Trinity Biotech Plc · NASDAQ:TRIB
Trinity Biotech — Investor Presentation (March 2015)
18 slides from Trinity Biotech's investor presentation, March 2015
Slide 1: Your Diagnostics Partner
POINT OF CARE | CLINICAL LABORATORY Your Diagnostics Partner March 2015 Nasdaq: TRIB
Slide 2: Overview
Overview • Medical diagnostics company headquartered in Ireland. • 12½% tax rate (Ireland). • Significant operations in the USA – direct selling force of 60; in addition to manufacturing operations in Buffalo, Jamestown, San Diego and Kansas City. • Established track record of revenue and profit gro
Slide 3: Revenues
Revenues Revenue Breakdown 2010 2011 2012 2013 2014 $m $m $m $m $m Cardiac - - - - - Diabetes 19 21 23 27 32 Infectious 26 29 31 35 43 diseases/Autoimmune HIV 16 17 19 19 20 Life Science supply 12 11 10 10 10 Total 73 78 83 91 105 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 (growing at 12% p.a.). Troponin I BNP Total $m $m $m Alere 100 150 250 (Biosite Triage) Roche 60 50 110 (Cobas) Abbott 120 50 170 (i-STAT) Other 70 50 120 Total POC Market 350 300 650 Laboratory Market 900 450 1,350 Total 1,250 750 2,000 • Troponin I FDA appr
Slide 7: Cardiac - Timing
Cardiac - Timing • CE Marking / European Regulatory Approval for Troponin received in January 2014. • Distributor network in Europe put in place - product available for sale from April 2014. • USA FDA trials commenced in Q1 2014 at 11 trial sites. • Trials temporarily suspended until mid-February 20
Slide 8: Diabetes
Diabetes • $32m 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. • Major growth market – 12% p.a. • Market Size $300m. • Competitive landscape -
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 2012 2013 2014 (Units) (Units) (Units) Menarini 71 119 95 USA 49 62 55 China - 74 104 Turkey 30 20 20 Brazil - - 121 RoW 52 46 65 Total 202 321 460 10
Slide 11: HIV/Syphilis - HIV
HIV/Syphilis - HIV • $20m revenues : $14m 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, Sjogren’s, Celiac, Crohn’s and
Slide 15: Revenue Plan (Not a Forecast)
Revenue Plan (Not a Forecast) Revenues $m - 2010-2014 110 105 100 Immco 95 90 Immco 85 Premier Premier Premier 80 Premier 75 70 HIV HIV HIV HIV HIV 65 60 55 50 Clin Lab Clin Lab Clin Lab Clin Lab Clin Lab 45 40 2010 2011 2012 2013 2014 15
Slide 16: Financial Information - Profit and Loss
Financial Information - Profit and Loss 2010 2011 2012 2013 2014 $m $m $m $m $m Revenue 73.4 77.9 82.5 91.2 104.9 EBITDA 17.9 19.6 21.7 22.8 23.8 Operating 14.0 15.8 17.2 17.9 18.0 profit Profit after tax 13.9 15.6 17.3 17.8 17.2 EPS (US 60* 69* 77* 78 76 cents) * 2010 – 2012 EPS adjusted for consis
Slide 17: Financial Information – Balance Sheet
Financial Information – Balance Sheet Balance sheet as at 30 September 2014 Fixed assets 162.9 Trade and other receivables 26.1 Inventory 33.5 Cash 9.1 • No bank debt. Current assets 68.7 Trade and other payables (22.1) Net current assets 46.6 Bank debt 0 17
Slide 18: Take aways
Take aways • No bank debt – cash of $9.1m at 31 December 2014. • Dividend of 22 cents per ADR (10% increase on prior year). • Cardiac tests (Fiomi) – Troponin and BNP CE Marked in 2014. • 8 point-of-care tests – launched 2013. • FDA approval for HIV-2 claim. • Profitable and cash generating infectio