Trinity Biotech Announces Quarter 2 Financial Results
EPS increases by 16.8% to 18.1 cents per ADR
(firmenpresse) - DUBLIN, IRELAND -- (Marketwire) -- 07/21/11 -- Trinity Biotech plc (NASDAQ: TRIB), a leading developer and manufacturer of diagnostic products for the point-of-care and clinical laboratory markets, today announced results for the quarter ended June 30, 2011.
Quarter 2 Results
Total revenues for Q2, 2011 were $19.5m which compares to $18.2m in Q2, 2010 (excluding Coagulation revenues), an increase of 7.0%.
Point-of-care revenues for Q2, 2011 increased by 3.6% when compared to Q2, 2010, with increased revenues being achieved in both of our key markets of Africa and the USA.
Continuing Clinical Laboratory (i.e. excluding Coagulation) revenues increased from $14.2m to $15.3m, which represents an increase of 7.9% compared to Q2, 2010. This increase is mainly due to higher infectious diseases and diabetes sales in the USA.
Revenues for Q2, 2011 by key product area were as follows:
Gross profit for Q2, 2011 amounted to $10.0m representing a gross margin of 51.4% which compares favourably to the gross margin of 49.3% for the same period in 2010. This improvement of 2.1% is partly attributable to the inclusion of one month of lower margin Coagulation revenues in the comparative period. The remainder of the increase is due to improved operational efficiencies.
Selling, General and Administrative (SG&A) expenses decreased by 22.9% to $5.2m compared to Q2, 2010. As in previous quarters, this was largely attributable to the transfer of sales and administrative personnel to Stago as part of the Coagulation divestiture. The decrease this quarter is less pronounced than in previous quarters as the Coagulation costs were only in place for one month of Q2, 2010.
Operating profit for Q2, 2011 was $3.9m, which is a 10.8% increase compared with Q2, 2010. Operating margin for Q2, 2011 has increased to 20.0%, which represents a significant improvement compared to 15.5% in Q2, 2010.
Net financial income for Q2, 2011 was $0.6m which compares to net financial income of $0.2m in Q2, 2010. This improvement is attributable to the elimination of bank debt and the increase in cash balances to $71.4m. The tax charge for Q2, 2011 was $0.7m which represents an effective tax rate of 14.5%.
Profit After Tax was $3.9m which is an increase of 18.2% over Q2, 2010. Meanwhile, EPS for Q2, 2011 increased by 16.8% from 15.5 cents to 18.1 cents.
Free Cash Flows for Q2, 2011 were $3.0m which is in line with our target of generating at least $1m per month. During the quarter there were other significant cash movements as follows:
The net result of these movements has been to increase our cash position by $11.6m to $71.4m.
Recent Developments
Comments
Commenting on the results, Kevin Tansley, Chief Financial Officer said "This quarter's results were very strong. Revenues have grown by 7% and operating profits by 11%. Meanwhile our EPS of 18.1 cents represents growth of over 16% and for the fifth quarter in a row we have established a new record for quarterly earnings. We also continue to generate significant cash with our free cash flows reaching close to $7m for the first six months of the year."
Ronan O'Caoimh, CEO stated "This quarter's results have re-emphasised Trinity's strong growth trajectory. Revenues have grown by 7% and this is before we see the impact of our new Premier instrument which has just been launched in Europe and our new range of point-of-care products, the first of which will enter production later this year. It is now just over a year since we divested our coagulation business and in that short time we have repositioned Trinity into a company with robust earnings growth and an extensive product development pipeline."
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 develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information please see the Company's website: .
The above financial statements have been prepared in accordance with the principles of International Financial Reporting Standards and the Company's accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).
The above financial statements have been prepared in accordance with the principles of International Financial Reporting Standards and the Company's accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).
The above financial statements have been prepared in accordance with the principles of International Financial Reporting Standards and the Company's accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).
Contacts:
Trinity Biotech plc
Kevin Tansley
(353)-1-2769800
Lytham Partners LLC
Joe Diaz, Joe Dorame & Robert Blum
602-889-9700
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Datum: 21.07.2011 - 10:58 Uhr
Sprache: Deutsch
News-ID 36565
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DUBLIN, IRELAND
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Healthcare
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