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Trinity Biotech(TRIB) - 2024 Q3 - Quarterly Report
TRIBTrinity Biotech(TRIB)2024-11-15 18:22
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Revenue Performance - Q3 2024 total revenue reached 15.2million,representinga3.215.2 million, representing a 3.2% increase year-over-year, driven by strong demand in the TrinScreen HIV business[4] - Point-of-Care product revenue grew 60.1% year-over-year to 4.3 million, while clinical laboratory revenue decreased by 9.6% to 10.8million[19]−RevenueforthethreemonthsendedSeptember30,2024,was10.8 million[19] - Revenue for the three months ended September 30, 2024, was 15,152,000, a 3.2% increase from 14,677,000inthesameperiodof2023[36]ProfitabilityandLoss−Operatinglossimprovedto14,677,000 in the same period of 2023[36] Profitability and Loss - Operating loss improved to 2.6 million in Q3 2024, down from 4.5millioninQ32023,markinga42.24.5 million in Q3 2023, marking a 42.2% reduction[26] - Loss after tax on continuing operations for Q3 2024 was 4.8 million, compared to 6.7millionforthesameperiodlastyear[27]−ThecompanyreportedabasiclossperADSof6.7 million for the same period last year[27] - The company reported a basic loss per ADS of (0.46) for the three months ended September 30, 2024, an improvement from (0.88)inthesameperiodof2023[36]−Thecompanyreportedalossfortheperiodof(0.88) in the same period of 2023[36] - The company reported a loss for the period of (4,759) million, an improvement from (6,721)millionintheprioryear[40]CashFlowandFinancialPosition−Cashbalancedecreasedto(6,721) million in the prior year[40] Cash Flow and Financial Position - Cash balance decreased to 2.8 million at the end of Q3 2024 from 5.3millionattheendofQ22024,withcashusedinoperatingactivitiesof5.3 million at the end of Q2 2024, with cash used in operating activities of 3.6 million[29] - Cash outflow from operating activities before income taxes was (3,640)million,adecreasefrom(3,640) million, a decrease from (5,067) million year-over-year[40] - Net cash outflow from operating activities totaled (3,624)million,comparedto(3,624) million, compared to (4,664) million in the previous period[40] - Cash and cash equivalents decreased to 2,840,000asofSeptember30,2024,from2,840,000 as of September 30, 2024, from 5,317,000 as of June 30, 2024[38] - Cash and cash equivalents at the end of the period stood at 2,840million,consistentwiththepreviousperiod[40]ResearchandDevelopment−ResearchanddevelopmentexpensesforQ32024were2,840 million, consistent with the previous period[40] Research and Development - Research and development expenses for Q3 2024 were 1.0 million, with 2.1millioncapitalizedforContinuousGlucoseMonitoring(CGM)development[23]−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,were2.1 million capitalized for Continuous Glucose Monitoring (CGM) development[23] - Research and development expenses for the three months ended September 30, 2024, were 1,010,000, down from 1,169,000inthesameperiodof2023[36]StrategicInitiatives−Thecompanycompletedtwonewlab−basedtechnologyacquisitions,expandingintooncologydiagnosticsandmaternalhealth[17][18]−ThecompanyhasinitiatedtheoffshoringofcorporateservicesandisontracktoceasemainmanufacturingactivitiesinKansasCitybyDecember2024[25]−ThecompanyhasenteredthewearablebiosensorindustrywiththeacquisitionofWaveformTechnologiesInc.,focusingondevelopingcontinuousglucosemonitoringproducts[34]FutureOutlook−Thecompanyexpectstoachieveapproximately1,169,000 in the same period of 2023[36] Strategic Initiatives - The company completed two new lab-based technology acquisitions, expanding into oncology diagnostics and maternal health[17][18] - The company has initiated the offshoring of corporate services and is on track to cease main manufacturing activities in Kansas City by December 2024[25] - The company has entered the wearable biosensor industry with the acquisition of Waveform Technologies Inc., focusing on developing continuous glucose monitoring products[34] Future Outlook - The company expects to achieve approximately 20 million of annualized run-rate EBITDASO based on revenues of approximately $75 million by Q2 2025[12] - The company aims to achieve profitable operations in the future, despite ongoing risks and uncertainties related to market acceptance and product development[33]