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Background
Old News
Recent Developments
Upcoming Catalyst
Technicals/Notes
Background
- A global commercial-stage diagnostics company that develops and
manufactures diagnostic products for the point-of-care and clinical laboratory markets- Click here to explore TRIB’s portfolio of over 400 products
- Among its products is COVID-19 diagnostics which have fueled revenue growth
- The main confirmatory test provider for HIV in Africa
Old News
- Received a warning letter from the FDA regarding following an inspection of its Kansas City, Missouri manufacturing facility; 8/18/20
- The inspection had taken place in Jan 2020
- The issues pertained to its Ultra2 product range
- The stock price did not react much to this news
- Filed a submission for Emergency Use Authorization (EUA) for its Covid-19 ELISA antibody test with the FDA; 8/24/20
- Demonstrated specificity and sensitivity in excess of 98% and 95%, respectively
- Submitted another EUA for its Rapid COVID-19 antibody test;Â June 2020
- Demonstrated sensitivity of 100% and specificity of 95% during validation studies
- Received a CE mark from the EU regulatory body for its ELISA COVID-19 test;Â 1/5/21
- CE Mark= an official marking affirming a product conforms to EU standards (health, safety, and environmental)
Recent Developments
- Submitted an HIV test (TrinScreen) antibody for approval to the World Health Organization (WHO); 3/30/21
- TRIB expects the WHO to take several months to review its submission which would put approval around mid-2021
- Demonstrated strong sales growth over in 1H21Â driven by demand for its COVID-19 diagnostics
- 4Q20/FY20 earnings highlights
- 4Q20 total sales = $32.8M (+53% YoY, +2.5% QoQ)
- FY20 total sales = $49M (+55% YoY)
- FY20 net loss = ($30M) (+78%)
- Cash position =Â $27M as of 12/31/21
- Highlights from 1Q21 financial results; 5/25/21Â
- Total rev decreased QoQ by -21%Â due to headwinds imposed by COVID-19 for its HIV diagnostics business ($26M vs $33M in 4Q20)
- However, total rev was up +20% YoY ($26M vs $21M in 1Q20)
- YoY growth was driven by strong demand in the US for its COVID-19 diagnostics
- Operating profit increased +80% YoY to $3.1M from $1.7M in 1Q20
- Total cash position=Â $32M as of 3/31/21
- Provided a business update (no financial info included); 7/16/21
- Developed a new product (TrinScreenâ„¢ HIV)Â specifically for the screening market
- Screening market= is significantly larger than the confirmatory market
- TrinScreen is now in the final evaluation phase by the WHO
- Focusing resources on driving sales growth for its COVID-19 antigen test (over the Rapid test which is still in the EUA stage)
- Cited larger market opportunity for the antigen test
- Expanding the range of services offered at its New York reference laboratoryÂ
- Developed a new product (TrinScreenâ„¢ HIV)Â specifically for the screening market
Upcoming Catalyst
- Launching TrinScreen after WHO approval (2H21)
- 2Q21 financial results (~8/25/21)
Technicals/Notes
- Something that we like is that TRIB had a positive cash flow as of 3/31/21
- If the company continues on its growth trajectory for revenue its profitability margin should follow
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