Trinity Biotech (TRIB) AI Stock Analysis

• Market Cap: $15.26M
• Dividend Yield: N/A
• Average Volume (3M): 136.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.22
• Revenue Growth: -4.35%
• EPS Growth: -6.31%
• Country: US
• Employees: 380
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.27
• Shares Outstanding: 18,710,333
• 10 Day Avg. Volume: 159,092
• 30 Day Avg. Volume: 136,139
• PEG Ratio: 0.06
• Price to Book (P/B): -2.25
• Price to Sales (P/S): 1.28
• P/FCF Ratio: -5.54
• Enterprise Value/Market Cap: 8.12
• Enterprise Value/Revenue: 2.55
• Enterprise Value/Gross Profit: 7.35
• Enterprise Value/Ebitda: -6.70
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $0.80 ▲(6.67% Upside)

Overall score is held down primarily by weak financial performance (sharp TTM revenue decline, deep losses, negative equity, and negative free cash flow). Technicals are only mildly supportive with mixed trend signals, and valuation provides limited support due to a negative P/E and no dividend yield data.

Positive Factors

Large HIV order and operational turnaround

A 9M-unit order tied to WHO-prequalified product and outsourced WHO-approved manufacturing demonstrates durable demand and scalable production. The sequential revenue jump and return to positive adjusted EBITDA signal operational leverage and improved unit economics that can sustain cash generation over multiple quarters.

Regulatory clearances for high-capacity HbA1c system

Regulatory approvals and a higher-throughput HbA1c column expand addressable share in the large, recurring $2B+ lab HbA1c market. Higher capacity and reduced downtime enhance lab economics, increase reagent consumable demand, and strengthen long-term platform positioning and margin sustainability.

WHO approval for outsourced manufacturing

WHO approval for outsourced manufacturing reduces unit cost and enables higher-volume production while preserving regulatory compliance. This structural cost reduction supports margin recovery, improves free-cash-flow potential, and aligns with management's transformation initiatives to restore profitability over the medium term.

Negative Factors

Negative shareholders' equity and elevated leverage

Consistent negative equity and rising debt materially weaken financial flexibility and increase solvency risk. With limited capital cushion, the company faces constraints on funding R&D, commercial expansion, or absorbing further operating shocks without dilutive or costly financing, raising long-term risk.

Negative operating and free cash flow

Sustained negative operating and free cash flow mean the business cannot internally fund operations or growth. Reliance on external financing increases funding cost and dilution risk, limits ability to invest in commercialization or capex, and makes long-term execution contingent on continued external support.

Convertible debt restructuring creates major dilution risk

Equitizing significant debt improves near-term liquidity but creates a structural overhang: potential issuance of tens of millions of ADSs can materially dilute existing equity, erode per-share economics, and deter long-term investors, complicating capital markets access and governance stability.

Trinity Biotech Business Overview & Revenue Model

Company Description

Trinity Biotech plc acquires, develops, manufactures, and markets medical diagnostic products for the clinical laboratory and point-of-care (POC) segments of the diagnostic market in the Americas, Africa, Asia, and Europe. The company offers clinical laboratory products, including diagnostic tests and instrumentation, which detect infectious diseases, such as lyme disease; sexually transmitted diseases consisting syphilis and herpes; SARS-CoV-2; and epstein barr, measles, mumps, toxoplasmosis, cytomegalovirus, rubella, varicella and other viral pathogens, as well as products for the in-vitro diagnostic testing for haemoglobin A1c used in the monitoring and diagnosis of diabetes, and identifying those who are at a risk of developing diabetes. It also develops, manufactures, and sells products in the immunofluorescence assay, enzyme-linked immunosorbent, western blot, and line immunoassay formats; and provides reagent products, such as ACE, bile acids, lactate, oxalate, and glucose-6-phosphate dehydrogenase for diagnosis of liver and kidney diseases, as well as haemolytic anaemia. In addition, the company sells raw materials to the life sciences industry and research institutes. It serves public health authorities, non-governmental organisations, and clinical and reference laboratories through its direct sales force, as well as through a network of independent distributors and strategic partners. Trinity Biotech plc was incorporated in 1992 and is headquartered in Bray, Ireland.

How the Company Makes Money

Trinity Biotech generates revenue through the sale of its diagnostic products and services. The company's revenue model is primarily based on the direct sales of its various diagnostic kits and instruments to hospitals, laboratories, and healthcare providers. Key revenue streams include immunoassay products, which are significant contributors to sales, as well as its expanding portfolio in molecular diagnostics. Additionally, Trinity Biotech benefits from partnerships with other companies and healthcare organizations, which can lead to collaborative product development and distribution agreements. The company's focus on research and development allows it to innovate and maintain a competitive edge in the diagnostic market, which further contributes to its earnings.

Trinity Biotech Financial Statement Overview

Summary

Financials are weak: TTM revenue fell sharply, profitability remains deeply negative with large operating losses, the balance sheet shows negative shareholders’ equity with meaningful (and rising vs. 2023) debt, and both operating cash flow and free cash flow are negative. Some gross margin stabilization and improved cash burn vs. 2023 are positives but do not offset elevated financial risk.

Income Statement

Results have deteriorated meaningfully. TTM (Trailing-Twelve-Months) revenue fell sharply versus the prior year, and profitability is deeply negative with large operating losses and a very weak net margin. While gross margin has been relatively stable in the mid-30% range recently, the cost structure is not covered by current sales levels, and the company remains far from breakeven compared with the modest profitability seen in 2021.

Balance Sheet

The balance sheet is stressed by negative shareholders’ equity across all periods shown, which limits financial flexibility and signals a thin capital base. Debt remains high in absolute terms and has increased versus 2023, while total assets are roughly flat—suggesting limited balance-sheet improvement. With equity negative, leverage risk is elevated and the company has less cushion to absorb ongoing losses.

Cash Flow

Cash generation is weak and volatile. TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both negative, and free cash flow has worsened sharply from the prior year. Although cash burn improved versus 2023’s very large operating cash outflow, the business is still not self-funding and likely reliant on external financing if losses persist.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	48.65M	61.55M	56.83M	62.52M	81.15M	101.98M
Gross Profit	16.86M	21.44M	19.45M	22.05M	33.45M	48.58M
EBITDA	-18.49M	-16.91M	-24.10M	-16.71M	10.59M	3.19M
Net Income	-36.91M	-31.79M	-24.02M	-41.00M	875.00K	-6.39M
Balance Sheet
Total Assets	103.71M	103.29M	59.44M	92.10M	118.89M	130.40M
Cash, Cash Equivalents and Short-Term Investments	1.34M	5.17M	3.69M	6.58M	25.91M	27.33M
Total Debt	117.20M	100.76M	67.43M	72.20M	99.16M	104.34M
Total Liabilities	158.43M	138.47M	83.38M	94.28M	119.21M	132.62M
Stockholders Equity	-54.72M	-35.18M	-23.95M	-2.18M	-319.00K	-2.22M
Cash Flow
Free Cash Flow	-4.19M	-14.26M	-12.36M	-6.90M	4.55M	13.56M
Operating Cash Flow	-1.35M	-4.19M	-11.56M	-921.00K	13.24M	23.75M
Investing Cash Flow	-8.18M	-22.97M	24.76M	-5.98M	-8.69M	-10.20M
Financing Cash Flow	8.05M	28.81M	-16.04M	-12.32M	-6.02M	-2.72M

Trinity Biotech Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRIB, the sentiment is Negative. The current price of 0.75 is below the 20-day moving average (MA) of 0.78, below the 50-day MA of 0.89, and below the 200-day MA of 0.91, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 44.59 is Neutral, neither overbought nor oversold. The STOCH value of 44.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TRIB.

Trinity Biotech Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRPO	56 Neutral	$43.36M	-29.05	-9.76%	―	30.95%	59.67%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TRIB	46 Neutral	$15.26M	-0.33	―	―	-4.35%	-6.31%
INBS	46 Neutral	$9.56M	-0.43	-223.45%	―	3.26%	65.96%
BIAF	45 Neutral	$5.71M	-0.05	-245.18%	―	-27.66%	13.18%
BNGO	44 Neutral	$12.92M	-0.08	-78.22%	―	-13.84%	88.80%

Trinity Biotech Corporate Events

Trinity Biotech Restructures Perceptive Debt With New $5 Million Term Loan and Expanded ADS Conversion Rights

On December 22, 2025, Trinity Biotech entered into a second amendment to its Sixth Amended and Restated Credit Agreement with Perceptive Credit Holdings III, L.P., adding a further $5 million term loan, extending the facility’s maturity to January 15, 2027, and replacing a planned non-convertible note with a convertible promissory note that allows up to $60 million of principal to be converted into ADSs at a discount to market price, subject to a floor of $1.03 and a 9.9% ownership cap. On the same date, Trinity Biotech and its subsidiary TRIB Biosensors Inc. also reached a conversion rights agreement with Perceptive Credit Holdings II, L.P. that allows a $5 million milestone payment and a renegotiated $7.5 million contingent payment tied to the Waveform acquisition to be settled, in whole or in part, in ADSs at VWAP-based prices, effectively equitizing a significant portion of the group’s debt obligations and contingent liabilities; if all conversion rights under these arrangements are exercised at the floor price, the company could issue up to about 69.9 million ADSs, materially diluting existing shareholders but improving liquidity and pushing out debt maturities.

The most recent analyst rating on (TRIB) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Trinity Biotech stock, see the TRIB Stock Forecast page.

Trinity Biotech Files Mid‑2025 Unaudited Interim Results with U.S. Regulators

On December 23, 2025, Trinity Biotech filed a Form 6-K with the U.S. Securities and Exchange Commission furnishing its unaudited condensed consolidated interim financial statements as of June 30, 2025 and for the six months ended June 30, 2025 and 2024, along with management’s discussion and analysis of results, liquidity and cash flows. The filing, signed by interim chief financial officer Susan O’Connor, updates investors on the company’s mid‑year financial position and performance and incorporates the information by reference into existing registration statements, underscoring its relevance for current and prospective shareholders monitoring Trinity Biotech’s capital structure and operating trends.

The most recent analyst rating on (TRIB) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Trinity Biotech stock, see the TRIB Stock Forecast page.

Trinity Biotech Wins 9 Million-Test HIV Order and Returns to Profitability in Q3 2025

On December 23, 2025, Trinity Biotech announced a major order for 9 million units of its WHO-prequalified TrinScreen HIV rapid test, to be produced via its newly WHO-approved outsourced manufacturing process and delivered across the fourth quarter of 2025 and the first quarter of 2026, signaling a strong rebound in global HIV testing demand and reinforcing the company’s positioning in infectious disease diagnostics. In the same update, the company reported a 32% sequential revenue jump to $14.3 million in the third quarter of 2025, improved gross margins to 45.2%, and a return to positive adjusted EBITDA of $0.5 million, highlighted progress under its Comprehensive Transformation Plan, outlined further operational efficiencies and product pipeline advances in diabetes and oncology-related diagnostics, and announced a finance leadership transition as Paul Murphy was promoted to interim chief financial officer following the completion of Susan O’Connor’s interim term.

The most recent analyst rating on (TRIB) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Trinity Biotech stock, see the TRIB Stock Forecast page.

Trinity Biotech Accelerates Global Rollout of High-Capacity HbA1c Column System After New Regulatory Clearances

On December 15, 2025, Trinity Biotech announced that it has secured regulatory clearances in multiple countries and expanded the global rollout of its next-generation high-capacity HbA1c column system for its FDA-cleared Premier Hb9210 analyzer, which is now available in more than 10 countries including the United States. The upgraded column technology, aimed at the more than $2 billion and growing global laboratory HbA1c market, delivers up to four times the testing capacity of the existing system, reduces downtime and maintenance through greater column stability, and incorporates new software-driven automation to improve workflow efficiency and cut operating costs for clinical laboratories. By boosting throughput, recurring revenue potential and margins while reinforcing the Premier Hb9210’s positioning as a gold-standard, high-specificity HbA1c platform, the rollout strengthens Trinity Biotech’s competitive foothold in global diabetes care and supports its strategy to deepen market penetration and drive long-term value for stakeholders.

The most recent analyst rating on (TRIB) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Trinity Biotech stock, see the TRIB Stock Forecast page.

Trinity Biotech Secures WHO Approval for Offshore Manufacturing of HIV Test

On November 18, 2025, Trinity Biotech announced it received World Health Organization approval for the offshored and outsourced manufacturing of its Uni-Gold rapid HIV test. This approval is a significant milestone in the company’s transformation plan aimed at enhancing profitability. The strategic move to offshore manufacturing is expected to improve gross margins, EBITDA, and cash flow, while maintaining product integrity and compliance. This initiative reflects the leadership’s capability to execute strategic transformations and positions the company for long-term growth by reducing costs and focusing on innovation.

The most recent analyst rating on (TRIB) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Trinity Biotech stock, see the TRIB Stock Forecast page.

Trinity Biotech Collaborates to Enhance Prostate Cancer Test

On November 14, 2025, Trinity Biotech announced a strategic collaboration with a leading bioinformatics company to enhance the EpiCapture prostate cancer test through advanced epigenetic analysis. This collaboration aims to improve the test’s ability to monitor prostate cancer progression non-invasively, potentially reducing the need for invasive procedures and improving patient care. The EpiCapture test, currently in late-stage development, has shown promise in accurately predicting high-grade cancers and is part of Trinity Biotech’s strategy to expand its portfolio of innovative diagnostic technologies.

The most recent analyst rating on (TRIB) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Trinity Biotech stock, see the TRIB Stock Forecast page.