 |
) |
Net financial
expense |
(2,397 |
) |
(12,004 |
) |
|
|
|
Loss before
tax |
(6,316 |
) |
(13,220 |
) |
|
|
|
Income tax credit |
11 |
|
150 |
|
Loss for the period on
continuing operations |
(6,305 |
) |
(13,070 |
) |
|
|
|
Profit for the period on
discontinued operations |
496 |
|
791 |
|
Loss for the period (all
attributable to owners of the parent) |
(5,809 |
) |
(12,279 |
) |
|
|
|
Loss per ADS (US cents) |
(15.2 |
) |
(50.0 |
) |
|
|
|
Diluted loss per ADS (US
cents) |
(15.2 |
) |
(50.0 |
) |
|
|
|
Weighted average no. of ADSs used
in computing basic earnings per ADS |
38,158,460 |
|
24,575,333 |
|
|
|
|
Weighted average no. of ADSs used
in computing diluted earnings per ADS |
38,158,460 |
|
24,575,333 |
|
Trinity Biotech
plcConsolidated Balance Sheets
|
March 31,2023US$
‘000(unaudited) |
|
December 31,2022US$
‘000 |
|
ASSETS |
|
|
Non-current
assets |
|
|
Property, plant and
equipment |
5,496 |
|
5,682 |
|
Goodwill and intangible
assets |
21,330 |
|
35,269 |
|
Financial asset1 |
1,500 |
|
– |
|
Deferred tax assets |
4,297 |
|
4,218 |
|
Derivative financial asset |
152 |
|
128 |
|
Other
assets |
120 |
|
139 |
|
Total non-current
assets |
32,895 |
|
45,436 |
|
|
|
|
Current
assets |
|
|
Assets included in disposal group
held for sale |
17,746 |
|
– |
|
Inventories |
21,532 |
|
22,503 |
|
Trade and other receivables |
13,594 |
|
15,753 |
|
Income tax receivable |
1,858 |
|
1,834 |
|
Cash, cash equivalents and
deposits |
3,532 |
|
6,578 |
|
Total current
assets |
58,262 |
|
46,668 |
|
|
|
|
TOTAL
ASSETS |
91,157 |
|
92,104 |
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
Equity attributable to
the equity holders of the parent |
|
|
Share capital |
1,967 |
|
1,963 |
|
Share premium |
46,532 |
|
46,458 |
|
Treasury shares |
(24,922 |
) |
(24,922 |
) |
Accumulated deficit |
(31,140 |
) |
(26,695 |
) |
Translation reserve |
(5,787 |
) |
(5,775 |
) |
Equity component of convertible
note |
6,709 |
|
6,709 |
|
Other reserves |
23 |
|
86 |
|
Total
deficit |
(6,618 |
) |
(2,176 |
) |
|
|
|
Current
liabilities |
|
|
Liabilities included in disposal
group held for sale |
1,386 |
|
– |
|
Income tax payable |
33 |
|
28 |
|
Trade and other payables |
12,910 |
|
15,375 |
|
Exchangeable senior note
payable |
210 |
|
210 |
|
Provisions |
50 |
|
50 |
|
Lease liabilities |
1,561 |
|
1,676 |
|
Total current
liabilities |
16,150 |
|
17,339 |
|
|
|
|
Non-current
liabilities |
|
|
Senior secured term loan |
49,199 |
|
44,301 |
|
Derivative financial
liability |
1,517 |
|
1,569 |
|
Convertible note |
13,936 |
|
13,746 |
|
Lease liabilities |
12,026 |
|
12,267 |
|
Deferred tax liabilities |
4,947 |
|
5,058 |
|
Total non-current
liabilities |
81,625 |
|
76,941 |
|
|
|
|
TOTAL
LIABILITIES |
97,775 |
|
94,280 |
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
91,157 |
|
92,104 |
|
1 The Group’s investment commitment of $1.5m in imaware, Inc.
represents an investment in unquoted convertible equity
instruments. As the instruments do not have a quoted price in an
active market for an identical instrument, the determination of
fair value involves use of appropriate valuation methods and
certain unobservable inputs, requires significant management
judgement and estimation, and may change over time. The valuation
may be subject to a wide range of possible fair value measurements,
and may fluctuate significantly due to changes in market variables,
as well as available entity specific
information.
Trinity Biotech
plcConsolidated Statement of Cash
Flows
|
|
|
|
ThreeMonths EndedMarch
31, 2023
US$000(unaudited) |
|
ThreeMonths EndedMarch
31, 2022
US$000(unaudited) |
|
|
|
|
Cash flows from operating
activities |
|
|
Loss for the period |
(5,809 |
) |
(12,279 |
) |
Adjustments to reconcile loss to
cash used in operating activities: |
|
|
Depreciation |
351 |
|
432 |
|
Amortisation |
251 |
|
228 |
|
Income tax credit |
(11 |
) |
(150 |
) |
Financial income |
(154 |
) |
(218 |
) |
Financial expense |
2,551 |
|
12,222 |
|
Share-based payments |
1,364 |
|
197 |
|
Foreign exchange (gains)/losses
on operating cash flows |
(89 |
) |
42 |
|
Other non-cash items |
195 |
|
(691 |
) |
|
|
|
Operating cash outflows
before changes in working capital |
(1,351 |
) |
(217 |
) |
Net movement on working
capital |
(1,364 |
) |
(1,263 |
) |
|
|
|
Cash used in operations
before income taxes |
(2,715 |
) |
(1,480 |
) |
Income taxes paid |
(3 |
) |
(13 |
) |
|
|
|
Net cash used in
operating activities |
(2,718 |
) |
(1,493 |
) |
|
|
|
Cash flows from investing
activities |
|
|
Payments to acquire intangible
assets |
(355 |
) |
(1,553 |
) |
Payments to acquire financial
assets |
(700 |
) |
– |
|
Acquisition of property, plant
and equipment |
(274 |
) |
(162 |
) |
|
|
|
Net cash used in
investing activities |
(1,329 |
) |
(1,715 |
) |
|
|
|
Cash flows from financing
activities |
|
|
Net proceeds from new senior
secured term loan |
4,853 |
|
80,015 |
|
Expenses paid in connection with
debt financing |
- |
|
(2,316 |
) |
Purchase of exchangeable
notes |
- |
|
(86,730 |
) |
Interest paid on senior secured
term loan |
(2,567 |
) |
(1,786 |
) |
Interest paid on convertible
note |
(75 |
) |
- |
|
Interest payment on exchangeable
notes |
(4 |
) |
(1,285 |
) |
Payment of lease liabilities |
(599 |
) |
(770 |
) |
|
|
|
Net cash provided
by/(used in) financing activities |
1,608 |
|
(12,872 |
) |
|
|
|
Decrease in cash and cash
equivalents |
(2,439 |
) |
(16,080 |
) |
Effects of exchange rate
movements on cash held |
14 |
|
182 |
|
Cash and cash equivalents at
beginning of period |
6,578 |
|
25,910 |
|
|
|
|
Cash and cash equivalents
at end of period |
4,153 |
|
10,012 |
|
|
|
|
The above financial statements have been
prepared in accordance with the principles of International
Financial Reporting Standards and the Company’s accounting policies
but do not constitute an interim financial report as defined in IAS
34 (Interim Financial Reporting).
Contact:
Trinity Biotech plcJohn
Gillard(353)-1-2769800
Lytham Partners,
LLCJoe
Diaz(1)-602-889-9700investorrelations@trinitybiotech.com
Trinity Biotech (NASDAQ:TRIB)
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Trinity Biotech (NASDAQ:TRIB)
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