Trinity Biotech profits up 12pc
Published 06/03/2012 | 05:00
Operating profits at Bray-based medical test manufacturer Trinity Biotech increased by over 12pc last year to just over $15.8m (€12m).
Unveiling full-year results yesterday, the company reported lower revenues, which fell 13pc to $78m. But the group's cost of sales also declined, falling 17pc to $37.8m, helping to boost the bottom line.
Trinity Biotech, which is listed on the Nasdaq in New York, sells kits used to detect a range of infectious diseases including mumps, measles and syphilis.
Its sales fell year-on-year in 2011 after it sold its coagulation business in the second quarter of 2010 for $90m.
The bulk of that money was received immediately by Trinity Biotech, which used the proceeds to eliminate its debt and leave it with a strong cash balance.
The sale also saw 320 Trinity Biotech employees move to the French buyer, Stago.
Chief executive Ronan O Caoimh said he was "very pleased" with the performance in 2011. He said it showed "significant improvement" in all indicators, with over $12m of free cash flow having been generated.
Shares in Trinity Biotech were down slightly in early morning trading in New York.