Exhibit
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Description
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TRINITY BIOTECH PLC
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Trinity Biotech plc
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(Registrant)
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By:
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/s/ John Gillard
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John Gillard
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Chief Financial Officer
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Contact:
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Trinity Biotech plc
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Lytham Partners, LLC
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John Gillard | Joe Diaz | |
(353)-1-2769800 | (1)-602-889-9700 |
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E-mail: investorrelations@trinitybiotech.com |
2021
Quarter 1
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2022
Quarter 1
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Increase/
(Decrease)
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$’000
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$’000
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%
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Point-of-Care
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1,888
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2,164
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14.6%
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Clinical Laboratory
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23,706
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16,612
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(29.9)%
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Total
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25,594
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18,776
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(26.6)%
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• |
Loss on disposal of Exchangeable Notes
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$m
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Loss after tax
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(12.3)
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Non-cash financial expense
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0.1
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Once-off items
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10.3
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Net financing expense
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2.2
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Income tax credit
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(0.1)
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Operating Profit (before non-cash and once-off items)
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0.2
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Depreciation
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0.5
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Amortisation
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0.2
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Adjusted EBITDA
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0.9
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Share option expense
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0.2
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Adjusted EBITDASO
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1.1
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• |
$76.2m is shown in Long Term liabilities as a Senior secured term loan. At initial recognition, the balance comprised the principal loan amount of $81.3m less loan
origination costs of $3.6 million, less two derivative financial balances totalling $1.7m to give a balance of $76.0m. In Q1, 2022, accretion interest and the amortization of loan origination costs of $0.2m were recorded to give a closing
carrying value of $76.2m at March 31, 2022.
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• |
The other two balances are i) a derivative financial asset and ii) a derivative financial liability, and these are initially recognised at fair value under IFRS 9.
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The derivative financial asset is valued at $0.2m at March 31, 2022 and represents an estimate at March 31, 2022 of the value to the Company of being able to repay
the term loan early and potentially refinance at lower interest rate.
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The derivative financial liability is valued at $1.7m at March 31, 2022 and represents the fair value of the warrants issued to Perceptive. As part of the Credit
Agreement, the Company agreed to issue warrants to Perceptive for 2.5 million of the Company’s ADSs. The per ADS exercise price of the warrants is $1.30. The warrants are exercisable, in whole or part, until the seventh anniversary of the
date of drawdown of the funding under the term loan.
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The fair value remeasurement for these two derivative financial balances in Q1 2022, resulted in non-cash financial income of approximately $0.2m being recognised in
the Income Statement.
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(US$000’s except share data)
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Three Months Ended
March 31,
2022
(unaudited)
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Three Months Ended
March 31,
2021
(unaudited)
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Revenues
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18,776
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25,594
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||||||
Cost of sales
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(11,506
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)
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(14,681
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)
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Gross profit
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7,270
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10,913
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Gross margin %
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38.7
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%
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42.6
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%
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Other operating income
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1
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1
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Research & development expenses
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(965
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)
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(1,437
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)
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Selling, general and administrative expenses
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(5,936
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)
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(6,019
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)
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Indirect share based payments
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(197
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)
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(380
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)
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Operating profit
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173
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3,078
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Financial income
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-
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1
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Financial expenses
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(2,244
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)
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(1,210
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)
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Net financing expense
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(2,244
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)
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(1,209
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)
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(Loss)/Profit before tax, once-off & non-cash items
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(2,071
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)
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1,869
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Income tax credit/(expense)
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150
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(105
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)
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(Loss)/Profit after tax before once-off & non-cash items
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(1,921
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)
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1,764
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Non-cash financial expense*
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(82
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)
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(162
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)
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Once-off items
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(10,276
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)
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-
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(Loss)/Profit after tax
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(12,279
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)
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1,602
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(Loss)/ Earnings per ADS (US cents)
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(50.0
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)
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7.7
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Diluted (loss)/ earnings per ADS (US cents)
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(50.0
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)
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7.1
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Weighted average no. of ADSs used in computing basic earnings per ADS
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24,575,333
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20,901,703
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Weighted average no. of ADSs used in computing diluted earnings per ADS
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24,575,333
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22,656,559
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March 31,
2022
US$ ‘000
(unaudited)
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December 31,
2021
US$ ‘000
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ASSETS
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Non-current assets
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Property, plant and equipment
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5,634
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5,918
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Goodwill and intangible assets
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37,320
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35,981
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Deferred tax assets
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4,478
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4,101
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Derivative financial asset
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219
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-
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Other assets
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175
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207
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Total non-current assets
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47,826
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46,207
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Current assets
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Inventories
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29,627
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29,123
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Trade and other receivables
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16,898
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16,116
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Income tax receivable
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1,734
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1,539
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Cash, cash equivalents and deposits
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10,012
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25,910
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Total current assets
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58,271
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72,688
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TOTAL ASSETS
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106,097
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118,895
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EQUITY AND LIABILITIES
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Equity attributable to the equity holders of the parent
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||||||||
Share capital
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1,445
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1,213
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Share premium
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21,874
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16,187
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Treasury shares
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(24,922
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)
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(24,922
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)
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Accumulated surplus
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481
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12,559
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Translation reserve
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(5,186
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)
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(5,379
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)
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Other reserves
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23
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23
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Total equity/(deficit)
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(6,285
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)
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(319
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)
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Current liabilities
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Income tax payable
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40
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22
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Trade and other payables
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15,637
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17,107
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Exchangeable senior note payable
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210
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83,312
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Provisions
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50
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50
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Total current liabilities
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15,937
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100,491
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Non-current liabilities
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Senior secured term loan
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76,246
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-
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Derivative financial liability
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1,671
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-
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Other payables
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13,279
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13,865
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Deferred tax liabilities
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5,249
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4,858
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Total non-current liabilities
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96,445
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18,723
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TOTAL LIABILITIES
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112,382
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119,214
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TOTAL EQUITY AND LIABILITIES
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106,097
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118,895
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(US$000’s)
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Three Months Ended
March 31,
2022
(unaudited)
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Three Months Ended
March 31,
2021
(unaudited)
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Cash and cash equivalents at beginning of period
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25,910
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27,327
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Operating cash flows before changes in working capital
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(20
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)
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4,063
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Changes in working capital
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(1,282
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)
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1,830
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Cash generated from/(used in) operations
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(1,302
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)
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5,893
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Net interest and income taxes (paid)/received
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(13
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)
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190
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Capital expenditure and financing (net)
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(1,795
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)
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(2,196
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)
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Payments for leases (IFRS 16)
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(688
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)
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(701
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)
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Free Cash Flow
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(3,798
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)
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3,186
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Interest Paid
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(3,069
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)
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-
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Payment of Refinancing Closing Fees
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(2,316
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)
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-
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Proceeds from term loan (net)
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80,015
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-
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Repayment of Exchangeable Notes
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(86,730
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)
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-
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Proceeds received under Paycheck Protection Program
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-
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1,764
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Cash and cash equivalents at end of period
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10,012
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32,277
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