Trinity Biotech plc Q3 FY2023 earnings call

• Acquisition of Waveform: Trinity acquired a wearable biosensor technology platform from Waveform, including IP and manufacturing equipment, with an upfront cash payment of $12.5 million and issuance of 9 million ADSs to Perceptive. The reusable nature of the biosensor offers cost and environmental advantages. - Partnership with Bayer: Non-binding letter of intent to establish joint partnerships in China and India for launching low-cost CGM devices. - Amended credit agreement: Strengthened investment with Perceptive Advisors, providing $22 million in additional funding, reduced interest rate, and improved liquidity. - Other business initiatives: Focus on scaling HIV testing production with cost and cash efficiency, improving the diabetes HbA1c business through cost structure initiatives, and examining manufacturing cost reductions for the hemoglobin business.

Revenues for Q3 2023 were $14.7 million, down from $15.7 million in Q3 2022. The decrease was mainly due to a reduction in the autoimmune business, particularly the loss of the transplant testing business in the Buffalo reference laboratory. The VTM and Clinical Chemistry businesses each had small declines of $0.2 million, while the diabetes HbA1c business increased by $0.3 million and the point of care business rose by $0.2 million driven by higher Uni-Gold sales. Gross profit margin percentage was 29.2% in Q3 2023, but excluding an excess inventory obsolescence charge of ~$0.9 million, it would have been 35.5%, 350 basis points higher than Q3 2022.

• Q4 2023 revenues expected to be between $13 million and $14 million. - Gross margin impacted by raw material supply issue in Q4, but expected to improve. - Professional advisory and consulting fees expected to reduce to half of Q3 2023 levels by 2024 unless additional transactions occur.

Statements made during the call are forward-looking and subject to known and unknown risks and uncertainties set forth in the company's annual report on Form 20-F, including risks related to market adoption of new technologies, regulatory challenges, and competitive pressures.

Q: None provided in the transcript A: None provided in the transcript