TRIB

• Long-term growth: Focus on next-generation continuous glucose monitor (CGM) for diabetes management with a modular design to reduce cost and waste, capturing additional physiological data. Also, acquisitions of prostate cancer and preeclampsia test technology, and strategic investment in sepsis diagnostic technology.
• Transformation plan: Reduce costs through manufacturing consolidation/offshoring (completed transfer of second rapid HIV product manufacturing to offshore, expect offshore production to begin Q1 2025), supply chain optimization (identifying material savings), and centralize/offshore corporate services. Progress made in consolidating hemoglobin and autoimmune test manufacturing.
• NASDAQ compliance: Regained compliance with NASDAQ listing requirements, removing an overhang from the stock.

• Reiterated guidance for 2024 sales revenue of TrinScreen HIV at approximately $10 million.
• Aim for annualized run rate earnings before interest tax depreciation and share options cost (EBITDASO) of ~$20 million and annualized revenues of ~$75 million by Q2 2025.

In Q3 2024, Trinity Biotech's revenue was $15.2 million, a ~3% year-on-year increase. The point-of-care revenue was $4.3 million, a 60% increase compared to Q3 2023, driven by TrinScreen HIV sales of approximately $2.4 million. Clinical laboratory revenues were $10.8 million, a 9% decrease year-on-year. Clinical chemistry portfolio saw nearly 80% year-on-year growth, but hemoglobin business was 70% lower year-over-year due to decreased instrument sales and uneven customer ordering patterns in prior years. TrinScreen HIV is expected to have ~$10 million in 2024 sales revenue, with Q4 expected to contribute over $3 million.

• Regulatory risks related to manufacturing and product approvals for new products.
• Uncertainty in timing of tender evaluations for TrinScreen.
• Dependence on successful commercialization of new products (CGM, prostate cancer, preeclampsia tests).

Q: Regarding TrinScreen sales expecting ~$10 million for 2024, any breakdown for Q4?

A: Jim, it's fair to expect about $3 million for Q4 as ordering patterns for HIV rapid sales can vary quarter-on-quarter.

Q: Timeline for commercialization of tuck-in deals?

A: Metabolomic test for preeclampsia expected to be revenue generating in the second half of 2025, initially rolled out as a lab-developed test from New York State certified lab. Prostate cancer test expected to be revenue in 2026.

Q: What are the biggest items to reach EBITDA goals by next few quarters?

A: Biggest ticket items include manufacturing consolidation/offshoring (reducing number of factories), offshoring less complex operations, and centralizing/offshoring corporate services.