The company's operational performance remains challenged, with a 2025Q4 operating margin of -26.6% and a net margin of -157.8% reflecting severe structural inefficiencies.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 43.78M | 61.55M | 56.83M | 62.52M | 81.15M | 101.98M | 90.44M | 97.03M | 99.14M | 99.61M | 100.19M | 104.87M | 91.22M | 82.51M | 77.95M | 89.64M | 125.91M | 140.14M | 143.62M | 118.67M | 98.56M | 79.94M | 65.68M | 51.98M | 37.06M | 29.74M | 26.1M | 23.2M | 16.8M | 7.2M |
| Revenue Growth % | -28.87% | 8.31% | -9.1% | -22.96% | -20.43% | 12.77% | -6.8% | -2.12% | -0.47% | -0.58% | -4.46% | 14.97% | 10.55% | 5.85% | -13.04% | -28.81% | -10.16% | -2.42% | 21.02% | 20.41% | 23.29% | 21.73% | 26.35% | 40.24% | 24.62% | 13.94% | 12.52% | 38.1% | 133.33% | -27.27% |
| Cost of Goods Sold | 26.9M | 40.11M | 37.38M | 52.73M | 54.89M | 53.4M | 52.31M | 55.59M | 57.25M | 56.52M | 53.95M | 54.52M | 45.3M | 40.26M | 37.82M | 45.69M | 68.89M | 77.64M | 88.37M | 67.89M | 51.38M | 39.69M | 32.88M | 26.37M | 18.15M | 13.44M | 13.02M | 14.4M | 10.9M | 5.5M |
| COGS % of Revenue | 61.43% | 65.17% | 65.78% | 84.34% | 67.64% | 52.36% | 57.85% | 57.28% | 57.75% | 56.74% | 53.84% | 51.99% | 49.67% | 48.79% | 48.52% | 50.97% | 54.72% | 55.41% | 61.53% | 57.21% | 52.13% | 49.64% | 50.06% | 50.73% | 48.96% | 45.19% | 49.87% | 62.07% | 64.88% | 76.39% |
| Gross Profit | 16.89M | 21.44M | 19.45M | 22.05M | 33.45M | 48.58M | 38.12M | 41.45M | 41.89M | 43.09M | 46.24M | 50.35M | 45.91M | 42.25M | 40.13M | 43.95M | 57.02M | 62.49M | 55.25M | 50.78M | 47.18M | 40.26M | 32.8M | 25.61M | 18.92M | 16.3M | 13.09M | 8.8M | 5.9M | 1.7M |
| Gross Margin % | 38.57% | 34.83% | 34.22% | 35.27% | 41.23% | 47.64% | 42.15% | 42.72% | 42.25% | 43.26% | 46.16% | 48.01% | 50.33% | 51.21% | 51.48% | 49.03% | 45.28% | 44.59% | 38.47% | 42.79% | 47.87% | 50.36% | 49.94% | 49.27% | 51.04% | 54.81% | 50.13% | 37.93% | 35.12% | 23.61% |
| Gross Profit Growth % | -21.24% | 10.24% | -11.78% | -34.09% | -31.14% | 27.44% | -8.03% | -1.05% | -2.79% | -6.82% | -8.15% | 9.66% | 8.66% | 5.3% | -8.69% | -22.93% | -8.77% | 13.11% | 8.79% | 7.63% | 17.2% | 22.74% | 28.06% | 35.38% | 16.04% | 24.56% | 48.72% | 49.15% | 247.06% | -22.73% |
| Operating Expenses | 28.3M | 42.61M | 46.49M | 32.96M | 29.52M | 48.5M | 32.82M | 34.77M | 36.41M | 35.6M | 32.8M | 32.31M | 28.04M | 25.09M | 24.34M | 29.92M | 42.92M | 143.24M | 84.62M | 48.84M | 40.56M | 34.52M | 23.13M | 19.15M | 16.74M | 9.8M | 7.92M | 5.9M | 5.4M | 2.4M |
| OpEx % of Revenue | 64.64% | 69.22% | 81.81% | 52.72% | 36.37% | 47.56% | 36.29% | 35.83% | 36.73% | 35.74% | 32.73% | 30.81% | 30.74% | 30.4% | 31.23% | 33.38% | 34.09% | 102.21% | 58.92% | 41.16% | 41.15% | 43.17% | 35.22% | 36.85% | 45.16% | 32.95% | 30.35% | 25.43% | 32.14% | 33.33% |
| Selling, General & Admin | 24.67M | 28.82M | 31.15M | 29.17M | 24.68M | 25.07M | 27.58M | 29.5M | 30.85M | 30.8M | 28.02M | 28.44M | 24.88M | 22.43M | 22.05M | 26.93M | 36.01M | 135.7M | 71.33M | 42.42M | 34.65M | 29.87M | 17.92M | 14.68M | 10.31M | 5.16M | 3.97M | 2.5M | 3.2M | 2.2M |
| SG&A % of Revenue | 56.35% | 46.81% | 54.81% | 46.65% | 30.42% | 24.59% | 30.5% | 30.4% | 31.12% | 30.92% | 27.96% | 27.12% | 27.27% | 27.18% | 28.29% | 30.04% | 28.6% | 96.83% | 49.66% | 35.75% | 35.16% | 37.37% | 27.29% | 28.25% | 27.81% | 17.34% | 15.21% | 10.78% | 19.05% | 30.56% |
| Research & Development | 3.63M | 4.54M | 4.38M | 4.14M | 4.5M | 5.08M | 5.33M | 5.37M | 5.66M | 5.04M | 5.07M | 4.29M | 3.69M | 3.13M | 3.21M | 4.6M | 7.34M | 7.54M | 13.71M | 6.7M | 6.07M | 4.64M | 5.21M | 4.47M | 2.78M | 2.68M | 2.45M | 2.6M | 1.8M | 0 |
| R&D % of Revenue | 8.29% | 7.38% | 7.71% | 6.62% | 5.54% | 4.98% | 5.89% | 5.53% | 5.71% | 5.06% | 5.06% | 4.09% | 4.05% | 3.79% | 4.11% | 5.14% | 5.83% | 5.38% | 9.55% | 5.64% | 6.16% | 5.81% | 7.93% | 8.6% | 7.5% | 9.01% | 9.38% | 11.21% | 10.71% | - |
| Other Operating Expenses | 0 | 9.25M | 10.96M | -343K | 336K | 18.34M | -91K | -102K | -100K | 0 | 0 | 252K | 250K | 243K | 0 | 0 | -437K | 0 | -413K | -275K | -161K | 0 | 0 | 0 | 3.65M | 1.96M | 1.5M | 800K | 400K | 200K |
| Operating Income | -11.42M | -21.16M | -27.05M | -15.27M | 3.94M | 82K | 872K | 3.3M | 5.48M | 7.49M | 13.45M | 18.04M | 17.87M | 17.17M | 15.78M | 14.03M | 14.1M | -79.58M | -29.37M | 1.94M | 6.62M | 5.74M | 9.67M | 6.46M | 2.18M | 6.5M | 5.17M | 2.9M | 500K | -700K |
| Operating Margin % | -26.07% | -34.38% | -47.59% | -24.42% | 4.85% | 0.08% | 0.96% | 3.4% | 5.53% | 7.52% | 13.42% | 17.2% | 19.59% | 20.8% | 20.25% | 15.65% | 11.2% | -56.78% | -20.45% | 1.64% | 6.72% | 7.18% | 14.72% | 12.42% | 5.88% | 21.86% | 19.79% | 12.5% | 2.98% | -9.72% |
| Operating Income Growth % | 46.06% | 21.74% | -77.12% | -487.73% | 4702.44% | -90.6% | -73.55% | -39.81% | -26.87% | -44.3% | -25.44% | 0.93% | 4.12% | 8.76% | 12.51% | -0.5% | 117.72% | -170.92% | -1613.24% | -70.69% | 15.35% | -40.62% | 49.71% | 196.22% | -66.47% | 25.89% | 78.12% | 480% | 171.43% | 61.11% |
| EBITDA | -8.73M | -19.3M | -25.27M | -12.94M | 6.68M | 3.16M | 5.77M | 7.42M | 10.68M | 13.32M | 19.09M | 22.53M | 21.46M | 20M | 18.38M | 16.85M | 17.84M | -71.53M | -21.61M | 8.36M | 10.86M | 10.13M | 11.89M | 9.97M | 4.85M | 8.46M | 6.67M | 3.7M | 900K | -500K |
| EBITDA Margin % | -19.94% | -31.35% | -44.46% | -20.69% | 8.23% | 3.1% | 6.38% | 7.64% | 10.77% | 13.37% | 19.05% | 21.49% | 23.53% | 24.24% | 23.58% | 18.8% | 14.17% | -51.04% | -15.05% | 7.05% | 11.02% | 12.67% | 18.11% | 19.18% | 13.1% | 28.46% | 25.55% | 15.95% | 5.36% | -6.94% |
| EBITDA Growth % | 54.76% | 23.62% | -95.34% | -293.59% | 111.52% | -45.21% | -22.27% | -30.52% | -19.82% | -30.25% | -15.28% | 4.99% | 7.33% | 8.82% | 9.08% | -5.58% | 124.94% | -230.98% | -358.41% | -22.98% | 7.2% | -14.82% | 19.3% | 105.34% | -42.64% | 26.89% | 80.27% | 311.11% | 280% | 68.75% |
| D&A (Non-Cash Add-back) | 2.68M | 1.86M | 1.78M | 2.33M | 2.74M | 3.08M | 4.89M | 4.12M | 5.2M | 5.82M | 5.64M | 4.5M | 3.59M | 2.83M | 2.59M | 2.82M | 3.75M | 8.04M | 7.76M | 6.42M | 4.24M | 4.39M | 2.22M | 3.51M | 2.67M | 1.96M | 1.5M | 800K | 400K | 200K |
| EBIT | -24.06M | -18.77M | -25.87M | -19.05M | 7.85M | 118K | -23.41M | -18.1M | -34.47M | -36.74M | 27M | 15.54M | 10.27M | 19.45M | 18.21M | 61.85M | 14.11M | -79.51M | -28.91M | 1.94M | 6.62M | 5.89M | 9.67M | 6.52M | 5.82M | 6.5M | 5.17M | 2.87M | 500K | -700K |
| Net Interest Income | -12.89M | -9.56M | -8.98M | -24.43M | -5.87M | -6.71M | -5.12M | -2.96M | -4.6M | -2.29M | 9.44M | -35K | 1.23M | 2.19M | 2.42M | 857K | -1.18M | -2.1M | -2.69M | -1.49M | -669K | -522K | -618.24K | -648.49K | -329.92K | -238.7K | 0 | -400K | 0 | 0 |
| Interest Income | 221K | 0 | 1.17M | 303K | 1.22M | 36K | 464K | 2.12M | 808K | 2.43M | 12.91M | 97K | 1.3M | 2.28M | 2.43M | 1.35M | 8K | 65K | 457K | 1.16M | 389K | 302K | 174.12K | 57.13K | 142.36K | 466.15K | 0 | 100K | 0 | 0 |
| Interest Expense | 13.11M | 9.56M | 10.15M | 24.73M | 7.1M | 6.75M | 5.58M | 5.08M | 5.41M | 4.73M | 3.48M | 132K | 75K | 88K | 12K | 495K | 1.19M | 2.16M | 3.15M | 2.65M | 1.06M | 824K | 792.35K | 705.63K | 472.28K | 704.85K | 404.33K | 500K | 0 | 200K |
| Other Income/Expense | -25.76M | -9.56M | -9.88M | -24.43M | -5.86M | -6.71M | -5.88M | -2.96M | -2.21M | -2.26M | 9.49M | -35K | 1.23M | 2.1M | 3.33M | 47.33M | -1.18M | -2.1M | -2.44M | -1.49M | -669K | -522K | -1.69M | -859.41K | -3.43M | -1.56M | 404.33K | 0 | 900K | -200K |
| Pretax Income | -37.18M | -30.73M | -36.93M | -43.78M | -1.92M | -6.63M | 821K | 3.03M | 1.6M | 5.19M | 22.88M | 18.07M | 19.1M | 19.36M | 18.2M | 61.36M | 12.91M | -81.67M | -32.06M | 452K | 5.95M | 5.22M | 7.98M | 5.51M | 1.66M | 4.95M | 5.57M | 0 | 1.4M | -900K |
| Pretax Margin % | -84.91% | -49.92% | -64.98% | -70.02% | -2.37% | -6.5% | 0.91% | 3.12% | 1.62% | 5.21% | 22.83% | 17.23% | 20.94% | 23.46% | 23.35% | 68.46% | 10.26% | -58.28% | -22.33% | 0.38% | 6.04% | 6.53% | 12.16% | 10.6% | 4.47% | 16.63% | 21.34% | - | 8.33% | -12.5% |
| Income Tax | 199K | 486K | -59K | -194K | -74K | -620K | 4.89M | 637K | -697K | 41K | 1.08M | 853K | 1.29M | 2.02M | 2.61M | 942K | 1.09M | -3.89M | 3.31M | -2.82M | 673K | 53K | 2.19M | 499.5K | 206K | 123.8K | -154.63K | -200K | -700K | 0 |
| Effective Tax Rate % | -0.54% | -1.58% | 0.16% | 0.44% | 3.85% | 9.35% | 595.25% | 21.04% | -43.45% | 0.79% | 4.73% | 4.72% | 6.75% | 10.42% | 14.32% | 1.54% | 8.45% | 4.77% | -10.32% | -624.78% | 11.31% | 1.02% | 27.38% | 9.07% | 12.44% | 2.5% | -2.78% | - | -50% | 0% |
| Net Income | -37.38M | -31.79M | -24.02M | -41M | 875K | -6.39M | -4.07M | 2.39M | -40.27M | -100.63M | 21.8M | 17.21M | 10.34M | 17.34M | 15.59M | 60.42M | 11.82M | -77.78M | -35.37M | 3.28M | 5.28M | 5.17M | 5.8M | 5.01M | 1.45M | 4.82M | 4.92M | 2.6M | 1.2M | -900K |
| Net Margin % | -85.36% | -51.64% | -42.26% | -65.58% | 1.08% | -6.26% | -4.5% | 2.46% | -40.62% | -101.02% | 21.75% | 16.41% | 11.33% | 21.02% | 20% | 67.4% | 9.39% | -55.5% | -24.63% | 2.76% | 5.36% | 6.46% | 8.83% | 9.64% | 3.91% | 16.22% | 18.83% | 11.21% | 7.14% | -12.5% |
| Net Income Growth % | -17.58% | -32.35% | 41.42% | -4785.94% | 113.7% | -57.11% | -270.13% | 105.93% | 59.98% | -561.67% | 26.63% | 66.52% | -40.39% | 11.21% | -74.19% | 410.98% | 115.2% | -119.89% | -1179.73% | -37.95% | 2.21% | -10.89% | 15.71% | 245.69% | -69.95% | -1.88% | 89.07% | 116.67% | 233.33% | -12.5% |
| Net Income (Continuing) | -37.38M | -31.22M | -36.87M | -43.59M | -1.85M | -6.01M | 0 | -22.66M | -38.66M | -38.56M | 22.19M | 14.92M | 9.65M | 17.34M | 15.59M | 60.42M | 11.82M | -77.78M | -35.37M | 3.28M | 5.28M | 5.71M | 5.8M | 4.9M | 2.37M | 4.82M | 4.92M | 2.6M | 1.2M | -900K |
| Discontinued Operations | 0 | -573K | 12.85M | 2.58M | 2.73M | -375K | 77K | 568K | 0 | 0 | 0 | 2.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 309.95K | 309.95K | 309.95K | -232.25K | 0 | 0 | 0 |
| EPS (Diluted) | -2.00 | -1.77 | -3.20 | -5.20 | 0.16 | -1.54 | -0.80 | 0.46 | -7.49 | -17.78 | 0.48 | 0.73 | 0.41 | 0.77 | 0.70 | 2.79 | 2.26 | -19.11 | -9.30 | 0.20 | 0.36 | 1.44 | 1.92 | 1.92 | 0.56 | 1.95 | 2.20 | 1.17 | 0.54 | -0.40 |
| EPS Growth % | -12.99% | 44.69% | 38.46% | -3350% | 110.39% | -92.5% | -273.91% | 106.14% | 57.87% | -3804.17% | -34.25% | 78.05% | -46.75% | 10% | -74.91% | 23.45% | 111.83% | -105.48% | -4750% | -44.44% | -75% | -25% | 0% | 242.86% | -71.28% | -11.36% | 88.03% | 116.67% | 235% | -11.11% |
| EPS (Basic) | -2.00 | -1.77 | -3.20 | -6.00 | 0.21 | -1.54 | -0.97 | 0.57 | -9.31 | -21.91 | 0.96 | 0.76 | 0.44 | 0.81 | 0.73 | 2.85 | 2.26 | -19.11 | -9.30 | 0.20 | 0.36 | 1.60 | 2.08 | 1.92 | 0.57 | 2.08 | 2.80 | 1.60 | 1.44 | -0.22 |
| Diluted Shares Outstanding | 18.58M | 17.96M | 7.65M | 7.77M | 5.33M | 4.18M | 5.09M | 5.18M | 5.38M | 5.66M | 5.48M | 4.74M | 4.69M | 4.49M | 4.26M | 4.24M | 4.19M | 4.07M | 3.8M | 3.28M | 2.93M | 3.97M | 3.02M | 2.55M | 2.53M | 2.47M | 2.23M | 2.23M | 2.23M | 2.23M |
| Basic Shares Outstanding | 18.58M | 17.96M | 7.65M | 6.75M | 4.18M | 4.18M | 4.18M | 4.18M | 4.32M | 4.59M | 4.63M | 4.55M | 4.39M | 4.28M | 4.26M | 4.24M | 4.19M | 4.07M | 3.8M | 3.28M | 2.93M | 3.57M | 2.79M | 2.55M | 2.53M | 2.32M | 7.4M | 6.4M | 5.55M | 4.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 23.39% | 29.22% | 42.3% | 18.59% | 13.76% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
As reported in recent financial statements, Trinity Biotech experienced a significant 30.2% year-over-year revenue decline in 2025Q4, marking a continued downward trajectory that suggests the company is struggling to maintain its core diagnostic market share amidst a challenging transition toward newer, unproven continuous glucose monitoring technology platforms.
The consistent revenue decay across multiple quarters indicates that the company's legacy diagnostic business is failing to provide a stable foundation for its strategic pivot. This trend suggests that the firm may be losing critical contracts or failing to secure necessary public health tenders, which are essential for sustaining its current operational scale.
Based on the provided income statement data, Trinity Biotech's gross margin has exhibited extreme volatility, dropping to 32.1% in 2025Q4, which highlights the company's inability to maintain pricing power or achieve necessary manufacturing efficiencies in its specialized diagnostic reagent and instrument business lines.
The erratic nature of these margins suggests that the company is highly sensitive to production throughput and potentially high fixed-cost absorption issues. Without a consistent improvement in gross margins, the firm appears unlikely to reach the profitability thresholds required to support its current R&D and SG&A expenditure levels.
According to the latest quarterly filings, Trinity Biotech's operating margin of -26.6% in 2025Q4 demonstrates a persistent failure to scale operating expenses in alignment with declining revenue, indicating that the company's overhead structure remains far too rigid for its current, diminished level of business activity.
The lack of operating leverage suggests that management has not successfully right-sized the organization to match its reduced revenue base. This misalignment forces the company to burn through cash reserves at an unsustainable rate, as SG&A costs continue to consume a disproportionate share of the remaining gross profit.
Analysis of the income statement reveals a significant discrepancy between operating losses and net losses, with the 2025Q4 net margin reaching -157.8%, suggesting that non-operating charges or significant write-downs are severely impacting the bottom line beyond the core diagnostic business's operational performance.
The wide gap between operating and net income warrants further investigation into potential impairment charges or non-recurring financial costs that are masking the true underlying operational health. Investors should monitor whether these non-operating items represent recurring financial burdens or one-time adjustments that could stabilize in future periods.
Data indicates that with only $5.1M in cash reserves against a TTM net loss exceeding $37M, Trinity Biotech faces an acute liquidity risk that may force dilutive financing or asset divestitures, potentially undermining the company's ability to execute its high-stakes transition into the competitive CGM market.
While management may view the CGM pivot as a growth catalyst, the current financial position suggests that the company lacks the runway to see this strategy through to fruition without external capital. This creates a binary risk profile where the firm's survival appears increasingly dependent on near-term financing rather than operational success.
Quick answers to the most common questions about buying TRIB stock.
For fiscal year 2025, Trinity Biotech plc (TRIB) reported total revenue of $43.8M. This represents a 508.1% increase compared to $7.2M in 1996.
Trinity Biotech plc (TRIB) reported a net loss of $37.4M for the fiscal year ending 2025.
Trinity Biotech plc (TRIB) reported an operating income of $-11.4M, resulting in an operating profit margin of -26.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Trinity Biotech plc (TRIB) generated $16.9M in gross profit for the year, representing a gross profit margin of 38.6%. This demonstrates the company's core pricing power and production efficiency.