Trinity Biotech plc
Climate Impact & Sustainability Data (2014)
Reporting Period: 2014
Environmental Metrics
Climate Goals & Targets
Short-term Goals:
- Improve production efficiency at Bray, Ireland facility by introducing more automation
Environmental Challenges
- Adverse weather conditions impacting Lyme disease sales (particularly in northeastern USA)
- Higher running costs associated with two UK blood bank screening manufacturing facilities (closed in Q3 2014)
- Competition in the diagnostics industry
- Fluctuations in currency exchange rates (USD/Euro, Swedish Kroner, Brazilian Real)
- Potential for product recalls
- Regulatory changes and compliance costs (FDA, CLIA, etc.)
- Dependence on distributors and government funding
- Risks related to intellectual property protection
- Data security breaches and privacy violations
- Healthcare reform legislation and reimbursement changes
Mitigation Strategies
- Transfer of blood bank screening manufacturing to Ireland and New York facilities
- Continuous monitoring of currency exchange rate exposure and use of forward contracts (when necessary)
- Maintenance of FDA and ISO registered facilities and compliance with QSR
- Investment in security technology to protect data
- Development of a comprehensive compliance program
- Active efforts to reduce currency mismatch
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: IFRS
Certifications: ISO 9001:2000, ISO 13485:2003
Third-party Assurance: Grant Thornton