Trinity profits up almost a quarter in Q3

ISEQ-listed Trinity Biotech has announced a 24.2% profit increase for 2004’s third quarter.

Revenues for Q3 increased 6.9% to $21.4m (€17m) compared to $20.1m (€16m) in Q2.

Compared to the same period last year, revenues have increased by 26.8%.

Gross profit amounted to $11m (€8.7m) in the period, representing a gross margin of 51.3%. This compares to a gross profit of $10.3m (€8.2m) in Q2 and a gross margin of 51.4%.

R&D expenses have increased from $1.2m (€953,200) in Q2 to $1.3m (€1M).

Chief financial officer Rory Nealon said: “As there have been no acquisitions during the quarter, this 6.9% is attributable to organic growth.

“Approximately 50% of revenue growth occurred in the USA due to a combination of increased sales of our recently-approved HIV product and the effect of our recently expanded marketing and sales team.”

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

The broad line of test kits is used to detect infectious diseases, sexually-transmitted diseases, blood coagulation disorders, and auto-immune diseases.

Trinity Biotech sells worldwide in more than 80 countries.

In morning trading, Trinity Biotech gained 25c (10.6%) on the ISEQ to stand at €2.60 at 10.30am.