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1996 has been another very good year for Trinity. Significant milestones include:-
The drop in revenues this year arose as a result of decreased orders on the pregnancy supply contract, matched by increased orders of the product in late 1995 arising from a change of product configuration. The increase in non-pregnancy revenues has resulted in better margins and in the achievement of an operating break-even for the year. During the year Trinity launched Uni-Gold HIV and Hepatitis B. It is expected that this range will be expanded to seven products during 1997 with the launch of Uni-Gold Chlamydia, H. pylori, Prostate and Strep as well as the existing Uni-Gold Pregnancy product. Uni-Gold HIV was submitted to the FDA during 1996 and it is expected that most of the new Uni-Gold products will be submitted for FDA approval during 1997. Trinity's Uni-Gold tests are simple and easy-to-use one-step tests. These tests open up access to both the point-of-care (Doctors' office) and over-the-counter markets. These markets will experience phenomenal growth over the next number of years driven by the technology advances which enable these on-the-spot tests, the huge cost savings that result and increased health awareness among the public at large. Trinity is uniquely positioned to benefit from these developments with its enabling technology.
Trinity continues to invest heavily in research and development and manufacturing to ensure a continual flow of innovative products directed to the point-of-care and over-the-counter markets. With the help of an $800,000 grant from the European Community, we spent more than $2 million on research and development during 1996. We increased our research and development staff to 24 and the transfer of Dr. Krutzik, Scientific Director, from California to Dublin has improved the quality and timeliness of research and development output. Trinity's preferred marketing approach is to form strategic alliances with multi-national healthcare companies and for these companies to market the products under their label. During 1996, in addition to the existing pregnancy supply agreement with Warner Lambert, Trinity formed marketing alliances with SmithKline Beecham and Bayer for distribution of the Company's HIV products in certain African and Asian countries. Since the end of the year Trinity has acquired Clark Laboratories, Jamestown, New York, a manufacturer of infectious disease laboratory tests. The acquisition brings many benefits to Trinity including an exclusive marketing agreement in the United States (U.S.) with the Wampole division of Carter Wallace and the potential to develop and expand the Carter Wallace relationship to encompass Trinity's own pregnancy tests. Clark operates from a state-of-the-art 24,000 sq.ft. FDA and ISO 9001 approved manufacturing facility, a significant base from which to expand Trinity's U.S. operations. In addition there is the potential to increase international sales of Clark's products through Trinity's existing distributors and the potential for many of Clark's products to be adapted to Trinity's proprietary Uni-Gold rapid format. The acquisition will be immediately earnings enhancing to Trinity. In the past year Trinity has reorganised and strengthened the core management group. Trinity's President, Brendan Farrell, has moved from Ireland to head up Trinity's operations in the USA. Jim Reid, previously Marketing Director of Chiron Europe, has joined the Company as Director of Marketing and Sales. During 1996 Richard Hubbard resigned from the Board of Directors. I would like to take this opportunity to warmly thank Richard for his contribution to Trinity and for his continued support. I have great pleasure in welcoming Mr. Reginald Lenna, a well known industrialist who was the majority shareholder in Clark Laboratories Inc., to the Board of the Company. The year ahead will be an exciting one for Trinity. Our commitment to research and development will secure a continued flow of new products. The expanding range of Uni-Gold and other products will find ready acceptance in the market and attract new strategic partners. With this enhanced range of products the Company is poised for significant revenue growth and for profit during 1997. Our strong financial position will ensure that we are well positioned to take advantage of market opportunities and to fund future growth. Above all, through our 130 dedicated employees, we will strive in the coming year to contribute to enhance the value of your Company.
Yours sincerely
___________________ Ronan O'Caoimh
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