Trinity Biotech revenues rise

Revenues at Irish medical diagnostics firm Trinity Biotech rose by 5.8 per cent in the first quarter.

The Nasdaq-listed company said total revenues for the three-months ending March 31st totalled $18.7millon compared to $17.6 millon for the same quarter last year.

It also announced earnings per share of 17.5 cent, which is nearly 17 per cent higher than the equivalent quarter last year and represents the best single quarter earnings in Trinity's history.

Profits before tax totalled $4.3 million compared to 3.4 million a year earlier.

Gross profit for the quarter amounted to $9.6million representing a gross margin of 51.2 per cent as against a gross margin of 46.6 per cent for the same period in 2010.

Operating profit for the first quarter was up 0.6 per cent t0 $3.7million while operating margin increased to 19.8 per cent.

Net financial income totalled $0.6million which compares to a net financial expense of $0.2million in the same quarter of 2010.

Point-of-care revenues for the first quarter were up by 3.6 per cent year-on year but up by 28.9 per cent when compared to the final quarter of 2010.

Continuing clinical laboratory revenues increased from $13.3 million to $14.1million.

Free cash flows rose by over 50 per cent from $2.6millon to $3.9millon.

During the quarter under review the firm completed the acquisition of Phoenix Biotech for $2.5million. It also began a share buyback programme.

Trinity said that since the quarter had ended it had received the first deferred consideration payment of $11.25million from the Stago Group in relation to the divestiture of the coagulation business a year ago. The second, and final, deferred consideration payment of $11.25m is due to be received at the end of April 2012.

"From a cash perspective the combination of strong operating cash flows in conjunction with the receipt of $11.25million in deferred consideration from Stago means that as well as being debt free, we now have cash reserves of over $70million," said chief executive Ronan O'Caoimh.

"Taking this plus the final deferred consideration due next April our effective cash position is now over $82million, which is close to $4 per ADR (American Depositary receipt),” he added.