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European equities traded in the US as American depositary receipts started the week higher late Monday morning, rising 0.31% to 1,446.05 on the S&P Europe Select ADR Index.
From continental Europe, the gainers were led by pharmaceutical company Ascendis Pharma and biotech firm Evaxion Biotech , which advanced 19% and 6.7% respectively. They were followed by biopharmaceutical company Genfit and 3D printer company Materialise , which were up 5.2% and 5% respectively.
The decliners from continental Europe were led by furniture maker Natuzzi and medical device maker EDAP TMS , which fell 4% and 3.7% respectively. They were followed by biopharmaceutical companies Cellectis and Grifols , which declined 2.6% and 1.7% respectively.
From the UK and Ireland, the gainers were led by biopharmaceutical firm NuCana , which soared 150%, followed by TC Biopharm and Trinity Biotech , which were up 5.3% and 1.9%, respectively.
The decliners from the UK and Ireland were led by Bicycle Therapeutics and Biodexa Pharmaceuticals , which lost 7.5% and 4.4% respectively. They were followed by Adaptimmune Therapeutics , which was down 4.2%.
European equities traded in the US as American depositary receipts were moving higher late Friday morning, rising 0.82% to 1,443.36 on the S&P Europe Select ADR Index. The gain is helping the index end the week 1.2% higher.
From continental Europe, the gainers were led by biotech firm BioNTech (BNTX) and biopharmaceutical firm Genfit (GNFT), which climbed 13% and 4.7%, respectively. They were followed by biotech firm Evaxion Biotech (EVAX) and pharmaceutical firm Ascendis Pharma (ASND), which increased 3.4% and 2.7%, respectively.
The decliners from continental Europe were led by biopharmaceutical company Cellectis and accommodations booking site trivago , which fell 2.1% and 1.1%, respectively. They were followed by telecommunications company VEON and medical device maker EDAP TMS (EDAP), which were off 0.8% and 0.5%, respectively.
From the UK and Ireland, the gainers were led by biopharmaceutical companies TC Biopharm and Akari Therapeutics (AKTX), which rose 7.1% and 5.6% respectively. They were followed by biopharmaceutical company Adaptimmune Therapeutics and cruise line operator Carnival , which were up 3.2% and 2.7% respectively.
The decliners from the UK and Ireland were led by biopharmaceutical companies Mereo BioPharma Group and Bicycle Therapeutics , which fell 2.2% and 2% respectively. They were followed by alcoholic beverage company Diageo and biotech firm Trinity Biotech , which were down 1.5% and 0.6% respectively.
Trinity Biotech plc TRIB recently provided an update on its continued development of its glucose biosensor technology. Earlier this year, the company was granted a European patent for a novel method that enhances the performance of its glucose biosensor. Recent testing of this patented process has confirmed its effectiveness in improving the performance of the sensor.
Trinity Biotech intends to use this breakthrough process to stabilize and improve the functionality of its glucose biosensor in its next-generation continuous glucose monitor (CGM) technology.
Shares of TRIB went down marginally by 0.05% in pre-market trading today following the news. However, as the company is gaining a high level of synergies from its continued development within the CGM market, this latest development might prove fruitful in strengthening its foothold in this space. Accordingly, we expect market sentiment to recover shortly.
Significance of Trinity Biotech’s Patented Process
CGMs are small patch-like wearable medical devices that use biosensor wires under the skin to measure glucose in real time. Generally, these devices experience a “run-in” or “settling” period immediately after their insertion. During the run-in period, glucose readings are unreliable.
Trinity Biotech’s patent describes a unique process within the company’s reusable transmitter unit that “conditions” the CGM biosensor wire. This conditioning process significantly reduces this run-in time, enabling reliable measurements more quickly.
Additionally, the conditioning process has demonstrated notable improvements in the accuracy of the CGM device compared to laboratory reference methods for blood glucose testing. The process also improves the biosensor’s mean absolute relative difference, which is the standard measure of accuracy used to compare CGM devices.
More on the News
The technology covered by this patent represents a major advancement for the company’s CGM platform. The CGM technology, which Trinity Biotech acquired in January, has a unique self-inserted biosensor wire.It poses strong advantages in terms of affordability and sustainability.
The patented conditioning process will likely play an important role in further enhancing the CGM technology toward a more user-friendly and self-calibrating device. Along with other refinements to the biosensor, its wire design will be further evaluated in the upcoming pre-pivotal trials to create an optimized CGM that can be rapidly introduced into global markets.
Industry Prospects Favor Trinity Biotech
Per a Coherent Market Insights report, the global CGM device market was valued at $5.89 billion in 2022 and is expected to reach $12.51 billion by 2030, at a CAGR of 9.9% during the period.
The market’s growth is fueled by rising diabetes awareness and the increasing prevalence of diabetes among the population. The worrisome rise in the number of overweight and obese people around the world is expected to boost demand for CGM devices.
Recent Development by Trinity Biotech
In May, Trinity Biotech made a strategic collaboration with PulseAI to enhance the former’s recently acquired CGM biosensor technology. Under the collaboration, PulseAI has access to Trinity Biotech’s unique multi-parameter CGM database. Further, the data is used to design and implement Trinity Biotech’s AI-driven health & wellness analytics platform. This platform is a key component in Trinity Biotech’s CGM solution.
Price Performance of Trinity Biotech
Year to date, shares of TRIB have lost 17.4% against the industry’s 8.5% growth.
TRIB’s Zacks Rank and Other Key Picks
TRIB currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are Intuitive Surgical ISRG, TransMedics Group TMDX and Boston Scientific BSX. While Intuitive Surgical and TransMedics sport a Zacks Rank #1 (Strong Buy) each, Boston Scientific currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Intuitive Surgical’s shares have surged 58.6% in the past year. Estimates for the company’s earnings have remained constant at $6.67 per share for 2024 in the past 30 days.
ISRG’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics’ 2024 earnings per share (EPS) have moved up 48.1% to $1.20 in the past 30 days. Shares of the company have risen 134% in the past year compared with the industry’s 12.8% growth.
TMDX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Boston Scientific’s 2024 EPS have increased 1.7% to $2.40 in the past 30 days. In the past year, shares of BSX have risen 51.5% compared with the industry’s 15.5% growth.
In the last reported quarter, BSX delivered an earnings surprise of 6.90%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
Zacks Investment Research
Trinity Biotech PLC TRIB.O:
TRINITY BIOTECH PROVIDES AN UPDATE ON THE CONTINUED DEVELOPMENT OF ITS CONTINUOUS GLUCOSE MONITOR TECHNOLOGY
Source text for Eikon: (Full Story)
Further company coverage: TRIB.O
DUBLIN, Ireland, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today announced the appointment of Adrian Donohue as Chief Commercial Officer. Mr. Donohue brings more than 25 years of experience in the sales and marketing of healthcare products.
John Gillard, President and Chief Executive Officer of Trinity Biotech, said, “We are resolute in continuing to execute on our transformation agenda, which will drive greater performance and profitability in our existing product lines, including supporting continued growth in our newest rapid HIV testing product, TrinScreen HIV. Adrian’s appointment to this important leadership role and responsibility for our entire portfolio is a critical step to achieve this commitment and we are delighted to have him join the team.”
Commenting on his appointment, Adrian Donohue said, “It's an exciting time to be joining Trinity Biotech as it executes on a comprehensive transformation plan and positions itself to be a global competitor in the continuous glucose monitor (CGM) market. I look forward to driving the potential of our extensive range of products to deliver significant benefits to our customers and the patients they serve. I am also eager to begin preparations for the international launch of our innovative CGM.”
Throughout this career Mr. Donohue developed a strong reputation as a successful sales and marketing executive with keen business and commercial acumen, particularly with regard to successful launches of life science products in EMEA and more recently Japan. Mr. Donohue is known as an effective team builder and leader, through his natural engagement and influencing skills. He has a passion for innovation and cutting-edge development and his collaborative style facilitates a productive working culture. These strengths combine with a fresh and innovative approach to developing and delivering on commercial strategies.
Mr. Donohue has more than 25 years of experience in sales and marketing of healthcare products. Adrian developed his knowledge and early career success as a sales representative for Menarini, Eli Lilly and Roche. He then broadened his commercial experience as Senior Brand Manager at Shire Pharma for six years. Mr Donohue moved on to the role of EMEA Franchise lead at Biomarin for nearly a decade, which led to his promotion to Global Senior Director in 2022. Mr. Donohue has a primary degree from the University College Dublin and Post Grad Entrepreneurial Studies at Smurfit School of Business,
Forward-Looking Statements
This release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Trinity Biotech’s cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterised by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on our purchase of the assets of Waveform, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, the impact of the spread of COVID-19 and its variants, potential excess inventory levels and inventory imbalances at the company’s distributors, losses or system failures with respect to Trinity Biotech’s facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech’s products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech’s intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under “Risk Factors” in Trinity Biotech’s annual report on Form 20-F for the fiscal year ended December 31, 2023 and Trinity Biotech’s other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.
About Trinity Biotech
Trinity Biotech is a commercial stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors. The Company develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market and has recently entered the wearable biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Our products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company's website: www.trinitybiotech.com.
Contact: Trinity Biotech plc Louise Tallon (353)-1-2769800
LifeSci Partners, LLCEric Ribner (1)-646-751-4363 investorrelations@trinitybiotech.com
RedChip Companies Inc.Dave Gentry, CEO(1)-407-644-4256TRIB@redchip.com
European equities traded in the US as American depositary receipts edged lower late Friday morning, nudging down 0.03% to 1,476.31 on the S&P Europe Select ADR Index.
From continental Europe, the gainers were led by medical device maker EDAP TMS and furniture maker Natuzzi , which climbed 7.1% and 5.5%, respectively. They were followed by biopharmaceutical company Grifols and internet advertising firm Criteo , which rose 3.3% and 2.7%, respectively.
The decliners from continental Europe were led by biotech firm Evaxion Biotech and petroleum refiner Equinor , which fell 5.1% and 2.5%, respectively. They were followed by hotel booking site trivago and telecommunications operator Nokia , which were down 1.5% and 1.2%, respectively.
From the UK and Ireland, the gainers were led by biopharmaceutical companies Verona Pharma and TC Biopharm , which rose 3.3% and 3%, respectively. They were followed by biotech firm Autolus Therapeutics and biopharmaceutical company Amarin , which were up 1.5% and 1.3%, respectively.
The decliners from the UK and Ireland were led by biopharmaceutical company NuCana , which plunged 52%, followed by Trinity Biotech and pharmaceutical company Silence Therapeutics , which fell 3.5% and 2.2%, respectively, while oil and gas company Shell dropped 1.9%.
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