Trinity Biotech enjoys profit rise in last quarter

Clinical products company, Trinity Biotech, has posted pre-tax profits of $1.3 million (€1.2 million) for the final quarter of last year.

The performance, which came in ahead of analysts' forecasts, compares to a loss of $1.7 million in the fourth quarter of 2001. It leaves the company's full-year pre-tax profits for 2001 at $5.5 million, up from $1.7 million in the previous year.

Trinity Biotech took an exceptional charge of $3.7 million in 2001.

Revenues for 2002 rose by 40 per cent year on year to $52 million, reflecting a combination of organic and acquisition-led growth at the company.

In recent months, Trinity Biotech has been concentrating on the integration of two Missouri-based acquisitions: Sigma Hemostasis and Clinical Chemistry.

Trinity Biotech chief financial officer, Mr Rory Nealon, said this process was now well-advanced, with the two companies likely to act as drivers for growth in 2003.

He said the transfer of manufacturing facilities from Missouri to Bray, Co Wicklow, should be complete by the third quarter.

Mr Nealon added that Trinity Biotech would now be focusing on "sweating" costs attached to the installation of a new direct sales force in the US, Germany and the UK. It will also be seeking to win US regulatory approval for an AIDS testing device this year.