Trinity Biotech (TRIB) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was $10.8m, down from $15.8m in Q2 2024, reflecting a transitional period with operational restructuring and reduced production, especially in rapid HIV products due to U.S. foreign aid uncertainties.

• Net loss narrowed to $6.0m from $6.8m year-over-year; basic and diluted loss per ADS improved to $0.32 from $0.71.

• Adjusted EBITDA was negative $2.1m, compared to negative $1.4m in Q2 2024.

Financial highlights

• Gross profit was $4.6m, down from $5.7m, but gross margin improved to 42.6% from 36.2% year-over-year.

• R&D expense decreased to $0.6m from $0.9m, with $1.7m capitalized, including $1.1m for the CGM program.

• SG&A expense increased to $7.0m from $6.4m, mainly due to FX losses and non-recurring corporate finance activities.

• Restructuring costs fell to $0.7m from $1.9m.

• Net financing expense was $2.1m, down from $2.8m.

• Cash balance at quarter-end was $1.5m, down from $5.3m a year ago.

Outlook and guidance

• Production of UniGold recommenced late in Q2 as operational restructuring advanced.

• Management expects improved profitability as the new operating model ramps up.