Trinity Biotech Announces Preliminary Second Quarter 2024 Revenues and Entry into Distribution Agreement with MedScience in the UK
Trinity Biotech, a commercial stage biotechnology company focused on human diagnostics and diabetes management solutions, has announced preliminary second quarter 2024 revenues of $15.5-$16.0 million, reflecting double-digit percentage year-over-year growth. The company has also entered into a distribution agreement with MedScience, a leading distributor in the UK, which encompasses clinical chemistry, infectious disease, and autoimmune products. Trinity Biotech's President and Chief Executive Officer, John Gillard, stated that the company's robust year-over-year revenue growth is a testament to the initiatives taken to grow product sales from its new HIV screening product, TrinScreen HIV. The company plans to issue its full second quarter 2024 earnings report in mid-August to provide an update on its full business activity, including its Comprehensive Transformation Plan and initiatives to advance its continuous glucose monitor (CGM) program.
Key Takeaways:
- Trinity Biotech's preliminary second quarter 2024 revenues are expected to fall in the $15.5-$16.0 million range, reflecting double-digit percentage year-over-year growth.
- The company has entered into a distribution agreement with MedScience in the UK, effective as of August 1, 2024, which encompasses clinical chemistry, infectious disease, and autoimmune products.
- The distribution agreement with MedScience is expected to significantly grow Trinity Biotech's presence in the UK market across its clinical chemistry, infectious disease, and autoimmune product portfolios.
- Trinity Biotech continues to reiterate its financial guidance to achieve approximately $20 million of annualized run-rate EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) on annualized run-rate revenues of approximately $75 million by second quarter 2025.
- The company plans to issue its full second quarter 2024 earnings report in mid-August to provide an update on its full business activity, including its Comprehensive Transformation Plan and initiatives to advance its CGM program.
- Trinity Biotech's President and Chief Executive Officer, John Gillard, stated that the company's robust year-over-year revenue growth is a testament to the initiatives taken to grow product sales from its new HIV screening product, TrinScreen HIV.
Statistics:
- Preliminary second quarter 2024 revenues: $15.5-$16.0 million
- Year-over-year revenue growth: Double-digit percentage
- Annualized run-rate EBITDA: Approximately $20 million
- Annualized run-rate revenues: Approximately $75 million by second quarter 2025
- Number of countries served: Over 75
- Date of entry into distribution agreement with MedScience: August 1, 2024
Sources:
- GlobeNewswire, "Trinity Biotech plc Announces Preliminary Second Quarter 2024 Revenues and Entry into Distribution Agreement with MedScience in the UK"
- Trinity Biotech plc, "About Trinity Biotech"
- MedScience Distribution, "About MedScience Distribution"