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TRIB

Trinity Biotech plc

TRIB

Trinity Biotech plc • NASDAQ
$1.04 ▲ 6.64% (+0.07)
Market Cap $10.85 M
52w High $3.44
52w Low $0.48
Dividend Yield 0%
P/E -0.58
Volume 34.21K
Outstanding Shares 10.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2025 $7.576M ▼ $6.299M ▼ $-8.804M ▲ -116.209% ▼ $-0.48 ▲ $-5.848M ▲
Q4-2024 $15.857M ▲ $16.391M ▲ $-16.956M ▼ -106.931% ▼ $-1.2 ▼ $-9.598M ▼
Q3-2024 $15.152M ▼ $7.866M ▼ $-4.759M ▲ -31.408% ▲ $-0.46 ▲ $-1.112M ▲
Q2-2024 $15.843M ▲ $9.786M ▲ $-6.757M ▼ -42.65% ▼ $-0.71 ▼ $-3.899M ▼
Q1-2024 $14.704M $8.065M $-3.317M -22.558% $-0.37 $-2.295M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $4.066M ▼ $99.788M ▼ $143.413M ▲ $-43.625M ▼
Q4-2024 $5.167M ▲ $103.29M ▲ $138.471M ▲ $-35.181M ▼
Q3-2024 $2.84M ▼ $97.446M ▲ $123.788M ▲ $-26.342M ▲
Q2-2024 $5.317M ▼ $94.355M ▲ $123.755M ▲ $-29.4M ▼
Q1-2024 $5.776M $90.305M $113.162M $-22.857M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-8.804M ▲ $-2.962M ▼ $-1.983M ▲ $3.815M ▲ $-1.101M ▼ $-3.018M ▼
Q4-2024 $-16.956M ▼ $3.351M ▲ $-2.737M ▲ $1.806M ▼ $2.327M ▲ $615K ▲
Q3-2024 $-4.759M ▲ $-3.624M ▼ $-3.102M ▲ $4.244M ▲ $-2.477M ▼ $-6.323M ▼
Q2-2024 $-6.757M ▼ $-1.1M ▲ $-3.167M ▲ $3.916M ▼ $-459K ▼ $-4.267M ▲
Q1-2024 $-3.317M $-2.819M $-13.963M $18.846M $2.085M $-6.286M

Revenue by Products

Product Q2-2022
Clinical Laboratory
Clinical Laboratory
 $30.00M ▲
Laboratory Services
Laboratory Services
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement Trinity Biotech’s income statement shows a business in transition that is not yet profitable. Revenue has drifted down over the past few years and is now relatively small. The company still generates positive gross profit from its products, but this is not enough to cover its operating costs, leading to recurring operating losses. Net income has been negative most years, with earnings per share swinging sharply, which signals volatility and financial strain. Overall, the core business has not yet reached a stable, self-funding scale, and profitability depends heavily on successfully reshaping the product mix and reducing costs.

Balance Sheet

Balance Sheet The balance sheet looks thin and highly stretched. Total assets are modest and have trended down, while debt is relatively large versus the size of the business. Equity has recently moved into negative territory, which means liabilities exceed the company’s book assets. Cash on hand is limited and has decreased compared to earlier years. This combination points to a leveraged and fragile financial position, with limited buffer to absorb shocks or delays in executing the turnaround and growth plans.

Cash Flow

Cash Flow Cash flow is tight. Operating cash flow has hovered around breakeven, sometimes slightly negative, which means the business is not consistently generating surplus cash from its day-to-day operations. Free cash flow has generally been negative once investment spending is included, even though capital spending itself is not very large. This suggests that Trinity Biotech may need external capital or careful cost control to fund its innovation pipeline and meet obligations, especially if revenue growth or margin improvement is slower than planned.

Competitive Edge

Competitive Edge Competitively, Trinity Biotech sits in specialized diagnostic niches rather than broad commodity markets. It has established products such as its HIV rapid tests and hemoglobin analysis systems, supported by a long-standing brand and know-how. In diagnostics, customers change suppliers slowly, which can help retain business once won. The company is also taking steps to improve its cost base by outsourcing high-volume manufacturing, which could strengthen price competitiveness and margins. However, it operates in a sector dominated by much larger players, and its planned move into wearable continuous glucose monitoring will place it directly against well-funded competitors. Its advantage will need to come from product differentiation, cost disruption, and focused execution rather than sheer scale.

Innovation and R&D

Innovation and R&D Innovation is the clear focal point of Trinity Biotech’s strategy. The CGM+ platform is the centerpiece: a next-generation wearable sensor that aims to track multiple health signals, use AI for more insightful recommendations, and offer a lower overall cost of care. If delivered as described, it could be meaningfully differentiated in the diabetes management space. Alongside this, the company is advancing liquid-biopsy diagnostics for prostate cancer and biomarker tests for preeclampsia, extending its reach into oncology and maternal health. These initiatives, plus improvements to existing platforms, show a strong R&D orientation. The flip side is that much of this value is still in development or early launch stages, carrying regulatory, clinical, adoption, and funding risks until products are fully commercialized and scaled.

Summary

Trinity Biotech is a long-established diagnostics company undergoing a major strategic shift. The legacy business provides useful technology and brand recognition but is currently too small and high-cost to generate consistent profits or strong cash flow. The balance sheet is strained, with high leverage and negative equity, which heightens the importance of careful execution and timely progress on the turnaround. The company’s future story rests heavily on its new CGM+ wearable platform and a set of innovative tests in cancer and maternal health. If these offerings achieve regulatory approval, clinical validation, and commercial traction, they could reshape the company’s growth and margin profile. Until then, the investment case is defined by both the promise of a more innovative, AI-enabled diagnostics business and the financial and execution risks of getting there from a weak starting position.

NEWS

November 18, 2025 · 9:00 AM UTC

Trinity Biotech Secures Major Regulatory Approval for Offshored and Outsourced Manufacturing of Its Market Leading Uni-Gold Rapid HIV Test, Further Accelerating Financial Performance Transformation

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November 14, 2025 · 9:00 AM UTC

Trinity Biotech Announces Collaboration to Advance Epigenetic Analysis for EpiCapture Prostate Cancer Test

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October 27, 2025 · 9:00 AM UTC

Trinity Biotech Welcomes Perceptive Advisor's Indication of Potential Debt-to-Equity Conversion - Strengthening Balance Sheet and Supporting Growth

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September 2, 2025 · 9:30 AM UTC

Trinity Biotech Regains Compliance with Nasdaq Listing Requirements

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