Trinity Biotech revenues climb 6% in Q1

Bray-based diagnostic manufacturer Trinity Biotech saw revenues up 6% to $16.4m (€13.84m) for the first quarter of 2004.

Gross profit amounted to $8m (€6.75m), representing a gross margin of 49%.

Research and development expenses rose to $1.2m (€1.01m) in the current quarter, representing 7.2% of revenues.

Rory Nealon, Chief Financial Officer, said: “As anticipated there has been a significant drop in our profit before tax from an average of US$2m (€1.68m) per quarter last year to US$0.75m (€0.63m) in the current quarter.

"This is explained by the fact that we have increased our sales and marketing operation by approximately 40 people in the US at an increased cost of US$1.2m (€1.01m) per quarter to handle the launch of our recently approved Unigold HIV product and to reclaim distribution of our Clark and Microtrak product ranges from Wampole.

"We are confident that during the rest of the year this extra investment in sales and marketing will more than pay for itself with a significant increase in sales of Unigold HIV, an increase in our coagulation market share, and a successful recovery of the majority of the Wampole business,” Nealon added.

Trinity Biotech acquired both Fitzgerald Industries International and the assets of Adaltis US during the year.

The company develops, acquires, manufactures and markets over 500 diagnostic products for the point-of-care and clinical laboratory segments of the diagnostic market.