Trinity Biotech, the Irish biotechnology company listed on the Nasdaq market in New York and which is expected to take a listing in Dublin this year, has reported strong results for 1998, with net profits more than doubling from $1.2 million (€1.06 million) to $2.55 million (€2.26 million). Earnings per share increased from 6 US cents to 10 cents while Trinity's turnover rose by 38 per cent to $23.2 million (€20.57 million). At the end of 1998, the company had cash and cash equivalents of $1.3 million and total assets of $44.3 million.
Commenting on the results, Mr Jonathan O'Connell, chief financial officer at Trinity Biotech, said: "The improvements in our operating results were bolstered by the year's events, which included four product line acquisitions and the launch of eight new products.
Trinity currently has 124 products on the market with 87 approvals compared to a situation two years ago where we had six products and two FDA approvals."
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