Q4 2023 Trinity Biotech PLC Earnings Call Transcript
Key Points
- Trinity Biotech is targeting approximately $20 million of annualized run rate EBITDASO by Q2 2025, based on targeted annualized run rate revenues of approximately $75 million.
- The company has acquired biosensor technology from Waveform Technologies, which includes a European regulatory approved Continuous Glucose Monitor (CGM) product, and key personnel from Waveform.
- Trinity Biotech has initiated a comprehensive transformation plan aimed at transforming the existing business into a high-performing, cash-generative enterprise.
- The company has made key appointments from established medical device and diabetes technology companies to build out its biosensor team.
- Trinity Biotech has successfully scaled its rapid HIV testing manufacturing capacity in Q1 2024 to meet additional output requirements for the HIV screening algorithm in Kenya.
- Revenue for the fourth quarter of 2023 was $13.4 million compared to $15.7 million for the same quarter in 2022, a decline of $2.3 million.
- The decline in revenue was driven by decreases in the hemoglobins business, autoimmune business, and lower sales from COVID-19 VTM products.
- Gross profit for Q4 2023 was $4.6 million with a gross margin percentage of 34%, which was broadly in line with Q4 2022, indicating no significant improvement in profitability.
- The company recognized an impairment charge of $0.3 million in Q4 2023, which, although lower than the previous year, still impacts the financial results.
- Trinity Biotech's cash balance decreased from $6.3 million in Q3 2023 to $3.7 million in Q4 2023, indicating a reduction in liquidity.
Greetings. Welcome to Trinity Biotech's fourth quarter and full-year 2023 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
At this time, we'll now turn the conference over to Eric Ribner with Investor Relations. Eric, you may now begin.
Good morning, everyone, and thank you for joining us on today's call.
Before we begin, please note that statements made during this presentation may be deemed forward-looking statements within the meaning of federal securities laws. These statements are subject to known and unknown risks and uncertainties that may cause actual events to differ from those expressed or implied in such statements. These risks include but are not limited to those set forth in the risk factor statement in the company's annual report on Form 20-F filed with the Securities and Exchange Commission. Trinity Biotech undertakes no obligation to publicly advise, update, or revise these forward-looking statements to reflect events or circumstances
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