Trinity Biotech

TRIB

Medical - Diagnostics & Research · Healthcare

Price

$12.43

+0.79 (+6.79%)

Market Cap

$251.7M

Exchange

NASDAQ Global Select

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+248.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 178K (2021) → 619K (2025)

Trinity Biotech is an Irish medical company that makes diagnostic tests used by hospitals, clinics, and laboratories to detect diseases and health conditions. Its core products include tests for infectious diseases, diabetes (hemoglobin A1c testing), and autoimmune conditions. The company sells to healthcare providers and clinical labs, primarily in the United States and Europe.

Trinity Biotech earns revenue by selling diagnostic test kits and the instruments that run them, a mix of one-time hardware sales and recurring consumable purchases. It is a small-cap company headquartered in Ireland with most of its commercial focus in the US market, where it competes against much larger diagnostics firms like Abbott and Bio-Rad. The company has been operating at a significant loss, and its main challenge is returning to profitability while competing for lab contracts against well-funded rivals with broader product portfolios. Execution on its diabetes testing segment and any new product launches will be critical to improving its financial position.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-30.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+21.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$4M/ year

↓ Declining (-20% vs prior year)

8.3% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

21.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~16 months

$8M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

Trinity Biotech's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

32.1%

Modest — 32.1% gross margin

Operating Margin

-26.6%

Losing money on operations — -26.6%

ROCE

-5.3%

Weak — -5.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-28.7%

Shrinking sales (-28.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-14.5%

Burning cash (-14.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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