Trinity Biotech (TRIB) said Tuesday it has received approval for the offshored and outsourced upstream manufacturing activities of its high-volume TrinScreen HIV rapid test from the World Health Organization.

The approval allows Trinity Biotech to transfer upstream production from in-house operations to a more cost-effective and scalable outsourced model, the company said.

The transition to an outsourced model is expected to deliver "substantial improvements" in gross margin and working capital, as part of a broader plan to streamline operations and reduce fixed costs, Trinity Biotech said.

The company's shares were up 29% in premarket activity on Tuesday.