Trinity Biotech plc (TRIB): Business Model Canvas [Apr-2026 Updated]

You're digging into Trinity Biotech plc (TRIB) right now, trying to map out their strategy after that big operational shift this year. Honestly, understanding their new game plan-balancing established HIV screening with the big bet on the CGM+ AI platform-is key to valuing them correctly. We're looking at a company with about $61.55 million in trailing 12-month revenue as of late 2025, pivoting hard on biosensors while managing a complex global distribution web. Their model is a fascinating mix of high-volume point-of-care sales and future subscription revenue. It's all laid out below.

Trinity Biotech plc (TRIB) - Canvas Business Model: Key Partnerships

When you look at Trinity Biotech plc (TRIB)'s structure, the Key Partnerships block shows a clear strategy: leverage external expertise and capacity to drive down costs and accelerate market access for new and existing products. This is critical given their stated transformation plan aimed at profitability.

Outsourced offshore manufacturing partners for rapid HIV tests

Trinity Biotech plc has moved significant production to external partners to improve margins and operational agility. This shift is a core part of their financial turnaround strategy.

• WHO approval was granted for offshored/outsourced upstream manufacturing of the Uni-Gold™ HIV rapid test.
• WHO authorization for the TrinScreen HIV rapid test's full offshore manufacturing model followed, with approval expected in Quarter 3 2025.
• The company expects these initiatives to be gross margin accretive.
• In fiscal year 2024, sales of the TrinScreen HIV test reached $10.0 million.
• Trinity Biotech reiterated guidance to achieve annualized run-rate revenues of approximately $75 million by Q2 2025.

Thermo Fisher Scientific for the PreClara™ Preeclampsia biomarker test

This collaboration is central to Trinity Biotech plc's push into high-impact maternal health diagnostics. They are using an FDA-cleared test developed in partnership.

• Trinity Biotech plc launched the FDA-cleared PreClara Ratio (sFlt-1/PlGF) biomarker test service in Q3 2025.
• The service is offered through their New York-based reference laboratory.
• Hypertensive disorders of pregnancy impact approximately 500,000 women in the United States annually.
• Incorporating the test into standard care showed potential neonatal cost savings exceeding $10 million per 1,000 patients in a March 2025 study.

Strategic investment in Novus Diagnostics for rapid sepsis testing

The investment in Novus Diagnostics targets a critical, time-sensitive area of acute care, leveraging Trinity Biotech plc's regulatory and commercialization strengths.

Here's the quick math on the deal structure:

What this estimate hides is the potential for future milestones or follow-on investments, but the initial stake is clear.

• Novus Diagnostics is pioneering a point-of-care solution delivering sepsis diagnoses in 15-minutes.
• Sepsis affects an estimated 1.7 million people and causes approximately 350,000 deaths annually in the U.S. alone.

Bioinformatics company collaboration for EpiCapture prostate cancer test

This partnership is about enhancing the analytical depth of Trinity Biotech plc's molecular diagnostic pipeline, specifically for the EpiCapture test.

• Collaboration announced November 14, 2025, to apply sophisticated bioinformatics tools to clinical trial data.
• Prostate cancer affects about 1 in 8 men in the U.S. during their lifetime.
• The annual cost for diagnosis and treatment is estimated at over approximately $10 billion.
• Trinity Biotech plc acquired EpiCapture Limited for an initial consideration of approximately $3 million, plus an additional $0.5 million contingent on milestones.

Global network of independent distributors for diagnostics sales

The reach of Trinity Biotech plc's commercial operations relies heavily on its established international network.

• Trinity Biotech plc sells products directly in the United States.
• The company markets products through a network of international distributors and strategic partners in over 75 countries worldwide.

Trinity Biotech plc (TRIB) - Canvas Business Model: Key Activities

You're looking at the core actions Trinity Biotech plc is taking to drive its business forward as of late 2025. It's a mix of launching a major new platform and streamlining the existing diagnostics business. Here's the quick math on what they are actively doing.

Developing the CGM+ AI-native continuous glucose monitoring platform

The development of the CGM+ platform is a major focus, positioning Trinity Biotech plc in the $\text{260 billion}$ AI wearables market, though the global CGM market itself is projected to grow from approximately $\text{\$13 billion}$ in 2025 to approximately $\text{\$28 billion}$ by 2030. The platform, which integrates glucose, cardiovascular, temperature, and activity monitoring, is now in the later stages of device development. A critical technical hurdle was cleared in August 2025 with clinical validation confirming no finger-stick calibration required over a 15-day sensor wear period. Commercial launch is anticipated in mid-2026.

• Integrates glucose, cardiovascular, temperature, and activity monitoring.
• Proprietary needle-free glucose sensor technology used.
• Aims to significantly lower the cost of care compared to current market-leading products.

Manufacturing and supplying clinical diagnostic products (e.g., TrinScreen HIV)

Manufacturing and supply activities are centered on ramping up the flagship rapid HIV test, TrinScreen HIV, following key regulatory milestones. Trinity Biotech plc expected a significant quarter-on-quarter increase in revenue in Q3, 2025, as they resumed manufacture and supply after receiving World Health Organisation approval for its offshored and outsourced manufacturing in June 2025. For the full year 2024, sales of TrinScreen HIV reached approximately $\text{\$10.0 million}$. The company also began exiting sub-scale, lower-margin third-party product lines, which previously generated approximately $\text{\$3 million}$ in annual revenue in 2024.

Executing the comprehensive transformation plan for cost reduction

The execution of the transformation plan, which included consolidating and offshoring global manufacturing and relocating business support functions, was largely completed by mid-2025. This restructuring is the foundation for the company's financial outlook. Trinity Biotech plc projected it reached Adjusted EBITDA-positive operations during Q2 2025 and expected to be meaningfully Adjusted EBITDA-positive and cash flow positive from ongoing operating activities, starting Q3 2025. Selling, general and administrative (SG&A) expenses in Q3 2024 were $\text{\$6.5 million}$, a decrease of $\text{\$1.2 million}$ from $\text{\$7.7 million}$ in Q3 2023.

This is a significant shift; profitability is the new focus. The company is now concentrating on fine-tuning global operations to unlock further efficiencies.

Conducting R&D for next-generation biosensors and diagnostic assays

Research and development activities are heavily weighted toward the CGM+ platform. In Q3 2024, Research and development expenses were $\text{\$1.0 million}$. During that same quarter, the company capitalized $\text{\$2.1 million}$ for CGM development costs, which included capitalized borrowing costs of $\text{\$0.6 million}$ as required by IAS 23. This capitalization represents a commitment to future product development.

• Q3 2024 R&D Expense: $\text{\$1.0 million}$
• Q3 2024 Capitalized CGM Development Costs: $\text{\$2.1 million}$
• R&D spend is being managed with alternative options, including deferring projected spend if required.

Operating a New York-based reference laboratory for specialized testing

The New York reference laboratory is a key operational asset for expanding specialized testing services in the U.S. diagnostics market. Trinity Biotech plc received regulatory approval from the New York State Department of Health for its FDA-cleared PreClara™ Ratio biomarker test, aimed at assessing the risk of preeclampsia. This specialized testing service was expected to launch in the third quarter of 2025 through this laboratory. Clinical laboratory revenue for Q3 2024 was $\text{\$10.8 million}$, showing the existing scale of this segment, though this was a decrease of $\text{9.6%}$ compared to $\text{\$12.0 million}$ in Q3 2023. Finance: draft 13-week cash view by Friday.

Trinity Biotech plc (TRIB) - Canvas Business Model: Key Resources

You're looking at the core assets Trinity Biotech plc (TRIB) relies on to execute its strategy as of late 2025. These are the tangible and intangible things the company owns or controls that are essential for its value proposition to work.

Financial Foundation and Scale

The balance sheet provides a snapshot of the scale of the operation. The Total Assets figure shows the growth in the asset base following strategic moves like the Waveform acquisition.

The growth from $59.435M in 2023 to $103.29M by the end of 2024 represents a significant increase in the asset base, which is key for funding R&D and commercialization efforts.

Regulatory & Product Portfolio Assets

The portfolio is anchored by established diagnostics and the near-term potential of the new wearable technology. Regulatory clearances are critical gatekeepers for market access.

• WHO Approval for offshored/outsourced manufacturing of Uni-Gold™ HIV rapid test received on November 18, 2025.
• WHO Approval for offshored/outsourced manufacturing of TrinScreen™ HIV rapid test received on June 24, 2025.
• The development of the CGM+ platform is expected to see an FDA submission in 2026.

Proprietary Technology and Intellectual Property

The future value is heavily tied to the intellectual property surrounding the next-generation diabetes management system. This is where the company is focusing its strategic realignment.

The CGM+ biosensor technology and AI platform is a multimodal system integrating several data streams:

• Continuous monitoring for glucose.
• Continuous monitoring for heart activity.
• Continuous monitoring for body temperature.
• Continuous monitoring for physical activity.

Clinical trial data confirms the proprietary needle-free glucose sensor delivers accurate readings across a full 15-day wear period without finger-stick calibration. The company acquired Waveform Technologies Inc.'s biosensor and CGM assets in 2024.

Supply Chain and Operational Infrastructure

Operational efficiency is being driven by strategic outsourcing of established product lines. This transformation has been in development for approximately two years.

This transition to an outsourced model is expected to deliver substantial improvements in gross margin, EBITDA, and cashflow generation.

Trinity Biotech plc (TRIB) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Trinity Biotech plc (TRIB) products right now, late in 2025. It's all about delivering high-value diagnostics that cut down on cost and complexity for both patients and the healthcare system. Here's the quick math on what we're offering.

Cost-Effective, High-Volume Rapid HIV Screening (TrinScreen HIV)

The value here centers on scalability and cost control, especially after the recent manufacturing shift. Trinity Biotech plc received World Health Organization (WHO) approval in June 2025 for the offshored and outsourced upstream manufacturing of TrinScreen HIV, a move designed to unlock significant cost efficiencies and improve scalability. This positions the product favorably in the global procurement landscape, where one reference point for a similar test was listed at USD$ 0.75. The company expected a further significant quarter-on-quarter increase in revenue in Q3, 2025, as the supply of TrinScreen HIV resumed following this approval. The 2024 sales revenue forecast for this test was previously raised to over $8 million, based on total orders for 2024 reaching $6 million.

Early, Informed Decision-Making for Severe Preeclampsia Risk (PreClara™)

For maternal health, the value proposition is early, actionable insight to prevent severe outcomes. Trinity Biotech plc announced on August 14, 2025, that its New York reference laboratory received regulatory approval from the New York State Department of Health to begin offering the FDA-cleared PreClara™ Ratio biomarker test, with service rollout planned for Q3 2025. This test targets hypertensive disorders of pregnancy, which affect approximately 500,000 women annually in the United States. Incorporating the test into standard care could potentially generate neonatal cost savings exceeding $10 million per 1,000 patients, mainly by reducing preterm deliveries and NICU admissions.

Non-Invasive, 15-Day Continuous Glucose Monitoring via CGM+

The next-generation continuous glucose monitoring (CGM+) platform offers a significant technical leap over prior versions, focusing on user experience and cost reduction. Clinical trial data confirmed the redesigned, proprietary needle-free glucose sensor delivers accurate readings across a full 15-day wear period without the need for finger-stick calibration. This addresses a major hurdle in accessibility, as the company noted that the two largest CGM manufacturers serve less than 2% of the 800 million people living with diabetes worldwide, a limitation often tied to high technology costs. The technology, acquired in 2024 for $12.5 million in cash, showed a 25-30% improvement in MARD (Mean Absolute Relative Difference) over earlier models in a trial.

Here's a snapshot of the key performance metrics for the diabetes management solution:

Comprehensive Testing and Reduced Healthcare Costs

Trinity Biotech plc is positioning its CGM+ as a multi-metric device, moving beyond simple glucose tracking. The platform supports the single device integration of several health metrics.

The value propositions related to cost reduction are supported by the company's overall financial trajectory, driven by these product improvements and operational restructuring. Trinity Biotech plc expects to be meaningfully Adjusted EBITDA-positive and cashflow positive from ongoing operating activities starting Q3 2025. This improved profitability is built on a leaner operating foundation, which includes the cost-saving manufacturing changes for TrinScreen HIV.

The core technology features that drive cost reduction include:

• Redesigned sensor reduces disposable components
• Elimination of finger-stick calibration requirement
• Reusable and rechargeable components in CGM+
• Offshoring/outsourcing manufacturing for HIV test to reduce fixed costs

Trinity Biotech plc (TRIB) - Canvas Business Model: Customer Relationships

You're looking at how Trinity Biotech plc (TRIB) manages its connections with its diverse customer base, which spans clinical labs, public health bodies, and a growing consumer segment with its new diabetes tech. The relationship strategy is definitely multi-faceted, blending direct sales efforts with platform-based digital engagement.

Dedicated direct sales force for key accounts in North America and Europe

Trinity Biotech plc sells products directly in the U.S. and U.K., relying on a sales organization that includes leadership like the Senior Vice President Global Sales and General Manager North America, a role held since 2019. The importance of these markets is clear from the 2024 revenue breakdown, showing the Americas as a primary region, though revenues there saw a slight dip in 2024. The European market, however, showed growth in 2024.

Here's a look at the latest reported regional revenue context:

The company noted that many of its customers rely on public funding from federal, state, and local governments, which definitely impacts the stability of these commercial relationships.

High-touch support for clinical lab instrument installation and training

For its clinical laboratory segment, the relationship is built on the delivery and maintenance of instrumentation. While specific 2025 support metrics aren't public, the company operates a New York reference laboratory offering testing services for autoimmune disorders, indicating a direct, high-touch service component for that segment.

Long-term contracts with public health authorities for HIV testing

Relationships with public health authorities are crucial, especially for the Uni-Gold HIV rapid test, a cornerstone product in international HIV screening programs. Demand from these bodies can be lumpy; for instance, sales of TrinScreen HIV reached $3.2 million in Q4 2024, contributing to a revised 2024 sales forecast of approximately $10 million for that specific test. Uncertainty around U.S. government HIV test funding caused production pullbacks in Q1 2025.

A major recent development in this relationship area is the November 2025 World Health Organization (WHO) approval for the offshored and outsourced upstream manufacturing of the Uni-Gold HIV test. This transition, which took approximately two years to develop, is expected to improve gross margin, EBITDA, and cashflow generation, streamlining operations for these key public health customers.

Digital engagement and real-time analytics for the CGM+ consumer base

The relationship model shifts significantly with the next-generation Continuous Glucose Monitoring (CGM) solution, CGM+. This platform is designed for the $260 billion AI wearables market, targeting both diabetes patients and health-conscious consumers. The engagement model is centered on recurring revenue potential through AI analytics subscriptions.

Key performance indicators from the redesigned sensor in pre-pivotal testing highlight the value proposition driving this engagement:

• No finger-stick calibration required over a full 15-day sensor wear period.
• Approximately 35% better Mean Absolute Relative Difference (MARD) compared to the prior Waveform product.
• More than 50% improvement in Mean Absolute Difference (MAD) over the prior Waveform product.

The trial involved 30 participants, primarily with Type 1 diabetes. Trinity Biotech plc anticipates commercial launch of CGM+ in mid-2026, with a U.S. FDA filing planned for 2026.

Regulatory compliance and quality assurance to maintain trust (defintely crucial)

Maintaining trust is non-negotiable, especially when dealing with diagnostic products and medical devices. The recent WHO approval for the Uni-Gold HIV test manufacturing change explicitly states the company will retain the highest levels of product integrity and regulatory compliance during the transition. This focus on compliance is the bedrock for all customer relationships, from public health bodies to individual CGM users.

The company's Q1 2025 revenue estimate of US$7.0 million to US$8.0 million was substantially below Q1 2024, partly due to deferred manufacturing while changing locations, underscoring how operational changes tied to quality and location impact commercial flow.

Finance: draft 13-week cash view by Friday.

Trinity Biotech plc (TRIB) - Canvas Business Model: Channels

You're looking at how Trinity Biotech plc gets its diagnostic products and services into the hands of healthcare providers as of late 2025. The channel strategy clearly splits based on geography and product type, which is typical for a company with a diverse portfolio spanning central labs and point-of-care.

Direct sales teams targeting hospitals and reference laboratories form the backbone of their presence in key, high-value markets. Trinity Biotech plc serves a worldwide customer base through direct sales operations specifically in North America and Europe. This direct approach is used for certain high-value instruments, such as the Premier Hb9210 HbA1c analyzer, in the USA and Brazil. The clinical laboratory segment, which relies on these direct channels for service and support, generated revenues of $44.1m for the full year ended December 31, 2024. The company's Q1 2025 revenue guidance was between US$7.0 million to US$8.0 million, reflecting a transitional period where manufacturing ramp-up impacts immediate channel fulfillment.

The network of independent distributors across Asia Pacific and the Middle East, along with Latin America, handles much of the international reach for Trinity Biotech plc. This distributor model is employed for the Premier Hb9210 in the rest of the world outside the direct sales territories. The company's success is highly dependent on servicing and supporting products through these strategic partners. For instance, in the Middle East, distributors like GULF PHARMACY AND GENERAL STORE in Bahrain and Ronoc TEB in Iran are listed as channel partners. In Asia Pacific, Progressive International Holding Co Ltd in China and Biozen in Thailand represent this distribution layer.

Here's a look at the revenue segmentation from the most recently reported full fiscal year, which gives you a sense of the scale each major channel grouping supports:

Reference laboratory services for specialized testing (e.g., PreClara™) are a key part of the Clinical Laboratory channel. Trinity Biotech plc received regulatory approval to begin its FDA-cleared PreClara™ Preeclampsia Testing Service, positioning this specialized offering within the reference lab channel. The overall Clinical Laboratory revenues for FY 2024 were $44.1m, a decrease of 7.6% year-on-year from $47.7m in FY 2023. The company also provides raw materials to the life sciences industry globally, which is another service-based revenue stream.

The online and app-based platform for the CGM+ wearable biosensor represents a future-facing channel, though concrete 2025 sales data is not yet public. Trinity Biotech plc is actively analyzing results from pre-pivotal testing on its updated CGM sensor, which promises a 15-day usage period without recalibration. This technology is designed to transform glucose monitoring into a seamless, fingertip-free experience, suggesting a future direct-to-consumer or direct-to-clinic digital sales/subscription component, though the current focus remains on development and regulatory milestones.

Global tenders and procurement processes for public health products are critical for high-volume sales of rapid tests, such as the TrinScreen HIV test. The company secured regulatory approval for its offshored and outsourced manufacturing of its flagship rapid HIV test, which is expected to underpin a significant quarter-on-quarter revenue increase in Q3, 2025, following WHO approval. Sales of TrinScreen HIV were $10.0m for the full year 2024, up from $0.4m in 2023, showing the impact of large-scale procurement channels.

• Direct Sales Focus: North America and Europe.
• Distributor Focus: Asia Pacific, Latin America, and the Middle East.
• Direct Sales for Premier Hb9210: USA and Brazil.
• FY 2024 Clinical Lab Revenue: $44.1m.
• FY 2024 TrinScreen HIV Sales: $10.0m.

Finance: draft 13-week cash view by Friday.

Trinity Biotech plc (TRIB) - Canvas Business Model: Customer Segments

You're looking at the core groups Trinity Biotech plc (TRIB) serves with its diagnostic and diabetes management portfolio. Honestly, it's a diverse set of buyers, ranging from large centralized labs to individual patients managing chronic conditions. The company markets its several hundred products to customers in approximately 100 countries globally. A majority of the revenue is derived from the Americas segment.

Here's a breakdown of the distinct customer segments Trinity Biotech plc targets:

• Clinical and reference laboratories globally
• Public health authorities and NGOs (e.g., for HIV screening)
• Hospitals and clinics focused on maternal health (preeclampsia testing)
• Diabetics and healthcare providers for continuous glucose monitoring
• Life sciences and research industries (raw materials supply)

The scale of the business, based on late 2024 financials, shows a trailing twelve-month revenue of $61.6M. The company expected Q1 2025 revenue to be between US$7.0 million to US$8.0 million, with a ramp-up expected by late Q2 to Q3 2025.

The primary customer groups and relevant data points are detailed below:

For infectious disease testing, Trinity Biotech plc offers serological and rapid tests for diseases like HIV and hepatitis B and C, used by these facilities to support diagnosis and treatment monitoring. The Point-of-Care (PoC) portfolio generated revenue of $5.5M for Q4 2024.

The company's strategy involves direct sales in key markets like the US, and a distributor network covering the rest of the world. You should note that the clinical laboratory revenue segment saw a decrease of $3.6M year-over-year for the full year 2024, down to $44.1M.

The focus on maternal health with the PreClara Ratio test, launched in Q3 2025, is a strategic move to enhance the position in a critical clinical area. Also, the company is working on PrePsia™, its proprietary preeclampsia risk assessment technology for early pregnancy, with first revenues expected in 2025 following the September 2024 acquisition of Metabolomics Diagnostics.

For the HIV segment, the company is streamlining operations, with the outsourcing of Uni-Gold™ manufacturing expected to improve gross margins and EBITDA. Finance: review the Q1 2025 actuals against the $7.0M - $8.0M projection by end of next week.

Trinity Biotech plc (TRIB) - Canvas Business Model: Cost Structure

You're looking at the expenses Trinity Biotech plc is managing as it pushes through its transformation plan. Honestly, the cost structure is dominated by the core business of manufacturing diagnostics and the heavy investment needed for the new Continuous Glucose Monitoring (CGM) platform.

The most significant component is the Cost of Goods Sold (COGS), which reflects the direct costs of producing their diagnostic kits and reagents. For the full twelve months ended December 31, 2024, the Cost of Sales was reported at $40,114 thousand, up from $37,382 thousand in 2023. This shows the pressure from raw materials and manufacturing scale, even as they work on efficiencies.

To drive future savings, Trinity Biotech plc took a hit in 2024. They incurred restructuring and other one-off costs totaling $6.1 million for the year ended December 31, 2024. This was part of the Comprehensive Transformation Plan to consolidate and offshore manufacturing and corporate services. The company expects this aggressive restructuring to lead to a leaner cost base, projecting they will be meaningfully Adjusted EBITDA positive and cash flow positive from ongoing operating activities starting in the third quarter of 2025. For context on the quarterly impact, Q4 2024 included restructuring, impairment, and one-off costs totaling $4.7 million.

Research and development (R&D) remains a key cost area, particularly for the new CGM technology. For the full year 2024, Research and development expenses were US$4.5 million, a slight increase from US$4.4 million in 2023. You see this investment flow into assets, too; for instance, the largest element of investing cash outflows in Q4 2024, at $2.7 million, pertained to the capitalization of development costs for their CGM device.

The Selling, General, and Administrative (SG&A) expenses reflect the cost of supporting the global sales teams across over 75 countries. For the full year 2024, SG&A was $28.8 million, which was a favorable decrease of $2.3 million compared to 2023, driven by organizational realignment measures.

Financing costs are tied to the debt load. While you mentioned approximately $100.8 million, the balance sheet as of December 2024 showed total debt of $0.10 Billion USD. The Net financing expense for the full year 2024 was $9.6 million, down from $9.9 million in 2023.

Here's a quick look at the major expense lines for the full year 2024 compared to 2023 (all figures in US$000s unless noted):

The operational focus is clearly on cost reduction, as evidenced by the SG&A decrease and the restructuring charges. You can see the impact of the transformation plan in the quarterly figures, too:

• SG&A expenses in Q3 2024 were $6.5 million, down from $7.7 million in Q3 2023.
• SG&A expenses in Q2 2024 were $6.4 million, down from $7.9 million in Q2 2023.
• The company is exiting sub-scale, lower-margin third-party product lines that previously generated approximately $3 million in annual revenue in 2024.
• The Senior secured term loan component of non-current liabilities was $72,391 thousand as of December 31, 2024.

If onboarding for the new manufacturing structure takes longer than expected, churn risk rises.

Finance: draft 13-week cash view by Friday.

Trinity Biotech plc (TRIB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Trinity Biotech plc brings in money right now, as of late 2025. It's a mix of established diagnostics and newer, high-potential areas, especially as they exit their restructuring phase.

The primary, immediate revenue sources are tied to the sales of clinical laboratory products and instrumentation, alongside their Point-of-Care (PoC) offerings. For the trailing twelve months ending in December 2025, Trinity Biotech plc's total revenue stands at approximately $61.55 Million USD. This figure reflects the ramp-up following operational changes.

Looking at recent quarterly performance gives you a clearer picture of the momentum. For instance, Q1 2025 revenue was reported at $7.6 million. Management projected a significant sequential jump for Q2 2025, guiding revenue to a range of $11 million to $12 million. This growth was expected to be driven by normalized demand for their rapid HIV tests and stabilized manufacturing.

The Point-of-Care (PoC) segment is a key driver, notably through the TrinScreen HIV test. While the full-year 2024 guidance for TrinScreen HIV sales was set around $10 million, Q4 2024 saw sales of $3.2 million for that specific test alone. The company had previously targeted an annualized run rate revenue of around $75 million by Q2 2025 based on Q3 2024 projections.

Here's a breakdown of the revenue components based on the most recent segment data available:

Beyond the immediate diagnostics, Trinity Biotech plc is positioning for future recurring revenue, particularly in diabetes management. The next-generation Continuous Glucose Monitoring (CGM+) platform, though anticipated for commercial launch in mid-2026, is designed to open multiple revenue streams.

Future revenue potential is clearly mapped out:

• Device sales from the CGM+ platform.
• AI analytics subscriptions and related services tied to the CGM+ system.
• Revenue from the preeclampsia test, which was expected to start generating revenue in the second half of 2025.
• Strategic partnerships with healthcare providers and insurers related to the new biosensor technology.

The successful WHO approval for offshored manufacturing of TrinScreen HIV is also set to underpin further revenue increases starting in Q3 2025.