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