SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 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 April, 2017
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-
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Press Release dated April 27, 2017
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Contact:
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Trinity Biotech plc
Kevin Tansley
(353)-1-2769800
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Lytham Partners LLC
Joe Diaz, Joe
Dorame & Robert Blum
602-889-9700
E-mail:
kevin.tansley@trinitybiotech.com
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Trinity Biotech Announces Results for Q1, 2017
DUBLIN, Ireland (April 27, 2017)….
Trinity Biotech plc (Nasdaq: TRIB), a leading developer and manufacturer of diagnostic products for the
point-of-care and clinical laboratory markets, today announced results for the quarter ended March 31, 2017.
Quarter 1 Results
Total revenues for Q1, 2017 were $23.5m which was marginally higher than that recorded in Q1, 2016.
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2016
Quarter 1
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2017
Quarter 1
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Increase/
(decrease)
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US$’000
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US$’000
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%
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Point-of-Care
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3,268
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4,010
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22.7
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%
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Clinical Laboratory
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20,248
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19,526
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(3.6
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%)
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Total
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23,516
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23,536
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Point-of-Care revenues for Q1, 2017 increased by $0.7m compared to Q1, 2016. This was attributable to higher HIV sales in
Africa. This is reflective of the fluctuating nature of this market particularly in the context of Q1, 2016 revenues being unusually low.
Meanwhile,
Clinical Laboratory revenues decreased from $20.2m to $19.5m, a decrease of 3.6% compared to Q1, 2016. This decrease was attributable to the impact of culling a range of older declining product at the end of 2016.
Gross margin for the quarter was 42%. This was a decrease when compared to the gross margin reported in Q1, 2016 of 43.1% though higher than the 40% reported
in Q4, 2016. This decrease was partly due to lower production levels in the immediate aftermath of our recent product cull.
Research and Development
expenses increased from $1.1m to $1.3m. Meanwhile Selling, General and Administrative (SG&A) remained constant at $7.0m.
Operating profit for the
quarter decreased from $1.8m to $1.3m – due to the combined impact of the lower gross margin and slightly higher indirect costs.
Financing income
for the quarter was marginally lower at $0.2m reflecting lower deposit levels and interest rates. Meanwhile, interest payable, mainly arising on the Company’s exchangeable notes, was static at $1.2m. Further non-cash income of $1m was
recognised in the quarter. This was due to a gain of $1.2m arising on a decrease in the fair value of the embedded derivatives associated with the exchangeable notes and was partly offset by non-cash interest of $0.2m.
The Company recorded a profit of $1.2m for the quarter which equated to earnings per share of 5.6 cents. However, excluding non-cash items the profit for the
quarter was $0.2m or an EPS of 1.0 cents. Fully diluted EPS for the quarter was 5.0 cents compared to 6.4 cents in Q1, 2016.
EBITDA before share option
expense for the quarter was $2.7m.
Share Buyback
During the quarter, the Company repurchased 181,000 ADRs at an average price of $6.40 and with a total value of $1.2m. A further 134,000 ADRs at an average
price of $5.63 have been repurchased since quarter end. This brings the total purchased since the beginning of the program to over 1.4m shares with a total value of $11.9m.
Comments
Commenting on the results, Kevin Tansley, Chief
Financial Officer, said “Our operating profit of $1.3m this quarter was lower than the $1.8m recorded in the equivalent quarter last year due to slightly lower gross margins and marginally higher indirect costs. However, it represents a
significant increase on Q4, 2016’s operating profit of $0.6m. Margins have started to rebound towards more normal levels and this will continue with revenue growth in the future, whilst indirect costs are being kept under control.”
Ronan O’Caoimh, CEO of Trinity said “We were pleased to see an improvement in profitability from the last quarter of 2016, particularly as we are
now seeing the impact of culling some of our older products at the end of last year. Quarter 1 typically represents our lowest revenue quarter and we believe that future profitability growth can be achieved by concentrating on growing our key
business lines with a particular emphasis on Diabetes, Autoimmunity and HIV. At the same time we will continue our share buyback program which is now approaching $12m since being initiated in 2016.”
Forward-looking statements in this release are made pursuant to the “safe harbor” provision of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, but not limited to,
the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development commercialisation and technological difficulties,
and other risks detailed in the Company’s periodic reports filed with the Securities and Exchange Commission.
Trinity Biotech 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. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners
in over 75 countries worldwide. For further information please see the Company’s website:
www.trinitybiotech.com
.
Trinity Biotech plc
Consolidated Income Statements
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(US$000’s except share data)
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Three Months
Ended
Mar 31,
2017
(unaudited)
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Three Months
Ended
Mar 31,
2016
(unaudited)
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Three Months
Ended
Dec 31,
2016
(unaudited)
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Revenues
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23,536
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23,516
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23,681
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Cost of sales
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(13,645
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(13,385
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(14,202
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Gross profit
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9,891
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10,131
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9,479
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Gross margin %
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42.0
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%
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43.1
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%
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40.0
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%
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Other operating income
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23
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69
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28
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Research & development expenses
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(1,328
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(1,147
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(1,330
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Selling, general and administrative expenses
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(7,028
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(6,961
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(7,206
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Indirect share based payments
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(250
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(267
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(378
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Operating profit
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1,308
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1,825
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593
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Financial income
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177
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220
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221
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Financial expenses
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(1,170
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(1,181
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(1,182
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Net financing (expense)
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(993
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(961
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(850
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Profit / (loss) before tax & non-cash financial income / (expense)
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315
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864
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(368
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Income tax (expense) / credit
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(99
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(182
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421
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Profit for the period before once-off items & non-cash financial income /
(expense)
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216
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682
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53
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Non-cash financial income / (expense)
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1,030
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(2,029
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4,860
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Once-off charges (net of tax)
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—
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—
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(105,779
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Profit / (loss) after tax and once-off items
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1,246
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(1,347
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(100,866
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Earnings / (loss) per ADR (US cents)
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5.6
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(5.8
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(443.1
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Earnings per ADR excluding non-cash financial income
(US cents)**
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1.0
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2.9
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0.2
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Diluted earnings per ADR (US cents)
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5.0
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6.4
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*
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(373.1
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Diluted earnings per ADR (US cents)**
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5.0
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6.4
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*
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4.3
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Weighted average no. Of ADRs used in computing basic earnings per ADR
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22,102,620
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23,287,867
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22,761,641
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Weighted average no. Of ADRs used in computing diluted earnings per ADR
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27,362,174
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28,656,394
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28,031,122
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*
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Under IAS 33
Earnings per Share
, diluted earnings per share cannot be anti-dilutive. Therefore, diluted earnings per ADR in quarter 1, 2016 in accordance with IFRS would be a loss of 5.8 cents (i.e. equal to
basic earnings per ADR).
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**
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Excluding once-off charges
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The above financial statements have been prepared in accordance with the
principles of International Financial Reporting Standards and the Company’s accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).
Trinity Biotech plc
Consolidated Balance Sheets
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Mar 31,
2017
US$ ‘000
(unaudited)
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Dec 31,
2016
US$ ‘000
(unaudited)
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ASSETS
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Non-current assets
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Property, plant and equipment
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14,163
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13,403
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Goodwill and intangible assets
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88,996
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87,275
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Deferred tax assets
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14,669
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14,556
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Other assets
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828
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870
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Total non-current assets
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118,656
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116,104
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Current assets
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Inventories
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32,659
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32,589
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Trade and other receivables
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22,683
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22,586
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Income tax receivable
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1,290
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1,205
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Cash and cash equivalents
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69,851
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77,108
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Total current assets
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126,483
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133,488
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TOTAL ASSETS
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245,139
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249,592
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EQUITY AND LIABILITIES
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Equity attributable to the equity holders of the parent
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Share capital
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1,176
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1,224
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Share premium
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16,122
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16,187
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Accumulated surplus
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93,171
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93,004
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Other reserves
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(1,193
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)
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(1,688
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Total equity
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109,276
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108,727
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Current liabilities
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Income tax payable
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|
181
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|
175
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Trade and other payables
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20,893
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25,028
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Provisions
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75
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75
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Total current liabilities
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21,149
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25,278
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Non-current liabilities
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Exchangeable senior note payable
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95,462
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96,491
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Other payables
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|
698
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|
735
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Deferred tax liabilities
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18,554
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18,361
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Total non-current liabilities
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114,714
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115,587
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TOTAL LIABILITIES
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135,863
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140,865
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TOTAL EQUITY AND LIABILITIES
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245,139
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249,592
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The above financial statements have been prepared in accordance with the principles of International Financial Reporting
Standards and the Company’s accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).
Trinity Biotech plc
Consolidated Statement of Cash Flows
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(US$000’s)
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Three Months
Ended
March 31,
2017
(unaudited)
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Three Months
Ended
March 31,
2016
(unaudited)
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Cash and cash equivalents at beginning of period
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77,108
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|
101,953
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Operating cash flows before changes in working capital
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|
2,267
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|
|
2,503
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|
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Changes in working capital
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(2,208
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)
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|
|
(628
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)
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|
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Cash generated from operations
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|
59
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|
|
|
1,875
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|
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Net Interest and Income taxes (paid)/received
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|
|
177
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|
|
|
(241
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)
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Capital Expenditure & Financing (net)
|
|
|
(3,646
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)
|
|
|
(5,431
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)
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|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
(3,410
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)
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|
|
(3,797
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)
|
|
Payment of HIV-2 licence fee
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|
|
(1,112
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)
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|
|
—
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|
|
Share buyback
|
|
|
(1,833
|
)
|
|
|
(1,327
|
)
|
|
Once-off items
|
|
|
(902
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)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
69,851
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|
|
|
96,829
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|
|
|
|
|
|
|
|
|
|
|
The above financial statements have been prepared in accordance with the principles of International Financial Reporting
Standards and the Company’s accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).
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.
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|
|
|
|
|
|
TRINITY BIOTECH PLC
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Kevin Tansley
|
|
|
|
|
|
|
|
Kevin Tansley
|
|
|
|
|
|
|
|
Chief Financial Officer
|
|
Date: 27 April 2017
|
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