Trinity Biotech Plc · NASDAQ:TRIB
Trinity Biotech — Investor Presentation (August 2016)
18 slides from Trinity Biotech's investor presentation, August 2016
Slide 1: Your Diagnostics Partner
POINT OF CARE | CLINICAL LABORATORY Your Diagnostics Partner August 2016 Nasdaq: TRIB
Slide 2: Overview
Overview • Significant operations in the USA – direct selling force of 60; in addition to manufacturing operations in Buffalo, Jamestown, San Diego and Kansas City. • Leading positions in a number of high-growth segments. • Major cardiac opportunity based on a unique technology platform. 2
Slide 3: Revenues
Revenues • $100m of revenue in 2015, though heavily impacted by currency. • Key business segments: - Cardiac - Diabetes - HIV/Syphilis - Infectious diseases - Autoimmune - Life science supply 3
Slide 4: Cardiac - Fiomi Diagnostics
Cardiac - Fiomi Diagnostics • Acquired Fiomi Diagnostics in March 2012 for $13m. • March 2012 (7 employees) – since expanded to 35 employees. • Total project cost - development expenditure, clinical trials and production set-up costs c. $30m. • Swedish based company – advanced stage of developing a
Slide 5: Cardiac - Technology
Cardiac - Technology • Two IP protected components • Microfluidic chip - controlled fluid flow giving high assay precision. • Optical read-out module – giving high assay sensitivity. • Superlative sensitivity and precision for Troponin I. • Platform technology – quantitative instrument. • Other uses
Slide 6: Cardiac - POC Market
Cardiac - POC Market • Market Size $650m. Troponin I BNP Total $m $m $m Abbott 120 50 170 (i-STAT) Alere 100 150 250 (Biosite Triage) Roche 40 45 85 (Cobas h232) Radiometer 40 25 65 (AQT 90) Siemens 30 20 50 (Stratus) Mitsubishi 20 10 30 (Pathfast) Total POC Market 350 300 650 Laboratory Market 900
Slide 7: Cardiac - Timing
Cardiac - Timing • Troponin US: FDA submission – December 2015. FDA approval anticipated Q4 2016. Europe: CE marking received 2014. U.K., Spain, Italy, France, Germany - evaluations ongoing. Brazil: Evaluations commenced Q4 2015. China: Approval process commenced Q3 2015. • BNP Europe: CE marking re
Slide 8: Diabetes
Diabetes • $28m Business, 9% market share. • A1c is a long term indicator of diabetes management. • A1c diabetics require A1c testing 4 times a year. • Major increase in incidence of diabetes in USA and internationally. • Significant haemoglobin variant and neo-natal revenues also. • Major growth ma
Slide 9: Premier
Premier • Premier – New clinical lab HbA1c instrument - FDA approved in December 2011. • State of the art instrument - interference free (boronate affinity) - quicker – 1 minute assay - biggest capacity - 210 tests - leading edge software (touch screen) - modular configuration (ease of service) • Ma
Slide 10: Premier Placements
Premier Placements Year Placements Key development 2012 202 Initial product launch in USA, Europe and other strategic markets 2013 321 First sales in China – 74 instruments 2014 460 First sales in Brazil – 121 instruments 2015 350 Temporary withdrawal from Brazilian market due to significant fall in
Slide 11: HIV/Syphilis - HIV
HIV/Syphilis - HIV • $18m revenues : $12m Africa & $6m USA ($90m global market). • Strong gross margins : c.55%. • African market • President’s Emergency Plan for AIDS Relief (‘PEPFAR’) - over $30 billion to date • WHO, World Bank, Clinton & Gates Foundations • Gold standard product – confirmation t
Slide 12: HIV/Syphilis - Rapid Syphilis Test
HIV/Syphilis - Rapid Syphilis Test •CLIA waiver received in December 2014. •Only FDA approved rapid syphilis test on the market. •Major CDC support. •Customers: - State public health departments - Major city public health departments - CDC funding - CBO (community based organisations) - Planned pare
Slide 13: Infectious Diseases
Infectious Diseases • $43m business - strong gross margins and cash generation. • $9m Lyme confirmation business - 100% market share. • Broad infectious diseases product range – 60 products. • Prominent niche player – esoteric tests. • Large DSX instrument installed base in USA – reagent rental. • C
Slide 14: Autoimmune – Immco Diagnostics
Autoimmune – Immco Diagnostics • Acquired July 2013 for $33m, based in Buffalo, NY and employing 90 people. • $250m speciality autoimmune market growing 10% annually, main competitors –Werfen-Inova ($75m), Bio-Rad ($70m) and Phadia ($40m). • Autoimmune products: Lupus, Sjögren’s, Celiac, Crohn’s and
Slide 15: Fundraising
Fundraising • $115m ($110.6m net of transaction expenses) raised in April 2015 through issuance of 30 year exchangeable senior notes. • Interest rate of 4% p.a., payable half-yearly in arrears. • Repayment due in 2045 - a number of put and call options included allow for earlier redemption. • Procee
Slide 16: Financial Information - Profit and Loss
Financial Information - Profit and Loss 2011 2012 2013 2014 2015 $m $m $m $m $m Revenue 77.9 82.5 91.2 104.9 106 EBITDA 19.6 21.7 22.8 23.8 20.7 Operating 15.8 17.2 17.9 18.0 13.4 profit Profit after tax 15.6 17.3 17.8 17.2 9.3* EPS (US 69 77 78 76 40* cents) * Excluding non-cash financial income •
Slide 17: Financial Information – Balance Sheet
Financial Information – Balance Sheet Balance sheet as at $m 30 June 2016 Fixed assets 190.8 Trade and other receivables 28.5 Inventory 39.3 Cash 84.9 Current assets 152.7 Trade and other payables (20.1) Net current assets 132.6 Convertible loan notes* (115.0) * $115m raised through issuance of conv
Slide 18: Take aways
Take aways • 12½% tax rate – Ireland. • Cash of $85m at 30 June 2016. • Cardiac tests (Fiomi) – Troponin FDA submission completed in December 2015, BNP trials commenced. • Profitable and cash generating infectious disease lab business. • 350 Premier placements in 2015. • Growing autoimmune business
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