Trinity Biotech (Nasdaq:TRIB) today announced the next stage of its transformation plan as it looks to bring a continuous glucose monitor (CGM) to market.
Dublin, Ireland-based Trinity Biotech appointed Barclays as its exclusive financial advisor to support an ongoing strategic realignment. The company aims to increase its focus on its “disruptive” CGM technology as part of a broader transformation plan.
The CGM, a redesigned, ergonomic, modular device features a reusable applicator and rechargeable wearable transmitter. It eliminates costly disposable components while delivering a seamless user experience.
Trinity says it uses more durable, resuable components, enabled by its proprietary self-inserting sensor technology. It believes this can deliver care at a lower cost than the CGMs offered by the two largest manufacturers on the market, Abbott and Dexcom. The company says addressing affordability could bring CGM technology to millions priced out of the market.
Earlier this year, Trinity said it expects to submit the CGM to the FDA in 2026.
Trinity now says its progress in developing the CGM led to management deciding to make it the company’s primary focus moving forward. It expects this to drive near-term profitability improvements. With this, Barclays has begun assessing how the company’s existing businesses can best align with the new strategic direction.
Commentary from Trinity Biotech officials
CEO & President John Gillard said in a news release:
“Over the past year we have focused on proving the technological and market feasibility of building a large scale, innovative global CGM business. Our strong pre-pivotal clinical trial data and the keen market interest for our more affordable, user-focused and sustainable CGM solution gives us confidence that this is a vast and compelling opportunity for Trinity Biotech and our investors. At the same time, our strong execution of the Company’s ambitious comprehensive transformation plan is poised to provide us with a portfolio of operating businesses with significantly improved financial prospects. Given this progress, now is the right time to explore how we can strategically allocate capital, optimize our balance sheet, and sharpen our focus on CGM growth.”
