Tuesday, Trinity Biotech plc (NASDAQ:TRIB) stock is trading higher with a session volume of 14.32 million versus the average volume of 118.9K as per data from Benzinga Pro.
The company received substantial additional orders for TrinScreen HIV. Due to this demand and the scaling of production capacity, the company is now increasing its expected 2024 sales revenue for TrinScreen HIV to approximately $10 million, up from $8 million.
President and Chief Executive Officer of Trinity Biotech, John Gillard, said, “We are pleased to have scaled up our manufacturing capacity to meet the increased demand for TrinScreen HIV. Also, as a company with a strong presence in infectious disease, we have also increased our manufacturing capacity for our FDA 510(k) cleared viral transport medium, FlexTrans, in anticipation of potential increased customer demand due to the recently declared World Health Organization Public Health Emergency of International Concern for Mpox.”
Trinity Biotech reported second-quarter sales of $15.8 million. Strong demand and output in TrinScreen HIV drove a 14.0% year-on-year revenue increase and a 7.7% quarter-on-quarter revenue increase.
Sales of TrinScreen HIV were $3.1 million in the second quarter.
The company reiterated guidance of approximately $20 million of annualized run-rate EBITDASO on annualized run-rate revenues of approximately $75 million by the second quarter of 2025.
This outlook is predicated solely on growth from the existing businesses, including hemoglobin testing and HIV, and planned improvements to operating margins, with no contribution from the recently acquired biosensor business.
“We do expect TrinScreen HIV gross margins to improve as 2024 progresses due to increased operational efficiency and the expected transfer of assembly to a lower-cost manufacturing location by the end of 2024,” the company said in the second-quarter earnings release.
Price Action: At last check Tuesday, TRIB stock was up 54.20% at $3.12 during the premarket session.
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This article Why Is Clinical Diagnostics Focused Trinity Biotech Stock Trading Higher On Tuesday? originally appeared on Benzinga.com
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