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 May, 2018

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- ____ 

 
 
Press Release dated May 1, 2018
 
Contact: 
Trinity Biotech plc
Kevin Tansley
(353)-1-2769800
E-mail: kevin.tansley@trinitybiotech.com
Lytham Partners LLC
Joe Diaz, Joe Dorame & Robert Blum
602-889-9700
                          
Trinity Biotech Announces Results for Q1, 2018

DUBLIN, Ireland (May 1, 2018)…. 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, 2018.

Quarter 1 Results

Total revenues for Q1, 2018 were $23.8m which compares to $23.5m in Q1, 2017, an increase of $0.3m and were broken down as follows:
 
   
2017
Quarter 1
   
2018
Quarter 1
   
Increase/
(decrease)
 
   
US$’000
   
US$’000
   
%
 
Point-of-Care
   
4,010
     
3,776
     
(5.8
)%
Clinical Laboratory
   
19,526
     
20,023
     
2.5
%
Total
   
23,536
     
23,799
     
1.1
%
 
Point-of-Care revenues for Q1, 2018 decreased from $4.0m to $3.8m when compared to Q1, 2017, a reduction of 5.8%. This was due to a combination of the impact of lower public health spending on U.S. HIV sales and the normal fluctuation of African HIV orders.

Clinical Laboratory revenues increased from $19.5m to $20.0m, which represents an increase of 2.5% compared to Q1 2017. As has been the case in previous quarters, this growth was due to higher Diabetes and Autoimmunity sales.

Gross profit for Q1, 2018 amounted to $10.4m representing a gross margin of 43.8%. This was higher than the 42% achieved in Q1, 2017 and was higher than the gross margin reported in each of the subsequent quarters of 2017.

Research and Development expenses remained flat at $1.3m whilst Selling, General and Administrative (SG&A) fell slightly from $7.0m to $6.9m during the quarter.

Operating profit for the quarter was $1.8m, which is higher than the $1.3m achieved in Q1, 2017 and this was attributable to the combination of the higher revenues and improved gross margin.

Financing income for the quarter was marginally higher at $0.2m reflecting higher available deposit interest rates. Meanwhile, interest payable, mainly arising on the Company’s exchangeable notes, remained static at $1.2m.  A further non-cash expense of $0.3m was recognised in the quarter.  This was due to a loss of $0.1m arising on an increase in the fair value of the embedded derivatives associated with the exchangeable notes plus non-cash interest of $0.2m.
 
The profit after tax, before non-cash financial expenses, for the quarter was $0.7m and compares favourably to $0.2m for the equivalent period last year.  This was primarily due to the improved operating profit this quarter.


The basic EPS (excluding non-cash financial expenses) for the quarter was 3.4 cents versus 1.0 cent in Q1, 2017. Unconstrained diluted EPS for the quarter amounted to 7.1 cents, which compares to 5.0 cents in the equivalent quarter in 2017.

Earnings before interest, tax, depreciation, amortisation and share option expense for the quarter was $3.3m, compared with $2.7m in Q1, 2017.

Share Buyback

During the quarter, the Company bought back 27,000 shares at an average price of $5.15 and a total value of $0.1m. This brings the total purchased since the beginning of the program to over 2.5m shares with a total value of $17.5m.

Comments

Commenting on the results Kevin Tansley, Chief Financial Officer stated “There were a number of positive aspects to our performance this quarter. In addition to our growth in revenues, we saw a significant improvement in gross margins to 43.8%, which is the highest we have recorded in the last six quarters.  By maintaining the level of our indirect costs, this translated into an increase in operating profit from $1.3m to $1.8m – an increase of over 38%.  Similarly our Diluted EPS increased from 5 cents to 7.1 cents.”

Ronan O’Caoimh, Chief Executive Officer stated “Clinical Laboratory revenues grew by 2.5% this quarter. As in previous quarters, this was driven by the continued growth of our Diabetes and Autoimmunity businesses. Meanwhile, our Point-of-Care revenues fell by 5.8%. This partly due to the adverse impact of lower federal funding for public health programs on US HIV revenues.  In addition, African HIV sales were slightly lower this quarter due to the normal fluctuations which are a feature of this market.  Of greater importance is the fact that Trinity’s Uni-gold product remains the pre-eminent confirmatory HIV test in the African market.”

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

(US$000’s  except share data)
 
Three Months
Ended
Mar 31,
2018
(unaudited)
   
Three Months
Ended
Mar 31,
2017
(unaudited)
 
             
Revenues
   
23,799
     
23,536
 
                 
Cost of sales
   
(13,371
)
   
(13,645
)
                 
Gross profit
   
10,428
     
9,891
 
Gross profit %
   
43.8
%
   
42.0
%
                 
Other operating income
   
24
     
23
 
                 
Research & development expenses
   
(1,272
)
   
(1,328
)
Selling, general and administrative expenses
   
(6,940
)
   
(7,028
)
Indirect share based payments
   
(434
)
   
(250
)
                 
Operating profit
   
1,806
     
1,308
 
                 
Financial income
   
205
     
177
 
Financial expenses
   
(1,159
)
   
(1,170
)
Net financing expense
   
(954
)
   
(993
)
                 
Profit before tax & non-cash items
   
852
     
315
 
                 
Income tax expense
   
(132
)
   
(99
)
Profit after tax before non-cash items
   
720
     
216
 
                 
Non-cash financial (expense)/income
   
(342
)
   
1,030
 
                 
Profit after tax and non-cash items
   
378
     
1,246
 
                 
Earnings per ADR (US cents)
   
1.8
     
5.6
 
                 
Earnings per ADR excluding non-cash financial expense/income (US cents)
   
3.4
     
1.0
 
                 
Diluted earnings per ADR (US cents)*
   
7.1
     
5.0
 
                 
Weighted average no. of ADRs used in computing basic earnings per ADR
   
20,907,885
     
22,102,620
 
                 
Weighted average no. of ADRs used in computing diluted earnings per ADR
   
26,163,828
     
27,362,174
 
 
* Under IAS 33 Earnings per Share, diluted earnings per share cannot be anti-dilutive. In a reporting period where it is anti-dilutive, diluted earnings per ADR should be constrained to equal basic earnings per ADR.

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

   
Mar 31,
2018
US$ ‘000
(unaudited)
   
Dec 31,
2017
US$ ‘000
(unaudited)
 
ASSETS
           
Non-current assets
           
Property, plant and equipment
   
7,033
     
5,800
 
Goodwill and intangible assets
   
66,474
     
64,754
 
Deferred tax assets
   
8,968
     
8,698
 
Other assets
   
779
     
771
 
Total non-current assets
   
83,254
     
80,023
 
                 
Current assets
               
Inventories
   
34,179
     
32,805
 
Trade and other receivables
   
22,118
     
20,740
 
Income tax receivable
   
1,234
     
1,440
 
Cash, cash equivalents and deposits
   
53,895
     
57,607
 
Total current assets
   
111,426
     
112,592
 
                 
TOTAL ASSETS
   
194,680
     
192,615
 
                 
EQUITY AND LIABILITIES
               
Equity attributable to the equity holders of the parent
               
Share capital
   
1,224
     
1,224
 
Share premium
   
16,187
     
16,187
 
Accumulated surplus
   
46,837
     
46,157
 
Other reserves
   
1,529
     
1,628
 
Total equity
   
65,777
     
65,196
 
                 
Current liabilities
               
Income tax payable
   
344
     
310
 
Trade and other payables
   
21,761
     
20,845
 
Provisions
   
50
     
75
 
Total current liabilities
   
22,155
     
21,230
 
                 
Non-current liabilities
               
Exchangeable senior note payable
   
95,167
     
94,825
 
Other payables
   
453
     
532
 
Deferred tax liabilities
   
11,128
     
10,832
 
Total non-current liabilities
   
106,748
     
106,189
 
                 
TOTAL LIABILITIES
   
128,903
     
127,419
 
                 
TOTAL EQUITY AND LIABILITIES
   
194,680
     
192,615
 

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
 
(US$000’s)
 
Three Months
Ended
Mar 31,
2018
(unaudited)
   
Three Months
Ended
Mar 31,
2017
(unaudited)
 
             
Cash and cash equivalents at beginning of period
   
57,607
     
77,108
 
                 
Operating cash flows before changes in working capital
   
3,258
     
2,267
 
Changes in working capital
   
(2,679
)
   
(2,208
)
Cash generated from operations
   
579
     
59
 
                 
Net Interest and Income taxes paid
   
204
     
177
 
                 
Capital Expenditure & Financing (net)
   
(4,061
)
   
(3,646
)
                 
Free cash flow
   
(3,278
)
   
(3,410
)
                 
Payment of HIV-2 licence fee
   
-
     
(1,112
)
                 
Share buyback
   
(434
)
   
(1,833
)
                 
Once-off items
   
-
     
(902
)
                 
Cash and cash equivalents at end of period
   
53,895
     
69,851
 
 
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.
 
  TRINITY BIOTECH PLC  
  (Registrant)  
       
 
By:
/s/ Kevin Tansley  
    Kevin Tansley  
    Chief Financial Officer  
 
Date: 3 May 2018