TRINITY BIOTECH PLC
|
|||
(Registrant)
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|||
|
By:
|
/s/ Kevin Tansley | |
Kevin Tansley | |||
Chief Financial Officer |
2019
Quarter 1
|
2020
Quarter 1
|
Increase/
(decrease)
|
|
US$’000
|
US$’000
|
%
|
|
Point-of-Care
|
3,195
|
3,335
|
4.4%
|
Clinical Laboratory
|
18,831
|
17,842
|
(5.3%)
|
Total
|
22,026
|
21,177
|
(3.9%)
|
$m
|
|
Operating Profit
|
1.7
|
Depreciation
|
0.4
|
Amortisation
|
0.4
|
Share Option Expense
|
0.1
|
EBITDASO
|
2.6
|
• |
Lower diabetes testing volumes across all major markets as patients avoid or are prevented from having their A1c levels tested. This will result in lower Diabetes consumables revenues whilst instrument sales, which were already low in
Q1, are expected to remain so.
|
• |
Lower autoimmune testing, reflecting the non-acute nature of this testing. This is particularly impacting our reference laboratory in Buffalo, but has also resulted in lower product sales in all major markets.
|
• |
The suspension or reduction of HIV testing programs in certain countries in Africa, in addition to a reduction in orders due to uncertainty surrounding what impact Covid-19 will have on healthcare services and local supply chains.
These factors have also resulted in the temporary suspension of our TrinScreen clinical trials.
|
(US$000’s except share data)
|
Three Months
Ended
Mar 31,
2020
(unaudited)
|
Three Months
Ended
Mar 31,
2019
(unaudited)
|
||||||
Revenues
|
21,177
|
22,026
|
||||||
Cost of sales
|
(11,901
|
)
|
(12,688
|
)
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||||
Gross profit
|
9,276
|
9,338
|
||||||
Gross profit %
|
43.8
|
%
|
42.4
|
%
|
||||
Other operating income
|
14
|
22
|
||||||
Research & development expenses
|
(1,378
|
)
|
(1,311
|
)
|
||||
Selling, general and administrative expenses
|
(6,085
|
)
|
(6,553
|
)
|
||||
Indirect share based payments
|
(134
|
)
|
(176
|
)
|
||||
Operating profit
|
1,693
|
1,320
|
||||||
Financial income
|
31
|
140
|
||||||
Financial expenses
|
(1,232
|
)
|
(1,243
|
)
|
||||
Net financing expense
|
(1,201
|
)
|
(1,103
|
)
|
||||
Profit before tax, once-off & non-cash items
|
492
|
217
|
||||||
Income tax expense
|
(129
|
)
|
(105
|
)
|
||||
Profit after tax before once-off & non-cash items
|
363
|
112
|
||||||
Non-cash financial expense
|
(160
|
)
|
(323
|
)
|
||||
Once-off items
|
(2,425
|
) | - |
|||||
Loss after tax
|
(2,222
|
)
|
(211
|
)
|
||||
Loss per ADR (US cents)
|
(10.6
|
)
|
(1.0
|
)
|
||||
Earnings per ADR (US cents)**
|
1.7
|
0.5
|
||||||
Diluted (loss)/Earnings per ADR (US cents)
|
(4.2
|
)*
|
4.4
|
*
|
||||
Diluted earnings per ADR (US cents)**
|
5.3
|
*
|
4.4
|
*
|
||||
Weighted average no. of ADRs used in computing basic earnings per ADR
|
20,901,703
|
20,901,703
|
||||||
Weighted average no. of ADRs used in computing diluted earnings per ADR
|
25,467,516
|
25,467,516
|
Mar 31,
2020
US$ ‘000
(unaudited)
|
Dec 31,
2019
US$ ‘000
(unaudited)
|
|||||||
ASSETS
|
||||||||
Non-current assets
|
||||||||
Property, plant and equipment
|
9,210
|
9,290
|
||||||
Goodwill and intangible assets
|
45,498
|
43,654
|
||||||
Deferred tax assets
|
6,465
|
6,252
|
||||||
Other assets
|
485
|
485
|
||||||
Total non-current assets
|
61,658
|
59,681
|
||||||
Current assets
|
||||||||
Inventories
|
32,671
|
32,021
|
||||||
Trade and other receivables
|
19,982
|
20,987
|
||||||
Income tax receivable
|
1,572
|
1,982
|
||||||
Cash, cash equivalents and deposits
|
13,244
|
16,400
|
||||||
Total current assets
|
67,469
|
71,390
|
||||||
TOTAL ASSETS
|
129,127
|
131,071
|
||||||
EQUITY AND LIABILITIES
|
||||||||
Equity attributable to the equity holders of the parent
|
||||||||
Share capital
|
1,224
|
1,224
|
||||||
Share premium
|
16,187
|
16,187
|
||||||
Accumulated surplus
|
9,431
|
11,514
|
||||||
Treasury shares and other reserves
|
(26,074
|
)
|
(24,212
|
)
|
||||
Total equity
|
768
|
4,713
|
||||||
Current liabilities
|
||||||||
Income tax payable
|
374
|
48
|
||||||
Trade and other payables
|
21,639
|
19,351
|
||||||
Provisions
|
50
|
50
|
||||||
Total current liabilities
|
22,063
|
19,449
|
||||||
Non-current liabilities
|
||||||||
Exchangeable senior note payable
|
82,185
|
82,025
|
||||||
Other payables
|
17,039
|
17,745
|
||||||
Deferred tax liabilities
|
7,072
|
7,139
|
||||||
Total non-current liabilities
|
106,296
|
106,909
|
||||||
TOTAL LIABILITIES
|
128,359
|
126,358
|
||||||
TOTAL EQUITY AND LIABILITIES
|
129,127
|
131,071
|
(US$000’s)
|
Three Months
Ended
Mar 31,
2020
(unaudited)
|
Three Months
Ended
Mar 31,
2019
(unaudited)
|
||||||
Cash and cash equivalents at beginning of period
|
16,400
|
30,277
|
||||||
Operating cash flows before changes in working capital
|
2,467
|
3,208
|
||||||
Changes in working capital
|
(1,396
|
)
|
(528
|
)
|
||||
Cash generated from operations
|
1,071
|
2,680
|
||||||
Net Interest and Income taxes received
|
431
|
348
|
||||||
Capital Expenditure & Financing (net)
|
(2,756
|
)
|
(3,114
|
)
|
||||
Payments for Leases (IFRS 16)
|
(790
|
) |
(758
|
) | ||||
Free cash flow
|
(2,044
|
)
|
(844
|
)
|
||||
Payment of HIV/2 License Fee
|
(1,112
|
)
|
-
|
|||||
Cash and cash equivalents at end of period
|
13,244
|
29,433
|