Trinity Biotech (NasdaqGS:TRIB) - Share price, News & Analysis

Q: What is the Fair Price of TRIB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TRIB ($1.34) is trading above our estimate of [[fair value]] ($1.07)

TRIB fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	3/6
Past Performance	2/6
Financial Health	0/6
Dividends	0/6

TRIB Stock Overview

Rewards

Earnings are forecast to grow 109.03% per year

Became profitable this year

Risk Analysis

Interest payments are not well covered by earnings

Shareholders have been substantially diluted in the past year

Large one-off items impacting financial results

Does not have a meaningful market cap ($47M)

Trinity Biotech Competitors

Pro-Dex

NasdaqCM:PDEX

US$56.1m

Rayont

OTCPK:RAYT

US$72.1m

Daxor

NasdaqCM:DXR

US$53.4m

Electromed

NYSEAM:ELMD

US$81.6m

Price History & Performance

Summary of all time highs, changes and price drops for Trinity Biotech
Historical stock prices
Current Share Price	US$1.34
52 Week High	US$3.05
52 Week Low	US$0.86
Beta	1.32
1 Month Change	-2.90%
3 Month Change	23.50%
1 Year Change	-55.03%
3 Year Change	-23.43%
5 Year Change	-77.17%
Change since IPO	-91.63%

Shareholder Returns

	TRIB	US Medical Equipment	US Market
7D	3.9%	3.5%	1.7%
1Y	-55.0%	-25.7%	-20.4%

Return vs Industry: TRIB underperformed the US Medical Equipment industry which returned -24% over the past year.

Return vs Market: TRIB underperformed the US Market which returned -18.8% over the past year.

Price Volatility

Is TRIB's price volatile compared to industry and market?
TRIB volatility
TRIB Average Weekly Movement	9.9%
Medical Equipment Industry Average Movement	10.4%
Market Average Movement	8.0%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	3.2%

Stable Share Price: TRIB is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: TRIB's weekly volatility (10%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1992	477	Ronan O’Caoimh	https://www.trinitybiotech.com

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.

Trinity Biotech Fundamentals Summary

How do Trinity Biotech's earnings and revenue compare to its market cap?
TRIB fundamental statistics
Market Cap	US$47.45m
Earnings (TTM)	US$929.00k
Revenue (TTM)	US$92.97m

50.5x

P/E Ratio

0.5x

P/S Ratio

Is TRIB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TRIB income statement (TTM)
Revenue	US$92.97m
Cost of Revenue	US$54.89m
Gross Profit	US$38.08m
Other Expenses	US$37.15m
Earnings	US$929.00k

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.027
Gross Margin	40.96%
Net Profit Margin	1.00%
Debt/Equity Ratio	-26,126.3%

How did TRIB perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is TRIB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRIB?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TRIB. This is calculated by dividing TRIB's market cap by their current preferred multiple.
What is TRIB's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$47.45m

TRIB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.3x
Enterprise Value/EBITDA	11.4x
PEG Ratio	0.5x

Price to Earnings Ratio vs Peers

How does TRIB's PE Ratio compare to its peers?

TRIB PE Ratio vs Peers

The above table shows the PE ratio for TRIB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	67.4x
PDEX Pro-Dex	31x	72.3%	US$56.1m
RAYT Rayont	192.1x	n/a	US$72.1m
DXR Daxor	11.2x	n/a	US$53.4m
ELMD Electromed	35.1x	n/a	US$81.6m
TRIB Trinity Biotech	50.5x	109.0%	US$47.5m

Forward PE

Price-To-Earnings vs Peers: TRIB is good value based on its Price-To-Earnings Ratio (50.5x) compared to the peer average (67.4x).

Price to Earnings Ratio vs Industry

How does TRIB's PE Ratio compare vs other companies in the US Medical Equipment Industry?

Price-To-Earnings vs Industry: TRIB is expensive based on its Price-To-Earnings Ratio (50.5x) compared to the US Medical Equipment industry average (34.5x)

Price to Earnings Ratio vs Fair Ratio

What is TRIB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRIB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	50.5x
Fair PE Ratio	184x

Price-To-Earnings vs Fair Ratio: TRIB is good value based on its Price-To-Earnings Ratio (50.5x) compared to the estimated Fair Price-To-Earnings Ratio (184x).

Share Price vs Fair Value

What is the Fair Price of TRIB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRIB ($1.34) is trading above our estimate of fair value ($1.07)

Significantly Below Fair Value: TRIB is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: TRIB is good value based on its PEG Ratio (0.5x)

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Future Growth

How is Trinity Biotech forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

109.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRIB's forecast earnings growth (109% per year) is above the savings rate (1.9%).

Earnings vs Market: TRIB's earnings (109% per year) are forecast to grow faster than the US market (13.8% per year).

High Growth Earnings: TRIB's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TRIB's revenue (0.6% per year) is forecast to grow slower than the US market (8.3% per year).

High Growth Revenue: TRIB's revenue (0.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TRIB's Return on Equity is forecast to be low in 3 years time (18.2%).

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Past Performance

How has Trinity Biotech performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

31.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TRIB has a large one-off loss of $2.3M impacting its December 31 2021 financial results.

Growing Profit Margin: TRIB became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: TRIB has become profitable over the past 5 years, growing earnings by 31.1% per year.

Accelerating Growth: TRIB has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: TRIB has become profitable in the last year, making it difficult to compare its past year earnings growth to the Medical Equipment industry (12.9%).

Return on Equity

High ROE: TRIB's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.

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Financial Health

How is Trinity Biotech's financial position?

Financial Health Score

0/6

Financial Health Score 0/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: TRIB has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.

Long Term Liabilities: TRIB has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.

Debt to Equity History and Analysis

Debt Level: TRIB has negative shareholder equity, which is a more serious situation than a high debt level.

Reducing Debt: TRIB's has negative shareholder equity, so we do not need to check if its debt has reduced over time.

Debt Coverage: TRIB's debt is not well covered by operating cash flow (15.9%).

Interest Coverage: TRIB's interest payments on its debt are not well covered by EBIT (1.3x coverage).

Balance Sheet

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Dividend

What is Trinity Biotech current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate TRIB's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TRIB's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TRIB's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TRIB's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: TRIB is not paying a notable dividend for the US market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as TRIB has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

7.2yrs

Average management tenure

CEO

Ronan O’Caoimh (65 yo)

13.67yrs

Tenure

US$643,000

Compensation

Mr. Ronan O'Caoimh co-founded Trinity Biotech PLC in June 1992 and has been its Chief Executive Officer since October 2008. Mr. O'Caoimh served as Chief Executive Officer of Trinity Biotech PLC from March...

CEO Compensation Analysis

Compensation vs Market: Ronan's total compensation ($USD643.00K) is about average for companies of similar size in the US market ($USD752.76K).

Compensation vs Earnings: Ronan's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: TRIB's management team is seasoned and experienced (7.2 years average tenure).

Board Members

Experienced Board: TRIB's board of directors are not considered experienced ( 0.1 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 67.3%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/28 00:00
End of Day Share Price	2022/06/28 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31