Trinity Biotech Plc · NASDAQ:TRIB
Trinity Biotech — Investor Presentation (April 2015)
24 slides from Trinity Biotech's investor presentation, Apr 1, 2015
Slide 1: Your Diagnostics Partner
Exhibit 99.2 POINT-OF-CARE | CLINICAL LABORATORY Your Diagnostics Partner March 2015 Nasdaq: TRIB
Slide 2: Forward-Looking Statements
Forward-Looking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements. All statements other than statements of historical fact included in this presentation are forward-looking statements including, without limitation, all state
Slide 3: Investment Summary
Investment Summary Leading medical diagnostics company with brand recognition and global footprint Significant expertise and success in developing and commercialising tests for multiple indications Profitable and growing business with no long-term debt obligations as of 31 December 2014 Generated 20
Slide 4: Company Overview
Company Overview Headquartered in Ireland, where the Facility Locations Worldwide corporate tax rate is 12.5% Offers ~850 products used to detect autoimmune, infectious and sexually transmitted diseases, diabetes, and disorders of the liver and intestine Also operates as a provider of raw materials
Slide 5: Timeline
Timeline Trinity Biotech has expanded its product portfolio through internal development and acquisitions over the past 20 years Sold Coagulation Acquired Fiomi product line to Diagnostics (POC Stago Currently cardiac assays) Diagnostica employs Launched the Premier ~545 people Employed ~345 laborat
Slide 6: Revenue Segments
Revenue Segments Revenues 2013 2014 % Change Clinical Laboratory $68,727 $77,240 12.4% Point-of-Care 19,754 20,036 1.4% Laboratory Services 2,735 7,596 177.7% Total $91,216 $104,872 15.0% Revenue by Geography 2013 Revenue 2014 Revenue 14% 18% Americas 26% Asia/Africa 60% Europe 24% 58% 6
Slide 7: Point-of-Care
Point-of-Care POC, which refers to diagnostic testing carried out in the presence of the patient, is a strategic priority and key growth segment of Trinity Biotech especially Emergency Medicine Existing HIV offering – Significant market presence in Africa and US Rapid syphilis test – Newly CLIA waiv
Slide 8: HIV
HIV $19 million in 2014 sales Trinity Biotech’s US Market Trinity Biotech’s African Market Represents an estimated market size of Supplies rapid HIV products under the over $50 million President’s Emergency Plan for AIDS Relief (PEPFAR) Competitors: Orasure and Chembio Market funded by the WHO, Worl
Slide 9: Syphilis Health Check
Syphilis Health Check POC syphilis test that delivers results in 12 minutes Only CLIA waived product on the market (received in December 2014) Key Advantages Target customers include: New market with State public health departments significant revenue opportunity Major city public health departments
Slide 10: Cardiac – Trinity Biotech's Technology
Cardiac – Trinity Biotech’s Technology Targeting an estimated global POC cardiac market size of over $1 billion Platform technology and quantitative instrument for emergency medicine Meritas platform utilised for heart attack and heart failure diagnosis Consists of two components Microfluidic chip :
Slide 11: Cardiac – Trinity Biotech's Technology
Cardiac – Trinity Biotech’s Technology Meritas Troponin I : Marker used for detecting acute myocardial infarctions Meritas BNP : Marker used for detecting acute and chronic heart failure Competing products include Biosite Triage (Alere), Cobas (Roche) and i-Stat (Abbott) CE Mark/European Regulatory
Slide 12: Cardiac – POC
Cardiac – POC Troponin I CE Mark Trial Results Demonstrated superior results with limit of detection of 19ng/L of whole blood and a CV of 10% at 36ng/L, which corresponds to 99th percentile of the reference population Time zero sensitivity of 60%, with specificity of 98% (CE Marking Study) Time zero
Slide 13: Clinical Laboratory
Clinical Laboratory Trinity Biotech supplies the clinical laboratory segment of the in-vitro diagnostic market with a range of diagnostic tests and instrumentation HbA1c for diabetes monitoring and diagnosis Hb Variants for the detection of Haemoglobin mutations Autoimmune diseases Infectious diseas
Slide 14: Diabetes
Diabetes Targeting part of the $900 million A1c global testing market Major increase in incidence of diabetes in the US and internationally – Currently over 380 million diagnosed diabetics worldwide Haemoglobin A1c (A1c) is a long term indicator of diabetes management A1c Competitive Landscape Super
Slide 15: Diabetes – Premier Instrument
Diabetes – Premier Instrument Interference free HPLC method (boronate affinity) Benefits Competitors such as Bio-Rad, Arkray and New Premier Resolution instrument for detection Tosoh suffer interference of sickle cell anaemia Capacity of up to 210 tests, one of the largest Major market opportunity a
Slide 16: Diabetes – Premier
Diabetes – Premier Market Presence Western Europe – Distributed through Menarini Diagnostics, currently a market leader in A1c testing with over 100 instruments contracted annually U.S. – Utilises a direct sales force China (approved 2Q13) – Largest number of diabetics in the world (98 million) Braz
Slide 17: Autoimmune Diseases – Immco Diagnostics
Autoimmune Diseases – Immco Diagnostics Acquired in July 2013 for $33 million Immco Based in Buffalo, NY and employs 99 people Diagnostics Consists of IFA products and EIA products Tests that detect lupus, Sjögren’s, celiac disease, Crohn’s and rheumatoid arthritis etc. Expected growth through lever
Slide 18: Autoimmune Diseases – Immco Diagnostics
Autoimmune Diseases – Immco Diagnostics NYSDOH accredited reference laboratory New Sjögren’s product launched nationwide in June 2014 - Marketing partner Bausch & Lomb (reference laboratory) 4Q14 revenues over $500k Main competitors include Werfen-Inova, Bio-Rad and Phadia High organic growth 18
Slide 19: Infectious Diseases and Blood Bank Screening
Infectious Diseases and Blood Bank Screening Strong gross margins and cash generation $9 million of 2014 sales from Lyme confirmation business Prominent niche player offering 60 products Large DSX instrument installed base in the US China represents a large growth market Developing new tests to add
Slide 20: IFRS Summary
IFRS Summary Trinity capitalises R&D expenditures on projects whose outcome has been assessed with reasonable certainty and charges the rest to the profit & loss account R&D is capitalised at cost within intangible assets and amortised over its expected useful life of the product Most of the Company
Slide 21: Financial Information – Profit & Loss
Financial Information – Profit & Loss ($ in millions) 2010* 2011* 2012* 2013 2014 Revenue $73.8 $77.9 $82.5 $91.2 $104.9 EBITDASO 17.5 19.1 21.2 22.8 24.0 Operating profit 13.6 15.3 16.6 17.2 18.0 Profit after tax 13.1 15.1 16.8 17.1 17.2 EPS (in US dollars) $0.62 $0.71 $0.78 $0.78 $0.76 2014 profit
Slide 22: Financial Information – Balance Sheet
Financial Information – Balance Sheet Balance Sheet as of 31 December 2014 ($ in thousands) 2014 Total Non-Current Assets $173,893 Cash and Cash Equivalents 9,102 Inventories 33,516 Trade and Other Receivables 25,976 Income Tax Receivables 351 Current Assets 68,945 Trade and Other Payables (21,197)
Slide 23: Key Take Aways
Key Take Aways Leading medical diagnostics company with ~850 products in its portfolio POC growth is a strategic focus for Trinity Biotech Significant near term growth opportunities with Premier, Premier Resolution, Syphilis Health Check, Sjögren’s and Meritas Cardiac platforms Expected FDA submissi
Slide 24: Appendix
Appendix Profit & Loss (As Reported - IFRS) ($ in millions) 2010 2011 2012 2013 2014 Revenue $89.6 $77.9 $82.5 $91.2 $104.9 Operating profit 60.5 15.8 17.2 9.0 18.0 Profit after tax 60.4 15.6 17.3 9.6 17.2 Earnings per ADS (US dollars) $2.85 $0.73 $0.81 $0.44 $0.76 Note: 2010 includes $46.4 million