Trinity Biotech secures orders for 2 million tests

• Trinity Biotech secured new purchase orders for over 2 million units of its flagship TrinScreen HIV rapid test.
• First-quarter revenue increased 43% year-on-year to $10.8 million as gross margins expanded significantly.
• The company is accelerating an offshored and outsourced manufacturing model to meet its full-year profitability targets.

Trinity Biotech (NASDAQ:TRIB) secured new purchase orders for over 2 million HIV tests to support its annual financial objectives.

This development follows a first-quarter revenue increase of 43% to $10.8 million, up from $7.6 million in the prior year.

During the quarter, the company reduced its net loss to $4.4 million while rapid HIV diagnostic test sales reached $3.7 million.

Management expects the upcoming shipments to stabilize operational cash flows, and following the announcement, the Trinity Biotech's share price was down at $0.58.

To enhance operational margins, the company is expanding its outsourced and offshored manufacturing model for core screening tools.

The strategic shift is part of a comprehensive transformation plan intended to maximize long-term efficiency and corporate profitability.