Trinity Biotech’s has reported profits before tax of US$5.5 million revenues for 2001, a drop of 24 per cent on last year.
Although, overall, revenues rose by 24 per cent to US$9.8 million compared to US$7.9 million in the same period last year and gross profit amounted to US$5.1 million, representing a gross margin of 52 per cent, selling, general and administrative expenses increased to US$2.7 million.
In its statement this afternoon, the company said the costs were primarily the result of its new German operation and costs associated with the Bartels business.
In addition, it said, an exceptional charge of US$2.85 million was incurred in the quarter relating to the acquisition of Biopool.
"The net effect of the above factors was a profit before tax, exceptional charge and the losses associated with HiberGen," the statement said, of US$1.3 million compared to US$1.5 million for the same quarter in 2000."
"Revenues grew 24% quarter-on-quarter and 25% year-on-year reflecting a combination of both organic and acquisition-led growth," commenting on the results, Maurice Hickey, Chief Financial Officer, said.
"The Bartels business has integrated well and the platform for growth from this business is now in place. Gross margins improved quarter-on-quarter and year-on-year as a result of a better mix of sales. Operating costs have increased substantially reflecting our direct sales investment."
Trinity Biotech develops, manufactures and markets over 200 diagnostic products for the point-of-care, self-testing and clinical laboratory segments of the diagnostic market.