Contact:
|
Trinity Biotech plc
|
Lytham Partners, LLC
|
|
John Gillard
|
Joe Diaz
|
|
(353)-1-2769800
|
(1)-602-889-9700
|
|
|
E-mail: investorrelations@trinitybiotech.com
|
Full Year
2020
|
Full Year
2021
|
Increase/
(decrease)
|
|
US$’000
|
US$’000
|
%
|
|
Point-of-Care
|
9,215
|
10,337
|
12.2%
|
Clinical Laboratory
|
92,765
|
82,628
|
(10.9%)
|
Total
|
101,980
|
92,965
|
(8.8%)
|
$m
|
|
Profit after tax
|
0.9
|
Non-cash financial income
|
(0.6)
|
Impairment & once-off items
|
8.9
|
Net financing expense
|
4.8
|
Income tax
|
(0.2)
|
Operating Profit (before non-cash and once-off items)
|
13.8
|
Depreciation
|
1.9
|
Amortisation
|
0.9
|
Adjusted EBITDA
|
16.6
|
Share option expense
|
1.1
|
Adjusted EBITDASO
|
17.7
|
2021
$m
|
|
Impairment loss (IAS 36)
|
7.0
|
Loan origination costs
|
1.6
|
Restructuring expenses
|
0.3
|
Total
|
8.9
|
2020
Quarter 4
|
2021
Quarter 4
|
Increase/
(decrease)
|
|
US$’000
|
US$’000
|
%
|
|
Point-of-Care
|
2,548
|
2,379
|
(6.6%)
|
Clinical Laboratory
|
30,217
|
17,146
|
(43.3%)
|
Total
|
32,765
|
19,525
|
(40.4%)
|
$m
|
|
Loss after tax
|
(1.3)
|
Non-cash financial expense
|
0.2
|
Impairment & once-off items
|
2.8
|
Net financing expense
|
1.2
|
Income tax
|
(1.2)
|
Operating Profit (before non-cash and once-off items)
|
1.7
|
Depreciation
|
0.3
|
Amortisation
|
0.2
|
Adjusted EBITDA
|
2.2
|
Share option expense
|
0.2
|
Adjusted EBITDASO
|
2.4
|
Q4 2021
$m
|
|
Impairment loss (IAS 36)
|
0.9
|
Loan origination costs
|
1.6
|
Restructuring expenses
|
0.3
|
Total
|
2.8
|
o
|
Impairment loss - in accordance with the provisions of IFRS accounting standards, a company is required to carry out periodic impairment reviews
in order to determine the appropriate carrying value of its net assets. The impairment review performed at December 31, 2021 has resulted in a non-cash impairment charge of $0.9m being recognised. In Q2, 2021, an impairment loss of $6.1m
was also recognised. A number of factors impacted the impairment review at year end including the Company’s share price at 31 December 2021, cost of capital, cash flow projections and net asset values across each of the Company’s
individual cash generating units.
|
o
|
Loan origination costs – as previously announced, the Company and its subsidiaries entered into a $81,250,000 senior secured term loan credit
facility with Perceptive Advisors in December 2021. In Q4 2021, loan origination costs of $1.6m were incurred, comprising loan commitment and professional fees. These costs have been expensed in the Income Statement, as the loan was
subject to shareholder approval and that approval was not received until post year end.
|
o
|
Restructuring expenses – as part of the Company’s ongoing focus on automation, efficiency and cost savings in Q4 2021, a restructuring program was
implemented in the Company’s Irish manufacturing facility. A voluntary redundancy program resulted in a 7% reduction of the workforce. Restructuring expenses comprise termination payments, all of which were paid before December 31, 2021.
|
US Toll Free:
|
1-844-861-5499
|
|
International Toll:
|
1-412-317-6581
|
|
Ireland Toll:
|
014311269
|
|
Ireland Toll Free:
|
1800932830
|
US Toll Free:
|
1-877-344-7529
|
|
International Toll:
|
1-412-317-0088
|
|
Replay Code:
|
5436077
|
(US$000’s except share data)
|
Three Months Ended
December 31,
2021
(unaudited)
|
Three Months Ended
December 31,
2020
(unaudited)
|
Twelve Months
Ended
December 31,
2021
(unaudited)
|
Twelve Months
Ended
December 31,
2020
(unaudited)
|
||||||||||||
Revenues
|
19,525
|
32,765
|
92,965
|
101,980
|
||||||||||||
Cost of sales
|
(12,286
|
)
|
(17,108
|
)
|
(54,888
|
)
|
(53,400
|
)
|
||||||||
Gross profit
|
7,239
|
15,657
|
38,077
|
48,580
|
||||||||||||
Gross margin %
|
37.1
|
%
|
47.8
|
%
|
41.0
|
%
|
47.6
|
%
|
||||||||
Other operating income
|
722
|
1,841
|
4,672
|
1,860
|
||||||||||||
Research & development expenses
|
(941
|
)
|
(1,284
|
)
|
(4,497
|
)
|
(5,080
|
)
|
||||||||
Selling, general and administrative expenses
|
(5,179
|
)
|
(6,872
|
)
|
(23,359
|
)
|
(24,234
|
)
|
||||||||
Indirect share based payments
|
(154
|
)
|
(276
|
)
|
(1,096
|
)
|
(780
|
)
|
||||||||
Operating profit
|
1,687
|
9,066
|
13,797
|
20,346
|
||||||||||||
Financial income
|
-
|
-
|
3
|
36
|
||||||||||||
Financial expenses
|
(1,201
|
)
|
(1,224
|
)
|
(4,811
|
)
|
(4,892
|
)
|
||||||||
Net financing expense
|
(1,201
|
)
|
(1,224
|
)
|
(4,808
|
)
|
(4,856
|
)
|
||||||||
Profit before tax , impairment, once-off & non-cash items
|
486
|
7,842
|
8,989
|
15,490
|
||||||||||||
Income tax credit
|
1,186
|
730
|
166
|
182
|
||||||||||||
Profit after tax before impairment, once-off & non-cash items
|
1,672
|
8,572
|
9,155
|
15,672
|
||||||||||||
Non-cash financial income/(expense)*
|
(152
|
)
|
(820
|
)
|
572
|
(1,859
|
)
|
|||||||||
Impairment & once-off items
|
(2,784
|
)
|
(17,776
|
)
|
(8,852
|
)
|
(20,201
|
)
|
||||||||
(Loss)/Profit after tax
|
(1,264
|
)
|
(10,024
|
)
|
875
|
(6,388
|
)
|
|||||||||
Earnings/(Loss) per ADS (US cents)
|
(6.0
|
)
|
(48.0
|
)
|
4.2
|
(30.6
|
)
|
|||||||||
Diluted earnings/(loss) per ADS (US cents)**
|
(0.4
|
)
|
(30.8
|
)
|
16.1
|
(2.0
|
)
|
|||||||||
Weighted average no. of ADSs used in computing basic earnings per ADS
|
20,901,703
|
20,901,703
|
20,901,703
|
20,901,703
|
||||||||||||
Weighted average no. of ADSs used in computing diluted earnings per ADS
|
26,269,194
|
26,663,066
|
26,629,663
|
26,256,183
|
December 31,
2021
US$ ‘000
(unaudited)
|
September 30,
2021
US$ ‘000
(unaudited)
|
June 30,
2021
US$ ‘000
(unaudited)
|
December 31,
2020
US$ ‘000
(unaudited)
|
|||||||||||||
ASSETS
|
||||||||||||||||
Non-current assets
|
||||||||||||||||
Property, plant and equipment
|
5,918
|
6,258
|
6,501
|
8,547
|
||||||||||||
Goodwill and intangible assets
|
35,981
|
34,319
|
32,864
|
33,860
|
||||||||||||
Deferred tax assets
|
4,101
|
3,711
|
3,617
|
4,185
|
||||||||||||
Other assets
|
207
|
244
|
279
|
355
|
||||||||||||
Total non-current assets
|
46,207
|
44,532
|
43,261
|
46,947
|
||||||||||||
Current assets
|
||||||||||||||||
Inventories
|
29,123
|
32,116
|
34,705
|
30,219
|
||||||||||||
Trade and other receivables
|
16,116
|
16,816
|
15,358
|
22,668
|
||||||||||||
Income tax receivable
|
1,539
|
1,840
|
2,782
|
3,086
|
||||||||||||
Cash, cash equivalents and deposits
|
25,910
|
27,475
|
28,618
|
27,327
|
||||||||||||
Total current assets
|
72,688
|
78,247
|
81,463
|
83,300
|
||||||||||||
TOTAL ASSETS
|
118,895
|
122,779
|
124,724
|
130,247
|
||||||||||||
EQUITY AND LIABILITIES
|
||||||||||||||||
Equity attributable to the equity holders of the parent
|
||||||||||||||||
Share capital
|
1,213
|
1,213
|
1,213
|
1,213
|
||||||||||||
Share premium
|
16,187
|
16,187
|
16,187
|
16,187
|
||||||||||||
Treasury shares
|
(24,922
|
)
|
(24,922
|
)
|
(24,922
|
)
|
(24,922
|
)
|
||||||||
Accumulated surplus
|
12,559
|
13,685
|
12,093
|
10,573
|
||||||||||||
Translation reserve
|
(5,379
|
)
|
(5,376
|
)
|
(5,090
|
)
|
(5,293
|
)
|
||||||||
Other reserves
|
23
|
23
|
23
|
23
|
||||||||||||
Total equity/(deficit)
|
(319
|
)
|
810
|
(496
|
)
|
(2,219
|
)
|
|||||||||
Current liabilities
|
||||||||||||||||
Income tax payable
|
22
|
1,018
|
751
|
154
|
||||||||||||
Trade and other payables
|
17,107
|
18,324
|
21,304
|
26,488
|
||||||||||||
Exchangeable senior note payable¹
|
83,312
|
83,159
|
83,190
|
-
|
||||||||||||
Provisions
|
50
|
376
|
376
|
416
|
||||||||||||
Total current liabilities
|
100,491
|
102,877
|
105,621
|
27,058
|
||||||||||||
Non-current liabilities
|
||||||||||||||||
Exchangeable senior note payable¹
|
-
|
-
|
-
|
83,884
|
||||||||||||
Other payables
|
13,865
|
14,555
|
15,283
|
16,619
|
||||||||||||
Deferred tax liabilities
|
4,858
|
4,537
|
4,316
|
4,905
|
||||||||||||
Total non-current liabilities
|
18,723
|
19,092
|
19,599
|
105,408
|
||||||||||||
TOTAL LIABILITIES
|
119,214
|
121,969
|
125,220
|
132,466
|
||||||||||||
TOTAL EQUITY AND LIABILITIES
|
118,895
|
122,779
|
124,724
|
130,247
|
(US$000’s)
|
Three Months Ended
December 31,
2021
(unaudited)
|
Three Months Ended
December 31,
2020
(unaudited)
|
Twelve Months
Ended
December 31,
2021
(unaudited)
|
Twelve Months
Ended
December 31,
2020
(unaudited)
|
||||||||||||
Cash and cash equivalents at beginning of period
|
27,475
|
19,910
|
27,327
|
16,400
|
||||||||||||
Operating cash flows before changes in working capital
|
5,733
|
4,678
|
16,484
|
18,179
|
||||||||||||
Changes in working capital
|
(1,876
|
)
|
10,164
|
(4,979
|
)
|
7,688
|
||||||||||
Cash generated from operations
|
3,857
|
14,842
|
11,505
|
25,867
|
||||||||||||
Net Interest and Income taxes (paid)/received
|
432
|
(1,142
|
)
|
1,622
|
(886
|
)
|
||||||||||
Capital Expenditure & Financing (net)
|
(2,356
|
)
|
(3,615
|
)
|
(8,691
|
)
|
(10,435
|
)
|
||||||||
Payments for Leases (IFRS 16)
|
(720
|
)
|
(670
|
)
|
(2,841
|
)
|
(3,031
|
)
|
||||||||
Free Cash Flow
|
1,213
|
9,415
|
1,595
|
11,515
|
||||||||||||
Payment of HIV/2 License Fee
|
-
|
-
|
-
|
(1,112
|
)
|
|||||||||||
30-year Exchangeable Note interest payment
|
(1,998
|
)
|
(1,998
|
)
|
(3,996
|
)
|
(3,996
|
)
|
||||||||
Refinancing Closing Fees
|
(780
|
)
|
-
|
(780
|
)
|
-
|
||||||||||
Proceeds received under Paycheck Protection Program
|
-
|
-
|
1,764
|
4,520
|
||||||||||||
Cash and cash equivalents at end of period
|
25,910
|
27,327
|
25,910
|
27,327
|