Trinity Biotech plc (TRIB) has been making waves in the continuous glucose monitoring (CGM) market with its ongoing development of advanced glucose biosensor technology. The company recently received a European patent for a novel method that significantly improves the performance of its glucose biosensor. This breakthrough innovation has been validated through recent testing, confirming its effectiveness in enhancing the sensor’s capabilities.
Trinity Biotech plans to leverage this patented process to stabilize and optimize the functionality of its glucose biosensor for its next-generation CGM technology. While TRIB shares experienced a slight dip in pre-market trading following the news, the company’s continued advancements in the CGM market suggest a promising future, potentially solidifying its position in this growing sector.
The Significance of Trinity Biotech’s Patented Process
CGMs are compact, wearable medical devices that utilize biosensor wires placed under the skin to provide real-time glucose measurements. A common challenge with these devices is a ‘run-in’ or ‘settling’ period immediately after insertion, during which glucose readings are unreliable. Trinity Biotech’s patent details a unique process within the company’s reusable transmitter unit that ‘conditions’ the CGM biosensor wire. This conditioning process dramatically reduces the run-in time, enabling reliable glucose readings much faster.
Furthermore, the conditioning process has demonstrated remarkable improvements in the accuracy of the CGM device when compared to laboratory reference methods for blood glucose testing. This process also enhances the biosensor’s mean absolute relative difference (MARD), a standard measure of accuracy used to assess CGM devices.
A Major Advance for Trinity Biotech’s CGM Platform
The technology covered by this patent represents a significant advancement for Trinity Biotech’s CGM platform. The company acquired this CGM technology in January, which features a unique self-inserted biosensor wire. This self-insertion feature provides distinct advantages in terms of affordability and sustainability.
The patented conditioning process is expected to play a crucial role in further enhancing the CGM technology, paving the way for a more user-friendly and self-calibrating device. Along with other refinements to the biosensor, its wire design will undergo further evaluation in upcoming pre-pivotal trials to create an optimized CGM for rapid global market introduction.
Favorable Industry Outlook for Trinity Biotech
According to a Coherent Market Insights report, the global CGM device market was valued at $5.89 billion in 2022 and is projected to reach $12.51 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.9% during this period. This market growth is driven by increased diabetes awareness and the rising prevalence of diabetes among the population. The alarming increase in overweight and obese individuals worldwide is expected to further fuel the demand for CGM devices.
Recent Developments at Trinity Biotech
In May, Trinity Biotech entered into a strategic collaboration with PulseAI to enhance its recently acquired CGM biosensor technology. This collaboration grants PulseAI access to Trinity Biotech’s unique multi-parameter CGM database, which will be used to design and implement Trinity Biotech’s AI-driven health & wellness analytics platform. This platform serves as a critical component of Trinity Biotech’s CGM solution.
Trinity Biotech’s Price Performance
Year-to-date, TRIB shares have declined by 17.4% compared to the industry’s 8.5% growth.
Trinity Biotech’s Zacks Rank and Other Key Picks
Trinity Biotech currently holds a Zacks Rank #2 (Buy). Other top-ranked stocks in the broader medical space include Intuitive Surgical (ISRG), TransMedics Group (TMDX), and Boston Scientific (BSX). While Intuitive Surgical and TransMedics boast a Zacks Rank #1 (Strong Buy), Boston Scientific carries a Zacks Rank #2.
* Intuitive Surgical’s shares have surged by 58.6% in the past year. Estimates for the company’s earnings have remained constant at $6.67 per share for 2024 over the past 30 days. ISRG has exceeded earnings estimates in each of the last four quarters, delivering an average surprise of 8.97%.
* TransMedics’ 2024 earnings per share estimates have moved up by 48.1% to $1.20 over the past 30 days. Shares of the company have risen 134% in the past year compared to the industry’s 12.8% growth. TMDX has surpassed earnings estimates in each of the last four quarters, with an average surprise of 287.50%.
* Estimates for Boston Scientific’s 2024 EPS have increased by 1.7% to $2.40 over the past 30 days. In the past year, BSX shares have risen 51.5% compared to the industry’s 15.5% growth. BSX exceeded earnings estimates in each of the last four quarters, with an average surprise of 7.18%.
