DUBLIN - Trinity Biotech plc (NASDAQ:TRIB), a company specializing in diagnostics and diabetes management including wearable biosensors, announced Wednesday that it has regained compliance with Nasdaq's minimum market value requirement. This follows a period of uncertainty where the company's publicly held shares had fallen below the Nasdaq Global Select Market's threshold.
The compliance notice, received on November 6, 2024, marks the resolution of a deficiency that had been identified by Nasdaq on November 21, 2023. Trinity Biotech's market value of publicly held shares had remained below $15 million for 30 consecutive business days, triggering a warning from the exchange. The company was subsequently granted an extension until October 31, 2024, to meet the required threshold.
John Gillard, CEO of Trinity Biotech, expressed gratitude for the support received from shareholders, partners, and employees through this period. He emphasized the company's commitment to delivering long-term value and advancing strategic initiatives, such as the development of a continuous glucose monitoring solution and profitability growth in their diagnostics business.
The company had presented its plan to regain compliance to the Nasdaq Hearings Panel on July 16, 2024, and was notified of its successful compliance earlier this week. With this issue resolved, Trinity Biotech's shares will continue to be traded on the Nasdaq Global Select Market.
Trinity Biotech's endeavors include the manufacture and marketing of diagnostic systems for infectious diseases and the quantification of Haemoglobin A1c, among other clinical parameters. The company operates directly in the United States and through a network of international distributors in over 75 countries.
The press release also contained forward-looking statements regarding Trinity Biotech's financial resources, market acceptance of new products, and potential growth opportunities. These statements, as per the company, are subject to risks and uncertainties that could affect their actual results.
This news is based on a press release statement from Trinity Biotech plc.
In other recent news, Trinity Biotech has made significant strides in expanding its diagnostic capabilities and product portfolio. The company has acquired EpiCapture Limited, a firm developing a non-invasive test for aggressive prostate cancer risk assessment, marking its entry into the oncology diagnostics market. In addition, Trinity Biotech has invested in Novus Diagnostics, a company specializing in rapid sepsis testing technology, and has also acquired Metabolomics Diagnostics, a firm specializing in biomarker-based diagnostics.
The company has also completed a key pre-pivotal clinical trial in Europe for its innovative continuous glucose monitoring technology, an important milestone in its diabetes management efforts. Furthermore, Trinity Biotech has announced plans to conduct a study in India for its next-generation Continuous Glucose Monitoring technology.
In staffing news, Trinity Biotech has appointed Adrian Donohue as Chief Commercial Officer, David Ouston as Biosensor Marketing Director, and Louise Tallon as Chief Financial Officer. Finally, the company has revised its 2024 sales revenue forecast for its rapid HIV test, TrinScreen HIV, from $8 million to approximately $10 million, and projects Q2 2024 revenues to range from $15.5 to $16.0 million, a year-over-year increase from $13.9 million. These are the recent developments for Trinity Biotech.
InvestingPro Insights
Trinity Biotech's recent compliance with Nasdaq's minimum market value requirement comes amidst a challenging financial landscape for the company. According to InvestingPro data, Trinity Biotech's market capitalization stands at a modest $15.81 million, just above the Nasdaq threshold. This aligns with the company's efforts to maintain its listing status.
Despite regaining compliance, InvestingPro Tips reveal that Trinity Biotech is "quickly burning through cash" and "not profitable over the last twelve months." These insights shed light on the financial pressures the company faces as it pursues its strategic initiatives, including the development of continuous glucose monitoring solutions.
The company's revenue for the last twelve months as of Q2 2023 was $58.65 million, with a revenue growth of 8.6%. However, the operating income for the same period was negative at -$12.83 million, indicating ongoing profitability challenges that CEO John Gillard and his team must address.
An InvestingPro Tip notes that analysts do not anticipate the company to be profitable this year, which aligns with the negative earnings per share of -$2.65 reported for the last twelve months. This underscores the importance of Trinity Biotech's focus on advancing strategic initiatives and growing profitability in their diagnostics business, as mentioned in the article.
Interestingly, while the stock has seen a strong return over the last month with a 22.79% price increase, it has fallen significantly over the last three months, with a -39.49% return. This volatility reflects the market's reaction to the company's ongoing challenges and recent compliance achievement.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Trinity Biotech's financial position and future prospects.
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