Trinity Biotech Reports Record 1997 Year End Results

DUBLIN, IRELAND--(BUSINESS WIRE)--March 5, 1998--TRINITY BIOTECH plc (NASDAQ: TRIBY ) today announced record results for the year ending December 31, 1997. For the year ended December 31, 1997, the company reported a net profit of $1,208,000, or $0.06 per share, versus a net loss of $792,000, or $0.05 per share, for the year ended December 31, 1997.

For the year ended December 31, 1997, the company reported revenue of $16,831,000 versus revenue of $7,152,000 for the year ended December 31, 1996. For the quarter ending December 31, 1997, the company reported revenue of $4,589,000 and a net profit of US$387,000, or US$0.02 per share, versus revenue of $2,088,000 and a net loss of $779,000, or $0.05 per share, for the quarter ending December 31, 1996.

Fiscal 1997 revenues increased dramatically by 142% from $7,152,000 to $16,831,000. In addition this is the first time Trinity has reported a profit for the year, with profits of $1,208,000 compared to a loss $792,000 in 1996. The increase in revenues and the move to profitability reflect increased product sales of Trinity's own products and the inclusion of revenues from Trinity's newly acquired subsidiaries, Clark Laboratories and Centocor UK Holdings.

Trinity Biotech continues to maintain a solid financial operating base with almost $5,000,000 in cash and short-term investments and total assets of $24,000,000.

Commenting on the results, Jonathan O'Connell, Chief Financial Officer, said, ``1997 has been a breakthrough year for Trinity. This is the first year Trinity achieved a profit while still maintaining the company's high level of R&D expenditure. Trinity's revenues have more than doubled in the year. The company made two acquisitions, launched twelve new products and obtained eight FDA approvals. Thus, during 1997 Trinity moved from selling six products with one FDA approval to 90 products with 80 approvals. In addition, the company has expanded and improved its distributor network. These factors along with the launch of Trinity's UniGold products and the further integration of Clark Laboratories and Centocor will ensure that during 1998 Trinity will report increased revenues and profitability.''

Trinity Biotech develops, manufactures and markets over 90 diagnostic tests which address all three segments of the diagnostic market: 1) rapid tests for the emerging point-of-care (POC) market; 2) simplified tests for the over-the-counter (OTC) market; and 3) test kits for the clinical laboratory or traditional market. The company's tests are sold around the world in over 65 countries.

``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995. The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration (FDA) and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings.

              SELECTED STATEMENT OF OPERATION ITEMS
                        (In U.S. Dollars)

                      Three months ended          Year Ended
                         December 31,             December 31,
                     1997         1996        1997         1996

Revenues         $4,589,000   $2,088,000 $16,831,000   $7,152,000
Gross Profit      1,678,000      431,000   5,449,000    1,933,000
R&D Costs          (548,000)    (392,000) (2,038,000)  (1,984,000)
Net Profit/(Loss)   387,000     (779,000)  1,208,000     (792,000)
Net Profit/(Loss)
 Per Share            $0.02      $(0.05)       $0.06       $(0.05)
Weighted Average
 Shares
 Outstanding     19,587,847  16,963,770   19,108,363   16,119,559


                  SELECTED BALANCE SHEET ITEMS

                             December 31,              December 31,
                                 1997                     1996

Cash & Short Term Investments  4,877,000                5,596,000
Total Current Assets          15,469,000                9,664,000
Total Assets                  23,838,000               13,625,000
Total Liabilities             17,829,000                3,052,000
Shareholders' Equity           6,008,000               10,573,000

Contact:

     Jonathan O'Connell
     Chief Financial Officer
     800/603-8076

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