TRIB - Earnings call transcript Q1 2024

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Operator

Greetings, and welcome to the Trinity Biotech First Quarter 2024 Earnings Call.

[Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Eric Ribner, Investor Relations for Trinity Biotech. Thank you.

You may begin.

Eric Ribner

much. very Thanks

and on to the Form set those please in risk expressed may company's forth or begin, of Securities statements annual the today during These in Exchange to forward-looking undertakes report but to or circumstances filed made securities not may include, Trinity limited to, or uncertainties events Before these actual occurrence risks and XX-F implied cause deemed factor note in forward-looking the to the presentation events publicly known with subject are Biotech be These statement from unanticipated reflect meaning risks statements of revise after this statements Commission. no and update law. that those obligations results. we differ statements that unknown or within are federal statements. the such

with And Biotech. over John Trinity Gillard, will of CEO it that, I to turn

John Gillard

for Good appreciate you morning, call. in everyone, interest company. We your and thank joining today's the

This quarter, business. pleased are advances our significant made report across being entire we to are

same are the base our delivering higher revenue while, at margins. growing profit We time,

accompanied rapid had test driven by of Point-of-Care XX% output. quarter-on-quarter revenues to We successful basis scaling This quarter-over-quarter. revenue in the point XXX almost growth by was improvement margins a HIV gross

share-based $XX and We in tax EBITDASO. annualized to million earnings costs revenues approximately depreciation, achieve XXXX existing remain business. amortization, with million track by That on of from approximately QX $XX before our is compensation

acquired and main the execution for TrinScreen two, transformation continuous leadership which let from the achievements glucose priority underpinning across CGM the X progressing and new key walk or provide team, some newly based phase long-term our to areas three, details through initiatives growing technology. on comprehensive the key moving HIV of one, Now our strategy more main were: revenue; me planning you monitoring the our for our growth plan;

growing HIV discuss TrinScreen let's Firstly, revenue.

successfully we rapid last particular, our in tests, on in HIV mentioned ramped call, TrinScreen HIV of up I As production QX.

increase impact in our financial Point-of-Care You quarter-on-quarter can results that see an in XX% almost the of with revenue. today's increase

was player prove indeed of A could therefore, customers, in key increase partners to and meet quarter production that we real our TrinScreen our to large market we could orders that in and as priority I'm delighted roll across that. so screening competitors be mine X markets. TrinScreen the our we HIV a new we HIV volume just have multiple report to done out product

securing our out HIV. our And no our the recent in XXXX release, orders and as with successful guidance press set increasing from revenue have us ramp-up provided we doubt more in TrinScreen successful that been tests we have meet those HIV obtain as to manufacture track many are And volumes rapid this to and increasing year on production these May last we May credibility now year. Xx compared further additional orders. to to are in I

still up the dilutive margin ramped of percentage successfully the to on quarter-on-quarter. are the with seeing ramp-up, TrinScreen our I manufacture HIV, TrinScreen contribution. now moves was that significant production margin of percentage driving further efficiency even improvement margin effect Having delighted of we and focus increasing

consumer previously our did see, and announced to working. margins this gross contributed can price increases, you in-house reductions quarter headcount As supply all chain our optimization improved HbAXc are These targeted as initiatives production.

required are These site fully in facilitate We Irish our ramp-up staff team members added any as this investments trained. were XX new earlier January production this approximately the were new into with As the organization. now stages, embedded ramp-up. staff year the in since training to to

incoming equipment; June to downstream b, automation the this and which orders, later repurposing approval chain very for regulatory received sales are and active HIV. additional assembly, in to teams implemented existing opportunities new move margin significantly meet offshore We be our TrinScreen through pursuing of to expect coming TrinScreen c, technical commercial production optimizations; improve in HIV to supply is contribution planned a, year. Outside further and also with online scaling

As a HIV program completed. evaluation business clinical typically there comprehensive before new to be you are test countries, winning know, in

in across stages is of various these HIV several TrinScreen in countries processes evaluation Africa.

further HIV in We revenues and in wins expect new XXXX XXXX to these across evaluation grow many of TrinScreen from process.

growth. that cost to from comprehensive also on company's to base, moving provide on our our the profitability deliver is manufacturing from designed This a TrinScreen stage our business existing of the which an next importantly, SG&A last out growing Now revenues scalable much from to plan facilitate will plan drive and transformation I call. earnings lower efficient, set the and significant platform

upon management of new improve team that we a fundamentally existing performance series and incremental commercial XXXX. the changes can vision financial is throughout This united our of business prior our through in

change As I out for want drive performance we financial in set to a reasons. before, step main X

for value Firstly, point. valuable, more businesses generally our the obvious Cash-generating which shareholders. increases are

access for balance strengthen our businesses capital. growth capitalize to on us and believe environmentally that more permit better-performing accessible sheet future newly provide to will technology a significant we tremendous increase sheet and a thirdly, that balance opportunity our CGM our this Secondly, and acquired opportunity rapidly. And sustainable strong

growth: business and three, of chain; The two, manufacturing; next company the consolidate our to corporate plan X and services. offshore the has offshore main prepare transformation optimize an pillars one, an supply for centralize optimize stage existing

We these significant to planning now the the last improvements much you key have from and stage. objectives X with of execution our spoke each pillars have stage moved very I made in since across

focused achieved being rapid HbAXc testing. X, period. the an key X Let me we onshore to consolidate Diabetes manufacturing, to businesses, largest give on moments test HIV take a Pillar examples we our few this and With respect some you in of objectives

over our up test, set these take our training to of assembly HIV will activity cost HIV In our This manufacturing addition of test. of them to rapid in assembly which production reduce manufacturing. staff our downstream earlier, partner for the testing, to ramping also in we completed identified out I allows HIV prepare offshore as downstream rapid

In main that our the manufacturing we Diabetes announced closure. of call announcement, I this facility. at significant we last Since the HbAXc earnings this end progress made have were that activities on on ceasing our testing, by executing in year, Kansas

currently our products test will product. referred I moving above of allowing Irish facility, of many are maintain while created these to We assembly HIV of their to the which manufacturing of parts highest capacity utilize the the quality by offshoring to us

end As in the part expect this up to manufacturing move, line running the here are this summer. up and Ireland currently of setting by equivalent on of that and be we

lower-cost out business on our building moving announced This will to in also optimizations less is support manufacturing manufacturing this offshore value complex are locations. hemoglobin currently We processes significant supply in us our chain a of previously area. and and further building business carried Kansas in

In supply rapid supply optimize chain, negotiate chain cost creating HIV past we percentage Pillar X, partners, increased in with supply in HIV volumes TrinScreen from opportunities optimization of resulting this of -- goods. with our prioritized to reductions double-digit

with also number confident there further of and could We engaged in facilitate margin area. that alternative cost is accretion this suppliers a identified further reductions. We're

platform growth setup an our corporate support This and is us have we Pillar X, offshore efficient progressed to with In the while services corporate designed costs. provide reducing SG&A to function. of centralized highly services our and substantially scalable

outsourced who location. offshore to staff We partner, up is already have that hiring signed a an with third-party implementation agreement

annualized very on and in run major us step that annualized to this in million of To financial revenues of conclude, approximately XXXX. million previous guidance reiterate And we by all the EBITDASO progress performance. rate are $XX fronts making gives delivering significant confidence $XX our change approximately of QX

growth driver, long-term glucose moving continuous our CGM. or Now to monitoring

said on important a our for recap business CGM. I've It with is existing addition to before, the to in aim context focus As global biosensors, strategy. we wearable to a initially in this strengthening business, build

of in and growth took insufficient a I I December, new over to the Trinity's imperative product the leveraged was When investors It that strengths for to as business driver growth that drive our execute kind therefore, CEO was aware existing expect. on late resources. organic viable was, pipeline

in other an artificial and health they beginning of increasingly today important virtually lives. will part parts as that We and management data are know in to care digitalization all play our our intelligence wellness

not of technology CE months Mark-approved of ago, today's CGM. biosensor purchased may existing its those just including for the aware, Waveform, over you we on X such, call that As be

many in rapidly. effective As very and conditions, of people helping be you to growing would have diabetes CGMs been shown with their usage is manage know, their

X and they the main billion combined players example, growing. DexCom are For CGM, revenues CGM, and over Abbott of have from leading $X in

are already We million testing increase suffering XX from people in management the in diabetic in stage. can a HbAXc diabetes our diabetes We the market, diabetes with with solution. to X diabetes well massive supporting X.X world not over global billion prediabetic now quality across with over annually the all significant many prevalence, the see people type mention condition more a especially a player

This and for decided be building diabetes creates area product. That such derisked instead why we is way a prediabetes that a alongside massive highly effective investing pharmaceutical growing can in are an on this need management used of and to a therapy. established by CGM as solutions it or in nonpharma exciting enter but into

CGM prioritizing b, strategy we commercial we device. and development further the CGM made and Since progressing, the design and been a, next-generation biosensors; the have acquisition, our around developing of

in these areas. our Now let me through take activities you main

have we a interest India. our for to This double-digit in respect received With acquisition, to commercialization China addition number relationship from our is of across potential of strategy, commercial partners with the Bayer globe. expressions and since existing

more a than sustainable That on diabetes CGM us next-generation is there that more provides CGM can a delivers made that that to truly great unique the clear our disrupt ever user is appetite care It and great in industry confident that platform markets. affordable technology has which the for still significant a experience. develop a

it be new our you sensor area, unproven this may Abbott players, technology uses the main to For Like X those some DexCom, noninvasive minimally invasive of not who wire. and solution. is a CGM

to take I they that product explain of valuable think moment technical importance some facilitate. differences technology it I features the the in and Trinity the of is important differentiated a the

the mentioned, the a in a is ultra-thin And the millimeters CGMs data body glucose few solution, blood skin. to about Like wire Trinity in transmit I of level into this inserted the other smartphone. an live sensor the

can wire and be this What without using means sensor applicator. the that that be a reusable our use is a sensor inserted inserted benefit sensor critical distinction the needle. our of body However, is a the into technology can of

applicator retractable leads and applicator nonrecyclable single-use plastic becoming a a punctures biohazard require with entire others the to The waste. the metal skin that needle. This

and all In reusable for cost our benefits is that the sustainability with lasts and sensor contrast, years brings. applicator

pounds or one issue sound big every applicators. over generate person, While single metal products, kilograms a will for XX nonrecyclable X this X leading might like they XX not the using across of over years, and plastic of

This today. drives problems main this adoption of is a big massive the barrier the market X the they problem waste creates And nonrecyclable One is with broader amount life-saving technology. second which the solutions on of CGM create. to cost,

X-year contrast, applicator. our one just period, By solution over would use the

and by the the approach the current harmful solution, part solving with problems technology this reduces Our greatly major market-leading of created just environmentally cost, X waste thereby CGM.

stopping are not there. But we

of harmful to today. modular we cost solution waste with reduce combining reusable and on competitors compared electronics and part power applicator are a As our rechargeable X a our to transmitter, market this solution, further source main of encompassing the reusable the

we solution. at applicator on And less the current transmitter the combination at our least provide of than of a XX% cost can powerful CGM that daily markets. reusable This that is dramatically and we solution expensive product believe reduces a main cost

disrupt that a advantage the significant Trinity's gives We competitive very opportunity company of us a size. market. opportunity understand large this very to a market and We a believe this current is great for

possible team and that these and since can we around solution themes, a why designers as product engineers develop believe and that a, next-generation we b, usability; by to people life-saving affordability; creating a focused And have solution. acquisition, as design a c, this on is sustainability. focused reach with on: been next-generation many world-class CGM X creating the of We

and This engaged Since attractive renowned designs. we and devices designed a we group from of world-leading and physical electronic carriers has to consumer California have range design last the now based products to solution. and in design broad lead product consultancy next-generation for innovative a of spoke, London are digital this

who to technology, its of have XXXX. level ethical is external our while the Since high have begin in the of and applied June group number by been technical of extending supported approval sensor developments maintaining internal for technical to team accuracy. progressing technical we being stability consultants, pre-pivotal a our glucose This and enhancements international sensor and our trial made acquisition, we've wire also a clinical

into optimization if trial you to very in providers receive wellness trial pathway, us This subscription a and to similar, and area the company, the weeks. with. model the commence insights give to will be ethical We digital expect pre-pivotal like, health clinical familiar intend service a users, we an to of technology sensor I'm approval to coming

want weight to obesity supplier to not diabetes also the allow and and that other value not health a commercialization share but including We greater much broader partners. will do markets, We the hardware space, capture be strategy Trinity just the chain, to a of just in management. believe wellness

on physical focusing product That not development. is we why the are just

concentrating also solution part on insights our and focus can digital usability the the deliver of the are we design users. As of to aspects on differentiation,

GLP-X such people behavioral with as Ozempic, can see diabetes benefit can from with we drugs massively prediabetes changes. As and

the that in by pharmacological-induced GLP-X, of case is driven change However, responses.

overall becoming really The They prediabetes drugs powerful of for diabetes believe insights an without benefit GLP-Xs can CGM like GLP-X understood. deliver more can and use to side that also diabetes expensive and with or effects as drugs. part people the behavior can that key used of changes are very but is need more drive program. that management long-term be We from of

are monitoring with further in ambition with like just potential the PulseAI we area, strategic last our agreement. that huge whom a companies collaboration project Conscious with than for software around advanced see goes the signed this CGM whole much we just AI we week and partnering

as PulseAI wellness broader broader and market, support users, just the weight the for working not data-driven health obesity platform focus in key are I as management, the coming health us a overall digital our diabetes including with solutions solutions of developing We but software to developing said, and wellness the in also over and months. is part space,

Avinash in the strengthened Glucose project. this already and Kale is the of with to team Director. of Monitor manufacturer advanced appointment devices also We level experience our of medtech new Avinash a have Program and as Continuous bringing design knowledge large-scale

I new For CGM, That's get our that product vision those who for you invite on further our launched to at microsite cgm.trinitybiotech.com. cgm.trinitybiotech.com. to insights of we CGM you today wish just visit

This stakeholders We on microsite have also designed put to LinkedIn development keep that our is our link product up page. progress. updated on

enter trials by end summer we timing, overall CGM of EU regulatory into with our clinical On approval remain next-generation on by to XXXX pivotal track targeted the of XXXX.

the for We in markets initial will further expect regulatory builder approval follow the EU. approval

and development, On our to for we end the to between cost delighted let million now than you per of XXXX $X XXXX. know expected development I'm less the of quarter spend are reducing

established few past structure we platform. benefits the months, medtech developing the business in leveraging have significant Trinity's realized CGM Over efficiency by

resources This allows us development. existing use business to support in to the

and developed This digital components to also very electronics lowering work large expect wearable suppliers existing devices. network necessary some found develop spend of is project. of partners is have amount this next-generation to solution medical the partner we and addition, support we In a our with and many rich having

the than are are Biotech opportunity. opportunity rapidly team to technology for building and and convinced We more the ever CGM of deliver represents on that Trinity

priorities. have So few am past I with to months on made our the overall, very significant we progress over ambitious the conclude, happy

profitability, wins us our which really on key and some stabilize provides had position. have with which We TrinScreen growth additional HIV, financial helps

in in And on changes of late the in executing which last in the step are increased beginnings we coming financial support these delivering the our will see We driving change can comprehensive year transformation now at other performance. we plan, and impact profitability quarters. of us introduced a already pace profitability

pushing but disrupt globally Finally, we significant can really people Trinity very to highly market, this a deliver in are help massive developing Biotech. impressive CGM ahead differentiated of and solution that millions growth

to you I to over for Thank your in would now detail. hand you. bring attention, the thank to more through like you QX you financial will Des and I results all

Des Fitzgerald

John. Thanks,

for received financial year, want correspondence a to continuing Nasdaq speak the period, On I last we November moment XX our to around for consecutive Nasdaq remains recent we results our for XX minimum a inclusion held from deficiency Before on to the I preceding the publicly market from that business notifying $XX received the mention Nasdaq continued most value the days, Global Select. take letter of shares the below the company million listing. our Nasdaq

May compliance. days that enough that period we And this to further XXX-day This provided regain we year. notice ended At a regained of were as received XXX yesterday, on calendar have expected, notify not point, we XX a compliance.

Nasdaq. stay from until year. a intend that seek further any hearing a We action that put And to will on

have specialist We and compliance in preparation to manner, comprehensive us appointed of this support a the adviser plan. including compelling

And shareholders supportive the investor Nasdaq know listed. maintaining The with top Board of process. our the from update the speaking company throughout determined has will remain company that they're We'll listing. I that the

Now I to first quarter financial results will the XXXX. of for our speak

of XXXX the for were first for revenues quarter Our compared $XX.X quarter XXXX. $XX.X million million the to of first

business shipments Point-of-Care to in HIV shipped sales by driven further in as revenues $X test, quarter region by increasing in was million our TrinScreen, or the performance million we XX.X% $X.X Africa December screening $X.X which products million. of experienced following the Our had strong This XXXX. our increase a with initial more to

end in orders for addition the have revenue this, In the be HIV of expected our region post for $X to year quarter million. we TrinScreen received with to substantial

increase year-on-year our this in a our in million same year. than activity by revenues services previously business, experienced to due laboratory in transplant is strong compared decreases Despite there of This, million decreased a quarter from at $XX.X testing performance -- hemoglobin revenue our clinical last to Buffalo lab reported the X.X% which previously Our early X.X% to to the drop, reported however, due lab revenue. by was XXXX. in loss offset more $XX.X

our optimization a percentage was recorded Our quarter by of in last our manufacturing our in business margins XX.X%, back the gross margins the the in line implemented quarter. in-house same of improved last instrument which quarter end gross Hemoglobins the of the fully process, representing quarter in of million, We margin chain profit year. gross on the for we and $X.X supply manufacturing revised with

other percentage, of overall to year lower was contribute this expect than our test, of through the Increasing do products. the we to XXXX initiatives TrinScreen profit gross TrinScreen continue underway we achieving remainder of HIV although gross will impact various gross Offsetting TrinScreen to are which as dilute margin cost-saving our sales margins over our that additional HIV the progress by the John. detailed as due were

flat. expect of as XXXX, our we detailed this into financial cost-saving expenses throughout earlier. year John benefits and and Additionally, announced the were for to previously broadly the business realize quarter again, further initiatives across Research development

our with Waveform of on Following development the in the offering, in continue acquisition our from January, our progress of plan. assets communicated CGM to we line

related Our quarter the with million. was CGM division, be $X.X including in was to accounting ongoing for IFRS line what standard biosensor with million overall expected $X less to quarter in than our spend per capitalized the quarter spend

due the drivers together base SG&A were to in driven of of the million, quarter the half versus in headcount SG&A nonsalary other our last and we SG&A million for the benefits expense base activities cost-saving with than million latter over the $X.X initiatives last incurred lower months. our XXXX. across expense expenses optimization period savings lower cost recurring XX salary comparative XXXX, across the include contractor Key by $X.X $X.X the the quarter this costs in improved of QX

in for million financial to decrease for an or a $X $X.X in term Net January XXXX. the was base with of quarter of the quarter The the terms in above XXXX in reduction loss million of a in is rate QX the our loan. X.X% decrease our to XXXX, XXXX, main as million XX%. the in period of financial million to All Advisors, renegotiation loan the a term loss We interest compared of QX lender, reduction in expenses Perceptive $X.X of led QX a $X.X million of this $X.X the $X.X million. obtained result in operating expense compared

carrying This The modification the of the at amendment of loan a between revised difference the a resulting in QX gain modification million of the noncash as recognition term amount loan once-off the XXXX. and in carrying as $X.X gain date treated the of loan on was modification the amount. based is existing

warrants driven Additionally, was the fair towards warrants a an primarily of derivatives driven increase was expense with the [indiscernible] the [indiscernible] associated loan granted value Perceptive. in the $X.X movement the Offsetting albeit outstanding by was our our interest term this value in million rates a higher to $X.X million QX in associated movement fair above by compared loan balance, quarter of at loan to interest earlier. term when prevailing a XXXX, lower and

the in loss impairments, $X.X $X.X $X quarter the in year, last continuing a for equivalent EBITDASO, Loss charges, reduction. of in period operations last same year, the XX% quarter share from was was depreciation, tax, compared to interest i.e. the improvement. to million quarter approximate Net before and million million XX% loss million an compared approximate $X.X amortization, an option

QX was to Basic loss per $X.XX in XXXX. $X.XX ADS compared

in quarter. operations was the QX $X.X Cash in the at by Our used million cash $X.X to increased end 'XX. balance $X from XXXX of QX million million

Our $XX.X investing element quarterly of driven drawdown quarter the $XX million. this This of the the offset flow operations, related were the the sizable core assets from interest. the cash at had proceeds million. $XX.X January during $XX.X outflow in an the million XXXX by million, of to activities of our Cash acquisition company from for net from Waveform largest inflows financing lender by the primarily is our quarter,

back for to you questions. hand Eric Now I will

Operator

Our with [Operator Sidoti Jim of line Sidoti first Company. the & comes from question Instructions]

James Sidoti

everything expect other TrinScreen of be that XXXX? do start the let's $X in you is the to to XXXX, Or talk little bit, the sales? is shipping you Can all -- countries X to a million start -- all in of with Is Kenya?

John Gillard

question. the for thanks Jim,

we're But detail I to what to not Kenya we going XXXX. do at point, in of to reasons, expect be this of is will right? say level countries that shipping other commercial outside give For

James Sidoti

onetime right. TrinScreen? can was considerable All up you for quantify the give you on production it quarter up production. ramp a at to costs all, the of that the in And Okay. us amount as -- sounds you ramp onetime like costs there Can

John Gillard

onetime like It's getting from terms really cost, spent. comes in then is of I -- that CapEx around the staff of Jim, less to lack up already It's space. speed. them the and efficiency, suppose, training The

in As And I the right? input materials pricing we've our further we're we're on said, part then the introducing June, automation That in will done also chain. as further efficiency. of increase our much better work supply getting

So rate it's rather significant as run will confirmatory a and we it initial market. kind TrinScreen in market forward supply than rate have the up we chain. a we transition scale impact. really because knew And screening just pricing would But to lower run of margin of have always a lower from the do point kind move the manufacturing of expect contribution

or So it's known was us. new that nothing that to us was not not to

really to of side us But time generally what's that brings as would bed but happened have for and across had quickly, is sign in. great just to not much is give we've so TrinScreen get with volumes, HIV leverage more these pricing. rapid to is suppliers products better also flip that expected in ramp The we greater negotiate our success, up but it our takes a challenges which here

business increase. year expect with profitability offshore of obviously, margin to in So better the expect this overall, location contribution. an in result then And our a contribution rapid live, deliver from the further as move assembly HIV in to increases that we'd going we'd later

organization just and Point-of-Care in do in the margins lines to And main XX%-plus we increase putting call we various last we're as said that expect think still our XXXX, the expect margins to across be through. through and we case. the to overall, that expect So the in would our revenue that be our not but I initiatives I and

James Sidoti

in business, you've production product the the everything in significant now that to it made premier hemoglobin have you lowering move on versions do you that If to Okay. about like progress expect out All of Do Or right. expect shifting the year? system product. we on your have sounds How XXXX? new cost you this to over development there and side? have market for

John Gillard

per our key our the what new consumable column to injections number which column, and provides main It is stability, and incur. that really overhead buffer a column development So also next product is a combination. around kind is we the gives users have that that's requires called what's the higher of greater sell. calibration, And less of

more lower lower raw of materials. So cost, key it has consumption usability,

our innovation So now that, next I suppose, Jim, key is we're to that bringing the market.

of terms background in the making instruments, we the have changes been In on that.

the supply We've As been part reduce those not reliability. our of we've of looking to just chain looking cost optimization, components. also been to the increase

-- looked system to component an And part the parts that that that the we've engineering design main those either out main through were analysis change and/or of of out changes of So we changes. what carried supplier failed.

doing So what to innovation Jim, that's drive suppose, we're I really, within that.

or at are instrument it the the a for focus call at reliability the medium we rolling in look if around our T-XX, throughput and something [ to medium bring that in ] the continuing from perspective. that's but and when market. terms we changes column really for out those T-XX continue low typically is we to XX We rolling which out the the XX -- device, the through throughput look throughput of and to appetite to to -- And now,

James Sidoti

costs CGM $X then you should And side, than be less development year on Okay. million said All right. the this a quarter.

forward, stays XXXX should continues? Or level? in trial that do Going per quarter you as ramps relatively up forward, forward, activity but you $X general do number going number that think XXXX, stay not million that around that maybe in think flat that going

John Gillard

Yes.

CGM real see spend continue right? progress, to market. So really to that have contribution make a in we look, believe product And continue disruptive to on the we can is while what I the past we we significant indicated that a

than remarks, in out set I that now prepared confident we're As more ever, my right?

You're Jim. right, absolutely

we the getting degree very to increase as that will expenditure. a if XXXX, approval. support of only perform do pivotal we'll regulatory in But confidence in and we I that move would to have that trials clinical think those high will well trials, our product

are What last experience senior couple large the the both that team and Trinity regulatory in a have here degree processes, the some a from this over have been large, products brought Trinity benefits the years. of is of in of approval years within also number more doing we through we've people taking of of

our that degree I from as we perspective, will think would size of investment to Jim, of and expect And we have into disrupt proposition the return process, very the compelling I from believe said, it. So a confidence. opportunity go with wouldn't market an we I would perspective, considering that the only a -- be we and high

James Sidoti

right. All adjustment this me, the I interest expense. last the onetime the quarter. know Okay. you for had one And in quarter

new though, the of forward, a going level should what for XXXX the expense? with remainder interest number the for new interest, So assume and is debt we good

John Gillard

that level, yes. suppose, a X.X Jim, upon about quarter, debt It's based I

James Sidoti

on it you've Well, All the side. cost Okay. lot progress definitely made like a sounds right. of

to revenue was the better much with should good from results. operating that So especially to increasing TrinScreen, lead see. And it

to good very see. that's So

development to how have goes see So I guess CGM. just stay we'll to on tuned

John Gillard

the Jim. a us built, a the prepared industry. said, people point with in made -- I built digital that both happy and had. to from out was physical the We're for have type happy that of reiterate rich and a as my I with Look, is we're there we've perspective for this be really actually, network remarks, very Yes, in we're we've partner progress of already components, terms very enlightening team to that's perspective

and and getting development real traction established development the like company that down incur to relationship within these have many really Trinity, customers doing to startup those in we means of we're reduce think with credible a relationships really much And them. amount cases, that a where the with spend of we to need order project I an this will we long, in long move point And in suppose more fostering than work forward.

differentiated our opportunity within very, the reiterating market help the positive, solution our over So perspective. perspective outside last how very and timing has both we've of and capture cost network the really been work that a can that, partner of done credibility couple the significant from a months, and

Operator

you, any comments. for our [Operator This back Mr. Instructions] to ladies concludes session. I'll turn Thank gentlemen. question-and-answer floor and final Gillard the

John Gillard

for you, joining for your me, in continued the and interest you for everyone Melissa. company And just Thank thank conference. today's

great continue terms And progress. focused I you out. have day. look be further the on months weeks that next and to set and priorities We updating those forward all over Thank on a execution you of in to we much, so coming our key

Operator

This today's Thank concludes conference. you.

disconnect this may you lines participation. You at Thank your for time. your

Trinity Biotech (TRIB) 23 May 242024 Q1 Earnings call transcript