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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
                                                                       
          
F O R M  6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of October 2024
 
TRINITY BIOTECH PLC
(Name of Registrant)
 
IDA Business Park
Bray, Co. Wicklow
Ireland
 (Address of Principal Executive Office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F ☒           Form 40-F ☐        
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             
 
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes ☐           No ☒
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-              
 
[This Form 6-K is being incorporated by reference into our Registration Statements on Form S-8 (File Nos. 333-182279,333-195232 and 333-253070) and Registration Statements on Form F-3 (File Nos. 333-280391, 333-279017  and 333-267160).]
 

 
Trinity Biotech plc
 
EXPLANATORY NOTE
 
Filed herewith as Exhibits 99.1 and 99.2 are Registrant’s Condensed Interim Unaudited Consolidated Financial Statements as of June 30, 2024 and for the Six Months Ended June 30, 2024 and June 30, 2023 and Management’s Discussion and Analysis of Results of Operations.
 

 
EXHIBIT INDEX
 
Exhibit
 
Description
 
 
 
 
 
 
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
TRINITY BIOTECH PLC
(Registrant)
 
By: /s/ Louise Tallon
     Louise Tallon
     Chief Financial Officer
 
Date: October 2, 2024
 

Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area. 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. 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iso4217:EUR xbrli:pure xbrli:shares utr:sqft iso4217:USD iso4217:USDxbrli:shares trib:shares
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2024 AND DECEMBER 31, 2023
 
 
 
Notes
   
At June 30 2024
US$‘000
   
At December 31 2023
US$‘000
 
         
(Unaudited)
       
ASSETS
                 
Non-current assets
                 
Property, plant and equipment
         
3,906
     
1,892
 
Goodwill and intangible assets
   
7
     
41,786
     
16,270
 
Deferred tax assets
           
2,407
     
1,975
 
Derivative financial asset
   
11
     
193
     
178
 
Other assets
           
79
     
79
 
 
                       
Total non-current assets
           
48,371
     
20,394
 
 
                       
Current assets
                       
Inventories
   
9
     
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
   
3
     
94,355
     
59,435
 
 
                       
EQUITY AND LIABILITIES
                       
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
   
11
     
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
   
11
     
65,809
     
40,109
 
Convertible loan note
   
11
     
14,964
     
14,542
 
Derivative financial liabilities
   
11
     
1,444
     
526
 
Lease liabilities
           
10,199
     
10,872
 
Other payables
           
1,784
     
-
 
Deferred tax liabilities
           
3,785
     
2,300
 
 
                       
Total non-current liabilities
           
97,985
     
68,349
 
 
                       
TOTAL LIABILITIES
   
3
     
123,755
     
83,384
 
 
                       
TOTAL EQUITY AND LIABILITIES
           
94,355
     
59,435
 

 

F - 2

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
 
 
 
Notes
   
Six-month
period ended
June 30, 2024
Total
US$‘000
   
Six-month
period ended
June 30, 2023
Total
US$‘000
 
Revenues
   
3
     
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
)
   
-
 
Impairment charges
   
5
     
(446
)
   
(10,815
)
 
                       
Operating loss
           
(7,093
)
   
(18,771
)
Financial income
   
4
     
55
     
216
 
Financial expenses
   
4
     
(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
   
3
     
64
     
278
 
 
                       
Loss for the period from continuing operations
   
3
     
(10,074
)
   
(24,651
)
 
                       
Profit for the period from discontinued operations
   
6
     
-
     
12,854
 
 
                       
Loss for the period (all attributable to owners of the parent)
   
3
     
(10,074
)
   
(11,797
)
 
                       
                         
Basic loss per ADS (US cents) – Continuing operations
   
8
     
(109.9
)
   
(322.5
)
Diluted loss per ADS (US cents) – Continuing operations
   
8
     
(109.9
)
   
(322.5
)
                         
Basic loss per ‘A’ ordinary share (US cents) – Continuing operations
   
8
     
(5.5
)
   
(16.1
)
Diluted loss per ‘A’ ordinary share (US cents) – Continuing operations
   
8
     
(5.5
)
   
(16.1
)
                         
Basic loss per ADS (US cents) – Total operations
   
8
     
(109.9
)
   
(154.3
)
Diluted loss per ADS (US cents) – Total operations
   
8
     
(109.9
)
   
(154.3
)
                         
Basic loss per ‘A’ ordinary share (US cents) – Total operations
   
8
     
(5.5
)
   
(7.7
)
Diluted loss per ‘A’ ordinary share (US cents) – Total operations
   
8
     
(5.5
)
   
(7.7
)

 

F - 3

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
 
 
Notes  
Six-month
period ended
June 30, 2024
Total
US$‘000
   
Six-month
period ended
June 30, 2023
Total
US$‘000
 
Loss for the period
     
(10,074
)
   
(11,797
)
Other comprehensive income/(loss):
                 
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
)

 

F - 4

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
 
 
 
Share capital
‘A’ ordinary
shares
US$’000
   
Share
premium
US$’000
   
Treasury
Shares
US$’000
   
Translation
reserve
US$’000
   
Equity component of convertible note
US$’000
   
Other
reserves
US$’000
   
Accumulated
surplus
US$’000
   
Total
US$’000
 
Balance at January 1, 2023
   
1,963
     
46,458
     
(24,922
)
   
(5,775
)
   
6,709
     
86
     
(26,695
)
   
(2,176
)
Loss for the period
   
-
     
-
     
-
     
-
     
-
     
-
     
(11,797
)
   
(11,797
)
Other comprehensive income
   
-
     
-
     
-
     
147
     
-
     
-
     
-
     
147
 
 
                                                               
Total comprehensive loss
   
-
     
-
     
-
     
147
     
-
     
-
     
(11,797
)
   
(11,650
)
Shares issued during the period
   
9
     
161
     
-
     
-
     
-
     
(63
)
   
-
     
107
 
Share-based payments
   
-
     
-
     
-
     
-
     
-
     
-
     
2,339
     
2,339
 
 
                                                               
Balance at June 30, 2023
   
1,972
     
46,619
     
(24,922
)
   
(5,628
)
   
6,709
     
23
     
(36,153
)
   
(11,380
)
 
                                                               
Balance at January 1, 2024
   
1,972
     
46,619
     
(24,922
)
   
(5,706
)
   
6,709
     
23
     
(48,644
)
   
(23,949
)
Loss for the period
   
-
     
-
     
-
     
-
     
-
     
-
     
(10,074
)
   
(10,074
)
Other comprehensive income
   
-
     
-
     
-
     
5
     
-
     
-
     
-
     
5
 
 
                                                               
Total comprehensive loss
   
-
     
-
     
-
     
5
     
-
     
-
     
(10,074
)
   
(10,069
)
Shares issued during the period
   
366
     
3,325
     
-
     
-
     
-
     
-
     
-
     
3,691
 
Share-based payments
   
-
     
-
     
-
     
-
     
-
     
-
     
926
     
926
 
 
                                                               
Balance at June 30, 2024
   
2,338
     
49,944
     
(24,922
)
   
(5,701
)
   
6,709
     
23
     
(57,791
)
   
(29,400
)

 

F - 5

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
 
 
 
Notes
   
Six-month
period ended
June 30, 2024
US$‘000
   
Six-month
period ended
June 30, 2023
US$‘000
 
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
   
4
     
(55
)
   
(216
)
Financial expense
   
4
     
3,100
     
6,374
 
Share-based payments
   
10
     
926
     
2,339
 
Foreign exchange gains on operating cash flows
           
408
     
(187
)
Impairment charges
   
5
     
446
     
10,815
 
Gain on sale of business
   
6
     
-
     
(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
           
-
     
(700
)
Net proceeds from sale of business unit
   
6
     
-
     
28,426
 
Payments to acquire trades or businesses
           
(12,500
)
   
-
 
                         
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
)
   
-
 
Net proceeds from new senior secured term loan
   
11
     
28,175
     
5,000
 
Expenses paid in connection with debt financing
           
-
     
(147
)
Repayment of senior secured term loan
   
11
     
-
     
(10,050
)
Penalty for early settlement of term loan
   
4
     
-
     
(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
 

 

F - 6

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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.

 

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.

 

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
 

 

F - 7

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

3.
SEGMENT INFORMATION (CONTINUED)

 

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.
 
F - 8

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

3.
SEGMENT INFORMATION (CONTINUED)

 

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
 

 

F - 9

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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
)

 

5.

IMPAIRMENT CHARGES
 
In accordance with IAS 36, Impairment of Assets, the Group carried out an impairment review of the asset valuations as at June 30, 2024. The impact of the impairments on the statement of operations for the six-month period ended June 30, 2024 was as follows:
 
 
   
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.

 

F - 10

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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
 

 

F - 11

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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.

 

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.
 
F - 12

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

8.

LOSS PER SHARE (CONTINUED)

 

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
 

 

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).

 

F - 13

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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-
average exercise
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
     
0.192.43
 
Granted
   
3,000,000
     
0.25
     
0.250.25
 
Exercised
   
(880,000
)
   
0.19
     
0.190.19
 
Expired / Forfeited
   
(280,000
)
   
2.43
     
2.432.43
 
 
                       
Outstanding at June 30, 2023
   
46,654,672
     
0.45
     
0.191.74
 
 
                       
Exercisable at June 30, 2023
   
16,961,339
     
0.29
     
0.191.74
 
 
                       
Outstanding January 1, 2024
   
46,914,672
     
0.39
     
0.121.34
 
Granted
   
12,100,000
     
0.14
     
0.140.14
 
Exercised
   
-
     
-
     
-
 
Expired / Forfeited
   
-
     
-
     
-
 
                         
Outstanding at June 30, 2024
   
59,014,672
     
0.35
     
0.121.34
 
                         
Exercisable at June 30, 2024
   
24,029,255
     
0.58
     
0.121.34
 
 
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.

 

F - 14

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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
 

 

F - 15

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

11.
BORROWINGS (CONTINUED)

 

  (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.
 
F - 16

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

11.
BORROWINGS (CONTINUED)

 

  (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.

 

F - 17

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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.

 

F - 18

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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
)

 

F - 19

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

13.
CAPITAL MANAGEMENT (CONTINUED)

 

 
 
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
)
 
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.
 
F - 20

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

14. BUSINESS COMBINATION (CONTINUED)
   
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.
 
F - 21

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

14. BUSINESS COMBINATION (CONTINUED)

 

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.

 

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.

 

F - 22

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

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.

 

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.
 
F - 23

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2024

 

17. POST BALANCE SHEET EVENTS (CONTINUED)

 

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.

 

18. AUTHORISATION FOR ISSUE
 
These Group consolidated condensed interim financial statements were authorised for issue by the Board of Directors on September 30, 2024.
 
F - 24


 
mExhibit 99.2
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS, LIQUIDITY AND CASH FLOWS

Interim Results of Operations

Six months ended June 30, 2024 compared to six months ended June 30, 2023

Total revenues for H1, 2024 were US$30.5 million, which compares to US$28.7 million in H1, 2023, an increase of US$1.7 million (6.3%), which is broken down as follows:

 
2024        H1
2023         H1
Increase/ (Decrease)
 
US$'000
US$'000
%
Clinical Laboratory Goods
20,397
21,367
(4.5)%
Clinical Laboratory Services
2,582
3,114
(17.1)%
Point-of-care Products
7,568
4,246
78.2%
Total
30,547
28,727
6.3%

Clinical laboratory product revenues decreased from US$21.4 million in H1 2023 to US$20.4 million in H1 2024, representing a decrease of 4.5%. This decrease was driven by lower revenues from our instrument sales in the period.  This decline in instrument sales is in line with expectations as we commercially reposition our instrument offering in line with our new improved diabetes column system which is now being rolled out. Overall heamoglobin revenues were only slightly behind the comparative period (2.6%) as we experienced a strong performance from our consumable sales. There were declines in sales of our PCR VTM products versus the comparative prior period, down 38.4%, as focus continues to move away from ongoing COVID testing, in addition to declines in sales of autoimmune products in the period. There was a strong performance in the period from both our clinical chemistry and chronosystems portfolios which grew 12.3% and 5.9% year-over-year respectively.

Clinical laboratory services revenues decreased from US$3.1 million in H1 2023 to US$2.6 million, a decrease of 17.1%. This decline relates to our New York reference laboratory which offers laboratory-testing services for autoimmune disorders, such as Sjogren’s syndrome, hearing loss, celiac disease, lupus, rheumatoid arthritis and systemic sclerosis. The key factor driving the revenue decrease was the loss of our transplant testing service contract with a local Healthcare provider which ended in Q1 2023.

Point-of-care revenues increased from US$4.2 million for H1 2023 to US$7.6 million in H1 2024, an increase of 78.2%. This increase was attributable to sales of our HIV screening test, TrinScreen HIV, which began commercial shipments in December 2023. Sales of TrinScreen for H1 2024, were US$4.3 million, full year FY24 revenue for Trinscreen is expected to be in the region of US$10 million. Revenues from our HIV confirmatory test, Uni-Gold were lower in the period as a result of irregular ordering patterns that characterise the HIV testing market in Africa.

Gross profit for H1 2024 amounted to US$11.3 million, representing a gross margin of 36.8%, broadly in line with H1 2023 (36.9%). Although we had improved margin performance in haemoglobins in the period, this was offset by the margin impact of the higher TrinScreen HIV revenues, which are currently achieving a lower-than-average gross margin. Higher TrinScreen revenues will continue to dilute our overall gross margin percentage in the remaining quarters of 2024 given its lower price point when compared to our Uni-Gold HIV test. We expect TrinScreen HIV to contribute additional gross profit as 2024 progresses due to increased operational efficiency and the expected transfer of assembly to a lower cost of manufacturing location towards the end of 2024.



Other operating income decreased from US$71 thousand in H1, 2023 to US$42 thousand in H1, 2024. The income relates to a transition services agreement with the acquirers of Fitzgerald Industries.
 
Research and Development (R&D) expenses of US$2.1 million for H1 2024, were in line with H1 2023, excluding the impact of the newly established CGM entities, R&D expenses decreased by US$0.1 million. Selling, General and Administrative (SG&A) expenses decreased by US$2.6 million to US$13.9 million when compared to H1, 2023, representing a decrease of 15.8%. The two main drivers of the decrease in SG&A costs were: lower salary costs of US$1.3 million in H1 2024 versus the comparative period, driven by headcount optimisation activities and the disposal of Fitzgerald Industries (US$0.6 million), and lower share-based accounting charge of US$1.4 million in H1 2024 on the back of headcount changes throughout the past year. On a like for like basis, excluding the impact of Fitzgerald Industries which was disposed of in April 2023 and the newly established CGM entities, SG&A decreased by US$2.5 million. The Company incurred additional SG&A restructuring costs of US$1.9 million in H1 2024 as part of the comprehensive restructuring plan to centralize and offshore corporate services and consolidate and relocate manufacturing operations.
 
 
An impairment charge of US$0.4 million was recorded in H1 2024, compared to an impairment charge of US$10.8 million in H1 2023. 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 as at June 30, 2024. We have therefore recorded an impairment charge in relation to the asset additions (including lease assets) that had been recorded during 2024.
 
Operating loss for the H1, 2024 was US$7.1 million, compared to an operating loss of US$18.8 million in H1, 2023. The decreased loss was attributable to decreased impairment charges, higher revenues at similar lower gross margins and decreased selling, general and administration expenses.

Financial expenses in H1 2024 were US$3.1 million compared to US$6.4 million in H1 2023, a decrease of US$3.3 million. The financial expense for the current and comparative period are summarized in the table below:

 
H1 2024
H1 2023
 
US$000
US$000
Term loan interest
5,61
4,596
Penalty for early settlement of term loan
-
905
Convertible note interest
576
540
Notional interest on lease liabilities for Right-of-use assets
297
324
Fair value movement for derivative balances related to term loan
918
9
Fair value movement on prepayment option
62
-
Accretion interest on deferred contingent consideration
24
-
Capitalization of borrowing costs
(824)
-
EIR Catch up adjustment
(3,566)
-
 
3,100
6,374

The loss before tax from continuing operations for H1 2024 was US$10.1 million, in comparison to a loss of US$24.9 million for the equivalent period in 2023.

In H1 2024, the total income tax credit was US$0.1 million, compared to an income tax credit of US$0.3 million in H1 2023.

The loss after tax from continuing operations for the first half of 2024 was US$10.1 million, or a loss of US$1.10 per ADS compared to a loss of US$24.7 million, or loss of US$3.22 per ADS in the comparative period in 2023.

In H1 2023 the Company recognised a profit for the period from discontinued operations that totalled US$12.9 million, largely attributable to the gain of US$12.7 million on the divesture of Fitzgerald Industries. The gain is comprised of proceeds of approximately US$30.0 million offset by transaction costs of US$1.3 million and the net assets eliminated on disposal of US$16.0 million.

The loss after tax for the first half of 2024 was US$10.1 million or a loss per ADS of US$1.10, compared to a loss of US$11.8 million or a loss per ADS of US$1.54 in the same period in 2023.



Liquidity and Capital Resources
 
The Group’s capital structure is a mixture of debt and equity. In the first half of 2024, the Group principally financed its operations from internal resources and the Term Loan.
 
Term Loan with Perceptive
 
In connection with the acquisition of the CGM assets of Waveform in January 2024, the Company 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 provides for additional liquidity of up to US$6.5 million, that may be drawn down by the Company between April and December 2024, and can be used for general corporate purposes. In April 2024 the Company drew down the additional funding of US$6.5 million as prescribed in the Amended Term Loan agreement. This funding will be used for general corporate purposes, including the further development of our CGM offering.
 
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.
 
In addition, 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 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 share (US$2.20 per ADS), subject to adjustment.
 
Cash and cash equivalents
 
At June 30, 2024, the cash and cash equivalents balance was US$5.3 million. In the future, the amount of cash generated from operations will depend on a number of factors which include the following:
 

The ability of the Group to continue to generate revenue growth from its existing product lines and from new products following the successful completion of its development projects;
 

The extent to which capital expenditure is incurred on additional property plant and equipment;
 

The level of investment required to undertake both new and existing development projects; and
 
•      Successful working capital management in the context of an expected growing business.

Liquidity

The directors have considered the Group’s current financial position and cash flow projections, taking into account all known events and developments The directors believe that the Group will be able to continue its operations for at least the next 12 months from the date of this report and that it is appropriate to continue to prepare the consolidated financial statements on a going concern basis.

The directors have considered the various financing options expected to be available to the Group to assist it in meeting its obligations over the next 12 months, to the extent such obligations cannot be met from cash on hand, including refinancing the debt, repaying the debt with the proceeds from equity or debt offerings and the sale of assets.

As with all such potential transactions, there are risks to successfully implement such transactions and the directors have considered these risks when considering the financing options and the appropriateness of adopting a going concern basis of accounting.



Cash Flows

As at June 30, 2024, our consolidated cash and cash equivalents were US$5.3 million. Our cash and cash equivalents consist primarily of cash in bank accounts and short-term deposits. The following table presents the major components of net cash flows used in and provided by operating, investing and financing activities.

   
Six months ended June 30,
 

 

2024
US$‘000
   
 
2023
US$‘000
 
Net cash (outflow) from operating activities
   
(3,918
)
   
(7,135
)
Net cash inflow/(outflow) from investing activities
   
(17,130
)
   
26,533
 
Net cash (outflow) from financing activities
   
22,762
     
(11,848
)
Effects of exchange rate movements on cash held
   
(87
)
   
100
 
 
               
Net increase/(decrease) in cash and cash equivalents and short-term investments
   
(1,626
)
   
7,650
 

Operating Activities
 
Net cash used by operating activities for the six months ended June 30, 2024 amounted to US$3.9 million (six months ended June 30, 2023 net cash used by operating activities: US$7.1 million), a decrease of US$3.2 million. The decrease in net cash generated from operating activities of US$3.2 million is attributable to a decrease in operating cash flows before changes in working capital of US$0.2 million and a decrease in working capital outflows of US$2.2 million (outflow of US$0.5 million in H1 2024, compared to an outflow of US$2.7 million in H1 2023), in addition to taxes received of US$1.2 million compared to an income tax payment of US$26 thousand for the comparative period in 2023.
 
Investing Activities

Net cash outflow from investing activities for the six months ended June 30, 2024 amounted to US$17.1 million (six months ended June 30, 2023:  inflow US$26.5 million) which was principally made up as follows:


Payments to acquire intangible assets of US$4.5 million (six months ended June 30, 2023: US $0.8 million), which principally related to development expenditure capitalised as part of the Group’s on-going CGM product development activities; and

Payments to acquire business assets of US$12.5 million, which relates to payments to acquire the biosensor and CGM assets of Waveform. This compared to net proceeds from the sale of Fitzgerald Industries of US$28.4 million in the six months ended June 30, 2023.

Financing Activities
 
Net cash inflows from financing activities for the six months ended June 30, 2024 amounted to US$22.8 million (six months ended June 30, 2023: outflows of US$11.8 million). This inflow primarily related to net proceeds from the amended and restated senior secured term loan credit agreement of US$28.2 million, which was used to acquire the Waveform assets and for general corporate purposes including for the further development of the CGM and biosensor technologies. This was offset by interest paid on the secured term loan of US$3.8 million and the repayment of lease liabilities of US$1.2 million.
 
In the six months ended June 30, 2023, the outflow of US$11.8 million was due to the partial early settlement of the Term Loan which included a penalty of US$0.9 million, payments for lease liabilities of US$1.2 million, interest payment of US$4.4 million, partly offset by draw down of US$5.0 million on the Term Loan.
 


 
v3.24.3
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
v3.24.3
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
v3.24.3
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)
v3.24.3
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)
v3.24.3
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)
v3.24.3
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
v3.24.3
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.
v3.24.3
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.
v3.24.3
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
 
v3.24.3
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
)
v3.24.3
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, the Group carried out an impairment review of the asset valuations as at June 30, 2024. The impact of the impairments on the statement of operations for the six-month period ended June 30, 2024 was as follows:
 
 
   
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.
v3.24.3
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
 
v3.24.3
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.
v3.24.3
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
 
v3.24.3
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).
v3.24.3
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-
average exercise
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.
v3.24.3
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.
v3.24.3
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.
v3.24.3
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
)
v3.24.3
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.
v3.24.3
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.
v3.24.3
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.
v3.24.3
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.
v3.24.3
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.
v3.24.3
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.
v3.24.3
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
 
v3.24.3
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
)
v3.24.3
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
 
v3.24.3
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
 
v3.24.3
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
 
v3.24.3
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
 
v3.24.3
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
 
v3.24.3
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-
average exercise
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
 
v3.24.3
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
)
v3.24.3
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.
v3.24.3
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
)
v3.24.3
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
 
v3.24.3
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
v3.24.3
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.
v3.24.3
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    
v3.24.3
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)
v3.24.3
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
v3.24.3
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
v3.24.3
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  
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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
v3.24.3
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      
v3.24.3
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
v3.24.3
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 4.00%            
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 7.00%            
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 8.00%            
Reduction of Amended Term Loan dependent timing of early repayment penalty 4.00%            
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$16.20 for any five consecutive Nasdaq trading days. For further details on the convertible note, refer to the Company’s Form 6-K filings with the SEC on April 11, 2022.          
v3.24.3
BORROWINGS (Schedule of Movement in the Term Loan and the 7-year Convertible Notes) (Details) - USD ($)
$ 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)
v3.24.3
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
v3.24.3
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)
v3.24.3
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)
v3.24.3
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.
v3.24.3
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$11,000 in connection with the issuances.
v3.24.3
CAPITAL MANAGEMENT (Schedule of Classification of Each Class of Financial Assets/Liabilities) (Details) - USD ($)
$ 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)
v3.24.3
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  
v3.24.3
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
v3.24.3
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  
v3.24.3
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
v3.24.3
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 3.00%
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

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