Profits fall by 37% at Trinity Biotech

Profits at Trinity Biotech fell by 37 in its second quarter, as the Irish medical diagnostic firm reported a decline in HIV revenues in Africa.

In the three months to June 30th, Trinity Biotech reported profit before tax of $2.9m compared to $4.6m in Q2, 2014. Revenues were $24.3m, down by 6.5 per cent on Q2, 2014, in part due to the strength of the dollar against a range of other currencies.

Point-of-care revenues for Q2, 2015 were $3.4m, down by $1.2m due to lower sales of HIV products to Africa in the quarter.

“This reflects the irregular ordering patterns which characterise this market rather than any underlying adverse change in the nature of the business,” the company said.

Clinical laboratory revenues for the quarter were $20.9m, as the company saw an increase in Premier and Immco revenues, although this was partially offset by lower Lyme sales due to weather related factors and a decrease in Fitzgerald revenues.

Ronan O’Caoimh, CEO, said that completion of the ACS trial for its Meritas Troponin test represents “an extremely important milestone for the company”.

“In relation to the results of the trial, although the adjudication process is not completed, we can see the actual hospital diagnosis on the patient samples and although there is no guarantee that the hospital result will agree with the adjudicated result in every case, we are very encouraged by the trial results. We will now complete the last remaining elements of the trial and will make our submission to the FDA in late September or early October,” he said.