Trinity Biotech plc (NASDAQ: TRIB) shares cleared breakeven as the Dublin-based commercial stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today announced results for the quarter ended June 30, 2024.
This morning’s news release revealed strong demand and output in TrinScreen HIV drove a 14.0% year-on-year revenue increase and 7.7% quarter-on-quarter revenue increase. Trinity also experienced 119% year-on-year revenue growth in its Point-of-Care products, with PoC delivering 53% quarter-on-quarter revenue growth.
TRIB also announced a decrease in the operating loss (before restructuring and impairment charges) to $1.7 million: from $4.0m in Q2, 2023, a 59% improvement, and from $3.0m in Q1, 2024, a 45% improvement.
Based upon strong execution and continued momentum in the new management team’s Comprehensive Transformation Plan (see below), the Company expects further gross margin and EBITDASO1 improvement through 2024 and into 2025.
The company reiterates guidance of approximately $20 million of annualized run-rate EBITDASO on annualised run-rate revenues of approximately $75 million by Q2, 2025. This outlook is predicated solely on growth from the existing businesses including haemoglobin testing and HIV, and planned improvements to operating margins, with no contribution from the recently acquired biosensor business.
TRIB shares increased 12 cents, or 4.9%, early Wednesday to $2.67.
