EOY Message From Dublin
Hi all, I received a letter today (postmarked 12/29) via Lippert/Heilshorn which I've scanned and copied below for the benefit of those not on their mailing list. I've been a shareholder and SI lurker for around 18 months and appreciate the generous nature of the regular contributors. I intend to hold tightly on to my reasonable holding of TRIBY for sometime (along with LSR - worth a good look at right now). Good luck to us all in 1998.
----------------------------------------------------------------------
December 22,1997
Dear Shareholder:
As we close 1997, I would like to take this opportunity to emphasize that Trinity Biotech is moving forward on its business plan to increase revenue and establish itself further in the global diagnostic market. We are very pleased with the progress we made this year in expanding our product offering to over 90 tests, strengthening our management team and international distribution network, and continuing to introduce quality products to the diagnostic community
In 1997, we completed the Clark and Centocor U.K. acquisitions which have significantly enhanced our ability to expand into the enzyme immunoassay (EIA) diagnostic area. Looking forward, we see continued momentum in this area and expect Trinity's EIA line to fuel the company's revenue growth, currently annualizing at approximately $20 million, compared with the $7 million reported in 1996.
We are also excited by our Uni-Gold line of rapid tests, which we believe are the future of the company. In 1998, we plan to launch both in the U.S. and abroad a test for chlamydia, Strap A and H. pylori, all in the Uni-Gold format. These tests are currently in development and are expected to be submitted for FDA approval in the first half of 1998.
Overall, Trinity has never been in a better position to meet the challenges that lie ahead. We have superior products, a focused business strategy, a management team dedicated to improving our financial performance and more industry recognition than ever before. As a result, we see no reason for the increase in both trading volume and price movement of our stock over the last few months. We continue to believe that 1997 was a defining year for Trinity Biotech and we look forward to a new year of building upon our achievements.
As we approach the 1997 holiday season we would like to thank our customers, employees and shareholders for their continued support of Trinity Biotech.
We wish everyone a happy and healthy new year.
Sincerely,
Ronan O'Caoimh Chairman & Chief Executive Officer |
