- Earnings call transcript Q3 2022

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Operator

Good day. And welcome to the Trinity Biotech Third Quarter Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. to Partners. conference like Diaz to now Lytham with would turn over the Joe I ahead. go Please

Joe Diaz

Thank you, results thanks which today for Kate. And third ended to joining you the XXXX. review us on for September the of financial quarter of XX, Biotech to Trinity XXXX, all of

Aris a today’s will of Officer; today’s remarks, Chief we and question-and-answer At John Joining us Kekedjian, Officer. conclusion on Gillard, the the for call open session. call are Executive Chief Financial prepared

Trinity questions. Officer, Chief which, John, the your Biotech financial yours. will revise followed events forward-looking the a actual of statements implied that annual the to quarter the Form you in expressed Kekedjian, set After include, over inform call Exchange securities the results or me these with Chief These risks forth circumstances Officer, overall publicly undertakes Mr. let Gillard, those from to begin, Financial additional Executive statements the the in subject known deemed reflect business. -- company’s within we call said, Securities or events. statements report conference to is for statements factor open are occurrence laws. review now known risk obligation floor to statements. after be we call in today me, unanticipated cause and With turn meaning not made the may to, update who or statements, but differ are the Before be in this background federal or on results. excuse He of unknown these revenue and that statements limited that are these uncertainties will those no I will These to provide filed John risks forward-looking Commission. statements such the Aris may will of on XX-F for for by and and the

John Gillard

morning, everyone. Thank Joe. you, Good

you to the quarter XXXX. revenues Starting call. take compared revenues, for XXXX. through will total million later further in results Aris the discuss QX on $XX QX with Now I million, the revenues in $XX.X detail for were will

As discuss the to on of will such, other statement. income I move aspects

from excess obsolescence we statement You charges of that related inventory our and income this $X.X quarter. recorded significant seen to have have will million

As components this amount of material this through quarter, now you is the to charge. will results this the bring I

is Media write-down there of million. a Firstly, Viral $X.X Transport inventory

As products demand the production. to fluid we has have volumes capability conditions diminished, about flex to VTM to manufacturing been hard situation COVID-XX retain earnings should market took for calls, PCR we back and when to warrant. the year, talked Last on products decided our recent relating predict. We

critical meet this we and of we that shortened orders an price materials demand attractive new orders at in of to at able were VTM allow up peak inventory raw ramping strategy, important to a production customers capture part points. and maintained customers to retain fulfill existing was it to As of volume order high

products or this of have in PCR VTM season. significant peaks for seen we far So demand evidence current or not any future

for net inventory be meet value. revised given which maintaining this realizable its We market we written inventory material of of intend estimate is So current now value levels been strategy conditions, sell has of inventory, vast an to Consequently, demand our expected raw majority of of lower the significant to to prices. the down peaks. at

This quality down assurance following materials to policy. certain have the value amounted our relevant review charge work-in-progress excess a written of $XXX,XXX. Secondly, a to and we update raw of and

limit least portfolio. of barrels. instrument haemoglobins The portfolio. approximately haemoglobins review of Tri-stat products, we resources undertook annual on of the We consequently decided amounted portfolio of in With our significant third the Tri-stat allow the and product and charge to this Tri-stat affect strategic final of our is review to to a our product to relates and certain write-down inventory the of part sales XXX,XXX as down value outlook. to to broader $XXX,XXX, a Tri-stat have focus have higher growth simplify of To partnerships. we the inventory sales Consequently, revised written the product us targeted to

what of of gross far I All this mentioned so a have contributed quarter. XX.X% margin to

margin achieved would inventory quarter compared in significant XX.X% for QX these Excluding write-down, XXXX. to been the XX.X%, the have gross

this COVID-XX-related quarters margin Since our tests the in North As was demand to quarter the comparative has this or products. gross mainly period then in strong first in for the in very the sales due fallen portfolio case is year, margins of PCR reduction have America. recorded within two the and COVID significantly

this margin rising to recovery reduced been production prices at gross activity. materials reducing under and for and by due overhead impacted our raw has quarter costs addressed of our Additionally, by labor of negatively manufacturing three problem production the In latter been an at York, facilities the to other process New has manufacturing, facilities. site have done the affected Jamestown, in headcount autoimmune started transferring of Buffalo, site. New in York up we of the now to relation two our product of which We

conditions subject with which In to monitor come to our through allowed opportunities and implement with adjustments in has consistency dealing margin put from objectives. to broader already price rising some sales but increases terms short-term, have price we where the strategic we the erosion, input of prices, additional market continue

was $X.X compared in million Moving on Meanwhile, compared our in expenses to XXXX. quarter, $X QX SG&A to down to approximately were down $XX,XXX quarter QX the $XXX,XXX R&D XXXX. the million, by expenditure, which

as reduce processes. control, and simplification We have of to to head efficiency automation and continue focus on greater cost count we pursue operating continued

and of our expenditures, sales marketing, U.S. with as lifting euro, staff the for travel face-to-face our COVID-related customers and partners marketing of SG&A We additional against key in resume We operational it’s substantial bans. our euro/denominated this important component and also Offsetting related our sales increase travel dollar many are the to stronger expenses. which revenues. believe a and senior travel post trade a from sales staff an interaction is and show benefiting rejuvenating are reducing reflecting

of In have we important operational it our our on aggressively we addition, leaders, recently objectives. believe the can execute so operation which visit have many opportunity key sites, various efficiency to we recruited also is the

We in impairment in development internally reader. reader we as to other third-party including QX XXXX. of quarter $X.X our to options, autoimmune have of potential recorded XXXX, earlier million for X own reader developed The this paused compared with the project proceed instead charges a smart was review the

revisit this determined independent point strategy. Following in third-party complete time, a this impairment through in-house to greater our pursuing value there opportunities of likely $X.X market to more partnering efficient manufacturer this the we million. project were is that’s capture the of own At there uncertainty the we an decision develop if capital Tri-stat. with more were manner smart we in in of why to future, a the share remainder have fully project’s prudence, we The reader may in charge significant that interest and review, impaired carrying autoimmune will the relates reader

portfolio. tangible the As a recognized. the earlier, and for we value an undertook sales within products compared Tri-stat us to zero income only targeted allow $X.X operating in in operating a to review higher Protection we to an and treat broader was reported QX QX will assets. $X.X product quarter certain million haemoglobin’s of profit resulted quarter mentioned -- $X rationalize Tri-stat XXXX. This this over to to part impairment our XXXX the portfolio, PPP be just instrument growth focus the to to have and million, carrying I our an in decided partnerships management of of led will restricted that Program the I on Paycheck resources million point that strategic out has haemoglobins product portfolio income that, comparative of of Tri-stat quarter, order this of of loss review In our as

revenue The are impact in other portfolio inflation margin from overheads. products, that profit the aforementioned under as write-downs COVID-related the charges, inventory our lower well significant and and recovery reduction as of operating of the of contribution and drivers of impairment the

secured XXXX. to with coupon million X% in increase higher the in this $XXX,XXX post of QX borrowed exchangeable albeit lower. XX.X%, approximately net net comparing notes substantially higher borrowers to is amount our with of expense $X.X the replaced when interest Moving exchangeable to expenses on loan $X.X a which We financial rates mainly XXXX, term is to applying now interest the rate QX million interest is senior loan of the rate quarter due The that an expense with compared versus interest replaced. refinancing. In a term the dollar terms, for loans

we cash the and note this interest approximately $XXX,XXX a non-cash XXXX, in is Additionally, expense seven-year and convertible for in QX XXXX. issued debt total

balances derivative tax approximately of was related income the balances loan in had fair adjustments period, million with fair adjustment term profit a is income after comparative $XXX,XXX. a quarter value of $X.X under derivative recorded with notes, $X.X a we thus exchangeable XXXX. In Lastly, compared value in million related of on QX to to to XXXX, we QX which this the the financial on $XXX,XXX, just

of by of million. for of reached compared press I this development, This mainly quarters typically resources ADS Intangible expenditure $X.X prior $X.XXX about In set or $X amount final loss in have of on the we compared now $X.X on charges to ADS we $X.X in in movements the expenditure, profit out amortization QX assets projects seen is since As by capital obsolescence of excess XXXX. quote QX R&D sheet required. main final the some working per I and move reduced the and we several fewer offset The due have will the two Inventories projects $X.XXX up [ph], been which are because as release, decreased million, of main by and XXXX. to mainly of charges to quarters per phase, effectively the equivalent the impairment was recent and XXXX, quarter capitalized balance two made in development phase EPS. significant this million, address ADS million. per a the is additions earnings earlier. partially of have of $XXX,XXX to talked quarter the R&D comprises decreased and of

Excluding our the going level project we area has by this our the focusing is of of on function have and of sales X% an is and optimizing have we our reduced increased targeting, ongoing these end XXXX. chain. on significant This this forward inventory by efficiency are an X% improving mainly at of other provisions, as inventory supply our balances, hand, levels inventory aimed overall the Accounts increased part receivable a the of QX quarter. since effectiveness and

discuss for our will quarter. I the cash flow Finally,

cost of quarter million million to reported balance XXXX. and of Aris in better an comprising quarter the you in $X.X was the it will for spend are base by R&D $X.X this back this operations from a our the increase will outflows compared cash QX to to Interest result we QX cash working from $XXX,XXX year, to $X.X Our XXXX. is PPE capital trimming I the the hand $XXX,XXX revenue. expenditure and flow comparative operations payments million. were to In Capital management. generated decreased first period. compared Thank $XXX,XXX, about $X.X quarter million, Cash and of a now reduction of bring cash who positive you.

Aris Kekedjian

QX we Thank $XX.X to John. revenues a take million. to for for Total like were go the few highlights through quarter. answer you, the any before minutes questions I’d XXXX

QX XXXX marginally and revenues QX COVID-focused QX our compared XXXX. compared products, were PCR -- were X% $XX.X of million QX higher Excluding X% to XXXX up by to

associated have in of and of we the attributable -- XX% timing HIV around to impact strong atypical revenues Uni-Gold both some sequential increase businesses, QX A year-over-year with So haemoglobins [ph] growth Fitzgerald XXXX. sales offset X%. our concentrated of sequential

last business optimized a In momentum our to pricing this Fitzgerald actions year. revenue to at to was about again optimize the changes autoimmune demand addition, increase led that generation year. put compared we same driven throughout through the period reflects and have by XX% and once products we XX% that’s and Quarter-over-quarter capacity in taken

took XX% previously mentioned, in strong a a basis for quarter-over-quarter XX%, some actions and HIV Uni-Gold autoimmune we as growth demand had autoimmune in resulted in products. the also I up on product the the We quarter-over-quarter

We XX% are over products our experiencing Asia-Pac growth haemoglobin America. Asia-Pac particularly revenue and and for over Latin in in in Latin strong a XX% well America, year-over-year demand with

technology variants markets increase our coverage of to has the in for scale in affinity highest where associated area, commercial that limits advantage We haemoglobin excuse this diabetes some rates particular the competitive given propensity continue these in and is with me. at and it and variables mitigates variants, a -- boronate interference our

growth global am in coverage. is focused I to respect that with The thing other on particularly relation our to distributor

bulk a gaps expect we the also meet trend are instrument. expect at its million increases haemoglobin significant distribution including in to global U.S. end momentum -- the instrument our to HIV in Variants FDA revenues Uni-Gold preliminary the continued review lower the I in QX Year. for New in demand, our indicate late the orders share, In test regulatory basis. the seeking and estimates we demand and expected Premier These So annual February Haemoglobin improving Kenya. for our reflecting $XX screen steadily significant company and for Preliminary distributors have QX growth generation from undertaken of of new from in an But around Ethiopia orders on previous placements to run Resolution, quarters. to approval to rate year submitted offset XXX(k) submission August,

to we are. launch XXXX, this line the what XXXX. the instrument, flagship your hopefully, In track, expecting initiated on next-gen in QX in diabetes year product the of November HbAXc development remain of next Premier its expectations and We with company are

system We will stability. the are planned expecting reagent this backward to launch an requires to limited column times feature compatible user that improves and improved system X and calibration is It instrument It up interface capacity revised feature lapse next to of injection integration. and in year. QX

February currently should redesigns product this AXc World associated in margin over lower for business XXXX as us the it HIV algorithm. test task mid-throughput instrument line our TrinScreen of improvement the system the substantial in Health approval recommended give the screening Since haemoglobins conjunction We couple new gross of the will years. addition, this underpin think Health In our product, of launch in cost Organization in the and associated Ministry Kenyan force next first testing Kenya’s development.

pilot that’s We underway. the program conclude expect to current

Ministry and million tests Health going close we in are to a orders to year-end year. of and company X The of to that we We a in expect delivering best ramp end up rapid that QX to partnership with negotiations probably sometime is believe be approximately number innovators.

lateral development distribution leverage our Our and to to is also flow intention channels. and global access capabilities here biological provide our manufacturing

user In efficient evolving early property associated growth, to with addition this interface provides intellectual access capital to concepts. strategy

with manufacturing, on We supply of we earlier. to in-sourcing the the have of streamlining the for explained been implementing improved other products chain and elimination John order enhancements across portfolio. you and optimize loss-making significantly focused design margins what in QX, much In portfolio to legacy inventory,

last where strategy Chain and of the Supply Regulatory reviewed around Quality strategy Officer, company’s driving continue Technology Head and in Sandler tube a consolidate key appointed that multiproduct production I leadership. company leaders, and New facility transfer and our world-class We respectively. critical our outlined all initiatives. Chief the continues Global a attracting our Global The from Canada, Jamestown to York We activities the our manufacturing developing of growth to flexible urine on and with Affairs Burlington, week immunofluorescence focus in Conference, Buffalo, recently new and at focus Piper I

our are will of up look And open It’s the a copy to it think, take on I presentation. that, with we website. at a questions. to You welcome

Operator

Sidoti is [Operator Sidoti Jim Instructions] The go question head. & Company. first from Please of

Jim Sidoti

Hi. for seems product the like investments accelerate have made Good haemoglobin Thanks taking It afternoon. there. some in you growth the pretty line questions. to significant

on expect what in? out the be do look XXXX, If think Instruments markets you you will you market Premier have do different you how to many to and

Aris Kekedjian

numbers will context. Well, plan. you look, with some give let let me give around -- you I context But will some I John associated the the

in or Southeast talking have keeps highest but that’s Latin in It high-growth U.S. actually technology are or significant East America markets diabetes, a the Our U.S., the as not Middle seeing the testing rates outside that of deal be AXc the the technology for is with might growth of it’s where suited somewhat matter, our big the Asia interference whether about is we variant are That you where out unique. perfectly we growth. and that process.

So markets. number that consistent on quite could basis a placing those we of feel a instruments be confident pretty in we

the you razor/razor know, bit math. model, don’t to at gives And to a number some if it’s fair John, supply model. If critical our again, And technology, cost know that, the Now where technology on a lower as are instrument that think, column rates these throughput behind for context use, you we business growth of share us in around blade are, gain a high significant the we opportunity chain. similar TXX give of the rollout time, it’s bit just get same world, I placements to same markets. a in using especially same want some... of lower I the

John Gillard

Yeah.

of numbers, and XXX in year. we efficiency of through has about redesign -- reduce In I’d give terms That a to throughout are the have also the once this of goes expect uplift down year. the placed terms entry COVID of be been right, point, through to XXX instruments and our certainly focused lower a we intent an price historically there have we terms cost like, very this down seen market. would our much instrument, in supply chain reduced

I would redesign would of the increase So reducing run that think those that historical down both those, point, supply the number efficiency, rate. price Jim, we chain from placements of we expect and the

and In got we of placements terms that the the terms the certainly, the Geographically... mid-level XXX be expecting have that be in market. instrument, TXX established a is of once cost in of again, analyzer lower that instrument range in to we would

Aris Kekedjian

surprise from units starting We even in number get later. wouldn’t ahead coming XXX, running unit put expect I product. were okay? sales point, I higher have are annual where have running -- run would the with rate is should we to me are my XXX if and as and we prior the XXXX. TXX team, commercialized. we But still far the we placements John’s properly basis. as with expect, the new COVID, As on similar to the were market up once The be we That’s XXXX, marketing It of we would and we approvals what would of a to to TXX well

if about of placement we So, should a over you ago. products time, levels to compared doubling both doubling be were couple like, years with where we think our

John Gillard

Geographically…

Jim Sidoti

So…

John Gillard

that big, where the concentration the expect Jim, to so we probably we suited of continue labs countries, income those middle variants. with more the big countries and to dispersed are For strongest … okay? testing countries of XXXX, be income a generally more TXX, level kind regime, be of lower will is lower there’s to can in significant higher a probably

So…

Aris Kekedjian

Yeah.

John Gillard

and … of also in type country. on it depends it lab depends economic on factors the the infrastructure

We have spread better gives our a chance even got think a greater to and a have placement spread we good and instrumentation us of global global the TXX diversified base.

Aris Kekedjian

work the think it TXX the on Labs whether we the other there with the are U.S. are but And thing entry interesting they throughput right is some market appropriate opportunity levels in and not now, doing an point. is, the CLIA and we or around

U.S. is that a might January, our that spot there team potentially potentially into features effort with are the So is where of we think And be. redesign to have placements the think make sweet the the really stops revitalization sure in redesign got incorporating but the we we of part of the part we effort, TXX. together

Jim Sidoti

-- systems Premier are by three XXXX, the going at to have will on you the is you But that market, right? versions of like, have it sounds least

Aris Kekedjian

That’s…

John Gillard

Yeah.

Aris Kekedjian

Including… Yeah.

John Gillard

Yeah.

Aris Kekedjian

Including a the plan. That’s Primary Resolution, yeah.

Jim Sidoti

of… And Okay. All in terms right.

Aris Kekedjian

It’s haemoglobins execution and all just about product focused. right very is The focused development, now, for commercialization right rollout. business really now us

Jim Sidoti

to facility continue there of terms consolidate? in is capacity In enough Jamestown to consolidations,

John Gillard

Yeah.

our just Buffalo clear, be site. we are So, closing to not

capability. are expanding manufacturing our We autoimmune

with legacy our site So disease business. historically dealt our has infectious Jamestown

site. that time, of over to a Trinity… a flagged been keep times we business for utility greater was to right? productive that has reason, reduced -- expect And very we continue think for of That I site seeking do of out site to kind are loyal, highly the number we Jamestown get down

Aris Kekedjian

a It’s well. flexible product very site as

up number ramp different down lines. product in You can ramp and of a

a one it at as flexible looking -- in facility We are a these of and ways. site many as swing

John Gillard

that critical. Yeah. okay, increases overall our flexibility that’s so And utilization,

with So portfolio we sites in want are as particular can, trapped depending product. that left demand sites many that costs we at as upon effect inter-quarter for not we so

Aris Kekedjian

Buffalo our around is. the look, And is, honest, expansion intention focus to where our lab. side with be That’s our

way expand for So can autoimmune with that products using and lab aligns we Buffalo lot in capacity a so workforce better so right go. it’s to think Jamestown we actually around dynamics the the

Jim Sidoti

of update Any refinancing portion debt? on remaining Okay. the the

John Gillard

continue a number options. to of We examine

think of be would seek strategic I kind previously, some part as preference. flagged to we transaction that our do as we and of that

the at So different of of a looking that this a context at don’t have a thoughtful critical we to broader focus overly will point on we decision number need options, and strategic make objectives. in

Aris Kekedjian

our… of number A

Jim Sidoti

Okay.

Aris Kekedjian

dialogues first Yeah. coming We various ideas. of kind back quarter -- the be have to that’s of and strategy the around time the most seek different on the strategic been having were or go refinancing a number right about proper those parties early outlining. way move a of we to in for with a probably first That should of other fruition one quarter, then us

Jim Sidoti

little that fourth you like given product bit so, a then Okay. a clear the for sounds lines, I have guidance be weaker like the the of million maybe overall, of guidance want little for And in Fitzgerald, end similar of quarter? of gave like in guidance some or quarter, bit other sounds the seems on to it heard you but correctly, it I at terms last quarter just to you $XX fourth the it stronger that’s

Aris Kekedjian

around rate. $XX run lower roughly, $XX a company out I are we came a okay? year, -- I roughly of was, have I That’s last ballpark. flattening $XX.X the about closing -- will be the million, done million and run the said quarter. little fourth It’s rate in million we think why quarter million I kind are $XX.X baselining what we math,

in we been quarter-to-quarter, initiatives we I in, a kicking The think the days, initiatives have of of where averaging that’s New kind I here kind putting place, start are here lumpy putting we XX Year. been little place have like the that’s in have it’s been out. should but -- in

to tick expect revenue in XXXX. early ups So start we in XXXX seeing profile --

Jim Sidoti

it. right. All Got Thanks.

Aris Kekedjian

Fitzgerald biggest over quarter-to-quarter. -- profile demand Fitzgerald the -- it’s make we It’s to more the swing course was is yeah, distributed the of is the the evenly just year. most, from wanted really sure

We have got inbounds bit Asia a rebounding faster. little and a number be of to seems

we the So we able that stuff, not of fourth banking in the to with were some book Fitzgerald and but that’s on quarter that are major gap.

John Gillard

And Jim, as the some our that you can around and uncertainty we past, out know from orders there’s until the reach value quarter. of large be into

Jim Sidoti

you. Thank Understood.

Aris Kekedjian

You bet.

Operator

question The Equity Nouri next is head. of from go Please Paul Noble Fund.

Paul Nouri

what Hey. could any if am give compared third quarter to gross forward? us margin wondering on I Good the you guidance going be will afternoon.

John Gillard

lot headcount Paul, be the reductions increases. doing input variants and and Not that of stage, there’s honest, moving at this pieces, price at between with really we lot the are moment of to a a PPV

give to reluctant on this. be I’d point, this guidance at So,

Aris Kekedjian

a we It’s at perspective Piper. presentation. I gave the think last in

over targeting two I years three lands. XX% kind That’s base where are next think margin we years, level. gross plan the of our about XX%,

Paul Nouri

the next test you of think you based will based in won Is that on screening or rate that a you manufacturing the year? Okay. press that the And can tenders mentioned do number release. just run that on have you

John Gillard

the this TrinScreen? is The --

Paul Nouri

Yes.

John Gillard

Yeah. That one be would algorithm. from

Kenya. will literally So that be just from

the in So indications recommended. task hopeful force that’s the screening included are suggest we the algorithm. and what will And… all that That’s -- what we and test be as

Aris Kekedjian

well. is pilot going The

the good you have we are indications sets the are go Kenya. and on know, we as to So And ground. teams with all commercial got tone, Kenya,

other when get going stage set a have on we for it’s We rest. believe the the got But do landed, whole that Kenya that really the team the we working to algorithms. ground all

John Gillard

And demand, that’s their annual current of plans. most their been what indicated has right, under

our not So, basis from screening the on capability. yeah, I mean driven driven demand. the it’s our get It’s expected we position. manufacturing from

Paul Nouri

that’s declining how hit for business remain that number a and the China, the business large does lockdowns And of now? in by was years been legacy

John Gillard

yeah, right? million think, than less $X there’s just tapering it’s with quarter, bounce a pregnant pregnancy in -- we and used is probably test we level right? little that, for What around it’s of higher evidence in a I -- that, bit a our infectious a a China screening lot there off, of Paul, back of disease seeing of And some continued are basically is mothers. a And

not grow to will an be are to manufacturing variability area and expecting that So, number, we but that’s that that’s there moving in of why effect capability. that we within our portfolio time, are look, productive over terms

Aris Kekedjian

that significant the respect us with platform, key around as and next-generation are our we type is, chemiluminescence we Look, for a technology disease and rejuvenates around business. autoimmune, examining infectious disease instrumentation especially to believe infectious has synergy alignment potentially

the we do We with being on looking So autoimmune significant next-generation are we at to smart a going do be anything about -- tandem. of basis. infectious we of in that as on that’s in back what think are terms investment in disease. will It

Paul Nouri

what that from approved moving whatever the were pulled point-of-care sell it completely for FDA the and And factors the the in guys plans really syphilis Is and forward? U.S. are your you had of didn’t test syphilis much market

John Gillard

a syphilis demand and product the that third-party distributed high. is on of behalf tests for We

that We are supplier we inherently with But to strategic infectious after ongoing an that costs flow market. of weigh terms the gone development we in have continue all discussions plans. to that element have skill right? of developer Look, disease and and regulatory clearly our have So versus an challenges and costs there’s lateral set. manufacturer,

the moment, of we party a from product performance we with of happy perspective are the at So revenue the but that constantly under are third the -- review, distributing.

Paul Nouri

quarter, Buffalo Okay. the lab and perform And this I Sjogren's in guess, probably, particular, question. How in test? did the last

John Gillard

Yeah.

That’s typically growth to Sjogren's test. in We see have continued quarter-on-quarter growing and…

Aris Kekedjian

couple Sjogren's a so I of you million it back are mean, and revenue. years, XXXX, that’s or from in look it Yeah. $X million $X.X at We just mean up think was of I -- was if what probably it we -- doing XXXX?

John Gillard

yeah, Yeah. mean, I a bit Yeah. lower.

Aris Kekedjian

So…

John Gillard

Significant growth in that.

Aris Kekedjian

have that, we our is marketed significantly and model we that with If work into IP the have And do we Buffalo, I a is focused haven’t lab. opportunities we of our marketed a reference to the we haven’t Sjogren's interesting test. that of really the that where with significantly. can beauty we you, think scale be one and where behind it it, -- put had been I honest forward business Significant the and it’s fact an of going on it, we growing what’s product it’s been key partnership for University all markers some the licensed based on where and

going forward, those think autoimmune a and where into can only can we around develop us I the model that’s tests provide. for we space biomarkers that promising license

So with kind are the space, we between with of partnerships in that autoimmune a companies and pharmaceutical leaning where broader strategy that’s

John Gillard

generally, we the the very, the have we at lab. capabilities very that I focused out and it Aris are And increasing spoke of Paul, lab, set think, about conference, on Piper

have huge We amount infrastructure of there. a

a plays well We have New Certified We having York up in opened kind a that’s of really at-home of terms great post-COVID. asset, that the testing lab. market think

that’s real we So a a Trinity can us kind in transactional the delivers relationship in and way a for help to lose big that of us that strategic can recurring that focus sticky is a value merely value over partner time. right scale way finding than that business rather

that. around strategy our that’s So

Aris Kekedjian

last have disease. real believe I like it’s lab we believe meet it of has growth things nature week the market. does there. And that asset next to something both we specialized the of a needs improving I really have discussed time, on mean, are build around at Piper and capability the we it are the autoimmune to because of And the we visibility the today BXBXC in out plan at several growing same capacity the if valuable years, sitting I of over our to kind what you look the

Paul Nouri

questions. Right. thanks for Well, answering my

Aris Kekedjian

Thanks, Raul.

Operator

Andrew Fargo. next from muted? Wells Instructions] [Operator May Please is of your Andrew question line The go ahead. is

Aris Kekedjian

Kate, don’t on. why move you

Operator

Is to Hello, Andrew. your question-and-answer over back no remarks. questions would our Okay. line Kekedjian additional are concludes for this to Aris I session. time. turn closing This conference muted? the at There like

Aris Kekedjian

my all the to chose out subsequently all to It A by recruited points. by I them of you. control. the is control I There’s and shareholders. has not two Board The clear the reason. shareholder mentality to Group. by first bid a it. to MiCo individual else option raise. the appreciate forward the it by for there addressing Thank seriously and a a They surprised a wanted just not for and Look, assessment about But XXD worth anyone all around proper is the it’s clear are initially foremost, as think stable don’t there recent at are or MiCo work does here. make filing this was to given member as I and situation to tender you My of protect MiCo put economics. the be entitle like I CEO. the I knowledge clear, wasn’t company. give stake a about are facts. rules comment XX%

me of partnerships focus, you about turnaround That’s exciting to for an today. $XXX ambitiously Board, market I the management to is a have all I is us. their say that to find acquire significant shareholders in I’d million. XXXX. focus the remember, that, take price the holidays. value the us situation that about years. attractive ambitious when the had light in opportunities forward potential would instill several to look creation cap clearly like imagine a growth Board team company. had Board also matter, market been then you. the of turnaround Just ambitious joining Enjoy forth compelling and of was operating compelling and It we and several to Trinity that CEO at and and of rigor, put to for MiCo all available the We thank join resources lies Thank me ahead obvious as My with to of to a and Trinity complete the the build asked the rejuvenate me opportunities

John Gillard

everybody. Thanks,

Operator

The conference has now today’s concluded. for Thank presentation. attending you

You may now disconnect.

Trinity Biotech (TRIB) 15 Dec 222022 Q3 Earnings call transcript