Trinity Biotech : Financial Results for Quarter 4, 2025 and FY2025

Published: 2026-05-01 09:33:05 ET TRIB

Published on 05/01/2026 at 09:33 am EDT

Financial Results

For Ǫuarter Ended December 31, 2025 (unaudited), and Year Ended December 31, 2025

Revenue for the quarter ended as of 31 December 2025 on a like-for-like basis (excluding sub-scale lower-margin third-party product lines) was $11.0m vs Ǫ4, 2024 $15.1m.

The Company experienced a decline in quarter-on-quarter revenues in Ǫ4, 2025, driven mainly by lower HIV sales (from $5.1m to $2.4m), reflecting timing variability in HIV orders and the fine-tuning of our manufacturing and supply chain processes to accommodate the rise in demand for TrinScreen in the latter part of 2025.

Net loss of $17.5m (Ǫ4, 2024: $17.0m).

Adjusted EBITDA for Ǫ4, 2025 was negative $0.5m, compared to negative $7.0m in Ǫ4, 2024. This is mainly driven by underlying profitability improvements from the Comprehensive Transformation, non-recurring credits of $1.9m in Ǫ4, 2025 on the revaluation of fair value contingent consideration, and non-recurring non-trade related costs of $1.8m in Ǫ4, 2024.

Net loss of $17.5m (Ǫ4, 2024: $17.0m).

Net loss is significantly impacted by a one-off IFRS-driven charge of $10.0m associated with the modification of the Perceptive financing arrangements in December 2025.

Basic and diluted loss per ADS: $0.9 (Ǫ4, 2024: $1.3).

Total revenue of $11.1m, broadly in line with previous guidance, compared to $15.9m in Ǫ4, 2024.

Like-for-like revenue (excluding sub-scale lower-margin third-party product lines being discontinued): Ǫ4 2025: $11.0m vs Ǫ4, 2024: $15.1m.

The main movement in revenues, on like-for-like basis, was:

Rapid HIV revenue (Ǫ4, 2025: $2.4m vs Ǫ4, 2024: $5.1m): decrease reflecting timing variability in HIV orders and the fine-tuning of our manufacturing and supply chain processes to accommodate the rise in demand for TrinScreen in the latter part of 2025.

Gross margin: 35.2% (Ǫ4, 2024: 30.8%)

Improvement of over 400 bps against prior year driven through higher margins delivered under our revised operating model.

Gross profit: $3.9m (Ǫ4, 2024: $4.9m) with the decrease driven by the lower sales volume in Ǫ4'25, partially offset by higher gross margin percentage.

Cash balance at Ǫ4, 2025: $5.1m (Ǫ4, 2024: $5.2m).

Cash used in operations in Ǫ4, 2025: $1.5m (Ǫ4, 2024: $3.4m generated by operations) primarily driven by reduced working capital inflows of $1.7m (Ǫ4, 2024: working capital inflows of $6.4m), with underlying operating cash outflows before working capital broadly flat.

Cash used in investing activities: Ǫ4, 2025: $0.8m vs Ǫ4, 2024: $2.7m, primarily comprising spend on intangible assets.

Financing activities: $7.0m net inflow from additional drawdowns under senior secured loan facilities,

$0.9m paid on finance lease liabilities.

The Company obtained additional liquidity of approximately $5.0m from its primary lender, Perceptive Advisors, in December 2025.

Financial Results

For Year Ended December 31, 2025

Revenues for the year ended 31 December 2025 on a like-for-like basis (excluding sub-scale lower-margin third-party product lines) were $43.3m compared to $58.8m for 2024.

The year-on-year decline in revenues in 2025 was mainly driven by reductions in HIV sales as a result of disruption to the international funding landscape for global health Rapid HIV testing in the earlier part of 2025, and the fine-tuning of manufacturing and supply-chain processes to accommodate the rise in demand for TrinScreen HIV in late 2025.

Net loss of $37.4m (2024: $31.8m).

Adjusted EBITDA for 2025 was negative $5.9m, compared to negative $11.3m in 2024. This is mainly driven by underlying profitability improvements from the Comprehensive Transformation Plan, non-recurring credits of $1.9m in 2025 on the revaluation of fair value contingent consideration, and non-recurring non-trade related costs of $1.8m in 2024.

Net loss of $37.4m (2024: $31.8m).

Net loss in 2025 is significantly impacted by the increase in net financing expense of $9.6m to $21.4m, which included a one-off IFRS-driven charge of $10.0m associated with the modification of the Perceptive financing arrangements in December 2025.

Basic and diluted loss per ADS: $2.0 (2024: $1.8).

Total revenue: $43.8m, compared to $61.6m in 2024.

Like-for-like revenue (excluding sub-scale lower-margin third-party product lines being discontinued): 2025:

$43.3m vs 2024: $58.8m.

Main movements in revenues, on like-for-like basis, were:

Rapid HIV revenue (2025: $7.9m vs 2024: $15.9m): decrease primarily reflecting a) the impact of the disruption to the global health market for HIV testing in 2025 due to changes affecting international aid funding structures, and b) the fine-tuning of manufacturing and supply-chain processes to accommodate the rise in demand for TrinScreen HIV in late 2025 as the Company transitioned to outsourced manufacturing.

Haemoglobin revenue: (2025: $16.7m vs 2024: $20.1m): decrease partly driven by temporary manufacturing disruption during the planned transition of production under the Group's Comprehensive Transformation Plan.

Infectious Diseases revenue (2025: $3.8m vs 2024: $5.6m): decrease primarily reflecting lower sales volumes in certain international markets with the largest fall in revenue from an international customer from which the company derived particularly low margins.

Gross margin: 38.6% (2024: 34.8%): increase reflecting benefits from the Group's Comprehensive Transformation Plan, including manufacturing consolidation and improved operating efficiency.

Gross profit: $16.9m (2024: $21.4m): decrease driven by lower sales volumes in 2025 partially offset by improved gross margin percentage.

Cash balance at December 31, 2025: $5.1m (December 31, 2024: $5.2m).

Cash used in operations in 2025 was $5.6m (2024: $5.2m) used operations), reflecting higher operating cash outflows before working capital of $12.0m (2024: $9.3m), partially offset by a net working capital inflow of $6.4m (2024: $4.1m).

Cash used in investing activities: 2025: $6.2m vs 2024: $23.0m, primarily comprising $6.1m of capitalised development expenditure on intangible assets (2024: $9.7m), including investment in the CGM programme; no acquisitions in 2025 (2024: $12.9m acquisition of Waveform CGM assets).

Financing activities: $15.0m net inflow from additional drawdowns under senior secured loan facilities,

$3.2m paid on finance lease liabilities.

Supporting Schedules

For Ǫuarter Ended and Year Ended December 31, 2025

(US$'000's)

Three Months Ended December 31, (unaudited)

Year Ended December 31,

2025

2024

2025

2024

Term Loan interest

3,721

3,900

14,048

12,733

Convertible note interest

314

296

1,228

1,159

Notional interest on lease liabilities for Right-of-use assets

165

144

644

592

Fair value movement on derivative balances

(678)

(261)

107

Fair value expense on new derivative balance

(174)

1,066

463

1,066

Capitalisation of borrowing costs

(725)

(1,497)

(2,899)

(2,922)

Non-cash modification gain to term loan

(1,706)

(3,567)

Reversal of cash interest payable on PPP loans

338

(228)

338

IFRS-driven financing charge associated with Perceptive amendment *

9,999

Other

100

Net Financing Expense

12,672

4,286

21,388

G,565

* In accordance with IFRS S, the amendment and refinancing of the Perceptive term loan was accounted for as an extinguishment of the existing debt and recognition of a new financial liability. This resulted in a one-off IFRS-driven charge of :10.0m associated with the modification of the Perceptive financing arrangements recorded within net financing expense in Ǫ4 2025. The charge is one-off in nature, arising from the refinancing transaction, and is not indicative of the Group's ongoing financing cost profile.

(US$'000's)

Three Months Ended December 31, (unaudited)

Twelve Months Ended December 31,

2025

2024

2025

2024

Loss for the period on continuing operations

(17,476)

(16,382)

(37,376)

(31,216)

Income tax expense/ (credit)

(174)

585

199

486

Net financing expense

12,672

4,284

21,388

9,565

Depreciation

380

317

1,299

675

Amortisation

349

109

1,385

1,190

Impairment and once off items

2,149

962

2,177

1,408

EBITDA

(2,100)

(10,125)

(10,G28)

(17,8G2)

Share option expense

140

324

1,316

Corporate transaction related costs

1,125

477

1,125

Restructuring C transformation costs

1,524

1,903

4,252

4,181

Adjusted EBITDA

(540)

(6,G57)

(5,875)

(11,270)

The accompanying summary unaudited financial statements were prepared in accordance with International Financial Reporting Standards (IFRS). To supplement the consolidated financial statements presented in accordance with IFRS, the Company presents non-IFRS presentations of, EBITDA and Adjusted EBITDA. The adjustments to the Company's IFRS results are made with the intent of providing both management and investors a more complete understanding of the Company's underlying operational results, trends, and performance. Non-IFRS financial measures mainly exclude, if and

when applicable, the effect of share-based payments, depreciation, amortization and impairment charges.

EBITDA and Adjusted EBITDA are presented to evaluate the Company's financial and operating results on a consistent basis from period to period. The Company also believes that these measures, when viewed in combination with the Company's financial results prepared in accordance with IFRS, provides useful information to investors to evaluate ongoing operating results and trends. EBITDA and Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. EBITDA and Adjusted EBITDA are not measures of financial performance under IFRS and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company's operating profit/(loss) and EBITDA and Adjusted EBITDA are presented.

This release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"), including but not limited to statements related to Trinity Biotech's cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," "anticipates," or words of similar import, and do not reflect historical facts.

Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on the Waveform transaction and of our recent acquisitions, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, our ability to reduce our debt and improve our capitalization, the impact of the spread of COVID-19 and its variants, the possible pause and/or disruption in U.S. Government funding for HIV tests produced by Trinity Biotech, potential excess inventory levels and inventory imbalances at the company's distributors, losses or system failures with respect to Trinity Biotech's facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech's products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech's intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under "Risk Factors" in Trinity Biotech's annual report on Form 20-F for the fiscal year ended December 31, 2025 and Trinity Biotech's other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.

Trinity Biotech is a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors. Our current products are used to detect a variety of health conditions including autoimmune, infectious and sexually transmitted diseases, and quantify the level of HbA1c in human blood. In January of 2024, we entered into the biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and we are currently developing a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide.

For further information, please see the Company's website: https://www.trinitybiotech.com

Trinity Biotech PLC

Consolidated Statement of Operations (US$000's except share and per data)

Three Months Ended December 31,

Twelve Months Ended December 31,

(unaudited)

2025

2024

2025

2024

Revenues

11,072

15,857

43,785

61,555

Cost of sales

(7,174)

(10,980)

(26,898)

(40,114)

Gross profit

3,8G8

4,877

16,887

21,441

Gross margin %

35.2%

30.8%

38.6%

34.8%

Other operating (expense)/income

1,840

(1,829)

1,870

(1,787)

Research C development expenses

(1,058)

(1,453)

(3,629)

(4,543)

Selling, general and administrative expenses

(5,985)

(8,371)

(24,674)

(28,815)

Selling, general and administrative expenses - Restructuring costs

(1,524)

(1,903)

(4,252)

(4,181)

One off items

(1,872)

186

(1,872)

Impairment charges

(2,149)

(962)

(2,177)

(1,408)

Operating Loss

(4,G78)

(11,513)

(15,78G)

(21,165)

Financial income

(903)

Financial expenses

(12,672)

(3,381)

(21,388)

(9,565)

Net financing expense

(12,672)

(4,284)

(21,388)

(G,565)

Loss before tax

(17,650)

(15,7G7)

(37,177)

(30,730)

Income tax credit/(expense)

174

(585)

(199)

(486)

Loss for the period on continuing operations

(17,476)

(16,382)

(37,376)

(31,216)

Loss for the period on discontinued operations

(573)

Loss for the period (all attributable to owners of the parent)

(17,476)

(16,G55)

(37,376)

(31,78G)

Basic Loss per ADS (US dollars)

(0.9)

(1.3)

(2.0)

(1.8)

Diluted loss per ADS (US dollars)

(0.9)

(1.3)

(2.0)

(1.8)

Weighted average no. of ADSs used in computing basic loss per ADS

18,710,332

13,259,461

18,575,673

17,959,674

Weighted average no. of ADSs used in computing diluted loss per ADS

18,710,332

13,259,461

18,575,673

17,959,674

Trinity Biotech PLC

Consolidated Balance Sheets

(US$000's)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

(audited)

(unaudited)

(audited)

ASSETS

Non-current assets

Property, plant and equipment

5,302

4,011

4,309

4,382

4,621

Goodwill and intangible assets

56,987

57,813

55,919

53,656

51,343

Financial assets

2,773

2,764

2,763

2,553

2,455

Deferred tax assets

3,924

3,546

3,537

3,553

Derivative financial asset

249

115

166

Other assets

Total non-current assets

6G,263

68,1G7

66,632

64,271

62,166

Current assets

Inventories

18,828

19,158

20,129

20,271

19,374

Trade and other receivables

11,480

14,488

10,893

10,614

16,065

Income tax receivable

456

528

431

566

518

Cash, cash equivalents and deposits

5,138

1,341

1,546

4,066

5,167

Total current assets

35,G02

35,515

32,GGG

35,517

41,124

TOTAL ASSETS

105,165

103,712

GG,631

GG,788

103,2G0

EǪUITY AND LIABILITIES

Equity attributable to the equity holders of the parent

Share capital *

4,337

4,190

Share premium

63,800

63,845

63,797

63,397

Treasury shares

(24,922)

Accumulated deficit

(116,169)

(98,727)

(93,656)

(87,783)

(79,117)

Translation reserve

(5,777)

(5,998)

(5,826)

(5,786)

(5,461)

Equity component of convertible note

6,709

Other reserves

4,337

4,338

Total deficit

(71,G82) (54,715)

(4G,538)

(43,625)

(35,181)

* Share capital reduced as a result of the reduction of the nominal value of each A Ordinary Share from US:0.010S to US:0.0001 at the Company's Annual General Meeting on September 30, 2025, with the difference credited to 'Other Reserves'.

Trinity Biotech PLC

Consolidated Balance Sheets - continued

(US$000's)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

(audited)

(unaudited)

(audited)

EǪUITY AND LIABILITIES - continued

Current liabilities

Senior secured term loan

108,015

Income tax payable

348

487

472

390

364

Trade and other payables

29,703

30,355

26,486

25,287

26,782

Exchangeable senior note payable

210

Provisions

345

1,310

2,059

2,353

2,454

Lease liabilities

2,588

2,132

2,296

2,226

2,285

Total current liabilities

141,20G

34,4G4

31,523

30,466

32,0G5

Non-current liabilities

Senior secured term loan

88,686

83,643

79,607

72,391

Derivative financial liability

3,320

2,582

1,114

963

1,658

Convertible note

16,330

16,091

15,857

15,622

15,401

Contingent consideration

1,856

1,841

1,827

1,813

Provisions

781

Lease liabilities

10,840

10,084

10,554

10,305

10,477

Deferred tax liabilities

4,667

4,559

4,562

4,548

4,561

Total non-current liabilities

35,G38

123,G33

117,646

112,G47

106,376

TOTAL LIABILITIES

177,147

158,427

14G,16G

143,413

138,471

TOTAL EǪUITY AND LIABILITIES

105,165

103,712

GG,631

GG,788

103,2G0

Trinity Biotech PLC

Consolidated Statement of Cash Flows (US$000's)

Three Months Ended December 31,

Twelve Months Ended December 31,

(unaudited)

2025

2024

2025

2024

Cash flows from operating activities

Loss for the period

(17,476)

(16,955)

(37,376)

(31,789)

Adjustments to reconcile loss to cash used in operating activities:

Depreciation

380

317

1,299

675

Amortisation

349

109

1,385

1,190

Income tax expense/(credit) Financial income

Financial expense

(174)

-12,672

585

-4,284

199

-21,388

486

-9,565

Share-based payments

140

324

1,316

Foreign exchange losses/(gains) on operating cash flows

136

708

(1,102)

1,010

Impairment charges

2,149

962

2,177

1,408

Movement in inventory provision

629

2,113

629

2,113

Transformation provision

187

361

187

361

Once off item

(186)

Other non-cash items

(1,927)

4,536

(908)

4,389

Operating cash flows before changes in working capital

(3,03G)

(2,840)

(11,G84)

(G,276)

Net movement on working capital

1,726

6,423

6,401

4,075

Cash flows from operations

(1,313)

3,583

(5,583)

(5,201)

Income taxes (paid)/received

(162)

(233)

(346)

1,010

Net cash (used in) / generated from operating activities

(1,475)

3,350

(5,G2G)

(4,1G1)

Cash flows from investing activities

Payments to acquire trades or businesses

(12,904)

Payments to acquire intangible assets

Payments to acquire financial assets Acquisition of property, plant and equipment

(815)

-11

(2,579)

-(157)

(6,135)

-(88)

(9,659)

-(405)

Net cash used in investing activities

(804)

(2,736)

(6,223)

(22,G68)

Trinity Biotech PLC

Consolidated Statement of Cash Flows (US$000's)

Three Months Ended December 31,

Twelve Months Ended December 31,

(unaudited)

2025

2024

2025

2024

Cash flows from financing activities

Issue of ordinary share capital incl share premium (net of issuance costs)

545

547

7,391

Net proceeds from senior secured term loan

7,000

2,000

15,000

30,176

Interest paid

(77)

(75)

(308)

(6,254)

Payment of lease liabilities

(858)

(665)

(3,187)

(2,503)

Net cash generated by financing activities

6,065

1,805

12,052

28,810

Increase / (decrease) in cash and cash equivalents

3,786

2,41G

(100)

1,651

Effects of exchange rate movements on cash held

(92)

(175)

Cash and cash equivalents at beginning of period

1,341

2,840

5,167

3,691

Cash and cash equivalents at end of period

5,138

5,167

5,138

5,167

The above financial statements have been prepared in accordance with the principles of International Financial Reporting Standards and the Company's accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).

Trinity Biotech Plc RedChip Companies Inc

Paul Murphy David Gentry

(353)-1-2769800 (1)-407-644-4256

[email protected] [email protected]

Disclaimer

Trinity Biotech plc published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 13:32 UTC.