Trinity Biotech PLC Files 20-F Annual Report

TL;DR

<b>Trinity Biotech PLC filed its 20-F annual report detailing financial activities and debt instrument adjustments.</b>

AI Summary

TRINITY BIOTECH PLC (TRIB) filed a Foreign Annual Report (20-F) with the SEC on April 30, 2024. Weighted average shares and ADSs calculated based on days in issue. Other items in 2022 related to loss on disposal of exchangeable notes; in 2021, income from Paycheck Protection Program loans. No depreciation capitalized to R&D projects in 2023 or 2022. Senior secured term loan interest rate reduced by 2.5% to 8.75% in January 2024, with potential further reduction. 7-year convertible note issued in May 2022 with a 1.5% annual interest rate.

Why It Matters

For investors and stakeholders tracking TRINITY BIOTECH PLC, this filing contains several important signals. The filing provides specific details on the calculation of weighted average shares and ADSs, crucial for understanding shareholder dilution and earnings per share. Updates on the senior secured term loan, including interest rate reductions and potential further decreases, offer insight into the company's debt management and cost of capital.

Risk Assessment

Risk Level: medium — TRINITY BIOTECH PLC shows moderate risk based on this filing. The company's financial health is tied to its debt instruments, including a senior secured term loan and a convertible note, with specific interest rate terms and maturity dates that could impact future financial performance.

Analyst Insight

Monitor the company's debt levels and interest expenses, particularly in light of the recent term loan rate reduction and potential for further decrease.

Key Numbers

• 2.5% — Interest Rate Reduction (Annual rate reduction on senior secured term loan in January 2024)
• 8.75% — Current Interest Rate (Amended annual rate on senior secured term loan post-reduction)
• 6.25% — Potential Interest Rate (Further reduction possible if principal falls below US$35 million)
• 1.5% — Convertible Note Interest Rate (Fixed annual interest rate on 7-year convertible note issued May 2022)
• US$35 million — Principal Threshold (Threshold for potential further interest rate reduction on term loan)

Key Players & Entities

• TRINITY BIOTECH PLC (company) — Filer name
• 0000888721 (company) — Central Index Key
• IDA BUSINESS PARK, BRAY, CO WICKLOW (location) — Business address street 1
• DUBLIN (location) — Business address city
• IRELAND (location) — Business address country
• US$4.4 million (dollar_amount) — Income from Paycheck Protection Program loans in 2021
• April 1, 2045 (date) — Maturity date of exchangeable notes
• January 2026 (date) — Maturity date of senior secured term loan

FAQ

Risk Factors

• Debt Instruments [medium — financial]: The company has a senior secured term loan and a convertible note with specific interest rates and maturity dates that impact its financial obligations.
• Interest Rate Fluctuations [medium — financial]: Changes in interest rates, particularly for the variable senior secured term loan, can affect the company's borrowing costs and profitability.

Glossary

Other items

Items not chargeable to tax and expenses not deductible for tax purposes. (Provides context for non-recurring income or expenses that do not impact taxable income.)

Unallocated expenses

Head office general and administration costs of the Group, which cannot be allocated to specific geographical areas. (Helps understand overhead costs not directly tied to specific business segments.)

Senior secured term loan

A variable interest rate loan with specific terms for interest rate reduction and maturity. (Key debt instrument whose cost of capital can fluctuate based on market conditions and company performance.)

Key Financial Figures

• $0.0109 — ng 20 A' Ordinary Shares, par value US$0.0109) TRIB NASDAQ Global Market Secur
• $24.0 million — he future. We have incurred losses of US$24.0 million and US$41.0 million in the years ended
• $41.0 million — ncurred losses of US$24.0 million and US$41.0 million in the years ended December 31, 2023 an
• $11.6 million — sh flows from operating activities of US$11.6 million and US$921 thousand, respectively. We
• $921 — ing activities of US$11.6 million and US$921 thousand, respectively. We expect to c
• $68.0 m — ith a carrying value of approximately US$68.0 million, consisting of a senior secured t
• $41.7 million — , had a nominal outstanding amount of US$41.7 million at December 31, 2023. In January 2024,
• $22 million — ment") which allowed for an immediate US$22 million increase to our outstanding Term Loan,
• $63.7 million — ing the nominal outstanding amount to US$63.7 million. The Credit Agreement also provided for
• $6.5 million — Agreement also provided for a further US$6.5 million facility that may be drawn down by the
• $20 m — d has a nominal outstanding amount of US$20 million, mandatorily converts into ADSs i
• $16.20 — of the Company's ADSs is at or above US$16.20 for any five consecutive trading days.

Filing Documents

• zk2431245.htm (20-F) — 6817KB
• exhibit_2-1.htm (EX-2.1) — 25KB
• exhibit_4-11.htm (EX-4.11) — 163KB
• exhibit_4-15.htm (EX-4.15) — 89KB
• exhibit_4-17.htm (EX-4.17) — 59KB
• exhibit_4-20.htm (EX-4.20) — 191KB
• exhibit_4-21.htm (EX-4.21) — 18KB
• exhibit_12-1.htm (EX-12.1) — 8KB
• exhibit_12-2.htm (EX-12.2) — 8KB
• exhibit_13-1.htm (EX-13.1) — 5KB
• exhibit_13-2.htm (EX-13.2) — 5KB
• exhibit_15-1.htm (EX-15.1) — 8KB
• exhibit_99-7.htm (EX-99.7) — 49KB
• image0.jpg (GRAPHIC) — 73KB
• image2.jpg (GRAPHIC) — 69KB
• image3.jpg (GRAPHIC) — 68KB
• image4.jpg (GRAPHIC) — 231KB
• image5.jpg (GRAPHIC) — 257KB
• image7.jpg (GRAPHIC) — 15KB
• image00008.jpg (GRAPHIC) — 2KB
• 0001178913-24-001486.txt (&nbsp;) — 34380KB
• trib-20231231.xsd (EX-101.SCH) — 268KB
• trib-20231231_cal.xml (EX-101.CAL) — 97KB
• trib-20231231_def.xml (EX-101.DEF) — 728KB
• trib-20231231_lab.xml (EX-101.LAB) — 2036KB
• trib-20231231_pre.xml (EX-101.PRE) — 1062KB
• zk2431245_htm.xml (XML) — 8858KB

Risk Factors

Risk Factors 3 Item 4 Information on the Company 30 A. History and Development of the Company 30 B. Business Overview 30 C. Organizational Structure 46 D. Property, Plants and Equipment 46 Item 4 A. Unresolved Staff Comments 48 Item 5 Operating and Financial Review and Prospects 48 A. Operating Results 48 B. Liquidity and Capital Resources 58 C. Research and Development, Patents and Licenses, etc. 60 D. Trend Information 61 E. Critical Accounting Estimates 61 Item 6 Directors, Senior Management and Employees 65 A. Directors and Senior Management 65 B. Compensation 68 C. Board Practices 69 D. Employees 70 E. Share Ownership 70 Item 7 Major Shareholders and Related Party Transactions 73 A Major Shareholders 73 B. Related Party Transactions 74 C. Interests of Experts and Counsel 75 Item 8 Financial Information 75 A. Consolidated Statements and Other Financial Information 75 B. Significant Changes 75 Item 9 The Offer and Listing 75 A. Offer and Listing Details 75 B. Plan of Distribution 75 C. Markets 76 D. Selling Shareholders 76 E.

Dilution

Dilution 76 F. Expense of the Issue 76 Item 10 Additional Information 76 A. Share Capital 76 B. Memorandum and Articles of Association 76 C. Material Contracts 77 D. Exchange Controls 79 E. Taxation 79 F. Dividends and Paying Agents 85 G. 85 H. Documents on Display 85 I. Subsidiary Information 85 Item 11

Quantitative and Qualitative Disclosures about

Quantitative and Qualitative Disclosures about Market Risks 86 Item 12

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 86 PART II Item 13 Defaults, Dividend Arrearages and Delinquencies 88 Item 14 Material Modification to the Rights of Security Holders and Use of Proceeds 88 Item 15

Controls and Procedures

Controls and Procedures 88 Item 16 Reserved 89 Item 16A Audit Committee Financial Expert 89 Item 16B Code of Ethics 89 Item 16C Principal Accountant Fees and Services 90 Item 16D Exemptions from the Listing Standards for Audit Committees 90 Item 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers 90 Item 16F Changes in Registrant's Certifying Accountant 90 Item 16G Corporate Governance 90 Item 16H Mine Safety Disclosure 91 Item 16I Disclosures Regarding Foreign Jurisdictions That Prevent Inspections 91 Item 16J Insider Trading Policies 91 Item 16K Cybersecurity 92 PART III Item 17

Financial Statements

Financial Statements 93 Item 18

Financial Statements

Financial Statements 93 Item 19 Exhibits 184 PRESENTATION OF FINANCIAL AND OTHER INFORMATION As used herein, references to "we", "us", "Trinity Biotech" or the "Group" in this Annual Report on Form 20-F (the "Annual Report") shall mean Trinity Biotech plc and its subsidiaries. References to the "Company" in this annual report shall mean Trinity Biotech plc., the parent company. Our consolidated financial statements appearing in this Annual Report are prepared in accordance with International Financial Reporting Standards ("IFRS") both as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union ("EU"). The IFRS standards applied are those effective for accounting periods beginning January 1, 2023. Consolidated financial statements are required by Irish law to comply with IFRS as adopted by the EU which differ in certain respects from IFRS as issued by the IASB. These differences predominantly relate to the timing of adoption of new standards by the EU. However, as none of the differences are relevant in the context of Trinity Biotech, the consolidated financial statements for the periods presented comply with IFRS both as issued by the IASB and as adopted by the EU. We present our consolidated financial Dollars. All references in this annual report to "Dollars" and "

Risk Factors

Risk Factors SUMMARY OF RISK FACTORS An investment in our securities involves a high degree of risk. Our business, financial condition or results of operations could be adversely affected by any of these risks. You should carefully consider the risks described below and, in the information, contained or incorporated by reference in this prospectus. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, business prospects, financial condition or results of operations could be seriously harmed. This could cause the trading price of our American depositary shares ("ADSs") to decline, resulting in a loss of all or part of your investment. Risks Related to our Business and Industry our ability to sell products could be adversely affected by competition from new and existing diagnostic products, changing conditions in the diagnostic market, including, inter alia, reductions in government funding and sector consolidation. our exclusion from one or more HIV testing algorithms, or a delay in the implementation of a HIV testing algorithm, could adversely affect our business and financial results. we have incurred substantial debt, which could impair our flexibility and access to capital and adversely affect our financial position. our ability to continue as a going concern depends on our ability to generate cash flows from operations and to conduct adequate financing activities. We expect we will require future additional capital. our long-term success depends upon the successful development and commercialization of new products, particularly in the biosensor area. significant interruptions in

View Full Filing

View this 20-F filing on SEC EDGAR