Trinity revenues up a fifth in Q2

Dublin-based Trinity Biotech, which trades on the ISEQ and on New York’s NASDAQ, has announced results for the quarter ended June 30, 2004.

Revenues in the quarter increased 22.6% to $20.1m (€16.7m) compared to $16.4m (€13.6m) in quarter one.

Compared to the same period last year, revenues have increased by 19.8%.

Gross profit amounted to $10.3m (€8.5m), representing a gross margin of 51.4%.

This compares to a gross profit of $8m (€6.6m) in quarter one and a gross margin of 48.9%.

R&D expenses have remained constant at $1.2m (€996,000) which represents 6% of revenues.

The net effect was a profit before tax of $1.2m (€996,000) for the quarter.

Commenting on the results, chief financial officer Rory Nealon said: “Our revenue for the quarter has increased 23% over the previous quarter with 12% being attributable to our recent acquisitions and the remainder attributable to organic growth within the business.

“We are particularly pleased with the performance of our US and international sales forces, which have delivered this 11% organic growth.

“Our gross margin has increased to 51.4%, largely due to an increase in direct sales in the USA.”

Trinity Biotech develops, acquires, manufactures and markets more than 500 diagnostic products for the point-of-care and clinical laboratory segments of the diagnostic market.

The test kits are used to detect infectious diseases, sexually-transmitted diseases, blood coagulation disorders, and autoimmune diseases.

Trinity Biotech sells worldwide in over 80 countries through its own sales force and a network of international distributors and strategic partners.

Its shares on the ISEQ were trading unchanged at €2.58 at 12.30pm today.