Trinity Biotech appoints Paul Tivnan to board of directors

DUBLIN - Trinity Biotech plc (NASDAQ:TRIB), currently valued at $30 million, has appointed Paul Tivnan to its Board of Directors as a Non-Executive Director, the biotechnology company announced Thursday. The appointment comes as the company’s stock has shown strong momentum, with a 126% surge over the past six months, according to InvestingPro data.

Tivnan brings over 25 years of senior leadership experience in finance, capital markets, and corporate governance. He currently serves as Chief Financial Officer of Deriva Energy LLC, one of the largest independent renewable power producers in the United States and a Brookfield portfolio company. His appointment comes at a crucial time, as Trinity Biotech faces financial challenges with a debt-to-capital ratio of 76% and negative EBITDA of $13 million in the last twelve months.

His previous roles include CFO of Brookfield Renewable Ireland and CFO of Ardmore Shipping Corporation, where he led the company’s initial public offering on the New York Stock Exchange in 2013. Tivnan has also served as a Director of Element 1 Corp, a developer of advanced hydrogen technologies.

"We are delighted to welcome Paul to the Board. His extensive experience in capital markets and operational leadership across large scale global sectors will be invaluable to our company," said John Gillard, President and Chief Executive Officer of Trinity Biotech, in a press release statement.

Tivnan is a Certified International Director from INSEAD Business School and has completed executive leadership and corporate governance programs at INSEAD and London Business School. He holds a B.A. degree in Accounting and Finance and a Master of Business Studies degree from Dublin City University.

Trinity Biotech focuses on diabetes management solutions and human diagnostics, including wearable biosensors. The company develops, manufactures, and markets diagnostic systems for point-of-care and clinical laboratory segments, and recently entered the wearable biosensor industry through the acquisition of Waveform Technologies Inc.’s biosensor assets. With revenue of $61.5 million and a gross profit margin of 35%, the company faces near-term challenges, according to InvestingPro, which offers comprehensive analysis and 8 additional key insights about Trinity Biotech’s financial health and market position in its Pro Research Report.

In other recent news, Trinity Biotech has made significant advancements in its product offerings and regulatory approvals. The company received regulatory approval from the New York State Department of Health for its PreClara Ratio biomarker test, which assesses preeclampsia risk. This FDA-cleared test will be offered through Trinity’s New York reference laboratory, with a service rollout planned for the third quarter of 2025. Additionally, Trinity Biotech announced successful clinical trial results for its next-generation continuous glucose monitoring (CGM) technology. The redesigned needle-free glucose sensor showed accurate readings over a 15-day period without the need for finger-stick calibration, marking a technical milestone in their CGM+ platform development. Furthermore, the company received approval to begin offshore manufacturing of its TrinScreen HIV rapid test, transitioning production to an outsourced model. These developments highlight Trinity Biotech’s ongoing efforts to expand its diagnostic capabilities and improve its manufacturing processes.

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