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    Paul Nouri

    Research Analyst at Noble Equity Funds

    Paul Nouri is Managing Director and Portfolio Manager at Noble Equity Fund, LP, specializing in healthcare equities with a particular focus on diagnostics, medical devices, neurology, and rare disease companies. He has covered firms such as Albany Molecular Research and provides active management of both public and private healthcare investments, prioritizing undervalued assets and rigorous competitive analysis. Nouri began his career as an equity analyst at Sidoti & Company in 2005, founded Noble Equity Fund in 2008, and subsequently established Noble Advisors in 2009, with ongoing board roles in specialty diagnostic firms and angel investment advising. He holds a B.S. in Finance from Rensselaer Polytechnic Institute and an MBA from Yale, and is registered as a state investment advisor; additional FINRA licenses are not publicly listed.

    Paul Nouri's questions to TRINITY BIOTECH (TRIB) leadership

    Paul Nouri's questions to TRINITY BIOTECH (TRIB) leadership • Q3 2024

    Question

    Inquired about the key drivers for achieving the Q2 2025 financial goals, whether future TrinScreen revenue will come from new or existing tenders, and the remaining capacity on the company's ATM (at-the-market) offering.

    Answer

    The biggest drivers for the 2025 goals are factory consolidation and offshoring of manufacturing. Future TrinScreen revenue is expected to be a mix of existing and new tenders, though the timing of new tenders is uncertain. The remaining capacity on the ATM is less than $1 million.

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    Paul Nouri's questions to TRINITY BIOTECH (TRIB) leadership • Q3 2024

    Question

    Paul Nouri of Noble Equity Funds asked for clarification on the top 2-3 drivers for achieving the Q2 2025 revenue and EBITDASO targets, whether future TrinScreen revenue would depend on new or existing tenders, and the remaining capacity on the company's At-The-Market (ATM) offering.

    Answer

    President and CEO John Gillard identified the primary drivers for reaching the 2025 financial targets as the consolidation of U.S. manufacturing facilities from three to one and the offshoring of less complex manufacturing operations, which significantly reduces overhead. He stated that 2025 TrinScreen revenue is expected to be a mix of existing business and new tender wins, acknowledging the inherent uncertainty in the timing of new government contracts. Gillard also confirmed that less than $1 million in capacity remained on the current ATM filing.

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    Paul Nouri's questions to TRINITY BIOTECH (TRIB) leadership • Q3 2024

    Question

    Paul Nouri of Noble Equity Funds asked for the top drivers behind the company's ambitious Q2 2025 financial targets, whether future TrinScreen revenue would depend on new or existing tenders, and the remaining capacity on the company's At-The-Market (ATM) offering.

    Answer

    President and CEO John Gillard identified the two biggest drivers for achieving the 2025 financial goals as the consolidation of U.S. manufacturing facilities from three to one and the offshoring of less complex manufacturing. He stated that 2025 TrinScreen revenue is expected from a mix of existing business and winning new tenders, though the timing of new wins is uncertain. Gillard also noted that less than $1 million in capacity remained on the current ATM filing.

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    Paul Nouri's questions to TRINITY BIOTECH (TRIB) leadership • Q4 2023

    Question

    Inquired about the target gross margin for 2025, the source of revenue growth between Point-of-Care and lab businesses, the geographic focus for future hemoglobins growth, the performance of the Sjogren's test, and whether the EBITDASO guidance includes spending on the CGM segment.

    Answer

    The company targets a gross margin around 50% by 2025. Revenue growth is expected to be slightly more weighted to Point-of-Care (TrinScreen). Hemoglobins growth is anticipated to come more from international markets rather than the U.S. The Sjogren's test continues to grow. The EBITDASO guidance excludes CGM spending, which is capitalized under IFRS and considered an optional investment.

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