Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2024 | |
Cover [Abstract] | |
Entity Registrant Name | TRINITY BIOTECH PLC |
Entity Central Index Key | 0000888721 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2024 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2024 |
Entity Address, Address Line One | IDA Business Park |
Entity Address, City or Town | Bray, Co. Wicklow |
Entity Address, Country | IE |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Non-current assets | ||
Property, plant and equipment | $ 3,906 | $ 1,892 |
Goodwill and intangible assets | 41,786 | 16,270 |
Deferred tax assets | 2,407 | 1,975 |
Derivative financial asset | 193 | 178 |
Other assets | 79 | 79 |
Total non-current assets | 48,371 | 20,394 |
Current assets | ||
Inventories | 22,956 | 19,933 |
Trade and other receivables | 17,471 | 13,901 |
Income tax receivable | 240 | 1,516 |
Cash and cash equivalents | 5,317 | 3,691 |
Total current assets | 45,984 | 39,041 |
TOTAL ASSETS | 94,355 | 59,435 |
Equity attributable to the equity holders of the parent | ||
Share capital | 2,338 | 1,972 |
Share premium | 49,944 | 46,619 |
Treasury shares | (24,922) | (24,922) |
Accumulated deficit | (57,791) | (48,644) |
Translation reserve | (5,701) | (5,706) |
Equity component of convertible note | 6,709 | 6,709 |
Other reserves | 23 | 23 |
Total deficit | (29,400) | (23,949) |
Current liabilities | ||
Income tax payable | 283 | 279 |
Trade and other payables | 23,074 | 12,802 |
Exchangeable notes and other borrowings | 210 | 210 |
Provisions | 50 | 50 |
Lease liabilities | 2,153 | 1,694 |
Total current liabilities | 25,770 | 15,035 |
Non-current liabilities | ||
Senior secured term loan | 65,809 | 40,109 |
Convertible loan note | 14,964 | 14,542 |
Derivative financial liabilities | 1,444 | 526 |
Lease liabilities | 10,199 | 10,872 |
Other payables | 1,784 | 0 |
Deferred tax liabilities | 3,785 | 2,300 |
Total non-current liabilities | 97,985 | 68,349 |
TOTAL LIABILITIES | 123,755 | 83,384 |
TOTAL EQUITY AND LIABILITIES | $ 94,355 | $ 59,435 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of classes of share capital [line items] | ||
Revenues | $ 30,547 | $ 28,727 |
Cost of sales | (19,291) | (18,124) |
Gross profit | 11,256 | 10,603 |
Other operating income | 42 | 71 |
Research and development expenses | (2,080) | (2,093) |
Selling, general and administrative expenses | (13,926) | (16,537) |
Selling, general and administrative expenses – restructuring costs | (1,939) | 0 |
Impairment charges | (446) | (10,815) |
Operating loss | (7,093) | (18,771) |
Financial income | 55 | 216 |
Financial expenses | (3,100) | (6,374) |
Net financing expense | (3,045) | (6,158) |
Loss before tax from continuing operations | (10,138) | (24,929) |
Total income tax (charge)/credit | 64 | 278 |
Loss for the period from continuing operations | (10,074) | (24,651) |
Profit for the period from discontinued operations | 0 | 12,854 |
Loss for the period (all attributable to owners of the parent) | $ (10,074) | $ (11,797) |
American depositary share [Member] | ||
Disclosure of classes of share capital [line items] | ||
Basic loss per ADS (US Dollars) – Continuing operations | $ (109.9) | $ (322.5) |
Diluted loss per ADS (US Dollars) – Continuing operations | (109.9) | (322.5) |
Basic loss per ADS (US Dollars) – Total operations | (109.9) | (154.3) |
Diluted loss per ADS (US Dollars) – Total operations | $ (109.9) | $ (154.3) |
Class A Ordinary shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Loss for the period (all attributable to owners of the parent) | $ 10,074 | $ 11,797 |
Basic loss per ADS (US Dollars) – Continuing operations | $ (5.5) | $ (16.1) |
Diluted loss per ADS (US Dollars) – Continuing operations | (5.5) | (16.1) |
Basic loss per ADS (US Dollars) – Total operations | (5.5) | (7.7) |
Diluted loss per ADS (US Dollars) – Total operations | $ (5.5) | $ (7.7) |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Consolidated Statement Of Comprehensive Income Abstract | ||
Loss for the period | $ (10,074) | $ (11,797) |
Items that will be reclassified subsequently to profit or loss | ||
Foreign exchange translation differences | 5 | 147 |
Other comprehensive income/(loss) | 5 | 147 |
Total Comprehensive Loss (all attributable to owners of the parent) | $ (10,069) | $ (11,650) |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share Capital 'A' Ordinary shares [Member] | Share premium [Member] | Treasury Shares [Member] | Translation reserve [Member] | Equity component of convertible note [Member] | Other reserves [member] | Accumulated surplus [Member] | Total |
Balance at Dec. 31, 2022 | $ 1,963 | $ 46,458 | $ (24,922) | $ (5,775) | $ 6,709 | $ 86 | $ (26,695) | $ (2,176) |
Loss for the period | 0 | 0 | 0 | 0 | 0 | 0 | (11,797) | (11,797) |
Other comprehensive income | 0 | 0 | 0 | 147 | 0 | 0 | 0 | 147 |
Total comprehensive loss | 0 | 0 | 0 | 147 | 0 | 0 | (11,797) | (11,650) |
Shares issued during the period | 9 | 161 | 0 | 0 | 0 | (63) | 0 | 107 |
Share-based payments | 0 | 0 | 0 | 0 | 0 | 0 | 2,339 | 2,339 |
Balance at Jun. 30, 2023 | 1,972 | 46,619 | (24,922) | (5,628) | 6,709 | 23 | (36,153) | (11,380) |
Balance at Dec. 31, 2023 | 1,972 | 46,619 | (24,922) | (5,706) | 6,709 | 23 | (48,644) | (23,949) |
Loss for the period | 0 | 0 | 0 | 0 | 0 | 0 | (10,074) | (10,074) |
Other comprehensive income | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 5 |
Total comprehensive loss | 0 | 0 | 0 | 5 | 0 | 0 | (10,074) | (10,069) |
Shares issued during the period | 366 | 3,325 | 0 | 0 | 0 | 0 | 0 | 3,691 |
Share-based payments | 0 | 0 | 0 | 0 | 0 | 0 | 926 | 926 |
Balance at Jun. 30, 2024 | $ 2,338 | $ 49,944 | $ (24,922) | $ (5,701) | $ 6,709 | $ 23 | $ (57,791) | $ (29,400) |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Loss for the period | $ (10,074) | $ (11,797) |
Adjustments to reconcile net profit/(loss) to cash provided by operating activities: | ||
Depreciation | 99 | 656 |
Amortisation | 745 | 430 |
Income tax (charge)/credit | (64) | (278) |
Financial income | (55) | (216) |
Financial expense | 3,100 | 6,374 |
Share-based payments | 926 | 2,339 |
Foreign exchange gains on operating cash flows | 408 | (187) |
Impairment charges | 446 | 10,815 |
Gain on sale of business | 0 | (12,718) |
Other non-cash items | (208) | 130 |
Net movement on working capital | (469) | (2,657) |
Cash used in operations | (5,146) | (7,109) |
Income taxes received/(paid) | 1,227 | (26) |
Net cash used in operating activities | (3,919) | (7,135) |
Cash flows from investing activities | ||
Payments to acquire intangible assets | (4,492) | (768) |
Acquisition of financial assets | 0 | (700) |
Net proceeds from sale of business unit | 0 | 28,426 |
Payments to acquire trades or businesses | (12,500) | 0 |
Acquisition of property, plant and equipment | (138) | (425) |
Net cash generated by / (used in) investing activities | (17,130) | 26,533 |
Cash flows from financing activities | ||
Issue of ordinary share capital including share premium | (270) | 0 |
Net proceeds from new senior secured term loan | 28,175 | 5,000 |
Expenses paid in connection with debt financing | 0 | (147) |
Repayment of senior secured term loan | 0 | (10,050) |
Penalty for early settlement of term loan | 0 | (905) |
Interest paid on senior secured term loan | (3,830) | (4,401) |
Interest paid on convertible note | (150) | (150) |
Interest payment on exchangeable notes | (4) | (4) |
Payment of lease liabilities | (1,159) | (1,191) |
Net cash used in financing activities | 22,762 | (11,848) |
Increase/(decrease) in cash and cash equivalents and short-term investments | 1,713 | 7,550 |
Effects of exchange rate movements on cash held | (87) | 100 |
Cash and cash equivalents and short-term investments at beginning of period | 3,691 | 6,578 |
Cash and cash equivalents at end of period | $ 5,317 | $ 14,228 |
GENERAL INFORMATION
GENERAL INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
General Information [Abstract] | |
GENERAL INFORMATION | 1. GENERAL INFORMATION Trinity Biotech plc (the “Company”) was founded in 1992 and listed on the Nasdaq Stock Market shortly after its formation. The Company is a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors. The Company develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood and the Company intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. References in these Consolidated Condensed Interim Financial Statements to "Trinity Biotech" and the “Group” refer to Trinity Biotech plc and its consolidated subsidiaries. These Condensed Consolidated Interim Financial Statements were approved for issuance by the Company’s Board of Directors on September 30, 2024. |
BASIS OF PREPARATION AND ACCOUN
BASIS OF PREPARATION AND ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract] | |
BASIS OF PREPARATION AND ACCOUNTING POLICIES | 2. BASIS OF PREPARATION AND ACCOUNTING POLICIES These Consolidated Condensed Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting” as issued by the International Accounting Standard Board (“IASB”) and as adopted by the European Union (“EU”). The accounting policies used in the preparation of these Consolidated Condensed Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2023. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2023, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB and in conformity with IFRS as adopted by the EU. None of the accounting pronouncements applicable after December 31, 2023 and as of the date of these Consolidated Condensed Interim Financial Statements had a material effect on the Company’s financial condition or the results of its operations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | 3. SEGMENT INFORMATION The Group comprises two main geographical segments (i) the Americas and (ii) Rest of World. The Group’s geographical segments are determined by the location of the Group’s assets and operations. The Group has also presented a geographical analysis of the segmental data for Ireland as is consistent with the information used by the Board of Directors. The reportable operating segments derive their revenue primarily from one source (i.e. the market for diagnostic tests for a range of diseases and other medical conditions). In determining the nature of its segmentation, the Group has considered the nature of the products, their risks and rewards, the nature of the production base, the customer base and the nature of the regulatory environment. The Group acquires, manufactures and markets a range of diagnostic products. The Group’s products are sold to a similar customer base and the main body whose regulations the Group’s products must comply with is the Food and Drug Administration (“FDA”) in the US. The following presents revenue and profit information and certain asset and liability information regarding the Group’s geographical segments. i) The distribution of revenue by major product group was as follows: Six-month period ended Revenue June 30,2024 US$‘000 June 30,2023 US$‘000 Clinical laboratory goods 20,397 21,367 Clinical laboratory services 2,582 3,114 Point-of-care products 7,568 4,246 30,547 28,727 ii) The distribution of segment results by geographical area was as follows: Rest of World Americas Ireland Other Total Six-month period ended June 30, 2024 US$‘000 US$‘000 US$‘000 US$‘000 Result before restructuring costs, impairment and unallocated expenses (1,050 ) (2,268 ) (26 ) (3,344 ) Restructuring costs (1,303 ) (636 ) - (1,939 ) Impairment (446 ) - - (446 ) Result after restructuring costs and impairment (2,799 ) (2,904 ) (26 ) (5,729 ) Unallocated expenses * (1,364 ) Operating loss (7,093 ) Net financing expense (3,045 ) Loss before tax (10,138 ) Income tax credit 64 Loss for the period on continuing operations (10,074 ) Profit for the period on discontinued operations - Loss for the six-month period (10,074 ) The distribution of segment results by geographical area was as follows: Rest of World Americas Ireland Other Total Six-month period ended June 30, 2023 US$‘000 US$‘000 US$‘000 US$‘000 Result before restructuring costs, impairment and unallocated expenses (3,129 ) (3,140 ) (8 ) (6,277 ) Restructuring costs - - - - Impairment (10,815 ) - - (10,815 ) Result after impairment (13,944 ) (3,140 ) (8 ) (17,092 ) Unallocated expenses * (1,679 ) Operating loss (18,771 ) Net financing expense (6,158 ) Loss before tax (24,929 ) Income tax credit 278 Loss for the period on continuing operations (24,651 ) Profit for the period on discontinued operations 12,854 Loss for the six-month period (11,797 ) * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. The Group is currently undergoing a comprehensive transformation plan to include, inter alia, consolidating and outsourcing of manufacturing operations, the simplification and shifting of internal operations, and the reduction of headcount to achieve additional efficiencies. A press release in April 2024 set out information with regards to the restructure of the business, including the ceasing of manufacturing operations at our Kansas City plant, with the anticipation that this would be completed by the end of 2024. Additionally, we detailed an initiative to move significant aspects of our business support functions to a lower cost and centralised location, with the view to have this completed by the end of 2024 also. At June 30, 2024, the Group has recognized a provision of $1.9 million in relation to the ongoing transformation. iii) The distribution of segment assets and liabilities by geographical area was as follows: Rest of World Americas Ireland Other Total As at June 30, 2024 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 31,018 55,374 - 86,392 Unallocated assets: Income tax assets (current and deferred) 2,646 Cash and cash equivalents and short-term investments 5,317 Total assets as reported in the Statement of Financial Position 94,355 Segment liabilities 78,328 41,339 19 119,687 Unallocated liabilities: Income tax liabilities (current and deferred) 4,068 Total liabilities as reported in the Statement of Financial Position 123,755 Rest of World Americas Ireland Other Total As at December 31, 2023 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 26,230 26,023 - 52,253 Unallocated assets: Income tax assets (current and deferred) 3,491 Cash and cash equivalents and short-term investments 3,691 Total assets as reported in the Statement of Financial Position 59,435 Segment liabilities 49,398 31,387 20 80,805 Unallocated liabilities: Income tax liabilities (current and deferred) 2,579 Total liabilities as reported in the Statement of Financial Position 83,384 |
FINANCIAL INCOME AND EXPENSES
FINANCIAL INCOME AND EXPENSES | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Financial Income And Expenses [Abstract] | |
FINANCIAL INCOME AND EXPENSES | 4. FINANCIAL INCOME AND EXPENSES Six month period ended June 30, 2024 US$‘000 June 30, 2023 US$‘000 Financial income: Fair value adjustments of derivative financial instruments (Note 11) 55 216 55 216 Financial expense: Interest on leases (297 ) (322 ) Penalty for early repayment of senior secured term loan (Note 11) - (905 ) Cash interest on convertible & exchangeable notes (154 ) (154 ) Cash interest on senior secured term loan (Note 11) (4,545 ) (3,781 ) Accretion interest on convertible & exchangeable notes (Note 11) (422 ) (391 ) Accretion on senior secured term loan (Note 11) (1,068 ) (813 ) Accretion interest on contingent liability (24 ) - Fair value adjustments of derivative financial instruments (Note 11) (980 ) (8 ) Capitalization of borrowing costs 824 - EIR catch up adjustment 3,566 - (3,100 ) (6,374 ) Net Financing Expense (3,045 ) (6,158 ) |
IMPAIRMENT CHARGES
IMPAIRMENT CHARGES | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Impairment Charges And Inventory Provisioning [Abstract] | |
IMPAIRMENT CHARGES | 5. IMPAIRMENT CHARGES In accordance with IAS 36, Impairment of Assets Six month period ended June 30,2024 June 30,2023 US$’000 US$’000 Impairment of PP&E 446 3,492 Impairment of goodwill and other intangible assets - 5,823 Impairment of financial assets - 1,500 Total impairment loss 446 10,815 The Group recognized an impairment loss of US$446,000 in the six-month period ended June 30, 2024 (six months ended June 30, 2023: US$10,815,000). In accordance with IAS 36, Impairment of Assets, the Group carries out periodic impairment reviews of its asset carrying values. There are a number of factors taken into account in calculating the impairment, including the Company’s period-end share price, calculation of the cost of capital, and future projected cash flows for individual cash-generating units in the business. In addition, the Group examines individual development project assets for indicators of impairment. The impairment test performed as at June 30, 2024 identified that the value in use of some of our cash generating units was below the value of the carrying amount of their assets, other than inventories, accounts receivable, cash and cash equivalents and deferred tax assets. The Company therefore recorded an impairment charge in relation to the asset additions (including lease assets) that had been recorded during 2024. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Discontinued [Abstract] | |
DISCONTINUED OPERATIONS | 6. DISCONTINUED OPERATIONS In April 2023, the Company announced the sale of its Fitzgerald Industries life sciences supply business, consisting of Benen Trading Ltd and Fitzgerald Industries International, Inc., to Biosynth for cash proceeds of approximately US$30 million, subject to customary adjustments. The Company used approximately US$11 million of the proceeds of the sale to repay approximately US$10.1 million of its senior secured debt held by Perceptive Advisors (“Perceptive”) plus an approximately US$905,000 early repayment penalty. In connection with this transaction, the Company entered into an amendment to its senior secured term loan credit facility with Perceptive, which significantly reduced the Company’s minimum revenue covenants under that loan. June 30, 2024 US$000 June 30, 2023 US$000 Revenue - 2,784 Expenses - (2,648 ) Operating income - 136 Profit before tax from discontinued operations - 136 Tax expense: Related to current pre-tax profit/(loss) - - Gain on sale of the discontinued operations - 12,718 Profit after tax for the period from discontinued operations - 12,854 The net cashflows generated from the sale of Fitzgerald Industries International Inc. are as follows: June 30, 2024 US$000 June 30, 2023 US$000 Cash received from sale of the discontinued operations net of transaction costs - 29,201 Cash sold as a part of discontinued operations - (775 ) Net cash inflow on date of disposal - 28,426 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Goodwill And Intangible Assets [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 7. GOODWILL AND INTANGIBLE ASSETS June 30, 2024 US$000 December 31, 2023 US$000 Cost Goodwill 78,716 66,645 Development costs 140,811 127,365 Patents and licenses 8,694 8,694 Other 19,944 19,202 Total cost 248,165 221,906 Less accumulated amortization and impairment (206,379 ) (205,636 ) Carrying amount 41,786 16,270 The increase in gross intangible assets during the six-month period ended June 30, 2024 of US$26,280,000 is primarily attributable to the acquisition of the Waveform assets and the capitalization of costs in relation to the development of our next generation CGM system. Additional information in relation to the acquisition of the Waveform assets is included in note 14 Business Combinations. |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per share [abstract] | |
LOSS PER SHARE | 8. LOSS PER SHARE Basic loss per ordinary share Basic loss per ordinary share for the Group is computed by dividing the loss after taxation of US$10,074,000 (2023: loss of US$11,797,000) for the six-month period ended June 30, 2024 by the weighted average number of ‘A’ Ordinary shares in issue, net of any Treasury Shares, during the year. As at June 30, 2024 the number of ‘A’ Ordinary shares for the purpose of the calculation of basic (loss)/earnings per share are 183,376,218 shares (2023:152,885,033 shares). June 30, 2024 June 30, 2023 ‘A’ ordinary shares 183,376,218 152,885,033 Basic (loss)/earnings per share denominator 183,376,218 152,885,033 Reconciliation to weighted average (loss)/earnings per share denominator: Number of ‘A’ Ordinary shares at January 1 165,865,884 164,985,882 Weighted average number of ‘A’ Ordinary shares issued during the year 30,065,934 454,751 Weighted average number of treasury shares (12,555,600 ) (12,555,600 ) Basic (loss)/earnings per share denominator 183,376,218 152,885,033 In January 2024, the Company announced it had agreed to acquire the continuous glucose monitoring (“CGM”) assets of Waveform Technologies, Inc. (“Waveform”). In connection with the acquisition, Trinity Biotech issued 36 million ‘A’ Ordinary shares to Perceptive. Refer to note 14 for further information. Diluted loss per ordinary share Diluted loss per share is computed by dividing the adjusted profit or loss attributable to owners of the parent, by the weighted average number of ‘A ‘Ordinary shares in issue, net of any Treasury Shares, during the year, plus the weighted average number of ‘A’ Ordinary shares that would be issued on the conversion of all the dilutive potential ‘A’ Ordinary shares into ‘A’ Ordinary shares. As the potentially dilutive instruments were anti-dilutive in all periods presented, basic (loss)/earnings per ‘A’ Ordinary share and diluted (loss)/earnings per ‘A’ Ordinary share are equivalent. June 30, 2024 June 30, 2023 Potentially Dilutive Instruments: Basic loss per share denominator 183,376,218 152,885,033 Issuable on conversion of Exchangeable notes 38,391 38,391 Issuable on conversion of Convertible note 24,691,358 24,691,358 Issuable on exercise of options - 515,678 Issuable on exercise of warrants - - Diluted loss per share denominator 208,105,967 178,130,460 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2024 | |
Classes of current inventories [abstract] | |
INVENTORIES | 9. INVENTORIES June 30,2024 US$‘000 December 31, 2023 US$‘000 Raw materials and consumables 12,051 10,053 Work-in-progress 5,287 4,498 Finished goods 5,618 5,382 22,956 19,933 All inventories are stated at the lower of cost or net realisable value. The replacement cost of inventories does not differ from cost. Total inventories for the Group are shown net of provisions of US$10,531,000 (December 31, 2023: US$11,344,000). |
SHARE OPTIONS AND SHARE WARRANT
SHARE OPTIONS AND SHARE WARRANTS | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Share Options And Share Warrants [Abstract] | |
SHARE OPTIONS AND SHARE WARRANTS | 10. SHARE OPTIONS AND SHARE WARRANTS Options In February 2024, the Company changed the ratio of the ADSs representing its ‘A’ Ordinary shares from one (1) ADS representing four (4) ‘A’ Ordinary shares to one (1) ADS representing twenty (20) ‘A’ ordinary shares. Under the terms of the Company’s Employee Share Option Plans, options to purchase 59,014,672 ‘A’ Ordinary Shares (2,950,734 ADSs) were outstanding at June 30, 2024. Under these Plans, options are granted to officers, employees and consultants of the Group at the discretion of the Compensation Committee (designated by the Board of Directors), under the terms outlined below. The number and weighted average exercise price of share options and warrants per ordinary share is as follows (as required by IFRS 2, this information relates to all grants of share options and warrants by the Group): Options and Weighted- price US$ Exercise price range US$ warrants ‘A’ Ordinary Shares Per ‘A’ Ordinary Share Per ‘A’ Ordinary Share Outstanding January 1, 2023 44,814,672 0.47 0.19 –2.43 Granted 3,000,000 0.25 0.25 –0.25 Exercised (880,000 ) 0.19 0.19 –0.19 Expired / Forfeited (280,000 ) 2.43 2.43 –2.43 Outstanding at June 30, 2023 46,654,672 0.45 0.19 –1.74 Exercisable at June 30, 2023 16,961,339 0.29 0.19 –1.74 Outstanding January 1, 2024 46,914,672 0.39 0.12 –1.34 Granted 12,100,000 0.14 0.14 –0.14 Exercised - - - Expired / Forfeited - - - Outstanding at June 30, 2024 59,014,672 0.35 0.12 –1.34 Exercisable at June 30, 2024 24,029,255 0.58 0.12 –1.34 The total share-based payments charge for the six months ended June 30, 2024 was US$926,000 (six months ended June 30, 2023: US$2,339,000). 12,100,000 ‘A’ ordinary share options were granted during the period, of which 6,250,000 are contingently issuable as their issue is contingent upon satisfaction of specified performance conditions in addition to the passage of time Warrants In connection with the acquisition of the Waveform assets and the Amendment of the Term Loan in January 2024, Perceptive received new warrants to purchase an additional 10,000,000 ‘A’ Ordinary shares and the Company agreed to price those additional warrants and reprice the existing warrants to purchase the 10,00,000 shares that were issued to Perceptive under the original term loan, with an exercise price of US$0.11 per ‘A’ Ordinary share. Warrants to purchase 1,200,000 ‘A’ Ordinary shares have been issued to a consultant assisting with our CGM business. The exercise price is US$0.11 per ‘A’ Ordinary share. The warrants are exercisable, in whole or part, until the fifth anniversary of the issue date in January 2024. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2024 | |
Borrowings [abstract] | |
BORROWINGS | 11. BORROWINGS (i) Senior secured term loan The movement in the senior secured term loan in the six months ended June 30, 2024 was as follows: Six-month period ended June 30, 2024 US$000 Year ended December 31, 2023 US$000 Balance at start of period (40,109 ) (44,301 ) Cash drawdown (28,500 ) (5,000 ) Loan origination costs 325 194 Derivative financial liability at date of issue - 90 Derivative financial asset at date of issue (24 ) (11 ) Accretion interest (1,068 ) (1,131 ) Cash repayment of principal - 10,050 EIR Catch up adjustment 3,567 - Balance at end of period (65,809 ) (40,109 ) In connection with the acquisition of the CGM assets of Waveform, in January 2024 the Company has entered into the Amended Term Loan with its main lender, Perceptive. Under the Amended Term Loan, an additional $22 million of funding has been made available to the Company, with US$12.5 million being used to acquire the CGM assets of Waveform. The remaining US$9.5 million is available for general corporate purposes including for the further development of the CGM and biosensor technologies. In addition, the Amended Term Loan provided for additional liquidity of up to US$6.5 million, this additional funding was drawn down in April 2024. The Amended Term Loan also immediately reduced the annual rate of interest on the loan by 2.5% to 8.75% (the “Base Rate”) plus the greater of (a) Term Secured Overnight Financing Rate (SOFR) or (b) 4.0% per annum and allows for a further 2.5% reduction in the Base Rate to 6.25% once the outstanding principal under the Amended Term Loan falls below US$35 million. Additionally, the Amended Term Loan reduced the early repayment penalty from a range of 8% to 7% to 4.0% to 3.5%, dependent on timing of early repayment, and also reduced the revenue covenants. The Amended Term Loan matures in January 2026. There are two other balances related to the term loan which are: a) a derivative financial asset and b) a derivative financial liability. The movement in the derivative financial asset in the six months ended June 30, 2024 was as follows: US$000 Balance at January 1, 2024 178 Event driven movement in derivative financial asset 24 Fair value adjustments in the period (9 ) Non-current asset at June 30, 2024 193 (i) Senior secured term loan (continued) The movement in the derivative financial liability in the six months ended June 30, 2024 was as follows: US$000 Balance at January 1, 2024 (526 ) Event driven movement in derivative financial liability - Fair value adjustments in the period (918 ) Non-current liability at June 30, 2024 (1,444 ) The fair value of the derivative financial asset is estimated at US$193,000 at June 30, 2024 and represents the value to the Company of being able to repay the term loan early and potentially refinance at a lower interest rate. The fair value of the derivative financial liability is estimated at US$1.4 million at June 30, 2024 and represents the fair value of the warrants issued to Perceptive. In connection with the Amended Term Loan, Perceptive received new warrants to purchase an additional 10,000,000 ‘A’ Ordinary shares (500,000 ADSs) and the Company has agreed to price these additional warrants and reprice the existing warrants to purchase 10,000,000 ‘A’ Ordinary shares (500,000 ADSs) that were issued to Perceptive under the original term loan, with an exercise price of US$0.11 per ‘A’ Ordinary shares (US$2.20 per ADS). The fair value remeasurement for these two derivative financial balances resulted in net financial expense of US$0.9 million being recognized in the Income Statement in the six-month period ended June 30, 2024. (ii) 7-year convertible note The movement in the 7-year convertible note in the six months ended June 30, 2024 was as follows: Six-month period ended June 30, 2024 US$000 Year ended December 31, 2023 US$000 Balance at start of period (14,542 ) (13,746 ) Accretion interest (422 ) (796 ) Balance at end of period (14,964 ) (14,542 ) In May 2022, the Company announced a US$45.2 million investment from MiCo IVD Holdings, LLC. The investment consists of an equity investment of US$25.2 million and a seven-year, unsecured junior convertible note of US$20.0 million. The convertible note has an interest rate of 1.5%. The convertible note mandatorily converts into ADSs if the volume weighted average price of the Company’s ADSs is at or above US$16.20 for any five consecutive Nasdaq trading days. For further details on the convertible note, refer to the Company’s Form 6-K filings with the SEC on April 11, 2022. The convertible note is accounted for as a compound financial instrument containing both an equity and liability element. The debt component is accounted for at amortized cost in accordance with IFRS 9. At June 30, 2024, the carrying value of the convertible note’s debt component was US$15 million and accretion interest of US$0.4 million has been recognized as a financial expense in the six-months ended June 30, 2024. The equity component of the convertible note is US$6.7 million and has been recorded in the equity section of the statement of financial position as equity. There is no remeasurement of the equity element following initial recognition. (iii) Exchangeable Notes The balances of the exchangeable notes in the six months ended June 30, 2024 were as follows: Six-month period ended June 30, 2024 US$000 Year ended December 31, 2023 US$000 Balance at start of period (210 ) (210 ) Balance at end of period (210 ) (210 ) In 2022, the Company retired approximately 99.7% of the exchangeable notes as part of a debt re-financing. The carrying value of the exchangeable notes at June 30, 2024 is US$210,000 (which is the same as the nominal value) and this is shown within Current Liabilities as it is management’s intention to repay the remaining notes within the next twelve months. |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL | 12. SHARE CAPITAL Six-months ended June 30, 2024 Year ended December 31, 2023 Class ‘A’ Ordinary shares Class ‘A’ Ordinary shares In thousands of shares In issue at January 1 165,866 164,986 Issued for cash - 880 Issued as consideration for Waveform acquisition (a) 36,000 - At period end 201,866 165,866 Six-months ended June 30, 2024 Year ended December 31, 2023 ADS ADS In thousands of ADSs Balance at January 1 8,293 8,249 Issued for cash - 44 Issued as consideration for Waveform acquisition (a) 1,800 - At period end 10,093 8,293 The amounts in the tables above are inclusive of Treasury Shares. The number of Treasury Shares is as follows: Six-months ended June 30, 2024 Year ended December 31, 2023 Class ‘A’ Treasury shares Class ‘A’ Treasury shares In thousands of shares Balance at January 1 12,556 12,556 Purchased during period - - At period end 12,556 12,556 Six-months ended June 30, 2024 Year ended December 31, 2023 ADS Treasury shares ADS Treasury shares In thousands of ADSs Balance at January 1 628 628 Purchased during period - - At period end 628 628 (a) During the six-months ended June 30, 2024, the Company issued 36,000,000 ‘A’ Ordinary shares (1,800,000 ADSs) to Perceptive as partial consideration for the acquisition of the Waveform assets. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Fair Value Measurement [Abstract] | |
CAPITAL MANAGEMENT | 13. CAPITAL MANAGEMENT Fair Values For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data. The table below sets out the Group’s classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued: Level 1 Level 2 Total carrying amount Fair Value US$’000 US$’000 US$’000 US$’000 June 30, 2024 Loans and receivables at amortised cost Trade receivables 12,658 - 12,658 12,658 Cash and cash equivalents 5,317 - 5,317 5,317 Finance lease receivable 43 - 43 43 18,018 - 18,018 18,018 Liabilities at amortised cost Senior secured term loan - (65,809 ) (65,809 ) (65,809 ) Convertible loan note - (14,964 ) (14,964 ) (14,964 ) Exchangeable note - (210 ) (210 ) (210 ) Lease liabilities (12,352 ) - (12,352 ) (12,352 ) Trade and other payables (excluding deferred income) (23,061 ) - (23,061 ) (23,061 ) Provisions (50 ) - (50 ) (50 ) (35,463 ) (80,983 ) (116,446 ) (116,446 ) Fair value through profit and loss (FVPL) Derivative liability – warrants - (1,444 ) (1,444 ) (1,444 ) Derivative asset – prepayment option - 193 193 193 - (1,251 ) (1,251 ) (1,251 ) (17,445 ) (82,234 ) (99,679 ) (99,679 ) Level 1 Level 2 Total carrying amount Fair Value US$’000 US$’000 US$’000 US$’000 December 31, 2023 Loans and receivables at amortised cost Trade receivables 10,698 - 10,698 10,698 Cash and cash equivalents 3,691 - 3,691 3,691 Finance lease receivable 155 - 155 155 14,544 - 14,544 14,544 Liabilities at amortised cost Senior secured term loan - (40,109 ) (40,109 ) (40,109 ) Convertible note - (14,542 ) (14,542 ) (14,542 ) Exchangeable note - (210 ) (210 ) (210 ) Lease liabilities (12,566 ) - (12,566 ) (12,566 ) Trade and other payables (excluding deferred income) (12,752 ) - (12,752 ) (12,752 ) Provisions (50 ) - (50 ) (50 ) (25,368 ) (54,861 ) (80,229 ) (80,229 ) Fair value through profit and loss (FVTPL) Derivative liability – warrants - (526 ) (526 ) (526 ) Derivative asset – prepayment option - 178 178 178 - (348 ) (348 ) (348 ) (10,824 ) (55,209 ) (66,033 ) (66,033 ) |
BUSINESS COMBINATION
BUSINESS COMBINATION | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
BUSINESS COMBINATION | 14. BUSINESS COMBINATION On January 30, 2024, we acquired the biosensor and Continuous Glucose Monitoring (“CGM”) assets of privately held Waveform Technologies, Inc. (“Waveform”) for initial consideration of US$12.5 million in cash and 36 million ‘A’ Ordinary shares (represented by 1.8 million ADSs) of the Company plus contingent consideration of a maximum of US$20 million. We intend to update the Waveform CGM device, which is not being marketed, and optimize it for broad adoption and then evolve this platform technology to measure and analyze other valuable biomarkers and related datapoints. Our vision is to develop a portfolio of technologies that can offer users and clinicians valuable actionable health and wellness insights. The integrated set of activities and assets purchased will significantly contribute to achieving our vision and its associated outputs. Waveform, a developer of novel and proprietary new technologies for diabetes care, received a CE Mark for its Cascade CGM in 2019, which was commercially available in Europe. The primary use of the device is to continuously monitor glucose in the human body. The Waveform CGM technology was developed over many years and contains innovative and proprietary aspects with what we believe are important benefits. Waveform granted a perpetual, worldwide, non-exclusive license to DexCom, Inc. and its affiliates, for some of the patents acquired by us, which we retain the right to use and exploit. The transaction has been accounted for as a business combination under IFRS 3, which requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. The details of the business combination are as follows: US$’000 Fair Value of Consideration Cash 12,500 Equity Instruments (1.8m ADSs) 3,960 Contingent Consideration Arrangement 6,760 23,220 Recognized amounts of identifiable net assets Non-current assets Property, plant and equipment 1,569 Other intangible assets 9,360 Financial assets 9 Total non-current assets 10,938 Current assets Inventory 1,296 Other receivables 135 Total current assets 1,431 Current liabilities Trade and other payables (50 ) Total current liabilities (50 ) Non-current liabilities Deferred tax liability (1,170 ) Total non-current liabilities (1,170 ) Identifiable net assets 11,149 Goodwill on acquisition 12,071 Consideration settled in cash 12,500 Acquisition costs charged to expenses 1,516 Net cash paid relating to the acquisition 14,016 Acquisition-related costs amounting to US$1,516,000 are not included as part of consideration transferred and have been recognized as an expense in the condensed consolidated statement of profit or loss, as part of other expenses. Contingent consideration of up to US$20 million may be payable upon the occurrence of certain events, including; • a US$5.0 million payment if, within the next 12 months after closing, (i) the closing price of the Company’s ADSs does not exceed US$7.50 per ADS for at a least 20 consecutive trading days and (ii) the average daily trading volume of the Company’s ADSs does not equal or exceed 20,000 ADSs for 20 consecutive trading days, and • 50% of the proceeds received by the Company (up to a maximum payment of additional consideration of US$15.0 million) on our entering into certain commercial partnering agreements with certain glucose pump manufacturers in the next 24 months. The fair value of the contingent consideration at date of acquisition was US$6.8 million. As of 30 June 2024, neither the amount recognized consideration arrangement, nor the assumptions used to the develop the estimates have changed since initial recognition. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
CONTINGENCIES | 15. CONTINGENCIES (a) Government Grant Contingencies The Group has received training and employment grant income from Irish development agencies. Subject to existence of certain conditions specified in the grant agreements, this income may become repayable. No such conditions existed as at June 30, 2024. However, if the income were to become repayable, the maximum amounts repayable as at June 30, 2024 would amount to US$3,291,000 (June 30, 2023 US$3,350,000). (b) Other Contingencies The Group has other contingencies primarily relating to claims and legal proceedings, onerous contracts, product warranties and employee-related provisions. The status of each significant claim and legal proceeding in which the Group is involved is reviewed by management on a periodic basis and the Group’s potential financial exposure is assessed. If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, liability is recognized for the estimated loss. Because of the uncertainties inherent in such matters, the related provisions are based on the best information available at the time; the issues taken into account by management and factored into the assessment of legal contingencies include, as applicable, the status of settlement negotiations, interpretations of contractual obligations, prior experience with similar contingencies/claims, and advice obtained from legal counsel and other third parties. The Group expects the majority of these provisions will be utilized within one to three years of the balance sheet date; however due to the nature of the legal provisions there is a level of uncertainty in the timing of settlement as the Group generally cannot determine the extent and duration of the legal process. From time to time, we are subject to reviews, examinations, and audits by tax authorities in the jurisdictions in which we operate. We believe our tax estimates are reasonable and take the appropriate external tax advice where required. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | 16. RELATED PARTY TRANSACTIONS The Group has entered into various arrangements with JRJ Investments (“JRJ”), a partnership owned by Mr O’Caoimh and Dr Walsh, directors of Trinity Biotech, and directly with Mr O'Caoimh, to provide premises at IDA Business Park, Bray, County Wicklow, Ireland. Commencing in December 2003, the Group entered into an agreement with JRJ for a 25-year lease for offices that were then adjacent to its then premises at IDA Business Park, Bray, Co. Wicklow, Ireland. In 2007 the Group entered into a 25-year lease agreement with Mr O’Caoimh and Dr Walsh for a 43,860 square foot manufacturing facility in Bray, Ireland. Subsequent to the signing of this lease, the ownership of the building transferred from JRJ to Mr O’Caoimh solely. A rent review of this facility is currently ongoing and has been referred to an independent arbitrator for determination. In 2016 the Group entered into 10-year lease agreement with Mr O’Caoimh for a warehouse of 16,000 square feet adjacent to the leased manufacturing facility in Bray, Ireland. The total rent for the three premises is US$1.3 million annually. Upward-only rent reviews are carried out every five years and there have been no increases to date arising from these rent reviews, although a rent review for the 43,860 square foot manufacturing facility is currently ongoing. |
POST BALANCE SHEET EVENTS
POST BALANCE SHEET EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
POST BALANCE SHEET EVENTS | 17. POST BALANCE SHEET EVENTS Extension to Demonstrate Compliance with Nasdaq Listing Requirements In July 2024, the Company announced that it had obtained an extension to demonstrate compliance with a continued listing requirement of The Nasdaq Global Select Market. As previously reported in a Current Report on Form 6-K filed November 29, 2023, the Company received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on November 21, 2023. The letter notified the Company that, for the preceding 30 consecutive business days, the market value of publicly held shares ("MVPHS") had remained below the minimum US$15 million threshold required for continued listing on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(b)(3)(c) (the “MVPHS Requirement”). On July 16, 2024, the Company met with the Nasdaq Hearings Panel (the “Panel”) to discuss its plan to regain compliance with the MVPHS Requirement and requested an extension until October 31, 2024, to demonstrate compliance. On August 1, 2024, the Panel granted the Company an extension until October 31, 2024, to meet the MVPHS Requirement. Senior management changes In July 2024, the Company announced the appointment of Louise Tallon as Chief Financial Officer (“CFO”), with Louise joining the Company in August 2024. Des Fitzgerald, who has acted as interim CFO since December 2023 continued as interim CFO until late July 2024. Louise joined the company from Inizio, a leading global commercialization partner in pharmaceuticals, where she acted as Head of Group Finance. Prior to this, she had a 16-year career with UDG Healthcare plc, where she held several senior finance roles of increasing responsibility. Over her 19-year career in the life sciences industry, as a transformative leader, Louise has been at the forefront of adapting and evolving finance functions in a rapidly changing business landscape. Louise trained as an accountant in KPMG, having received a BBS, Finance, Economics and Business in Trinity College Dublin. Additionally, it was announced in July that Simon Dunne, Chief Accounting Officer of Trinity Biotech, would be leaving the Company in late August 2024. Contingency relating to the sale of Fitzgerald Industries On April 27, 2023, the Company announced it had closed the sale of Fitzgerald Industries (“Fitzgerald”) to Biosynth for cash proceeds of approximately US$30 million subject to customary adjustments. In August 2024, Biosynth sent the Company a written notice purporting to be a formal breach of warranty claim on the Company but as no supporting evidence was presented to show that a breach of warranty has occurred, it failed to satisfy the requirements of a formal breach of warranty claim as set out in the Share Purchase Agreement. On September 26, 2024, the Company received additional correspondence from Biosynth which we are currently considering. At the date of approval of these financial statements, the Company believes there is no loss or cause of loss and it is disputed whether certain events have occurred or whether those events result in a present obligation. No liability has therefore been recorded for this possible obligation in the Statement of Financial Position as at June 30, 2024. At the Market Offering Agreement In July 2024, the Company entered into an At the Market Offering Agreement (the “Sales Agreement”) with Craig-Hallum Capital Group LLC (“Craig-Hallum”), pursuant to which the Company may sell its ADSs through Craig-Hallum, acting as sales agent. Subject to the terms and conditions of the Sales Agreement, the Company will, from time to time, set the parameters for the sale of ADSs, including any price, time or size limits or other customary parameters or conditions, and Craig-Hallum will use its commercially reasonable efforts to sell the ADSs when requested by the Company. The Company will pay Craig Hallum a commission equal to 3.0% of the gross sales price of ADSs sold. Sales of the ADSs under the Sales Agreement may be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The ADSs are sold pursuant to the Company’s Registration Statement on Form F-3, which became effective on June 28, 2023. On July 12, 2024, the Company filed a Prospectus Supplement with the SEC relating to the offering of up to US$5,500,000 in ADSs pursuant to the Sales Agreement and on August 29, 2024, the Company filed another Prospectus Supplement with the SEC relating to the offering of up to an additional US$1,870,000 in ADSs pursuant to the Sales Agreement. On September 24, 2024, the Company acquired Metabolomic Diagnostics, a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, located in Ireland. The deal values Metabolomic Diagnostics with an enterprise value of approximately $1.3 million with the consideration consisting of just over 270,000 Trinity Biotech plc’s ADS with the balance of consideration being in cash and the assumption of liabilities. |
AUTHORISATION FOR ISSUE
AUTHORISATION FOR ISSUE | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Authorisation For Issue [Abstract] | |
AUTHORISATION FOR ISSUE | 18. AUTHORISATION FOR ISSUE These Group consolidated condensed interim financial statements were authorised for issue by the Board of Directors on September 30, 2024. |
BASIS OF PREPARATION AND ACCO_2
BASIS OF PREPARATION AND ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract] | |
BASIS OF PREPARATION AND ACCOUNTING POLICIES | 2. BASIS OF PREPARATION AND ACCOUNTING POLICIES These Consolidated Condensed Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting” as issued by the International Accounting Standard Board (“IASB”) and as adopted by the European Union (“EU”). The accounting policies used in the preparation of these Consolidated Condensed Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2023. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2023, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB and in conformity with IFRS as adopted by the EU. None of the accounting pronouncements applicable after December 31, 2023 and as of the date of these Consolidated Condensed Interim Financial Statements had a material effect on the Company’s financial condition or the results of its operations. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of operating segments [abstract] | |
Schedule of revenue by major product group | Six-month period ended Revenue June 30,2024 US$‘000 June 30,2023 US$‘000 Clinical laboratory goods 20,397 21,367 Clinical laboratory services 2,582 3,114 Point-of-care products 7,568 4,246 30,547 28,727 |
Schedule of segment results by geographical area | Rest of World Americas Ireland Other Total Six-month period ended June 30, 2024 US$‘000 US$‘000 US$‘000 US$‘000 Result before restructuring costs, impairment and unallocated expenses (1,050 ) (2,268 ) (26 ) (3,344 ) Restructuring costs (1,303 ) (636 ) - (1,939 ) Impairment (446 ) - - (446 ) Result after restructuring costs and impairment (2,799 ) (2,904 ) (26 ) (5,729 ) Unallocated expenses * (1,364 ) Operating loss (7,093 ) Net financing expense (3,045 ) Loss before tax (10,138 ) Income tax credit 64 Loss for the period on continuing operations (10,074 ) Profit for the period on discontinued operations - Loss for the six-month period (10,074 ) Rest of World Americas Ireland Other Total Six-month period ended June 30, 2023 US$‘000 US$‘000 US$‘000 US$‘000 Result before restructuring costs, impairment and unallocated expenses (3,129 ) (3,140 ) (8 ) (6,277 ) Restructuring costs - - - - Impairment (10,815 ) - - (10,815 ) Result after impairment (13,944 ) (3,140 ) (8 ) (17,092 ) Unallocated expenses * (1,679 ) Operating loss (18,771 ) Net financing expense (6,158 ) Loss before tax (24,929 ) Income tax credit 278 Loss for the period on continuing operations (24,651 ) Profit for the period on discontinued operations 12,854 Loss for the six-month period (11,797 ) * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. |
Schedule of segment assets and segment liabilities by geographical area | Rest of World Americas Ireland Other Total As at June 30, 2024 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 31,018 55,374 - 86,392 Unallocated assets: Income tax assets (current and deferred) 2,646 Cash and cash equivalents and short-term investments 5,317 Total assets as reported in the Statement of Financial Position 94,355 Segment liabilities 78,328 41,339 19 119,687 Unallocated liabilities: Income tax liabilities (current and deferred) 4,068 Total liabilities as reported in the Statement of Financial Position 123,755 Rest of World Americas Ireland Other Total As at December 31, 2023 US$‘000 US$‘000 US$‘000 US$‘000 Assets and liabilities Segment assets 26,230 26,023 - 52,253 Unallocated assets: Income tax assets (current and deferred) 3,491 Cash and cash equivalents and short-term investments 3,691 Total assets as reported in the Statement of Financial Position 59,435 Segment liabilities 49,398 31,387 20 80,805 Unallocated liabilities: Income tax liabilities (current and deferred) 2,579 Total liabilities as reported in the Statement of Financial Position 83,384 |
FINANCIAL INCOME AND EXPENSES (
FINANCIAL INCOME AND EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Financial Income And Expenses [Abstract] | |
Schedule of financial income and expenses | Six month period ended June 30, 2024 US$‘000 June 30, 2023 US$‘000 Financial income: Fair value adjustments of derivative financial instruments (Note 11) 55 216 55 216 Financial expense: Interest on leases (297 ) (322 ) Penalty for early repayment of senior secured term loan (Note 11) - (905 ) Cash interest on convertible & exchangeable notes (154 ) (154 ) Cash interest on senior secured term loan (Note 11) (4,545 ) (3,781 ) Accretion interest on convertible & exchangeable notes (Note 11) (422 ) (391 ) Accretion on senior secured term loan (Note 11) (1,068 ) (813 ) Accretion interest on contingent liability (24 ) - Fair value adjustments of derivative financial instruments (Note 11) (980 ) (8 ) Capitalization of borrowing costs 824 - EIR catch up adjustment 3,566 - (3,100 ) (6,374 ) Net Financing Expense (3,045 ) (6,158 ) |
IMPAIRMENT CHARGES (Tables)
IMPAIRMENT CHARGES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Impairment Charges And Inventory Provisioning [Abstract] | |
Schedule of impairment charges and inventory provisioning | Six month period ended June 30,2024 June 30,2023 US$’000 US$’000 Impairment of PP&E 446 3,492 Impairment of goodwill and other intangible assets - 5,823 Impairment of financial assets - 1,500 Total impairment loss 446 10,815 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Discontinued [Abstract] | |
Schedule of minimum revenue covenants under that loan | June 30, 2024 US$000 June 30, 2023 US$000 Revenue - 2,784 Expenses - (2,648 ) Operating income - 136 Profit before tax from discontinued operations - 136 Tax expense: Related to current pre-tax profit/(loss) - - Gain on sale of the discontinued operations - 12,718 Profit after tax for the period from discontinued operations - 12,854 June 30, 2024 US$000 June 30, 2023 US$000 Cash received from sale of the discontinued operations net of transaction costs - 29,201 Cash sold as a part of discontinued operations - (775 ) Net cash inflow on date of disposal - 28,426 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Goodwill And Intangible Assets [Abstract] | |
Schedule of goodwill and intangible assets | June 30, 2024 US$000 December 31, 2023 US$000 Cost Goodwill 78,716 66,645 Development costs 140,811 127,365 Patents and licenses 8,694 8,694 Other 19,944 19,202 Total cost 248,165 221,906 Less accumulated amortization and impairment (206,379 ) (205,636 ) Carrying amount 41,786 16,270 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of classes of share capital [line items] | |
Schedule of basic loss per ordinary share | June 30, 2024 June 30, 2023 ‘A’ ordinary shares 183,376,218 152,885,033 Basic (loss)/earnings per share denominator 183,376,218 152,885,033 Reconciliation to weighted average (loss)/earnings per share denominator: Number of ‘A’ Ordinary shares at January 1 165,865,884 164,985,882 Weighted average number of ‘A’ Ordinary shares issued during the year 30,065,934 454,751 Weighted average number of treasury shares (12,555,600 ) (12,555,600 ) Basic (loss)/earnings per share denominator 183,376,218 152,885,033 |
Schedule of diluted loss per ordinary share | June 30, 2024 June 30, 2023 Potentially Dilutive Instruments: Basic loss per share denominator 183,376,218 152,885,033 Issuable on conversion of Exchangeable notes 38,391 38,391 Issuable on conversion of Convertible note 24,691,358 24,691,358 Issuable on exercise of options - 515,678 Issuable on exercise of warrants - - Diluted loss per share denominator 208,105,967 178,130,460 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Classes of current inventories [abstract] | |
Schedule of inventories | June 30,2024 US$‘000 December 31, 2023 US$‘000 Raw materials and consumables 12,051 10,053 Work-in-progress 5,287 4,498 Finished goods 5,618 5,382 22,956 19,933 |
SHARE OPTIONS AND SHARE WARRA_2
SHARE OPTIONS AND SHARE WARRANTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Share Options And Share Warrants [Abstract] | |
Schedule of grants of share options and warrants | Options and Weighted- price US$ Exercise price range US$ warrants ‘A’ Ordinary Shares Per ‘A’ Ordinary Share Per ‘A’ Ordinary Share Outstanding January 1, 2023 44,814,672 0.47 0.19 –2.43 Granted 3,000,000 0.25 0.25 –0.25 Exercised (880,000 ) 0.19 0.19 –0.19 Expired / Forfeited (280,000 ) 2.43 2.43 –2.43 Outstanding at June 30, 2023 46,654,672 0.45 0.19 –1.74 Exercisable at June 30, 2023 16,961,339 0.29 0.19 –1.74 Outstanding January 1, 2024 46,914,672 0.39 0.12 –1.34 Granted 12,100,000 0.14 0.14 –0.14 Exercised - - - Expired / Forfeited - - - Outstanding at June 30, 2024 59,014,672 0.35 0.12 –1.34 Exercisable at June 30, 2024 24,029,255 0.58 0.12 –1.34 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about borrowings [line items] | |
Schedule of movement in the derivative financial asset | US$000 Balance at January 1, 2024 178 Event driven movement in derivative financial asset 24 Fair value adjustments in the period (9 ) Non-current asset at June 30, 2024 193 |
Schedule of movement in the derivative financial liability | US$000 Balance at January 1, 2024 (526 ) Event driven movement in derivative financial liability - Fair value adjustments in the period (918 ) Non-current liability at June 30, 2024 (1,444 ) |
Senior Secured Term Loan & 7-year Convertible Note [Member] | |
Disclosure of detailed information about borrowings [line items] | |
Schedule of movement in debt securities | Six-month period ended June 30, 2024 US$000 Year ended December 31, 2023 US$000 Balance at start of period (40,109 ) (44,301 ) Cash drawdown (28,500 ) (5,000 ) Loan origination costs 325 194 Derivative financial liability at date of issue - 90 Derivative financial asset at date of issue (24 ) (11 ) Accretion interest (1,068 ) (1,131 ) Cash repayment of principal - 10,050 EIR Catch up adjustment 3,567 - Balance at end of period (65,809 ) (40,109 ) |
7-year Convertible Note [Member] | |
Disclosure of detailed information about borrowings [line items] | |
Schedule of movement in debt securities | Six-month period ended June 30, 2024 US$000 Year ended December 31, 2023 US$000 Balance at start of period (14,542 ) (13,746 ) Accretion interest (422 ) (796 ) Balance at end of period (14,964 ) (14,542 ) |
Exchangeable Notes [Member] | |
Disclosure of detailed information about borrowings [line items] | |
Schedule of movement in debt securities | Six-month period ended June 30, 2024 US$000 Year ended December 31, 2023 US$000 Balance at start of period (210 ) (210 ) Balance at end of period (210 ) (210 ) |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of classes of share capital [abstract] | |
Schedule of share capital | Six-months ended June 30, 2024 Year ended December 31, 2023 Class ‘A’ Ordinary shares Class ‘A’ Ordinary shares In thousands of shares In issue at January 1 165,866 164,986 Issued for cash - 880 Issued as consideration for Waveform acquisition (a) 36,000 - At period end 201,866 165,866 Six-months ended June 30, 2024 Year ended December 31, 2023 ADS ADS In thousands of ADSs Balance at January 1 8,293 8,249 Issued for cash - 44 Issued as consideration for Waveform acquisition (a) 1,800 - At period end 10,093 8,293 The amounts in the tables above are inclusive of Treasury Shares. The number of Treasury Shares is as follows: Six-months ended June 30, 2024 Year ended December 31, 2023 Class ‘A’ Treasury shares Class ‘A’ Treasury shares In thousands of shares Balance at January 1 12,556 12,556 Purchased during period - - At period end 12,556 12,556 Six-months ended June 30, 2024 Year ended December 31, 2023 ADS Treasury shares ADS Treasury shares In thousands of ADSs Balance at January 1 628 628 Purchased during period - - At period end 628 628 (a) During the six-months ended June 30, 2024, the Company issued 36,000,000 ‘A’ Ordinary shares (1,800,000 ADSs) to Perceptive as partial consideration for the acquisition of the Waveform assets. |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Fair Value Measurement [Abstract] | |
Schedule of classification of each class of financial assets/liabilities | Level 1 Level 2 Total carrying amount Fair Value US$’000 US$’000 US$’000 US$’000 June 30, 2024 Loans and receivables at amortised cost Trade receivables 12,658 - 12,658 12,658 Cash and cash equivalents 5,317 - 5,317 5,317 Finance lease receivable 43 - 43 43 18,018 - 18,018 18,018 Liabilities at amortised cost Senior secured term loan - (65,809 ) (65,809 ) (65,809 ) Convertible loan note - (14,964 ) (14,964 ) (14,964 ) Exchangeable note - (210 ) (210 ) (210 ) Lease liabilities (12,352 ) - (12,352 ) (12,352 ) Trade and other payables (excluding deferred income) (23,061 ) - (23,061 ) (23,061 ) Provisions (50 ) - (50 ) (50 ) (35,463 ) (80,983 ) (116,446 ) (116,446 ) Fair value through profit and loss (FVPL) Derivative liability – warrants - (1,444 ) (1,444 ) (1,444 ) Derivative asset – prepayment option - 193 193 193 - (1,251 ) (1,251 ) (1,251 ) (17,445 ) (82,234 ) (99,679 ) (99,679 ) Level 1 Level 2 Total carrying amount Fair Value US$’000 US$’000 US$’000 US$’000 December 31, 2023 Loans and receivables at amortised cost Trade receivables 10,698 - 10,698 10,698 Cash and cash equivalents 3,691 - 3,691 3,691 Finance lease receivable 155 - 155 155 14,544 - 14,544 14,544 Liabilities at amortised cost Senior secured term loan - (40,109 ) (40,109 ) (40,109 ) Convertible note - (14,542 ) (14,542 ) (14,542 ) Exchangeable note - (210 ) (210 ) (210 ) Lease liabilities (12,566 ) - (12,566 ) (12,566 ) Trade and other payables (excluding deferred income) (12,752 ) - (12,752 ) (12,752 ) Provisions (50 ) - (50 ) (50 ) (25,368 ) (54,861 ) (80,229 ) (80,229 ) Fair value through profit and loss (FVTPL) Derivative liability – warrants - (526 ) (526 ) (526 ) Derivative asset – prepayment option - 178 178 178 - (348 ) (348 ) (348 ) (10,824 ) (55,209 ) (66,033 ) (66,033 ) |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of assets acquired and liabilities, fair values at acquisition date | US$’000 Fair Value of Consideration Cash 12,500 Equity Instruments (1.8m ADSs) 3,960 Contingent Consideration Arrangement 6,760 23,220 Recognized amounts of identifiable net assets Non-current assets Property, plant and equipment 1,569 Other intangible assets 9,360 Financial assets 9 Total non-current assets 10,938 Current assets Inventory 1,296 Other receivables 135 Total current assets 1,431 Current liabilities Trade and other payables (50 ) Total current liabilities (50 ) Non-current liabilities Deferred tax liability (1,170 ) Total non-current liabilities (1,170 ) Identifiable net assets 11,149 Goodwill on acquisition 12,071 Consideration settled in cash 12,500 Acquisition costs charged to expenses 1,516 Net cash paid relating to the acquisition 14,016 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Revenue by Major Product Group) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of products and services [line items] | ||
Revenue | $ 30,547 | $ 28,727 |
Clinical laboratory goods [Member] | ||
Disclosure of products and services [line items] | ||
Revenue | 20,397 | 21,367 |
Clinical laboratory services [Member] | ||
Disclosure of products and services [line items] | ||
Revenue | 2,582 | 3,114 |
Point-of-Care products [Member] | ||
Disclosure of products and services [line items] | ||
Revenue | $ 7,568 | $ 4,246 |
SEGMENT INFORMATION (Schedule_2
SEGMENT INFORMATION (Schedule of Segment Results by Geographical Area) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Result before impairment and unallocated expenses | $ (3,344) | $ (6,277) | |
Restructuring costs | (1,939) | 0 | |
Impairment | (446) | (10,815) | |
Result after impairment | (5,729) | (17,092) | |
Unallocated Expenses | [1] | (1,364) | (1,679) |
Operating loss | (7,093) | (18,771) | |
Net financing expense | (3,045) | (6,158) | |
Loss before tax | (10,138) | (24,929) | |
Income tax credit | 64 | 278 | |
Loss for the period on continuing operations | (10,074) | (24,651) | |
Profit for the period from discontinued operations | 0 | 12,854 | |
Loss for the nine-month period | (10,074) | (11,797) | |
Americas [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Result before impairment and unallocated expenses | (1,050) | (3,129) | |
Restructuring costs | (1,303) | 0 | |
Impairment | (446) | (10,815) | |
Result after impairment | (2,799) | (13,944) | |
Ireland [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Result before impairment and unallocated expenses | (2,268) | (3,140) | |
Restructuring costs | (636) | 0 | |
Impairment | 0 | 0 | |
Result after impairment | (2,904) | (3,140) | |
Other Countries [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Result before impairment and unallocated expenses | (26) | (8) | |
Restructuring costs | 0 | 0 | |
Impairment | 0 | 0 | |
Result after impairment | $ (26) | $ (8) | |
[1]Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. |
SEGMENT INFORMATION (Schedule_3
SEGMENT INFORMATION (Schedule of Segment Assets and Segment Liabilities by Geographical Area) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Assets and liabilities | ||||
Segment assets | $ 86,392 | $ 52,253 | ||
Unallocated assets: | ||||
Income tax assets (current and deferred) | 2,646 | 3,491 | ||
Cash and cash equivalents and short-term investments | 5,317 | 3,691 | $ 14,228 | $ 6,578 |
Total assets as reported in the Statement of Financial Position | 94,355 | 59,435 | ||
Segment liabilities | 119,687 | 80,805 | ||
Unallocated liabilities: | ||||
Income tax liabilities (current and deferred) | 4,068 | 2,579 | ||
Total liabilities as reported in the Statement of Financial Position | 123,755 | 83,384 | ||
Americas [Member] | ||||
Assets and liabilities | ||||
Segment assets | 31,018 | 26,230 | ||
Unallocated assets: | ||||
Segment liabilities | 78,328 | 49,398 | ||
Ireland [Member] | ||||
Assets and liabilities | ||||
Segment assets | 55,374 | 26,023 | ||
Unallocated assets: | ||||
Segment liabilities | 41,339 | 31,387 | ||
Other Countries [Member] | ||||
Assets and liabilities | ||||
Segment assets | 0 | 0 | ||
Unallocated assets: | ||||
Segment liabilities | $ 19 | $ 20 |
FINANCIAL INCOME AND EXPENSES_2
FINANCIAL INCOME AND EXPENSES (Schedule of Financial Income (Expenses), Net) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Income Abstract | ||
Non-cash financial income | $ 55 | $ 216 |
Financial income | 55 | 216 |
Financial expense: | ||
Interest on leases | (297) | (322) |
Penalty for early repayment of senior secured term loan | 0 | (905) |
Cash interest on convertible & exchangeable notes | (154) | (154) |
Cash interest on senior secured term loan | (4,545) | (3,781) |
Accretion interest on convertible & exchangeable notes | (422) | (391) |
Accretion on senior secured term loan | (1,068) | (813) |
Accretion interest on contingent liability | (24) | 0 |
Fair value adjustments of derivative financial instruments | (980) | (8) |
Capitalization of borrowing costs | 824 | 0 |
EIR catch up adjustment | 3,566 | 0 |
Financial expense | 3,100 | 6,374 |
Net Financing Expense | $ (3,045) | $ (6,158) |
IMPAIRMENT CHARGES (Narrative)
IMPAIRMENT CHARGES (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure Of Impairment Charges And Inventory Provisioning [Abstract] | ||
Impairment loss | $ 446 | $ 10,815 |
IMPAIRMENT CHARGES (Schedule of
IMPAIRMENT CHARGES (Schedule of Statement of Operation) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Selling, General & Administration Expenses Abstract | ||
Impairment of PP&E | $ 446 | $ 3,492 |
Impairment of goodwill and other intangible assets | 0 | 5,823 |
Impairment of financial assets | 0 | 1,500 |
Total impairment loss | $ 446 | $ 10,815 |
DISCONTINUED OPERATIONS (Narrat
DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended |
Apr. 30, 2023 | Jun. 30, 2024 | |
Disclosure of classes of share capital [line items] | ||
Proceeds of sale to repayments | $ 11,000,000 | |
Proceeds from senior secured debt | 10,100,000 | |
Amount of repayment penalty | $ 905,000 | |
Biosynth [Member] | ||
Disclosure of classes of share capital [line items] | ||
Cash Proceeds from discontinued operations | $ 30,000,000 |
DISCONTINUED OPERATIONS (Schedu
DISCONTINUED OPERATIONS (Schedule of Revenue Covenants Under that Loan) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
loss on re-measurement re-measurement of assets and liabilities: | ||
Revenues | $ 30,547 | $ 28,727 |
Finance costs | 3,100 | 6,374 |
Profit before tax from discontinued operations | (10,138) | (24,929) |
Tax expense: | ||
Profit after tax for the period from discontinued operations | 0 | 12,854 |
Senior Secured Term Loan Credit Facility [Member] | Discontinued Operations [Member] | ||
loss on re-measurement re-measurement of assets and liabilities: | ||
Revenues | 0 | 2,784 |
Expenses | 0 | (2,648) |
Operating income | 0 | 136 |
Profit before tax from discontinued operations | 0 | 136 |
Tax expense: | ||
Related to current pre-tax profit/(loss) | 0 | 0 |
Gain on sale of the discontinued operations | 0 | 12,718 |
Profit after tax for the period from discontinued operations | 0 | 12,854 |
The net cashflows generated from the sale of Fitzgerald Industries International Inc are, as follows: | ||
Cash received from sale of the discontinued operations net of transaction costs | 0 | 29,201 |
Cash sold as a part of discontinued operations | 0 | (775) |
Net cash inflow on date of disposal | $ 0 | $ 28,426 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Disclosure Of Goodwill And Intangible Assets [Abstract] | |
Decrease in gross intangible assets | $ 26,280,000 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill and intangible assets | $ 41,786 | $ 16,270 |
Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill and intangible assets | 248,165 | 221,906 |
Accumulated amortization and impairment [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill and intangible assets | (206,379) | (205,636) |
Carrying amounts [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill and intangible assets | 41,786 | 16,270 |
Goodwill [Member] | Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill and intangible assets | 78,716 | 66,645 |
Development cost [Member] | Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill and intangible assets | 140,811 | 127,365 |
Patents and licences [Member] | Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill and intangible assets | 8,694 | 8,694 |
Other [Member] | Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill and intangible assets | $ 19,944 | $ 19,202 |
LOSS PER SHARE (Narrative) (Det
LOSS PER SHARE (Narrative) (Details) $ in Thousands, shares in Millions | 6 Months Ended | ||
Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jan. 31, 2024 shares | |
Disclosure of classes of share capital [line items] | |||
Loss for the period (all attributable to owners of the parent) | $ | $ (10,074) | $ (11,797) | |
Number of ordinary shares used in calculating basic earnings per share | 183,376,218 | 152,885,033 | |
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Loss for the period (all attributable to owners of the parent) | $ | $ 10,074 | $ 11,797 | |
Number of ordinary shares used in calculating basic earnings per share | 183,376,218 | 152,885,033 | |
Class A Ordinary shares [Member] | Waveform Technologies, Inc. [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued for acquisition | 36 |
LOSS PER SHARE (Schedule of bas
LOSS PER SHARE (Schedule of basic loss per ordinary share) (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings per share [line items] | ||
Basic (loss)/earnings per share denominator | 183,376,218 | 152,885,033 |
Reconciliation to weighted average (loss)/earnings per share denominator: | ||
Basic (loss)/earnings per share denominator | 183,376,218 | 152,885,033 |
Class A Ordinary shares [Member] | ||
Earnings per share [line items] | ||
Basic (loss)/earnings per share denominator | 183,376,218 | 152,885,033 |
Reconciliation to weighted average (loss)/earnings per share denominator: | ||
Number of shares at January 1 | 165,865,884 | 164,985,882 |
Weighted average number of shares issued during the year | 30,065,934 | 454,751 |
Weighted average number of treasury shares | (12,555,600) | (12,555,600) |
Basic (loss)/earnings per share denominator | 183,376,218 | 152,885,033 |
LOSS PER SHARE (Schedule of Dil
LOSS PER SHARE (Schedule of Diluted Loss Per Ordinary Share) (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract] | ||
Basic EPS Denominator | 183,376,218 | 152,885,033 |
Class A Ordinary shares [Member] | ||
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract] | ||
Basic EPS Denominator | 183,376,218 | 152,885,033 |
Issuable on conversion of Exchangeable notes | 38,391 | 38,391 |
Issuable on conversion of Convertible notes | 24,691,358 | 24,691,358 |
Issuable on exercise of options | 0 | 515,678 |
Issuable on exercise of warrants | 0 | 0 |
Basic (loss)/earnings per share denominator | 208,105,967 | 178,130,460 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Classes of current inventories [abstract] | ||
Inventories net of provisions | $ 10,531,000 | $ 11,344,000 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 12,051 | $ 10,053 |
Work-in-progress | 5,287 | 4,498 |
Finished goods | 5,618 | 5,382 |
Total inventories | $ 22,956 | $ 19,933 |
SHARE OPTIONS AND SHARE WARRA_3
SHARE OPTIONS AND SHARE WARRANTS (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jan. 31, 2024 $ / shares shares | Jun. 30, 2024 USD ($) shares $ / shares shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2023 shares | Dec. 31, 2022 shares | |
Disclosure of classes of share capital [line items] | |||||
Share-based payments | $ | $ 926 | $ 2,339 | |||
Share option [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Share-based payments | $ | $ 926,000 | $ 2,339,000 | |||
Class A Ordinary shares [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of Options | 59,014,672 | 46,654,672 | 46,914,672 | 44,814,672 | |
Class A Ordinary shares [Member] | Share option [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of Options | 12,100,000 | ||||
Contingently issuable shares | 6,250,000 | ||||
Class A Ordinary shares [Member] | Continuous Glucose Monitoring [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares of warrant outstanding | 1,200,000 | ||||
Exercise price of warrants | $ / shares | $ 0.11 | ||||
Class A Ordinary shares [Member] | Term Loan Facility [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Ordinary shares of warrant outstanding | 10,000,000 | ||||
Number of warrants issued | 1,000,000 | ||||
Exercise price of warrants | $ / shares | $ 0.11 | ||||
American depositary share [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of Options | 2,950,734 |
SHARE OPTIONS AND SHARE WARRA_4
SHARE OPTIONS AND SHARE WARRANTS (Schedule of Grants of Share Options and Warrants) (Details) - Class A Ordinary shares [Member] | 6 Months Ended | |
Jun. 30, 2024 shares $ / shares | Jun. 30, 2023 shares $ / shares | |
Options And Warrants [Abstract] | ||
Outstanding Beginning Balance | shares | 46,914,672 | 44,814,672 |
Granted | shares | 12,100,000 | 3,000,000 |
Exercised | shares | 0 | (880,000) |
Forfeited | shares | 0 | (280,000) |
Outstanding at end of year | shares | 59,014,672 | 46,654,672 |
Exercisable at end of year | shares | 24,029,255 | 16,961,339 |
Weighted Average exercise price | ||
Outstanding Beginning Balance | $ 0.39 | $ 0.47 |
Granted | 0.14 | 0.25 |
Exercised | 0 | 0.19 |
Forfeited | 0 | 2.43 |
Outstanding at end of year | 0.35 | 0.45 |
Exercisable at end of year | 0.58 | 0.29 |
Bottom of range [member] | ||
Weighted Average exercise price | ||
Outstanding Beginning Balance | 0.12 | 0.19 |
Granted | 0.14 | 0.25 |
Exercised | 0.19 | |
Forfeited | 2.43 | |
Outstanding at end of year | 0.12 | 0.19 |
Exercisable at end of year | 0.12 | 0.19 |
Top of range [member] | ||
Weighted Average exercise price | ||
Outstanding Beginning Balance | 1.34 | 2.43 |
Granted | 0.14 | 0.25 |
Exercised | 0.19 | |
Forfeited | 2.43 | |
Outstanding at end of year | 1.34 | 1.74 |
Exercisable at end of year | $ 1.34 | $ 1.74 |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 31, 2024 | May 31, 2022 | May 22, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Convertible loan note | $ 14,964,000 | $ 14,542,000 | |||||
Repayment penalty | 0 | $ (905,000) | |||||
Fair value remeasurement for derivative financial balances | 900,000 | ||||||
Equity Component Of Convertible Note | $ 6,709,000 | 6,709,000 | |||||
Amendment and restatement of term loan [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Increase term loan | $ 22,000,000 | ||||||
Outstanding term loan | 12,500,000 | ||||||
Remaining amount available for general corporate purposes | 9,500,000 | ||||||
Additional liquidity of amended term loan | $ 6,500,000 | ||||||
Percentage of secured overnight financing rate | 4% | ||||||
Reduction in base rate of secured overnight financing rate | 2.50% | ||||||
Outstanding principal in base rate of secured overnight financing rate | 6.25% | ||||||
Amended Term Loan | $ 35,000,000 | ||||||
Amendment and restatement of term loan [Member] | Class A Ordinary shares [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Issuance Of Warrants For Additional Ads | 10,000,000 | ||||||
Additional Warrants Issued | 10,000,000 | ||||||
Repricing Of Existing Warrants For Ads | $ 0.11 | ||||||
Amendment and restatement of term loan [Member] | American depositary share [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Issuance Of Warrants For Additional Ads | 500,000 | ||||||
Additional Warrants Issued | 500,000 | ||||||
Repricing Of Existing Warrants For Ads | $ 2.2 | ||||||
Amendment and restatement of term loan [Member] | Minimum [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate | 2.50% | ||||||
Reduction of Amended Term Loan early repayment of penalty | 7% | ||||||
Reduction of Amended Term Loan dependent timing of early repayment penalty | 3.50% | ||||||
Amendment and restatement of term loan [Member] | Maximum [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate | 8.75% | ||||||
Reduction of Amended Term Loan early repayment of penalty | 8% | ||||||
Reduction of Amended Term Loan dependent timing of early repayment penalty | 4% | ||||||
IFRS 9 [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Accretion interest adjustment | $ 400,000 | ||||||
Borrowings, closing carrying value | 15,000,000 | ||||||
Convertible loan note | 6,700,000 | ||||||
MiCo Ltd [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | $ 45,200,000 | ||||||
Equity Component Of Convertible Note | $ 25,200,000 | ||||||
MiCo Ltd [Member] | Unsecured junior convertible note [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Principal Amount Loaned | $ 20,000,000 | ||||||
Senior secured term loan [Member] | Non Current Liabilities [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Repayment of term loan | 0 | 10,050,000 | |||||
Accretion interest | (1,068,000) | (1,131,000) | |||||
Fair value of derivative financial asset | 193,000 | ||||||
Fair value of derivative financial liability | 1,400,000 | ||||||
Remaining amount of loan | 65,809,000 | 40,109,000 | $ 44,301,000 | ||||
Principal Amount Loaned | 28,500,000 | $ 5,000,000 | |||||
Exchangeable Senior Notes [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Total exchangeable notes percentage | 99.70% | ||||||
Remaining amount of loan | $ 210,000 | ||||||
Convertible Notes [Member] | MiCo Ltd [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate | 1.50% | ||||||
Convertible notes conversion basis description | The convertible note mandatorily converts into ADSs if the volume weighted average price of the Company’s ADSs is at or above US$16.20 for any five consecutive Nasdaq trading days. For further details on the convertible note, refer to the Company’s Form 6-K filings with the SEC on April 11, 2022. |
BORROWINGS (Schedule of Movemen
BORROWINGS (Schedule of Movement in the Term Loan and the 7-year Convertible Notes) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of fair value measurement of liabilities [line items] | |||
Eir Catch Up Adjustment | $ 3,566 | $ 0 | |
Non-current liability [Member] | Senior secured term loan [Member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Balance at January 1 | (40,109) | (44,301) | $ (44,301) |
Cash drawdown | (28,500) | (5,000) | |
Loan origination costs | 325 | 194 | |
Derivative financial liability at date of issue | 0 | 90 | |
Derivative financial asset at date of issue | (24) | (11) | |
Accretion interest | (1,068) | (1,131) | |
Cash repayment of principal | 0 | 10,050 | |
Eir Catch Up Adjustment | 3,567 | 0 | |
Balance at end of the period | (65,809) | (40,109) | |
Non-current liability [Member] | 7-year Convertible Note [Member] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Balance at January 1 | (14,542) | $ (13,746) | (13,746) |
Accretion interest | (422) | (796) | |
Balance at end of the period | $ (14,964) | $ (14,542) |
BORROWINGS (Schedule of Movem_2
BORROWINGS (Schedule of Movement in the Derivative Financial Asset) (Details) - Non Current Assets [Member] - Derivative Financial Asset [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Disclosure of fair value measurement of liabilities [line items] | |
Balance at beginning of the period | $ 178 |
Event driven movement in derivative financial asset | 24 |
Fair value adjustments in the period | (9) |
Balance at end of the period | $ 193 |
BORROWINGS (Schedule of Movem_3
BORROWINGS (Schedule of Movement in the Derivative Financial Liability) (Details) - Non-current liability [Member] - Derivative Financial Liability [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Disclosure of fair value measurement of liabilities [line items] | |
Balance at January 1 | $ (526) |
Event driven movement in derivative financial liability | 0 |
Fair value adjustments in the period | (918) |
Balance at end of the period | $ (1,444) |
BORROWINGS (Schedule of Movem_4
BORROWINGS (Schedule of Movement in the Exchangeable Notes balance) (Details) - Exchangeable Senior Notes [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of fair value measurement of liabilities [line items] | ||
Balance at end of the period | $ (210,000) | |
Current Liabilities [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Balance at January 1 | (210,000) | $ (210,000) |
Balance at end of the period | $ (210,000) | $ (210,000) |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | ||
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Issued for cash | [1] | 0 | 880 |
Class A Ordinary shares [Member] | Waveform Technologies, Inc. [Member] | |||
Disclosure of classes of share capital [line items] | |||
Issued for cash | 36,000,000 | ||
ADS Treasury shares [Member] | Waveform Technologies, Inc. [Member] | |||
Disclosure of classes of share capital [line items] | |||
Issued for cash | 1,800,000 | ||
[1]During the nine-months ended September 30, 2023, the Company issued 880,000 ‘A’ ordinary shares upon the exercise of employee share options for a consideration of US$0.2 million. The Company incurred expenses of US$11,000 in connection with the issuances. |
SHARE CAPITAL (Schedule of Shar
SHARE CAPITAL (Schedule of Share Capital) (Details) - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | ||
Class A Ordinary shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
In issue at January 1 | 165,866 | 164,986 | |
Issued for cash | [1] | 0 | 880 |
Issued as consideration for Waveform acquisition | 36,000 | 0 | |
In issue at December 31 | 201,866 | 165,866 | |
American depositary share [Member] | |||
Disclosure of classes of share capital [line items] | |||
In issue at January 1 | 8,293 | 8,249 | |
Issued for cash | 0 | 44 | |
Issued as consideration for Waveform acquisition | 1,800 | 0 | |
In issue at December 31 | 10,093 | 8,293 | |
Class A Treasury shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at January 1 | 12,556 | 12,556 | |
Purchased during the year | 0 | 0 | |
Balance at December 31 | 12,556 | 12,556 | |
ADS Treasury shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at January 1 | 628 | 628 | |
Purchased during the year | 0 | 0 | |
Balance at December 31 | 628 | 628 | |
[1]During the nine-months ended September 30, 2023, the Company issued 880,000 ‘A’ ordinary shares upon the exercise of employee share options for a consideration of US$0.2 million. The Company incurred expenses of US$11,000 in connection with the issuances. |
CAPITAL MANAGEMENT (Schedule of
CAPITAL MANAGEMENT (Schedule of Classification of Each Class of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Loans and receivables at amortised cost | ||
Cash and cash equivalents | $ 5,317 | $ 3,691 |
Liabilities at amortised cost | ||
Convertible loan note | 14,964 | 14,542 |
Exchangeable note | (210) | (210) |
Fair value through profit and loss (FVPL) | ||
Derivative asset – prepayment option | 193 | 178 |
Level 1 [Member] | ||
Loans and receivables at amortised cost | ||
Trade receivables | 12,658 | 10,698 |
Cash and cash equivalents | 5,317 | 3,691 |
Finance lease receivable | 43 | 155 |
Loans and receivables at amortised cost | 18,018 | 14,544 |
Liabilities at amortised cost | ||
Senior secured term loan | 0 | 0 |
Convertible loan note | 0 | 0 |
Exchangeable note | 0 | 0 |
Lease liabilities | (12,352) | (12,566) |
Trade and other payables (excluding deferred income) | (23,061) | (12,752) |
Provisions | (50) | (50) |
Liabilities at amortised cost | (35,463) | (25,368) |
Fair value through profit and loss (FVPL) | ||
Derivative liability – warrants | 0 | 0 |
Derivative asset – prepayment option | 0 | 0 |
Fair value through profit and loss (FVPL) | 0 | 0 |
Financial assets/liabilities | (17,445) | (10,824) |
Level 2 [Member] | ||
Loans and receivables at amortised cost | ||
Trade receivables | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Finance lease receivable | 0 | 0 |
Loans and receivables at amortised cost | 0 | 0 |
Liabilities at amortised cost | ||
Senior secured term loan | (65,809) | (40,109) |
Convertible loan note | (14,964) | (14,542) |
Exchangeable note | (210) | (210) |
Lease liabilities | 0 | 0 |
Trade and other payables (excluding deferred income) | 0 | 0 |
Provisions | 0 | 0 |
Liabilities at amortised cost | (80,983) | (54,861) |
Fair value through profit and loss (FVPL) | ||
Derivative liability – warrants | (1,444) | (526) |
Derivative asset – prepayment option | 193 | 178 |
Fair value through profit and loss (FVPL) | (1,251) | (348) |
Financial assets/liabilities | (82,234) | (55,209) |
Total carrying amount [Member] | ||
Loans and receivables at amortised cost | ||
Trade receivables | 12,658 | 10,698 |
Cash and cash equivalents | 5,317 | 3,691 |
Finance lease receivable | 43 | 155 |
Loans and receivables at amortised cost | 18,018 | 14,544 |
Liabilities at amortised cost | ||
Senior secured term loan | (65,809) | (40,109) |
Convertible loan note | (14,964) | (14,542) |
Exchangeable note | (210) | (210) |
Lease liabilities | (12,352) | (12,566) |
Trade and other payables (excluding deferred income) | (23,061) | (12,752) |
Provisions | (50) | (50) |
Liabilities at amortised cost | (116,446) | (80,229) |
Fair value through profit and loss (FVPL) | ||
Derivative liability – warrants | (1,444) | (526) |
Derivative asset – prepayment option | 193 | 178 |
Fair value through profit and loss (FVPL) | (1,251) | (348) |
Financial assets/liabilities | (99,679) | (66,033) |
Fair Value [Member] | ||
Loans and receivables at amortised cost | ||
Trade receivables | 12,658 | 10,698 |
Cash and cash equivalents | 5,317 | 3,691 |
Finance lease receivable | 43 | 155 |
Loans and receivables at amortised cost | 18,018 | 14,544 |
Liabilities at amortised cost | ||
Senior secured term loan | (65,809) | (40,109) |
Convertible loan note | (14,964) | (14,542) |
Exchangeable note | (210) | (210) |
Lease liabilities | (12,352) | (12,566) |
Trade and other payables (excluding deferred income) | (23,061) | (12,752) |
Provisions | (50) | (50) |
Liabilities at amortised cost | (116,446) | (80,229) |
Fair value through profit and loss (FVPL) | ||
Derivative liability – warrants | (1,444) | (526) |
Derivative asset – prepayment option | 193 | 178 |
Fair value through profit and loss (FVPL) | (1,251) | (348) |
Financial assets/liabilities | $ (99,679) | $ (66,033) |
BUSINESS COMBINATION (Narrative
BUSINESS COMBINATION (Narrative) (Details) - USD ($) | 1 Months Ended | |
Jan. 30, 2024 | Jun. 30, 2024 | |
Disclosure of detailed information about business combination [line items] | ||
Cash transferred | $ 12,500,000 | |
Consideration transferred, acquisition-date fair value | 23,220,000 | |
Contingent consideration | 6,760,000 | |
Biosensor And Continuous Glucose Monitoring [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash transferred | $ 12,500,000 | |
Contingent consideration | 20,000,000 | |
Acquisition-related costs | 1,516,000 | |
Payment of contingent consideration | $ 20,000,000 | |
Description of business combination payments | a US$5.0 million payment if, within the next 12 months after closing, (i) the closing price of the Company’s ADSs does not exceed US$7.50 per ADS for at a least 20 consecutive trading days and (ii) the average daily trading volume of the Company’s ADSs does not equal or exceed 20,000 ADSs for 20 consecutive trading days, and50% of the proceeds received by the Company (up to a maximum payment of additional consideration of US$15.0 million) on our entering into certain commercial partnering agreements with certain glucose pump manufacturers in the next 24 months. | |
Fair value of contingent consideration date of acquisition | $ 6,800,000 | |
Biosensor And Continuous Glucose Monitoring [Member] | Class A Ordinary shares [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Business combination of ordinary shares | 36,000,000 | |
Biosensor And Continuous Glucose Monitoring [Member] | American depositary share [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Business combination of ordinary shares | 1.8 |
BUSINESS COMBINATION (Details)
BUSINESS COMBINATION (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Fair Value of Consideration | |
Cash | $ 12,500 |
Equity Instruments (1.8m ADSs) | 3,960 |
Contingent Consideration Arrangement | 6,760 |
Fair Value of Consideration | 23,220 |
Non-current assets | |
Property, plant and equipment | 1,569 |
Other intangible assets | 9,360 |
Financial assets | 9 |
Total non-current assets | 10,938 |
Current assets | |
Inventory | 1,296 |
Other receivables | 135 |
Total current assets | 1,431 |
Current liabilities | |
Trade and other payables | (50) |
Total current liabilities | (50) |
Non-current liabilities | |
Deferred tax liability | (1,170) |
Total non-current liabilities | (1,170) |
Identifiable net assets | 11,149 |
Goodwill on acquisition | 12,071 |
Consideration settled in cash | 12,500 |
Acquisition costs charged to expenses | 1,516 |
Net cash paid relating to the acquisition | $ 14,016 |
CONTINGENCIES (Narrative) (Deta
CONTINGENCIES (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure Of Commitments And Contingencies [Abstract] | ||
Grant contingencies maximum amount payable | $ 3,291,000 | $ 3,350,000 |
Utilisation period for provisions | one to three years |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) ft² | |
Disclosure of transactions between related parties [line items] | |
Annual rent payable | $ | $ 1.3 |
Mr. O'Caoimh [Member] | |
Disclosure of transactions between related parties [line items] | |
Term of lease | 10-year lease |
Rate of rent per squre foot | 16,000 |
JRJ Investments [Member] | |
Disclosure of transactions between related parties [line items] | |
Term of lease | 25-year |
Mr. O'Caoimh and Dr Walsh [Member] | |
Disclosure of transactions between related parties [line items] | |
Term of lease | 25-year lease |
Rate of rent per squre foot | 43,860 |
POST BALANCE SHEET EVENTS (Narr
POST BALANCE SHEET EVENTS (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |
Minimum value requirement to maintain market value of publicly held shares | $ 15,000,000 |
Deficiency continuation for period of market value of publicly held shares | 30 consecutive business days |
At the Market Offering Agreement (the "Sales Agreement") | |
Disclosure of non-adjusting events after reporting period [line items] | |
Percentage of gross sales price of ADSs sold | 3% |
Amount of offering under sales agreement | $ 5,500,000 |
Amount of additional offering under sales agreement | $ 1,870,000 |
Description of nature of obligation, contingent liabilities | The deal values Metabolomic Diagnostics with an enterprise value of approximately $1.3 million with the consideration consisting of just over 270,000 Trinity Biotech plc’s ADS with the balance of consideration being in cash and the assumption of liabilities. |
Estimated financial effect of contingent liabilities | $ 1,300,000 |