Covenant

Trinity Biotech PLC specialises in the development, manufacture and marketing of diagnostic test kits.

The test kits manufactured are used in the clinical laboratory and point-of-care segments of the diagnostic market, to detect infectious diseases, sexually transmitted diseases, autoimmune disorders, cardiac arrest, haemoglobin disorders, and in the detection, monitoring and control of diabetes. Trinity Biotech are also a significant provider of raw materials to the life sciences industry.

Trinity is an Irish founded and headquartered company quoted on the NASDAQ exchange and with facilities spanning Europe, America and Canada, Trinity Biotech products are sold in more than 110 countries. They reach customers worldwide by combining the skills of their sales force with a network of international distributors and strategic partners.

Most recently strong sales have been reported of Covid-19 related products which includes their FDA approved PCR Viral Transport Media product, Covid-19 IgG ELISA antibody test, monoclonal antibodies (through their life science supply business, Fitzgerald) in addition to the boost in demand for the Company’s rapid respiratory products, Strep Pneumoniae and Legionella Urinary Antigen.

Total revenues for fiscal year 2020 were $102m versus $90.4m in 2019, an increase of 12.8% year on year. The gross margin for the year was 47.6% compared to 42.2% in 2019. Other operating income increased from $0.1m in 2019 to $1.9m in 2020. The $1.9m income in 2020 mainly relates to funding received under the U.S. government’s Cares Act, principally its Paycheck Protection Program. Profit after tax (before the impact of once-off items & non-cash financial income) of $15.7m in 2020.

Trinity Biotech’s central manufacturing site in Bray, is its largest and manufactures the group’s largest selling HIV Unigold product. It also makes the more recent Covid-19 related Viral Transport Media product for transporting the Covid-19 test swabs to laboratories.

Bray is also the location of the company's main R&D project which is an advanced HIV screening product - TrinScreen. The Company has successfully completed the necessary clinical trials for submission to the World Health Organisation (“WHO”) for pre-qualification of the HIV screening product, TrinScreen. This product, once approved, will allow the Company to build on its strong presence in HIV testing in Africa, with the Company having been the main confirmatory test provider over many years. The Company expects to submit the pre-qualification application to the WHO before the end of March 2021. While it is expected that the WHO will take several months to consider the approval, the Company intends to use that time to prepare for manufacturing of the test at the subject highly-automated facility in Bray. This product is expected to rival their top selling products when available circa 2022.

It is also important to note that the Irish based company owns many of the groups patent rights. Therefore, across the group’s manufacturing activity, R&D, intellectual property holdings and its corporate tax status, Trinity Boitech’s Bray operations are “mission critical” for the company.