Trinity Biotech revenue up 2.4%
Second quarter profits dropped in spite of revenue increasing to $21.3m
Ronan O’Caoimh , chief executive officer of Trinity Biotech
Clinical diagnostics company Trinity Biotech’s revenue was $21.3 million (€16 million) in the second quarter of this year, up 2.4 per cent when compared with the same period last year.
However, the firm’s operating profit decreased from $4.3 million to $3.8 million for the quarter, according to quarterly results released yesterday.
Profit after tax, excluding the Medical Device Excise Tax (MDET), also decreased from $4.3m to $4m.
In spite of this, the group’s chief executive, Ronan O’Caoimh, said the company had made “excellent progress in its key strategic areas” during the quarter.
Last Friday Trinity Biotech paid $32.75 million to acquire Immco Diagnostics Inc (Immco), a company which globally manufactures and sells auto-immune testing kits.
Mr O’Caoimh added that the acquisition fitted very well with Trinity Biotech’s existing infectious diseases product offering.
“Synergies will be achieved by leveraging Trinity’s existing US sales force and international distributor network,” he said.
“Due to these factors we expect the Immco product line to be a significant driver of growth for Trinity, both from a revenue and profitability point of view.”
The company noted that, excluding the cost of the Immco acquisition from the quarterly results, after-tax profits increased to $4.4m.
Similarly, earnings per share (EPS) excluding MDET for the quarter were 18.5 US cents, but were 20.5 cents if the Immco acquisition costs were excluded. This compares with an EPS of 20 cents for the second quarter of 2012.
In June of this year, the company paid a dividend of 20 US cents, which represents a 33 per cent increase from the 15 cents paid in 2012.
In the hours following the release of the firm’s quarterly results its share price dropped about 40 cents to just over $19.30.