TRIB has a sales jump> Revenues Grow 25% -
DUBLIN, Ireland, July 25 /PRNewswire-FirstCall/ -- Trinity Biotech plc (Nasdaq: TRIB - News) today announced results for the three months and the six months ended June 30, 2002.
Revenues in the quarter rose 25% to US$11,759k compared to US$9,425k in the same period last year. Gross profit amounted to US$5,738k compared to a gross profit of US$4,873k in the same period last year. Selling, general and administrative expenses were US$2,590k compared to US$2,022k in the second quarter of 2001. Amortisation of goodwill amounted to US$601k compared to US$472k last year, largely as a result of the charge arising from the Biopool acquisition. The net effect of the above factors was a profit before tax of US$1,480k, before losses associated with the genomics associate (HiberGen), compared to US$1,476k (before exceptional charges) in the second quarter of 2001.
Revenues for the six months ended June 30, 2002 rose 31% to US$23,174k compared to US$17,724k in the first six months of 2001. Gross profit amounted to US$11,290k compared to US$9,127k in the same period last year. The increased level of gross profit was, however, offset by increased selling, general and administrative expenses combined with a larger amortisation charge and higher research and development expenses. These factors resulted in a profit before tax for the six months of US$2,946k, before losses associated with HiberGen, compared to US$2,926k, before exceptional charges and losses associated with HiberGen, in the same period last year.
Commenting on the results, Maurice Hickey, Chief Financial Officer, said "Revenues grew strongly in the second quarter and the first six months of this year compared to the same periods last year. This growth reflects a combination of both organic growth and revenues arising from the Biopool acquisition. Gross profit increased strongly resulting in a gross margin for the quarter of 49%. Selling, general and administrative expenses amounted to US$2,590k in the quarter and should stabilise at this level. We aim to generate further efficiencies in these cost areas as we further integrate the Biopool business in the coming quarters. EBITDA amounted to US$4,884k in the first six months compared to US$4,227k in the same period last year. In balance sheet terms the company is in a strong financial position with cash of US$4,374k and bank debt of US$7,451k as at June 30, 2002."
Ronan O' Caoimh, Chief Executive Officer, commented, "The second quarter produced a strong and solid set of results. The integration of Biopool progresses satisfactorily and we estimate that the Ventura plant will be closed on target by the end of September. During the quarter we also received US FDA marketing clearance for Biopool's automated D-dimer test, AutoDimer. This approval will enable Biopool to offer three FDA cleared tests to confirm the presence of blood clots.
We are finalising our due diligence process on the Sigma hemostasis business and aim to complete this transaction in the month of August. This business represents an attractive opportunity for Trinity Biotech and will, when integrated with the Biopool business, result in Trinity Biotech having a significant, established position in the hemostasis marketplace both in the USA and Europe."
Trinity Biotech develops, manufactures and markets over 200 diagnostic products for the point-of-care, self-testing and clinical laboratory segments of the diagnostic market. Trinity Biotech sells worldwide in over 80 countries, through its own sales force and through a network of international distributors and strategic partners. For further information please see our website: trinitybiotech.com . |
