Why Is Clinical Diagnostics Focused Trinity Biotech Stock Trading Higher Tuesday?

Tuesday, Trinity Biotech plc (NASDAQ:TRIB) shares are trading higher with session volume of 14.32M versus average volume of 118.9K according to data from Benzinga Pro.

The Company has received substantial additional orders for TrinScreen HIV. Due to this demand and increased production capacity, the company is now increasing its expected 2024 sales revenue for TrinScreen HIV to approximately $10 million, up from $8 million.

Trinity Biotech Chairman and Chief Executive John Gillard said: “We are delighted to have increased our production capacity to meet the increased demand for TrinScreen HIV. Also, as a company with a strong presence in infectious diseases, we have also increased our production capacity for our FDA 510(k) cleared viral transport medium, FlexTrans, in anticipation of a potential increase in customer demand due to the public declaration recently of the World Health Organization. Health emergency of international concern for Mpox.”

Trinity Biotech reported second quarter sales of $15.8 million. Strong demand and production in TrinScreen HIV drove revenue growth of 14.0% year-over-year and revenue growth of 7.7% quarter-on-quarter.

TrinScreen HIV sales were $3.1 million in the second quarter.

The company reiterated guidance of approximately $20 million in annualized running EBITDASO ​​for annual revenue of approximately $75 million through the second quarter of 2025.

This outlook is based solely on the growth of existing businesses, including hemoglobin and HIV testing, and planned improvements in operating margins, with no contribution from the recently acquired biosensor business.

“We expect TrinScreen HIV gross margins to improve as 2024 progresses due to increased operational efficiencies and the expected transfer of assembly to a lower-cost manufacturing location by the end of 2024,” the company said in its earnings release the second trimester.

Price action: At last check on Tuesday, shares of TRIB were up 54.20% at $3.12 during the pre-market session.

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This article Why clinical diagnostics focus Trinity Biotech stock trades higher on Tuesday? originally appeared on Benzinga.com

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