Trinity Biotech plc (Nasdaq: TRIB) today announced the Company’s
results for the quarter ended September 30, 2023.
Business Updates and Strategic
Priorities
In December 2023, the Company announced the
promotion of John Gillard from CFO to CEO and the promotion of Des
Fitzgerald to the role of Interim CFO. The new management team has
now put in place a clear set of strategies and priorities as set
out below.
Biosensor technology
acquisition
- The Company has today announced the acquisition of the
biosensor assets of Waveform Technologies Inc. (“Waveform”) for
$12.5 million in cash and 9 million American Depositary Shares
(“ADS”) plus contingent consideration.
- Driven by this transaction, the Company intends to use its
newly acquired biosensor platform to build a range of wearable
biosensors together with an analytical engine that can deliver
useful and actionable health & wellness insights based upon
what is happening in, on and around the body.
- We will begin that journey by launching a next generation
Continuous Glucose Monitoring (“CGM”) device with an “engineered
in” lower cost of care when compared with the current main CGM
market participants.
- We believe that this can be a business of true scale and
significant profitability. Further details of this transaction and
our plans can be found here.
- The Company also today announced it has entered into a
non-binding Letter of Intent with Bayer for a joint partnership to
launch a CGM biosensor device into China and India – further
details can be found here.
Revenue growth and cash generation from
our rapid HIV business
- We are working to scale and optimise our rapid HIV testing
manufacturing capacity in light of the successful launch of our
TrinScreen HIV product in Kenya.
- As previously announced, in December 2023 we began shipments of
our HIV screening test, TrinScreen, to Kenya as part of the receipt
of an initial purchase order for 2.5 million tests. We expect to
receive additional orders throughout FY2024 for Kenya, as the
Kenyan Ministry of Health has received commitments from all
relevant sponsors (including Global Fund and USAID) to fund the
procurement from the Company of at least 10 million rapid screening
HIV tests required by Kenya for 2024.
- The additional volumes arising from these orders is expected to
at least triple our annual rapid HIV test manufacturing volumes in
2024 compared to 2023. These additional volumes should
commercially facilitate us changing the location of certain aspects
of our manufacturing process of our rapid HIV products Uni-Gold and
TrinScreen. We expect significant margin, EBITDA and cash flow
generation accretion benefits from this manufacturing location
change, which we plan to have in place by the end of 2024.
Optimization of our Diabetes business to
help meet growth and profitability goals
- We aim to significantly improve the cost structure of our
existing Diabetes HbA1c testing business, which we expect will
improve the profitability, cash generation and ultimately the value
of that business.
- These initiatives should facilitate a lower price point
solution into the Diabetes HbA1c testing market which we expect
will deliver renewed growth from our Premier 9210 system, which
continues to be widely regarded as the gold standard for
interference-free Diabetes HbA1c testing globally. As a management
team, we are focused on the execution of the following initiatives,
which we believe will allow us to successfully meet our growth and
profitability goals for our Diabetes HbA1c business:
- In-house manufacturing process: Our revised in-house
manufacturing process of our key Diabetes HbA1c consumable began in
Q4 2023 as planned, and we expect to end external production by the
end of Q1 2024.
- Launch of the Improved Column System: Our programme to develop
an improved, backward compatible column system is expected to be
completed in the coming weeks with a subsequent commercial launch
in Q2, 2024.
- Supply Chain Optimisation: We continue to optimise our supply
chain for our Diabetes HbA1c testing instrument. In Q4 2023 and so
far in Q1 2024 we have secured additional savings and we remain on
target to deliver a lower cost of instrument which supports our
strategy of driving renewed growth by increasing the competitive
positioning of our product.
- We remain on track to deliver approximately $4m of annualised
recurring cost savings from these initiatives, based on expected
production volumes, and we believe that these changes will allow us
to deliver an increasingly cost competitive Diabetes HbA1c
solution, putting us in a stronger position to grow market share
over time.
- We also continue to critically examine other aspects of the
manufacturing structure of our overall Haemoglobins business with a
view to further reducing the cost of operations.
Optimise the value of our other
businesses
- We are seeking ways to identify the most value accretive use
for our other smaller businesses. We have engaged external
consultants to support our examination of the optimal path to value
accretion for these businesses, with each business being examined
across the following criteria:
- Its ability to scale in a meaningful manner.
- Is there existing intellectual property or can we create new
intellectual property that creates true points of differentiation
to drive meaningful operating margin and cash generation.
- The identification of alternative uses for the assets and
capabilities of each business.
- These reviews remain ongoing, and we will update shareholders
in due course as we solidify plans for these businesses.
Overall focus on improved profitability
and revenue growth
- Overlaying each of our business segments is a key focus on
profitability through optimizing our revenue and cost cycles.
- In late Q4, 2023 we notified a large number of customers of
pending price increases where contractual and commercial conditions
allowed, reflecting significant input cost increases we incurred in
2023. We expect this to deliver margin accretion in late Q1, 2024
for some of our business lines.
- We also continue to be focused on reducing ongoing costs.
In addition to the previously communicated headcount reductions,
management executed on additional headcount reductions in early
2024 in senior management and back-office functions, as we continue
to simplify and optimise our operations. Although financial
benefits of our headcount reductions started to be realised in Q3,
2023, the full financial impact of these is expected to be seen in
the first half of 2024, with an annualised cashflow saving of over
$4m expected, excluding the incremental hiring for Trinscreen HIV
and our new wearable biosensor business.
Amended Credit Agreement
- Today the Company also announced it has entered into an amended
credit agreement with its existing main lender, Perceptive Advisors
(“Perceptive”) (the “Amended Term Loan”).
- Under the Amended Term Loan, an additional $22 million of
funding has been made available to the Company, with $12.5 million
being used to acquire the Waveform assets. The remaining $9.5
million is available for general corporate purposes including for
the further development of the CGM and biosensor technologies. In
addition, the Amended Term Loan provides for additional liquidity
of up to $6.5 million, that may be drawn down by the Company
between April and December, 2024, and can be used for general
corporate purposes, thereby providing further liquidity to fund the
development of the CGM and biosensor technologies.
- The Amended Term Loan immediately reduces the annual rate of
interest on the loan by 2.5% to 8.75% (the “Base Rate”) plus the
greater of (a) Term Secured Overnight Financing Rate (SOFR) or (b)
4.0% per annum and allows for a further 2.5% reduction in the Base
Rate to 6.25% once the outstanding principal under the Amended Term
Loan falls below $35 million. Additionally, the Amended Term Loan
halves the early prepayment penalty from 8% to 4.0% and 7% to 3.5%,
dependent on timing of prepayment. Furthermore, the Amended Term
loan significantly reduces the Company’s revenue covenants which
will enable the new management team to place increased focus on
customer and product profitability, in line with its renewed focus
on profitability. The Amended Term Loan matures in January
2026.
- In connection with the Amended Term Loan, Perceptive will
receive new warrants to purchase an additional 2.5 million ADSs and
the Company has agreed to price these additional warrants and
reprice the existing warrants to purchase 2.5 million ADSs that
were issued to Perceptive under the original term loan, with an
exercise price of $0.44 per ADS.
Q4 2023 Preliminary Unaudited Trading
Update
- We expect Q4, 2023 revenue to be between $13 million and $14
million with Gross Margin percentage expected to be broadly in line
with the reported Gross Margin percentage for Q3, 2023.
- We expect that Q4, 2023 revenues will be broadly in line with
Q3, 2023 in the majority of our product lines, with expected
reductions in our Haemoglobins and HIV businesses:
- Reported revenues from our Haemoglobins business are expected
to be lower than Q3, 2023 as year-end shipments of products at
sub-optimal pricing were deferred as we renegotiate contract terms
with a key customer in line with the new management team’s focus on
profitability.
- In our HIV business, shipments of Uni-Gold are expected to be
lower than Q3, 2023 due to the typical irregular quarter on quarter
ordering patterns in that business.
Third 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. In the Consolidated
Balance Sheet at March 31, 2023, the assets and liabilities
attributable to Fitzgerald Industries were separately presented
within “Assets included in disposal group held for sale” and
“Liabilities included in disposal group held for sale”. At June 30,
2023 and September 30, 2023, the assets and liabilities
attributable to Fitzgerald Industries have been de-recognised from
the Consolidated Balance Sheet.
Total revenues for Q3, 2023 were $14.7 million
which compares to $15.7 million in Q3, 2022, a decrease of 6.5% and
which were broken down as follows:
Table 1. Trinity Revenue
Segments
|
2023Quarter 3 |
2022Quarter 3 |
Increase/ (decrease) |
|
US$’000 |
US$’000 |
% |
Clinical laboratory |
11,981 |
13,168 |
(9.0 |
%) |
Point-of-care |
2,696 |
2,536 |
6.3 |
% |
Total |
14,677 |
15,704 |
(6.5 |
%) |
Clinical laboratory revenues were $12.0 million,
compared to $13.2 million in Q3, 2022, representing a decrease of
$1.2 million or 9%.
This decrease in clinical laboratory revenues
was primarily driven by lower lab services and autoimmune
manufacturing revenue, which was down $1.1 million versus Q3, of
2022. As previously reported, in early 2023 we ceased transplant
testing activity at our Buffalo, New York laboratory, which drove
the majority of this decline. In addition, there was a reduction of
just over $0.2 million in revenues from our COVID-19 VTM products
and a reduction of $0.2 million in revenues from our Clinical
Chemistry products when compared to Q3, 2022. These reductions were
offset by an increase of $0.3 million within our Haemoglobins
division as a result of increased sales of our consumables for our
Premier 9210 product.
Point-of-care revenues for Q3, 2023 were $2.7
million, which was 6.3% higher than in Q3, 2022, due to higher
sales of our HIV confirmatory test Uni-Gold during the quarter.
In Q3, 2023, gross profit was $4.3 million,
equating to a gross margin of 29.2%, compared to a Q3, 2022 gross
profit of $0.3 million equating to a gross margin of 2.1%. The
lower gross margin in Q3, 2022 reflected excess inventory
obsolescence charges of $4.7 million and excluding this charge,
Gross Margin for Q3, 2022 would have been 32.0%.
In Q3, 2023 an excess inventory obsolescence
charge of $0.9m was recognised, driven by a write down of COVID-19
VTM inventory of $0.6 million, as expected demand for that product
did not materialise in Q4 2023 or the early part of 2024 and a
further write down of inventory relating to our Tri-Stat instrument
of $0.3 million as part of the sunsetting of that product line.
Excluding these excess inventory obsolescence charges in Q3, 2023,
Gross Margin would have been 35.5%, an increase of 350 basis points
above Q3, 2022 Gross Margin analyzed on the same basis.
Other operating income of $70,000 for Q3, 2023,
compared to $1,000 for the same period in 2022. This income relates
to a transition services agreement with the acquirers of Fitzgerald
Industries.
Research and development expenses of $1.2
million in Q3, 2023 increased from $1.0 million in Q3, 2022 mainly
due to lower capitalization of payroll costs into product
development intangible assets.
Selling, general and administrative (“SG&A”)
expenses of $7.7 million increased by $2.5 million in Q3, 2023,
compared to $5.2 million in Q3, 2022. The $2.5 million increase was
primarily related to:
- An elevated level of advisory and professional services costs
which increased by $0.5 million,
- Higher non-cash share-based compensation accounting charges of
$0.6 million due to options granted since Q3, 2022,
- Lower foreign exchange gains of $0.4 million, and
- Restructuring costs of $0.2 million associated with our
previously announced headcount reductions.
In Q3, 2023 our non-product development
professional advisory, audit and consulting fees were approximately
$1.0 million, which is higher than our expected future spend. This
spend was mainly driven by a) higher legal and financial advisory
transaction fees incurred as part of our acquisition of the
biosensor assets of Waveform and b) external consulting fees
incurred as we continue the examination of the optimal path to
value accretion for some of our smaller business lines. Although we
also expect an elevated level of advisory and professional fees in
Q4 2023 driven by the same activities, these projects are time
limited, and we expect our annualized non-product development
professional advisory, audit and consulting fees expenses to be
broadly half of that level per quarter through 2024, unless we
engage in additional transactions.
Operating loss for the quarter was $4.5 million,
compared to an operating loss of $8.1 million in Q3, 2022. The
lower loss was due to an impairment charge recognised in Q3, 2022
of $2.3 million and higher excess inventory obsolescence charges in
Q3, 2022 of $3.8 million when compared to Q3, 2023, partly offset
by higher SG&A costs in Q3, 2023.
Financial income for Q3, 2023 was $0.4 million
compared to $0.3 million for Q3, 2022 and related to fair value
adjustments to warrants granted to the Group’s principal lender.
Financial expenses in Q3, 2023 were $2.4 million compared to $2.2
million in Q3, 2022, an increase of $0.2 million, which was
attributed to higher prevailing interest rates on the senior
secured loan.
The loss after tax for continuing operations for
the quarter was $6.7 million compared to a loss of $10.0 million
for the comparable period last year. The variance is due to the
impairment charge and excess inventory obsolescence charges in Q3,
2022, partly offset by higher SG&A costs in Q3, 2023.
Loss before interest, tax, depreciation,
amortization and share option expense (EBITDASO) for continuing
operations for Q3, 2023 was $3.5 million. This is broken out in
more detail in Table 2 below.
Table 2. EBITDA and EBITDASO
Calculation:
|
$m |
Operating loss |
(4.5 |
) |
Depreciation |
0.2 |
|
Amortisation |
0.1 |
|
EBITDA for continuing operations |
(4.2 |
) |
Share option expense |
0.7 |
|
EBITDASO for continuing operations |
(3.5 |
) |
Note: table contains rounded numbers.
The basic loss per ADS for Q3, 2023 was $0.18
compared to a basic loss per ADS of $0.24 in Q3, 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, excess inventory obsolescence charges, depreciation,
amortization and impairment charges.
EBITDA for continuing operations and 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. EBITDA for
continuing operations and 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. EBITDA for continuing
operations and 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 EBITDA for
continuing operations and EBITDASO for continuing operations are
presented.
LiquidityThe Group’s cash
balance decreased from $14.2 million at the end of Q2, 2023 to $6.3
million at the end of Q3, 2023, a decrease of $7.9 million. Cash
used by operating activities for Q3, 2023 was $4.7 million compared
to $0.7 million generated in Q3, 2022, which was inclusive of a
negative net working capital movement of $2.3 million. During Q3,
2023 the Company had investing cash outflows related to
acquisitions of property, plant and equipment, product development
and transaction costs of $0.9 million (Q3, 2022: $1.3 million) and
payments for property leases of $0.6 million (Q3, 2022: $0.7
million). Interest payments in the quarter were $1.9 million (Q3,
2022: $1.7 million).
Conference Call
The Company will host a conference call on Wednesday, January 31
at 8:30 a.m. EST to discuss its recent Waveform acquisition and
third quarter results. To access the call, please dial
1-877-407-0784 (domestic) or 1-201-689-8560 (international) and use
conference ID 13744109.
A live webcast and replay of the conference call is available
at:
https://viavid.webcasts.com/starthere.jsp?ei=1654009&tp_key=270fbd0272
Forward-Looking Statements
This release includes statements that constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 (the “Reform Act”),
including but not limited to statements related to Trinity
Biotech’s cash position, financial resources and potential for
future growth, market acceptance and penetration of new or planned
product offerings, and future recurring revenues and results of
operations. Trinity Biotech claims the protection of the
safe-harbor for forward-looking statements contained in the Reform
Act. These forward-looking statements are often characterised by
the terms “may,” “believes,” “projects,” “expects,” “anticipates,”
or words of similar import, and do not reflect historical facts.
Specific forward-looking statements contained in this presentation
may be affected by risks and uncertainties, including, but not
limited to, our ability to capitalize on our purchase of the assets
of Waveform, our continued listing on the Nasdaq Stock Market, our
ability to achieve profitable operations in the future, the
impact of the spread of COVID-19 and its variants, potential excess
inventory levels and inventory imbalances at the company’s
distributors, losses or system failures with respect to Trinity
Biotech’s facilities or manufacturing operations, the effect of
exchange rate fluctuations on international operations,
fluctuations in quarterly operating results, dependence on
suppliers, the market acceptance of Trinity Biotech’s products and
services, the continuing development of its products, required
government approvals, risks associated with manufacturing and
distributing its products on a commercial scale free of defects,
risks related to the introduction of new instruments manufactured
by third parties, risks associated with competing in the human
diagnostic market, risks related to the protection of Trinity
Biotech’s intellectual property or claims of infringement of
intellectual property asserted by third parties and risks related
to condition of the United States economy and other risks detailed
under “Risk Factors” in Trinity Biotech’s annual report on Form
20-F for the fiscal year ended December 31, 2022 and Trinity
Biotech’s other periodic reports filed from time to time with the
United States Securities and Exchange Commission. Forward-looking
statements speak only as of the date the statements were made.
Trinity Biotech does not undertake and specifically disclaims any
obligation to update any forward-looking statements.
The foregoing description of the transaction
does not purport to be complete and is qualified in its entirety by
reference to the transaction documents which will be included in a
Form 6-K to be filed with the U.S. Securities and Exchange
Commission.
About Trinity BiotechTrinity
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
|
Three Months
Ended September 30,
2023 US$’000(unaudited) |
Three Months
Ended September 30,
2022 US$’000
(unaudited) |
Nine Months
Ended September 30,
2023 US$’000
(unaudited) |
Nine Months
Ended September 30,
2022US$’000
(unaudited) |
|
|
|
|
|
Revenues |
14,677 |
|
15,704 |
|
43,404 |
|
46,795 |
|
Cost of
sales |
(10,397 |
) |
(15,375 |
) |
(28,521 |
) |
(34,902 |
) |
Gross
profit |
4,280 |
|
329 |
|
14,883 |
|
11,893 |
|
Gross margin % |
29.2 |
% |
2.1 |
% |
34.3 |
% |
25.4 |
% |
|
|
|
|
|
Other operating income |
70 |
|
1 |
|
141 |
|
2 |
|
Research & development expenses |
(1,169 |
) |
(1,023 |
) |
(3,262 |
) |
(2,972 |
) |
Selling, general and
administrative expenses |
(7,681 |
) |
(5,150 |
) |
(24,217 |
) |
(17,311 |
) |
Impairment charges |
- |
|
(2,288 |
) |
(10,815 |
) |
(2,808 |
) |
|
|
|
|
|
Operating
Loss |
(4,500 |
) |
(8,131 |
) |
(23,270 |
) |
(11,196 |
) |
|
|
|
|
|
Financial income |
389 |
|
329 |
|
605 |
|
329 |
|
Financial expenses |
(2,387 |
) |
(2,184 |
) |
(8,761 |
) |
(22,488 |
) |
Net financial
expense |
(1,998 |
) |
(1,855 |
) |
(8,156 |
) |
(22,159 |
) |
|
|
|
|
|
Loss before
tax |
(6,498 |
) |
(9,986 |
) |
(31,426 |
) |
(33,355 |
) |
|
|
|
|
|
Income tax (expense)/credit |
(222 |
) |
(2 |
) |
56 |
|
181 |
|
Loss for the period on
continuing operations |
(6,720 |
) |
(9,988 |
) |
(31,370 |
) |
(33,174 |
) |
|
|
|
|
|
(Loss)/profit for the period on
discontinued operations |
(1 |
) |
1,043 |
|
12,853 |
|
2,244 |
|
Loss for the period (all
attributable to owners of the parent) |
(6,721 |
) |
(8,945 |
) |
(18,517 |
) |
(30,930 |
) |
|
|
|
|
|
Loss per ADS (US cents) |
(17.5 |
) |
(23.5 |
) |
(48.4 |
) |
(95.9 |
) |
|
|
|
|
|
Diluted loss per ADS (US
cents) |
(17.5 |
) |
(23.5 |
) |
(48.4 |
) |
(95.9 |
) |
|
|
|
|
|
Weighted average no. of ADSs used
in computing basic earnings per ADS |
38,327,571 |
|
38,107,571 |
|
38,257,085 |
|
32,261,235 |
|
|
|
|
|
|
Weighted average no. of ADSs used
in computing diluted earnings per ADS |
38,327,571 |
|
38,107,571 |
|
38,257,085 |
|
32,261,235 |
|
Trinity Biotech plc
Consolidated Balance
Sheets
|
September 30,2023US$
‘000(unaudited) |
June 30,2023US$
‘000(unaudited) |
March 31,2023US$
‘000(unaudited) |
December 31,2022US$
‘000 |
ASSETS |
|
|
|
|
Non-current
assets |
|
|
|
|
Property, plant and
equipment |
1,804 |
|
1,869 |
|
5,496 |
|
5,682 |
|
Goodwill and intangible
assets |
16,164 |
|
15,756 |
|
21,330 |
|
35,269 |
|
Financial asset |
- |
|
- |
|
1,500 |
|
- |
|
Deferred tax assets |
1,507 |
|
1,125 |
|
4,297 |
|
4,218 |
|
Derivative financial asset |
196 |
|
214 |
|
152 |
|
128 |
|
Other
assets |
98 |
|
108 |
|
120 |
|
139 |
|
Total non-current
assets |
19,769 |
|
19,072 |
|
32,895 |
|
45,436 |
|
|
|
|
|
|
Current
assets |
|
|
|
|
Assets included in disposal group
held for sale |
- |
|
- |
|
17,746 |
|
- |
|
Inventories |
20,880 |
|
22,584 |
|
21,532 |
|
22,503 |
|
Trade and other receivables |
15,095 |
|
13,866 |
|
13,594 |
|
15,753 |
|
Income tax receivable |
1,592 |
|
2,240 |
|
1,858 |
|
1,834 |
|
Cash, cash equivalents and
deposits |
6,261 |
|
14,228 |
|
3,532 |
|
6,578 |
|
Total current
assets |
43,828 |
|
52,918 |
|
58,262 |
|
46,668 |
|
|
|
|
|
|
TOTAL
ASSETS |
63,597 |
|
71,990 |
|
91,157 |
|
92,104 |
|
|
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
|
Equity attributable to
the equity holders of the parent |
|
|
|
|
Share capital |
1,972 |
|
1,972 |
|
1,967 |
|
1,963 |
|
Share premium |
46,619 |
|
46,619 |
|
46,532 |
|
46,458 |
|
Treasury shares |
(24,922 |
) |
(24,922 |
) |
(24,922 |
) |
(24,922 |
) |
Accumulated deficit |
(42,135 |
) |
(36,153 |
) |
(31,140 |
) |
(26,695 |
) |
Translation reserve |
(5,753 |
) |
(5,628 |
) |
(5,787 |
) |
(5,775 |
) |
Equity component of convertible
note |
6,709 |
|
6,709 |
|
6,709 |
|
6,709 |
|
Other reserves |
23 |
|
23 |
|
23 |
|
86 |
|
Total
deficit |
(17,487 |
) |
(11,380 |
) |
(6,618 |
) |
(2,176 |
) |
|
|
|
|
|
Current
liabilities |
|
|
|
|
Liabilities included in disposal
group held for sale |
- |
|
- |
|
1,386 |
|
- |
|
Income tax payable |
252 |
|
287 |
|
33 |
|
28 |
|
Trade and other payables |
10,626 |
|
12,570 |
|
12,910 |
|
15,375 |
|
Exchangeable senior note
payable |
210 |
|
210 |
|
210 |
|
210 |
|
Provisions |
50 |
|
50 |
|
50 |
|
50 |
|
Lease liabilities |
1,600 |
|
1,643 |
|
1,561 |
|
1,676 |
|
Total current
liabilities |
12,738 |
|
14,760 |
|
16,150 |
|
17,339 |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
Senior secured term loan |
39,947 |
|
39,791 |
|
49,199 |
|
44,301 |
|
Derivative financial
liability |
1,138 |
|
1,526 |
|
1,517 |
|
1,569 |
|
Convertible note |
14,337 |
|
14,137 |
|
13,936 |
|
13,746 |
|
Lease liabilities |
10,921 |
|
11,547 |
|
12,026 |
|
12,267 |
|
Deferred tax liabilities |
2,003 |
|
1,609 |
|
4,947 |
|
5,058 |
|
Total non-current
liabilities |
68,346 |
|
68,610 |
|
81,625 |
|
76,941 |
|
|
|
|
|
|
TOTAL
LIABILITIES |
81,084 |
|
83,370 |
|
97,775 |
|
94,280 |
|
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
63,597 |
|
71,990 |
|
91,157 |
|
92,104 |
|
Trinity Biotech plc
Consolidated Statement of Cash
Flows
|
Three Months Ended September 30,
2023 US$ ‘000
(unaudited) |
Three Months Ended September 30,
2022 US$ ‘000
(unaudited) |
Nine
Months Ended
September 30, 2023 US$
‘000
(unaudited) |
Nine
Months Ended
September 30, 2022 US$
‘000
(unaudited) |
|
|
|
|
|
Cash flows from operating
activities |
|
|
|
|
Loss for the period |
(6,721 |
) |
(8,945 |
) |
(18,517 |
) |
(30,930 |
) |
Adjustments to reconcile loss to
cash used in operating activities: |
|
|
|
|
Depreciation |
173 |
|
478 |
|
829 |
|
957 |
|
Amortisation |
56 |
|
266 |
|
486 |
|
708 |
|
Income tax expense/(credit) |
222 |
|
3 |
|
(56 |
) |
(177 |
) |
Financial income |
(389 |
) |
(329 |
) |
(605 |
) |
(329 |
) |
Financial expense |
2,387 |
|
2,184 |
|
8,761 |
|
22,488 |
|
Share-based payments |
738 |
|
119 |
|
3,078 |
|
438 |
|
Foreign exchange gains on
operating cash flows |
40 |
|
163 |
|
(147 |
) |
15 |
|
Impairment charges |
- |
|
2,288 |
|
10,815 |
|
2,808 |
|
Gain on sale of business |
- |
|
- |
|
(12,718 |
) |
- |
|
Excess inventory obsolescence
charges |
932 |
|
4,697 |
|
932 |
|
4,697 |
|
Other non-cash items |
(178 |
) |
(398 |
) |
(50 |
) |
(96 |
) |
|
|
|
|
|
Operating cash
(outflows)/inflows before changes in working capital |
(2,740 |
) |
526 |
|
(7,192 |
) |
579 |
|
Net movement on working
capital |
(2,327 |
) |
153 |
|
(4,984 |
) |
(3,328 |
) |
|
|
|
|
|
Cash (used in)/generated
by operations before income taxes |
(5,067 |
) |
679 |
|
(12,176 |
) |
(2,749 |
) |
Interest paid |
- |
|
(1 |
) |
- |
|
(4 |
) |
Interest received |
- |
|
- |
|
- |
|
2 |
|
Income taxes received/(paid) |
403 |
|
(2 |
) |
377 |
|
(1 |
) |
|
|
|
|
|
Net cash (used
in)/generated by operating activities |
(4,664 |
) |
676 |
|
(11,799 |
) |
(2,752 |
) |
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
Payments to acquire intangible
assets |
(492 |
) |
(1,003 |
) |
(1,260 |
) |
(4,214 |
) |
Acquisition of financial
asset |
- |
|
- |
|
(700 |
) |
- |
|
Proceeds from sale of business
(net of transaction costs) |
(266 |
) |
- |
|
28,160 |
|
- |
|
Acquisition of property, plant
and equipment |
(128 |
) |
(321 |
) |
(553 |
) |
(626 |
) |
|
|
|
|
|
Net cash (used
in)/generated by investing activities |
(886 |
) |
(1,324 |
) |
25,647 |
|
(4,840 |
) |
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
|
Issue of ordinary share capital
including share premium (net of issuance costs) |
- |
|
- |
|
- |
|
25,019 |
|
Net proceeds from new senior
secured term loan |
- |
|
- |
|
5,000 |
|
80,014 |
|
Proceeds for convertible note
issued |
- |
|
- |
|
- |
|
20,000 |
|
Expenses paid in connection with
debt financing |
- |
|
- |
|
(147 |
) |
(2,356 |
) |
Repayment of senior secured term
loan |
- |
|
- |
|
(10,050 |
) |
(34,500 |
) |
Penalty for early settlement of
term loan |
- |
|
- |
|
(905 |
) |
(3,450 |
) |
Purchase of exchangeable
notes |
- |
|
- |
|
- |
|
(86,730 |
) |
Interest paid on senior secured
term loan |
(1,781 |
) |
(1,609 |
) |
(6,181 |
) |
(5,315 |
) |
Interest paid on convertible
note |
(75 |
) |
(75 |
) |
(225 |
) |
(124 |
) |
Interest paid on exchangeable
notes |
(4 |
) |
(4 |
) |
(8 |
) |
(1,293 |
) |
Payment of lease
liabilities |
(571 |
) |
(684 |
) |
(1,763 |
) |
(2,184 |
) |
|
|
|
|
|
Net cash used in
financing activities |
(2,431 |
) |
(2,372 |
) |
(14,279 |
) |
(10,919 |
) |
|
|
|
|
|
Decrease in cash and cash
equivalents |
(7,981 |
) |
(3,020 |
) |
(431 |
) |
(18,511 |
) |
Effects of exchange rate
movements on cash held |
14 |
|
(179 |
) |
114 |
|
(145 |
) |
Cash and cash equivalents and
short-term investments at beginning of period |
14,228 |
|
10,453 |
|
6,578 |
|
25,910 |
|
|
|
|
|
|
Cash and cash equivalents
at end of period |
6,261 |
|
7,254 |
|
6,261 |
|
7,254 |
|
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 plc
Des Fitzgerald
(353)-1-2769800
LifeSci Partners,
LLC
Eric
Ribner
(1)-646-751-4363
E-mail:
investorrelations@trinitybiotech.com
Trinity Biotech (NASDAQ:TRIB)
過去 株価チャート
から 8 2024 まで 9 2024
Trinity Biotech (NASDAQ:TRIB)
過去 株価チャート
から 9 2023 まで 9 2024