Trinity Biotech(TRIB) - 2024 Q1 - Quarterly Report

Financial Reporting and Compliance - Parent and its Subsidiaries must provide consolidated balance sheets and related financial statements within specified time frames after each fiscal quarter and year, ensuring compliance with IFRS[491] - The financial statements must include a management's discussion and analysis of financial condition, liquidity, and capital resources, prepared in reasonable detail[492] - A compliance certificate confirming adherence to specific sections must be delivered within 30 days after the end of each month, including any defaults or material changes[493] - Parent is required to notify the Administrative Agent of any material events, including environmental liabilities exceeding $250,000 or any actions that could result in liabilities over$500,000[495] - Any material change in accounting policies or financial reporting practices must be reported within 30 days of occurrence[498] - Parent's filing of reports with the SEC will satisfy certain information requirements, ensuring compliance with public reporting obligations[502] - The company must ensure compliance with all applicable laws and maintain a health care compliance program[512] Financial Forecast and Requirements - Parent must provide a financial forecast for each fiscal year, including projected balance sheets and cash flows, by March 31[494] - As of December 31, 2023, the minimum net revenue requirement is set at $0, increasing to$69.1 million by December 31, 2025[529] - The company must maintain aggregate unrestricted cash of at least $1 million until January 31, 2024, and at least$3 million thereafter[528] - The company is obligated to pay all material taxes and lawful claims to avoid any material adverse effects[507] Operational and Regulatory Compliance - Parent must maintain and preserve all rights, licenses, and permits essential for business operations[504] - The company is required to maintain all material regulatory approvals and intellectual property necessary for its business operations[529] - The company must take necessary actions to ensure all subsidiaries are "Guarantors" under the agreement[518] - The company is required to maintain proper books of record and account for all dealings and transactions[510] - The company must not engage in transactions that violate economic sanctions or anti-corruption laws[526] - The company must ensure that all insurance policies are maintained and provide adequate notice for any changes[509] - The company is required to take action to terminate any non-permitted liens against its properties[524] Financial Management and Indebtedness - The aggregate principal amount of Permitted Indebtedness on the Original Closing Date not listed on Schedule 7.13A shall not exceed $500,000[540] - The aggregate outstanding principal amount of purchase money Indebtedness incurred after the Original Closing Date shall not exceed$1,500,000 at any time[541] - Indebtedness incurred in connection with letters of credit shall not exceed $2,000,000 at any time[541] - Permitted Acquisitions for cash consideration shall not exceed$2,500,000 and total consideration shall not exceed $5,000,000 during the duration of the Agreement[547] - Each Obligor is restricted from making any Restricted Payments except for dividends payable solely in additional units or shares of its Qualified Equity Interests[555] - Payments in respect of Material Indebtedness are limited to scheduled payments of Obligations and other Permitted Indebtedness[558] Cash Management and Accounts - Obligors must maintain all Controlled Accounts with a bank or financial institution that has executed an account control agreement[531] - All cash payments greater than$75,000 must be deposited into Controlled Accounts within seven business days of receipt[531] - Obligors must notify Government Authorities to direct payments exceeding $50,000 from Federal Health Care Programs to Segregated Health Care Accounts[531] - Obligors must ensure that all amounts deposited into Segregated Health Care Accounts are swept daily to a Controlled Account[531] Events of Default and Guarantees - Events of Default include failure to pay principal on Term Loans or any Obligation when due, with a grace period of three business days for certain failures[580] - A Material Adverse Change or Change of Control constitutes an Event of Default[583] - Obligors are liable for judgments exceeding$1,000,000 that remain undischarged for 45 consecutive days[582] - Any failure to observe covenants or agreements can lead to automatic termination of commitments and immediate payment of Term Loans[585] - The Guarantee ensures prompt payment of Guaranteed Obligations by the Guarantors if Borrowers fail to pay[591] - The obligations of the Guarantors are unconditional and remain in effect regardless of other circumstances[592] Administrative Agent and Lender Relations - The Administrative Agent is appointed to act on behalf of the Lenders and has administrative powers as defined in the Loan Documents[609] - The Administrative Agent will not have any fiduciary duties and its obligations are strictly administrative in nature[612] - The Administrative Agent may accept deposits and engage in business with the Borrowers without duty to account to the Lenders[610] - The Administrative Agent will not incur liability for actions taken with the consent of the Majority Lenders or in the absence of gross negligence or willful misconduct[613] - The Administrative Agent is entitled to rely on documents believed to be genuine and will not incur liability for such reliance[616] Company Performance and Growth - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 20$1.6 billion and $1.8 billion, which would reflect a growth rate of 10$200 million in revenue over the next fiscal year[4] - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[5] - Market expansion plans include entering three new international markets by the end of the fiscal year, targeting a 15$100 million allocated for potential deals[7] - Customer retention rates improved to 85%, up from 80% in the previous quarter, reflecting enhanced customer satisfaction initiatives[8] - The company reported a net profit margin of 12%, an increase from 10% in the previous year, showcasing improved operational efficiency[9] - The company plans to implement cost-cutting measures expected to save approximately $30 million annually[10]