Trinity Biotech revenue up 16.4% to €19.7m

TRINITY Biotech, the Bray, Co Wicklow-based pharmaceutical company, has reported a 16.4% increase in first-quarter revenues to $24.7 million (€19.7m) for the three months to the end of March.

The Nasdaq and Irish Stock Exchange-quoted company, which develops and manufactures diagnostic products for the point-of-care and clinical laboratory markets, recorded a like-for-like increase in operating profits from $1.4m (€1.2m) to $2m (€1.6m) and a 23.5% growth in after-tax profits, over the same timeframe, from $1m (€800,000) to $1.2m (€957,000).

Rory Nealon, Trinity’s chief financial officer, said growth had been achieved in each of the company’s geographical markets. The company operates in Europe, North America, Asia and Africa.

Chief executive Ronan O’Caoimh added that plans to get high street market approval in the US for its over-the-counter HIV home testing kit are progressing.

“During the quarter we attended a meeting of the Blood Products Advisory Committee and presented our position on home testing for HIV. Our UniGold HIV test is one of only two products which are FDA-approved and potentially suitable for this estimated $100m (€80m) over-the-counter market.”

He said Trinity had submitted clinical trial plans to the US Food and Drug Administration, and would be discussing these with the FDA in May.