Trinity Biotech plc

Greetings. Welcome to Trinity Biotech's fourth quarter and full year 2023 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during today's conference, please press star zero from your telephone keypad. Please note that this conference is being recorded. At this time, I'll now turn the conference over to Eric Ribner with Investor Relations. Eric, you may now begin.

Good morning, everyone, and thank you for joining us on today's call. Before we begin, please note that statements made during this presentation may be deemed forward-looking statements within the meaning of federal securities laws. These statements are subject to known and unknown risks and uncertainties that may cause actual events to differ from those expressed or implied in such statements. These risks include but are not limited to those set forth in the risk factor statement in the company's annual report on Form 20-F filed with the Securities and Exchange Commission. Trinity Biotech undertakes no obligation to publicly advise, update, or revise these forward-looking statements to reflect events or circumstances after today or the occurrence of unanticipated events. And with that, I'll turn the call over to John Gillard, CEO.

Thank you, Eric. Good morning, everyone. and thank you for joining today's call. We really do appreciate you taking the time. This morning, I will take you through some key business updates, including new financial guidance, our progress in our recently acquired buyer sensor business, and our comprehensive transformation plan that I set out to investors in early March at the Emerging Growth Conference. I will then hand you over to Des to bring you through the financial results for Q4 and fiscal year 2023. Right now, Trinity Biotech is an experienced diagnostic company that under new leadership and with fresh thinking plans to transform its existing business into a high-performing cash-generative enterprise. This morning, we are pleased to introduce financial guidance which is predicated solely on growth from the existing businesses, including hemoglobin and HIV testing, and planned improvements to operating margins. This does not include any contribution from the newly acquired biosensor platform technology. We are targeting approximately $20 million of annualized run rate EBITDA, so earnings before interest, tax, depreciation, amortization, impairment, and share-based compensation costs, by Q2 2025. This is based upon targeted annualized run rate revenues of approximately $75 million by Q2 2025. We believe that this guidance is achievable based on our comprehensive transformation plan for the business, which we will review in more detail today. Additionally, 2024 is already off to a strong start, which increases our conviction in our outlook. In addition to strengthening the base business, we aim to scale the company. by building a global business in wearable biosensors, initially with a focus on continuous glucose monitors or CGMs. We believe that this product can be a real game changer for the company. This represents the key growth driver for Trinity Biotech into the medium term. As many of you will know, just over two months ago, we announced the acquisition of the biosensor technology of Waveform Technologies. Waveform had an established and proven biosensor technology with a European regulatory approved CGM product. In addition to acquiring this technology and product rights, we have hired a number of key individuals who created this technology at Waveform. Using this established technology, we intend to update Waveform's existing product and launch a more affordable, high-quality CGM into a broad number of markets globally. Since the acquisition, we have been progressing this plan across a number of areas, including, one, Building out our biosensor team with a number of key appointments from established medical device and diabetes technology companies, such as Philips, Johnson & Johnson, and LifeScan. Two, we have re-established CGM manufacturing capability. This greatly assists us in planning and executing sensor design improvements. This work is based on the existing CGM product design and has been carried out with the assistance of world-class external technical and design consultants. Three, the team is also initiating enhanced data analysis on Waveform's large existing data bank of clinical trial results. And we are very excited by the potential outcomes of that analysis. In addition to this technical work, we are progressing discussions and agreements with potential commercial partners, such as Bayer, for the launch of our CGM products. Finally, we are establishing a scientific and user advisory group for CGM. This is to ensure that strong clinical outcomes