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Hot Stocks
Trinity Biotech says seeing some negative impact on revenues due to COVID-19 » 09:24
03/31/20
03/31
09:24
03/31/20
09:24
TRIB

Trinity Biotech

$0.81 /

+0.01 (+1.25%)

The company said,…

The company said, "The Company has been working on the development of an ELISA test for the detection of antibodies to the virus that causes COVID-19 in human blood samples. This test will determine which members of the population have had Covid-19 and are therefore now immune and consequently can safely go back to work and be exposed to the virus e.g. healthcare workers etc. This test will also have utility in monitoring the effectiveness of vaccination programs as vaccines become available. The product, which is substantially complete, is being transferred into manufacturing at our Jamestown, New York facility where production capacity is significant. Trinity will avail of emergency regulatory pathways to expedite the commercialisation of this test across all of its primary markets including the USA and Europe. As already indicated, our production capability is very significant and the instrumentation that can run this ELISA test is freely available in virtually every laboratory in the world. In addition, the Company is developing a rapid point-of-care Covid-19 test to detect antibodies to the virus that can be run in 12 minutes using one drop of blood procured by finger prick. The utility of this test is similar to that outlined above for the ELISA test. We expect to complete development of this rapid test within the next two months and believe that we can avail of emergency regulatory pathways to expedite the approval for this test in the USA, Europe and other markets. In terms of the rest of the business, we are currently seeing the following impact of the COVID-19 Pandemic: lower testing volumes at our Autoimmune Reference Laboratory in Buffalo - by its nature the testing carried out at this facility is non-acute and hence we are seeing testing being deferred; lower levels of instrument placements in our Haemoglobins business as hospitals and other healthcare facilities temporarily defer asset acquisition; lower sales of antigens and antibodies through our Fitzgerald business. A significant level of Fitzgerald's revenues are to Chinese diagnostic manufacturers who themselves have seen a reduction in output due to the pandemic and associated lockdown which occurred in certain parts of China. Also Fitzgerald sources a significant portion of its products from China and for similar reasons this has resulted in some supply constraints; delays to the completion of the trials for our new HIV screening test, TrinScreen. Testing has been temporarily halted at two of the sites, Kenya and South Africa, which have closed in accordance with local guidelines. Testing at third site has already been completed; and growth in demand for our point-of-care respiratory products for Legionnaire's Disease and Strep Pneumoniae. To date, other than in the case of Fitzgerald, we have not yet experienced any significant supply issues. However, as the pandemic continues we cannot be certain that this will continue to be the case. With this in mind we have been keeping safety stocks of critical raw materials in order to mitigate this risk insofar as is possible. We expect that revenues will return to more normal levels once the measures that countries are undertaking to tackle the crisis take effect and normality is restored."

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Hot Stocks
Trinity Biotech decides to discontinue USA HIV product » 09:23
03/31/20
03/31
09:23
03/31/20
09:23
TRIB

Trinity Biotech

$0.81 /

+0.01 (+1.25%)

The company said,…

The company said, "The reduction in funding for public health HIV testing programs in addition to the CDC's recommendations in favour of fourth generation Antigen testing has led to the decline of our HIV sales in the USA for the last number of years. Volumes had declined to the extent that when manufacturing and marketing costs were taken into account it was no longer an economically viable product. Consequently, in quarter 4 the Company decided to discontinue this product. The combined impact of withdrawing from the Western Blot Lyme and USA HIV markets will result in a reduction in annual revenues of $4.6m. However, given that these products would have continued to decline we expect that when the associated cost savings are taken into account it will result in a positive impact on annual cash flows of approximately $2m. The Company will be taking a once-off charge for redundancies and other closure costs in relation to the Carlsbad facility in its Q1, 2020 results."

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Hot Stocks
Trinity Biotech decides to close Calsbad facility » 09:22
03/31/20
03/31
09:22
03/31/20
09:22
TRIB

Trinity Biotech

$0.81 /

+0.01 (+1.25%)

The company said,…

The company said, "The last number of years have seen a steady migration of customers away from using Western Blot for diagnosing Lyme in favour of alternative testing platforms. Thus, we have seen production volumes at our Carlsbad, California facility decline steadily to the extent that it no longer makes economic sense to continue. Consequently, we have taken the decision to close this facility from June 30, 2020. During the period until June 30, we will produce the final batches of Lyme Western Blot for our remaining customers, whilst simultaneously transferring non-Lyme product manufacturing to other group facilities."

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Earnings
Trinity Biotech reports Q4 EPS 9c vs. 7c last year » 09:21
03/31/20
03/31
09:21
03/31/20
09:21
TRIB

Trinity Biotech

$0.81 /

+0.01 (+1.25%)

Reports Q4 revenue $21.3M…

Reports Q4 revenue $21.3M vs. $24.5M last year. Commenting on the results Kevin Tansley, Chief Financial Officer stated, "Operating profit for the year decreased from $6.7m to $5.3m and was due to a 6.8% fall in revenues. The gross margin for the year, which was 42.2% compared to 42.7% in 2018, was adversely impacted by these lower revenues due to the Company's inherent fixed cost base being spread over lower volumes coupled with adverse currency movements. However, the impact of these two factors was largely offset by the impact of selling price increases and cost savings achieved during the year. Similarly, cost savings contributed to indirect costs falling by $2m during the year. Our results for Q4, 2019 showed a reduction in operating profit from $1.9m to $1.4m and in this case reflected the impact of lower revenues being partially offset by an improved gross margin and lower indirect costs. This quarter's results also include an impairment charge of $24.4m net of tax which is non-cash in nature and arises due to the accounting requirements governing annual impairment reviews."

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Earnings
Trinity Biotech reports Q3 revenue $24.6M, one est. $24.5M » 08:47
10/16/19
10/16
08:47
10/16/19
08:47
TRIB

Trinity Biotech

$0.99 /

+0.0965 (+10.80%)

Ronan O'Caoimh, CEO…

Ronan O'Caoimh, CEO said "As anticipated revenues were stronger this quarter, being 4% higher than the equivalent period last year and over 9% higher than quarter 2 of this year. Point-of-care revenues were higher due to increased sales of HIV products in Africa. Meanwhile, Autoimmune and Diabetes revenues also grew, with the latter being driven by particularly strong instrument placements during the quarter. Further revenue growth will be derived from our entry into to the HIV screening market with our TrinSreen product, which we expect to submit to the WHO in January next, with approval to follow during 2020. Given the quality of this product and our knowledge and experience of the African HIV market, we are ideally positioned to take a meaningful share of this substantial market."

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Hot Stocks
Trinity CEO says development of automated slide reader 'progressing well' » 08:37
08/20/19
08/20
08:37
08/20/19
08:37
TRIB

Trinity Biotech

$1.75 /

+0.12 (+7.36%)

Ronan O'Caoimh, CEO…

Ronan O'Caoimh, CEO of Trinity, said, "Revenues were down by $2.5m this quarter and whilst this was disappointing it was largely due to the fluctuating nature of our HIV revenues and to a lesser extent the reduction in the level of public health expenditure being allocated to HIV testing in the USA. On a more positive note our Clinical Laboratory revenues were broadly flat on a constant currency basis. As has been the case in all of our most recent quarters we have continued to see strong growth in our Diabetes and Autoimmunity product lines, although this growth was offset by lower Lyme and Fitzgerald revenues. I would like to highlight the company's strong R&D product pipeline which will be key to driving future revenue growth. In particular, our TrinScreen product, which will mark the company's entry into the $140m African HIV screening market, has the clear potential to transform the company from both a revenue and profitability perspective. Development of our new automated slide reader is progressing well and when launched will be a major boost to our already growing autoimmunity franchise. These come on the back of the Premier Resolution and Tri-Stat 2 product launches, which are already generating incremental haemoglobin revenues."

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