Trinity Biotech reports dip in third quarter revenues

Revenues at Irish medical diagnostic firm Trinity Biotech fell by 5.2 per cent to $25.8 million in the third quarter, as against $27.2 million for the same period a year earlier.

The company said however, that revenues were impacted by currency fluctuations and that once these were accounted for, revenues reached $27.6 million, up 2 per cent versus the equivalent quarter in 2014.

Trinity, which is based in Bray, Co Wicklow, and is quoted on the Nasdaq exchange, said clinical laboratory revenues rose 2 per cent to $22.1 million, as against $20.3 million last year. Point-of-care revenues were up just 0.2 per cent from €5.41 million to €5.46 million.

The company reported pretax profits of $12.6 million, versus $4.6 million a year earlier. However, third quarter profit was largely impacted by non-cash gains related to loan notes. Excluding this, pretax profits totalled $2.1 million.

The company reported gross profit of $11.9 million, which represents a gross margin of 46.5 per cent. This compares with a $13 million profit and gross margin of 47.9 per cent for the same quarter last year.

Earnings before interest, tax, depreciation, amortisation and share option expense for the quarter was $4.7 million.

Trinity Biotech develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. Founded in 1992, it has a portfolio of more than 400 products, which it sells in over 110 countries.