Trinity Biotech Announces First Quarter Results
Apr 30, 2001, 01:00 ET from Trinity Biotech Plc
DUBLIN, Ireland, April 30 /PRNewswire/ --
Trinity Biotech Plc (Nasdaq: TRIB) today announced results for the three
months ended March 31, 2001.
Revenues rose 21% to US$8,299k compared to US$6,850k in the same period
last year. Gross margin amounted to 51% compared to 49% in quarter 1, 2000.
Selling, general and administrative expenses increased substantially quarter
on quarter as a result of the increase in operating costs arising from the
Bartels and Mardx acquisitions, plus increased investment in sales and
marketing. The combination of these factors resulted in an increase in profit
before tax to US$1,450k, before exceptionals and costs associated with
Hibergen, compared to US$1,401k in 2000.
The integration of Bartels continues on target with the objective of
closing the Seattle facility before the end of quarter 2, having transferred
the technology and operations to San Diego, New York and Dublin. The Seattle
facility continues to build inventory to assist in the successful transfer of
the business. As alluded to in the year-end results press release, an
additional exceptional charge of US$400k has been taken in the period to
reflect the transfer and closure.
Commenting on the results, Maurice Hickey, Chief Financial Officer, said,
"Trinity performed in line with budget for the first quarter of 2001. The
integration of Bartels is progressing according to plan and the full benefits
of this acquisition are forecast to flow through in the latter part of the
year. The strong financial position of the company gives us flexibility to
consider further growth options."
Ronan O' Caoimh, Chief Executive Officer, commented "The first quarter of
2001 produced a solid trading performance during which we have successfully
focused on the integration of the Bartels' business. Furthermore, significant
progress has been made in the expansion of our direct salesforce in the USA as
a result of this acquisition. During the quarter our Captia Syphilis G
product became the first product of its type to receive clearance from the FDA
to be used as a diagnostic aid to provide serological evidence of Syphilis
infection. The FDA also granted an Investigational Device Exemption (IDE),
for treatment use, for our Unigold HIV test. Finally, our investment in the
genomics company, Hibergen, continues to look very encouraging."
Trinity Biotech develops, manufactures and markets over 200 diagnostic
products for the point of care, self-testing and clinical laboratories
segments of the diagnostic market. Trinity Biotech sells worldwide in over 80
countries through its own sales force and a network of international
distributors and strategic partners.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provision 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 commercialisation and technological difficulties, and
other risks detailed in the Company's periodic reports filed with the
Securities and Exchange Commission.
Trinity Biotech plc
Consolidated Statement of Operations
(US$000's except share data)
Three Months Three Months
Ended Ended
March 31, March 31,
2001 2000
(Unaudited) (Unaudited)
Revenues 8,299 6,850
Cost of goods sold (4,045) (3,526)
Gross profit 4,254 3,324
Research & development expenses (729) (728)
S, G &A expenses (1,628) (862)
Exceptional cost (400) --
Amortisation of goodwill (337) (225)
Operating profit 1,160 1,509
Net profit (loss) on disposal of assets -- --
Share of operating loss in associate (30) --
Interest receivable & similar income 12 32
Interest payable & similar charges (122) (140)
Profit on ordinary activities before tax 1,020 1,401
Tax on profit on ordinary activities (36) --
Profit after tax 984 1,401
Earnings per share (in US cents) 2.44 4.48
Adjusted earnings per share
before exceptionals (in US cents) 3.43 4.48
Diluted earnings per share (in US cents) 2.35 4.21
Adjusted diluted earnings per share before
exceptionals (in US cents) 3.28 4.21
Weighted average no. of shares 40,394,996 31,302,057
Trinity Biotech plc
Consolidated Balance Sheet
March 31, December 31,
2001 2000
(Unaudited) (Unaudited)
US$000's US$000's
ASSETS
Cash and cash equivalents 3,843 4,276
Short term investments -- --
Accounts receivable and prepayments 8,237 7,970
Inventories 15,196 14,412
Property, plant & equipment, net 5,500 5,469
Intangible assets, net 33,539 33,762
Financial assets 1,312 1,342
TOTAL ASSETS 67,627 67,231
LIABILITIES & SHAREHOLDERS' EQUITY
Accounts payable & accrued expenses 9,345 9,922
Long term liabilities 2,170 2,266
SHAREHOLDERS' EQUITY
Called up share capital
Class "A" common shares 591 591
Class "B" common shares 12 12
Share premium account 75,327 75,242
Revenue and other reserves (19,818) (20,802)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 67,627 67,231
SOURCE Trinity Biotech Plc
DUBLIN, Ireland, April 30 /PRNewswire/ --
Trinity Biotech Plc (Nasdaq: TRIB) today announced results for the three
months ended March 31, 2001.
Revenues rose 21% to US$8,299k compared to US$6,850k in the same period
last year. Gross margin amounted to 51% compared to 49% in quarter 1, 2000.
Selling, general and administrative expenses increased substantially quarter
on quarter as a result of the increase in operating costs arising from the
Bartels and Mardx acquisitions, plus increased investment in sales and
marketing. The combination of these factors resulted in an increase in profit
before tax to US$1,450k, before exceptionals and costs associated with
Hibergen, compared to US$1,401k in 2000.
The integration of Bartels continues on target with the objective of
closing the Seattle facility before the end of quarter 2, having transferred
the technology and operations to San Diego, New York and Dublin. The Seattle
facility continues to build inventory to assist in the successful transfer of
the business. As alluded to in the year-end results press release, an
additional exceptional charge of US$400k has been taken in the period to
reflect the transfer and closure.
Commenting on the results, Maurice Hickey, Chief Financial Officer, said,
"Trinity performed in line with budget for the first quarter of 2001. The
integration of Bartels is progressing according to plan and the full benefits
of this acquisition are forecast to flow through in the latter part of the
year. The strong financial position of the company gives us flexibility to
consider further growth options."
Ronan O' Caoimh, Chief Executive Officer, commented "The first quarter of
2001 produced a solid trading performance during which we have successfully
focused on the integration of the Bartels' business. Furthermore, significant
progress has been made in the expansion of our direct salesforce in the USA as
a result of this acquisition. During the quarter our Captia Syphilis G
product became the first product of its type to receive clearance from the FDA
to be used as a diagnostic aid to provide serological evidence of Syphilis
infection. The FDA also granted an Investigational Device Exemption (IDE),
for treatment use, for our Unigold HIV test. Finally, our investment in the
genomics company, Hibergen, continues to look very encouraging."
Trinity Biotech develops, manufactures and markets over 200 diagnostic
products for the point of care, self-testing and clinical laboratories
segments of the diagnostic market. Trinity Biotech sells worldwide in over 80
countries through its own sales force and a network of international
distributors and strategic partners.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provision 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 commercialisation and technological difficulties, and
other risks detailed in the Company's periodic reports filed with the
Securities and Exchange Commission.
Trinity Biotech plc
Consolidated Statement of Operations
(US$000's except share data)
Three Months Three Months
Ended Ended
March 31, March 31,
2001 2000
(Unaudited) (Unaudited)
Revenues 8,299 6,850
Cost of goods sold (4,045) (3,526)
Gross profit 4,254 3,324
Research & development expenses (729) (728)
S, G &A expenses (1,628) (862)
Exceptional cost (400) --
Amortisation of goodwill (337) (225)
Operating profit 1,160 1,509
Net profit (loss) on disposal of assets -- --
Share of operating loss in associate (30) --
Interest receivable & similar income 12 32
Interest payable & similar charges (122) (140)
Profit on ordinary activities before tax 1,020 1,401
Tax on profit on ordinary activities (36) --
Profit after tax 984 1,401
Earnings per share (in US cents) 2.44 4.48
Adjusted earnings per share
before exceptionals (in US cents) 3.43 4.48
Diluted earnings per share (in US cents) 2.35 4.21
Adjusted diluted earnings per share before
exceptionals (in US cents) 3.28 4.21
Weighted average no. of shares 40,394,996 31,302,057
Trinity Biotech plc
Consolidated Balance Sheet
March 31, December 31,
2001 2000
(Unaudited) (Unaudited)
US$000's US$000's
ASSETS
Cash and cash equivalents 3,843 4,276
Short term investments -- --
Accounts receivable and prepayments 8,237 7,970
Inventories 15,196 14,412
Property, plant & equipment, net 5,500 5,469
Intangible assets, net 33,539 33,762
Financial assets 1,312 1,342
TOTAL ASSETS 67,627 67,231
LIABILITIES & SHAREHOLDERS' EQUITY
Accounts payable & accrued expenses 9,345 9,922
Long term liabilities 2,170 2,266
SHAREHOLDERS' EQUITY
Called up share capital
Class "A" common shares 591 591
Class "B" common shares 12 12
Share premium account 75,327 75,242
Revenue and other reserves (19,818) (20,802)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 67,627 67,231
SOURCE Trinity Biotech Plc
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