Trinity Biotech Announces Record Breaking First Quarter Profits

Revenues Rise 77% and Net Income Up 107%

DUBLIN, Ireland--(BUSINESS WIRE)--May 5, 1998--Trinity Biotech plc (NASDAQ:TRIBY) today announced results for the first quarter ended March 31, 1998 with record net income and earnings.

Net profit rose 107% to $451,000 or $.02 per share for the first quarter fiscal 1998 compared to a net profit of $218,000 or $.01 per share for the comparable period in fiscal 1997. Revenues appreciated 77% to $5,512,000 for the three months ended March 31, 1998 from $3,128,000 for the same period last year. The increase in revenues and profits reflects higher sales of Trinity's growing product line as well as synergies developing from its fiscal 1997 acquisitions of Clark Laboratories and Centocor UK Holdings.

Commenting on the results, Jonathan O'Connell, chief financial officer, said, ``We are delighted to announce such strong revenues and our fourth consecutive profitable quarter. The new revenue levels validate the Company's strategy of diversifying its product line to address all three segments of the diagnostics market. The consolidation of the Company's European EIA manufacturing into Trinity's new facility in Dublin should further enhance profitability through the elimination of duplicating overheads.''

As of March 31, 1998, the Company had cash and short term investments of $3,306,000 with total assets of $25,062,000.

Highlights of the Company's first quarter include, receipt of FDA marketing clearance for the Adenovirus test kit, commercializing the Uni-Gold(tm) H. Pylori Test, and expanding the SmithKline Beecham relationship with the Uni-Gold HIV launch in Africa. Also during the quarter, the Company increased its manufacturing capacity through the purchase of a 42,000 square foot facility in Dublin and received a $2 million grant from the Irish government.


                         Trinity Biotech plc
                 Consolidated Statement of Operations

US dollars in thousands   Three Months Ended       Three Months Ended
(except share data)         March 31, 1998           March 31, 1997
                             (Unaudited)              (Unaudited)

Revenues                         5,512                   3,128
Net profit                         451                     218
Profit per share                  0.02                   0.012
Weighted no. of shares      23,124,411              17,693,027

-0-

                         Trinity Biotech plc
                      Consolidated Balance Sheet

US dollars in thousands     March 31, 1998       December  31, 1997
                            (Unaudited)             (Unaudited)

Cash                          1,878                   2,827
Short term investments        1,428                   1,448
Total assets                 25,062                  24,599
Shareholders' equity          7,570                   7,105

Trinity Biotech develops, manufactures, and markets over 90 diagnostic products for the point-of-care (POC), self testing (OTC), and clinical laboratory segments of the diagnostic market. The Company's diagnostic tests detect infectious diseases and autoimmune disorders such as HIV, rubella, herpes simplex, measles, adenovirus, rotavirus, and rheumatoid arthritis. Trinity sells worldwide in over 65 countries through international distributors and strategic partners such as Warner Lambert, Carter Wallace, SmithKline Beecham, Bayer Diagnostic.

Forward-looking statements in this release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements 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 and other agencies, the impact of competitive products, product development commercialization and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.

Contact:

     Trinity Biotech plc       OTC Communications
     Jonathan O'Connell        Robert M. Joyce
     800-603-8076              781/444-6100, ext 11
     www.trinitybiotech.com    888-32-TRIBY (87429), ext 11
                               bobj@otcfn.com

Back to Press Releases