Trinity Biotech grew 7% in second quarter

IRISH MEDICAL diagnostic firm Trinity Biotech increased its revenues by 7 per cent in the second quarter of 2011.

The Nasdaq-listed company reported revenues from continuing operations of $19.5 million, up from $18.2 million in the same period a year earlier.

This was the fifth consecutive quarter in which the firm notched up a new earnings record.

The Co Wicklow-based company also reported an 11 per cent jump in operating profits to $3.9 million compared with the equivalent quarter last year.

Earnings per share rose almost 17 per cent to 18.1 cent, up from 15.5 cent.

The firm’s gross profit margin also improved, climbing from just over 49 per cent to 51.4 per cent in the second quarter.

Point-of-care sales were 3.6 per cent higher year-on-year at $4.16 million, while continuing clinical laboratory revenues increased from about $14.2 million to $15.3 million.

Chief financial officer Kevin Tansley said the company continues to generate significant cash, with free cash flows reaching almost $7 million for the first half of the year.

The company’s chief executive, Ronan O’Caoimh, said Trinity Biotech’s latest set of results re-emphasised the company’s strong growth trajectory.

“It is now just over a year since we divested our coagulation business and in that short time, we have repositioned Trinity into a company with robust earnings growth and an extensive product development pipeline,” Mr O’Caoimh said.