Summary by Moomoo AI
Trinity Biotech reported Q2 2024 revenues of $15.8M, up 14% YoY and 7.7% QoQ, driven by strong TrinScreen HIV performance. Point-of-Care revenue surged 119% YoY to $4.6M, while Clinical Laboratory revenue declined 4.6% to $11.3M. Operating loss improved to $1.7M from $4.0M in Q2 2023.The company is making significant progress on its transformation initiatives, including manufacturing consolidation and corporate services offshoring. Manufacturing transfer of HIV products to offshore partners is completed, while Kansas City plant consolidation remains on track for end-2024. The centralized corporate services site is expected to be operational by Q4 2024.Development of next-generation Continuous Glucose Monitoring system continues as planned, with the first pre-pivotal clinical trial initiated and expected to conclude in September. A second pre-pivotal trial is approved to begin in Q4 2024. The company reiterates guidance to achieve approximately $20M annualized run-rate EBITDASO on $75M annualized revenues by Q2 2025.
