The following is a summary of the Trinity Biotech Plc (TRIB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Trinity Biotech saw nearly 40% quarter-on-quarter growth in Point-of-Care revenues largely attributed to the success of the TrinScreen HIV screening test.
Q1 2024 revenues amounted to $14.7 million, a slight decrease from Q1 2023 due to the loss of transplant testing activity at the Buffalo lab.
The gross margin improved to 37.6% in light of cost-saving initiatives and is expected to increase with the scaling of production.
Opex reduced with an operating loss of $3 million, an improvement from the Q1 2023 loss of $3.9 million.
Business Progress:
Trinity Biotech has been executing key strategic initiatives, such as acquiring new glucose monitoring technology with a view to growth in 2024 and 2025.
It applied for ethical approval to initiate a pre-pivotal clinical trial and plans on entering pivotal clinical trials by summer 2025, with EU regulatory approval scheduled for the end of that year.
The company signed a strategic collaboration with software companies like PulseAI, launched a new CGM microsite, and appointed Avinash Kale as the director for the CGM program.
Trinity Biotech is also making moves to negotiate better pricing from suppliers for raw materials.
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