| Back to Press Releases Trinity Biotech Announces First Profitable Quarter Dublin, Ireland, Aug. 12, 1996 P.R. Newswire. Trinity Biotech plc (NASDAQ TRIBY) today announced its first ever profit for the quarter ended June 30, 1996. Net income for the quarter was $10,000 or $.001 per share, compared to a loss of $149,000 or $.015 per share for the comparable year-ago period. The Company reported a loss of $38,000 for quarter 1 fiscal 1996. Revenues decreased to $1,497,000 from $2,370,000 for the comparable period, mainly due to the timing of shipments to the Company's U.S. OTC pregnancy test customer. The Company expects that annual revenues will meet anticipated levels for the remainder of the Company's three-year agreement with this customer. The June quarter's profit reflects increasing sales of Trinity's HIV tests and other high margin products. Commenting on the results, Jonathan O'Connell, Chief Financial Officer said "This is an important day for Trinity. The announcement of our first profitable quarter, just four years after Trinity's founding, indicates the enormous strides that we have made in such a short time. Trinity is now profitable on its existing product line. We anticipate that revenues from new product introductions during 1996 will secure Trinity's profitability into the future. Trinity is in a very strong financial position, with no debt, in excess of $7.9 million in the bank and profitable operations". Consolidated Statement of Operations (In U.S. Dollars)
Consolidated Balance Sheet June 30, 1996 Dec. 31, 1995
Trinity announces $1.2 million contracts for new Adenovirus and Rotavirus products. Trinity today announced the launch of Adenovirus and Rotavirus, two new laboratory based diagnostic products which detect intestinal related viruses. Trinity has won supply contracts for these products in the UK, Germany, Belgium and South Africa. Trinity anticipates that 1997 revenues from these contracts will be approximately $1.2 million. Adenovirus and Rotavirus are highly infectious agents and are the major cause of diarrhoea in infants. Extensive testing for these viruses is routinely undertaken in hospitals in the United States and Europe so that patients can be isolated and transmission of infection reduced. Trinity made initial shipments of these products this week to distributors in Germany where Adenovirus is approved to sell and Rotavirus has been submitted to the Paul Ehrlich Institute for approval which is expected in December. Both products are already approved for sale in the U.K, Belgium and South Africa. Adenovirus has already cleared all regulatory guidelines in the United States and Trinity will be making a 510K Food and Drug Administration submission for Rotavirus in November following the compilation of data. Following approval of Rotavirus, Trinity will market the tests in the US under its own label. In addition, Trinity is in discussion with a number of U.S. companies with respect to private label arrangements. Commenting on the announcement, Ronan O'Caoimh, Chief Executive, stated that "there is a significant market for these high margin products which represents Trinity's first step towards the launch of a comprehensive range of enteric disease products. These tests will be followed by tests for Clostridium Difficile, Cryptosporidium and E. Coli. The launch is in keeping with the Company's strategy of broadening its product portfolio and establishing a significant market presence in the diagnostics market in Europe and the United States". Trinity Biotech develops, manufactures and markets simple rapid diagnostic tests for the point of care and over the counter markets. |