Trinity Biotech (TRIB) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was $7.6m, down from $14.7m in Q1 2024, reflecting a transitional quarter with operational restructuring and reduced production, especially in rapid HIV tests due to U.S. foreign aid uncertainty.

• Net loss increased to $8.8m from $3.3m year-over-year, with loss per ADS at $0.48 versus $0.37.

• Management expects a significant quarter-on-quarter revenue increase in Q2 2025 as manufacturing normalizes and demand for rapid HIV tests returns.

Financial highlights

• Gross profit was $1.9m (Q1 2024: $5.5m), with gross margin at 25.2% (Q1 2024: 37.6%), impacted by lower sales and suboptimal site utilization.

• Adjusted EBITDA was negative $4.0m (Q1 2024: negative $1.5m).

• R&D expense remained flat at $1.1m, with $2.7m capitalized, including $2.6m for the CGM program.

• SG&A expense reduced to $5.5m from $7.5m, driven by cost-saving initiatives and lower share-based compensation.

• Restructuring costs were $1.8m (Q1 2024: nil), mainly from under-absorbed manufacturing costs.

Outlook and guidance

• Revenue is expected to increase significantly in Q2 2025 as operational restructuring completes and demand for rapid HIV tests recovers.