Trinity Biotech profits up 131pc in third quarter

22 Oct 2009

Trinity Biotech, the Wicklow-based, Nasdaq-listed medical diagnostics firm, has reported a 131pc increase in its net profit to US$3.1 million for the third quarter.

Earnings per share for the quarter stood at 14.6 cent per share, compared to the 6.3 cent per share reported in the same quarter a year previous.

However, despite the profit boost, Trinity Biotech’s revenues for the third quarter fell 8.2pc to US$31.7 million when compared to the $34.5 million reported during the same quarter a year previous.

HIV products

Point-of-Care revenues decreased by more than 2pc against Q3 2008, which was mainly due to a decision by the company not to ship HIV products to a major customer for credit-related reasons, Trinity Biotech said.

Clinical Laboratory revenues also fell, down 5.6pc year-on-year, although up 3.4pc on the previous quarter. This growth, the company said, was largely down to a 4.7pc increase in its coagulation revenues.

During the quarter, Trinity Biotech also hit a milestone in obtaining FDA approval for its new coagulation analyser, Destiny Max. The company said it has now begun its formal launch of the instrument in the US, which is the largest coagulation market in the world.

The coagulation business

“Improvement in coagulation revenues coupled with the US launch of Destiny Max reflects our belief that that we have largely arrested our decline in this area and that in 2010 we will commence growing the coagulation business,” Trinity Biotech said.

R&D expense fell 3pc during the quarter to US$1.8 million, the company said, and its bank debt now stands at US$30 million.           

“The results this quarter show that we have continued to make strong progress throughout 2009. Our main focus for this year is to drive profits forward,” said Trinity Biotech CEO Ronan O’Caoimh.

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