Stephan
15.05.2002, 11:00
www.trinitybiotech.com
Bin schon seit längerem investiert. Vielleicht hat ja jemand einige interessante Neuigkeiten.
Bin schon seit längerem investiert. Vielleicht hat ja jemand einige interessante Neuigkeiten.
Vollständige Version anzeigen : Trinity Biotech
Stephan
15.05.2002, 11:06
Trinity Biotech Announces First Quarter Results - Revenues Increase 38% and Pre-tax Profits Increase 40% -
DUBLIN, Ireland, April 25 Trinity Biotech plc (Nasdaq: TRIB) today announced results for the first quarter of 2002. Revenues in the quarter rose 38% to US$11.4 million compared to US$8.3 million in the same period last year. Gross profit amounted to US$5.6 million representing a gross margin of 49%. Research and development
expenses were US$1.0 million in the quarter compared to US$0.7 million in the same period last year, reflecting a continuing commitment to in-house development work. Selling, general and administrative expenses increased to US$2.4 million compared to US$1.6 million in 2001. As previously outlined, Trinity Biotech has significantly increased its investment in direct sales and marketing operations both in the USA and Germany. Amortisation of goodwill increased to US$0.6 million compared to US$0.3 million last year reflecting both the acquisitions completed in 2001 and the benefit of an amortisation credit in the first quarter of 2001.
The combination of these factors resulted in profit before tax and losses associated with HiberGen, of US$1.5million compared to US$1.1million in 2001, a 40% increase quarter on quarter.
The initial stages of the restructuring programme at Biopool have been successfully completed. The present focus of attention is the further integration of the business and the transfer of manufacturing operations to existing Trinity Biotech facilities. Following the transfers, hemostasis centres of excellence, concentrating on sales and product development, will remain in place in both Ventura and Umea.
Commenting on the results, Maurice Hickey, Chief Financial Officer, said "Revenues grew strongly quarter-on-quarter with gross margins earned of 49%. As the benefits of the direct sales operations materialise, the objective is to increase gross margins to in excess of 50%. The increased costs attributable to these direct sales operations will provide platforms for organic growth in key marketplaces. EBITDA, before losses associated with Hibergen, amounted to US$2.3 million in the three month period compared to US$1.7million in the same period last year. In balance sheet terms Trinity Biotech is in a strong financial position with bank debt of US$7.6 million and cash balances of US$6.2 million."
Ronan O'Caoimh, Chief Executive Officer, commented "Trinity Biotech has produced a strong set of first quarter results, reflecting the benefits of both organic and acquisition-led growth. We are most satisfied with the 40% increase in profits particularly given the increase in research and development expenditure and the start-up losses of $0.2m incurred in Germany in the quarter. We are pleased with the development of our direct sales operations and are confident that this investment will position us well for the future. Biopool has performed very satisfactorily in the first quarter and our objective is to complete the transfer of its manufacturing operations by the year-end.
"During the quarter we also announced that we had exercised an option, granted under the terms of the original share subscription agreement with HiberGen, to increase our shareholding in HiberGen to 66%. We are excited by the progress that has been made by HiberGen since our original investment in October 2000. The follow-on investment of US$3.1million will enable HiberGen to accelerate research and development on both its disease gene programmes and GMA, HiberGen's secondary platform technology."
Trinity Biotech develops, manufactures and markets over 200 diagnostic products for the point-of-care, self-testing and clinical laboratory segments of the diagnostic market. Trinity Biotech sells worldwide in over 80 countries through its own salesforce and a network of international distributors and strategic partners. For further information please see the company's website:
http://www.trinitybiotech.com.
The first quarter conference call will be broadcast live over the internet on Monday, April 29 at 11.00am (EDT). The call will be hosted by Ronan O'Caoimh, Chairman, Brendan Farrell, President, and Maurice Hickey, Chief Financial Officer. The call can be accessed at http://www.videonewswire.com/TRINITY/042902/
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$000's except share data) Three Months Three Months
Ended Ended
March 31, March 31,
2002 2001
Revenues 11,414 8,299
Cost of sales (5,862) (4,045)
Gross profit 5,552 4,254
Research & development expenses (1,012) (729)
S,G&A expenses (2,395) (1,628)
S,G&A exceptional -- (400)
Amortisation of goodwill (596) (337)
Operating profit 1,549 1,160
Share of operating loss in associate (60) (30)
Interest receivable 21 12
Interest payable (104) (122)
Profit on ordinary activities
before tax 1,406 1,020
Tax on profit on ordinary activities (175) (36)
Profit after tax 1,231 984
Earnings per share (US$) 0.03 0.02
Adjusted earnings per share
before exceptionals (US$) 0.03 0.03
Diluted earnings per share (US$) 0.03 0.02
Adjusted diluted earnings per share
before exceptionals (US$) 0.03 0.03
Weighted average no. of shares
used in computing earnings
per share 40,416,746 40,394,996
Trinity Biotech plc
Consolidated Balance Sheet
March 31, December 31,
2002 2001
US$000's US$000's
CURRENT ASSETS
Cash at bank 6,206 5,282
Accounts receivable and prepayments 8,397 7,685
Inventories 16,457 16,342
31,060 29,309
FIXED ASSETS
Tangible assets 5,995 5,967
Intangible assets 40,029 40,402
Financial assets 1,270 1,351
47,294 47,720
TOTAL ASSETS 78,354 77,029
LIABILITIES
Accounts payable & accrued expenses 12,959 12,692
Long term liabilities 7,569 7,805
20,528 20,497
SHAREHOLDERS' EQUITY
Called up share capital
Class "A" ordinary shares 591 591
Class "B" ordinary shares 12 12
Share premium account 75,175 75,132
Revenue and other reserves (17,952) (19,203)
57,826 56,532
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY 78,354 77,
DUBLIN, Ireland, April 25 Trinity Biotech plc (Nasdaq: TRIB) today announced results for the first quarter of 2002. Revenues in the quarter rose 38% to US$11.4 million compared to US$8.3 million in the same period last year. Gross profit amounted to US$5.6 million representing a gross margin of 49%. Research and development
expenses were US$1.0 million in the quarter compared to US$0.7 million in the same period last year, reflecting a continuing commitment to in-house development work. Selling, general and administrative expenses increased to US$2.4 million compared to US$1.6 million in 2001. As previously outlined, Trinity Biotech has significantly increased its investment in direct sales and marketing operations both in the USA and Germany. Amortisation of goodwill increased to US$0.6 million compared to US$0.3 million last year reflecting both the acquisitions completed in 2001 and the benefit of an amortisation credit in the first quarter of 2001.
The combination of these factors resulted in profit before tax and losses associated with HiberGen, of US$1.5million compared to US$1.1million in 2001, a 40% increase quarter on quarter.
The initial stages of the restructuring programme at Biopool have been successfully completed. The present focus of attention is the further integration of the business and the transfer of manufacturing operations to existing Trinity Biotech facilities. Following the transfers, hemostasis centres of excellence, concentrating on sales and product development, will remain in place in both Ventura and Umea.
Commenting on the results, Maurice Hickey, Chief Financial Officer, said "Revenues grew strongly quarter-on-quarter with gross margins earned of 49%. As the benefits of the direct sales operations materialise, the objective is to increase gross margins to in excess of 50%. The increased costs attributable to these direct sales operations will provide platforms for organic growth in key marketplaces. EBITDA, before losses associated with Hibergen, amounted to US$2.3 million in the three month period compared to US$1.7million in the same period last year. In balance sheet terms Trinity Biotech is in a strong financial position with bank debt of US$7.6 million and cash balances of US$6.2 million."
Ronan O'Caoimh, Chief Executive Officer, commented "Trinity Biotech has produced a strong set of first quarter results, reflecting the benefits of both organic and acquisition-led growth. We are most satisfied with the 40% increase in profits particularly given the increase in research and development expenditure and the start-up losses of $0.2m incurred in Germany in the quarter. We are pleased with the development of our direct sales operations and are confident that this investment will position us well for the future. Biopool has performed very satisfactorily in the first quarter and our objective is to complete the transfer of its manufacturing operations by the year-end.
"During the quarter we also announced that we had exercised an option, granted under the terms of the original share subscription agreement with HiberGen, to increase our shareholding in HiberGen to 66%. We are excited by the progress that has been made by HiberGen since our original investment in October 2000. The follow-on investment of US$3.1million will enable HiberGen to accelerate research and development on both its disease gene programmes and GMA, HiberGen's secondary platform technology."
Trinity Biotech develops, manufactures and markets over 200 diagnostic products for the point-of-care, self-testing and clinical laboratory segments of the diagnostic market. Trinity Biotech sells worldwide in over 80 countries through its own salesforce and a network of international distributors and strategic partners. For further information please see the company's website:
http://www.trinitybiotech.com.
The first quarter conference call will be broadcast live over the internet on Monday, April 29 at 11.00am (EDT). The call will be hosted by Ronan O'Caoimh, Chairman, Brendan Farrell, President, and Maurice Hickey, Chief Financial Officer. The call can be accessed at http://www.videonewswire.com/TRINITY/042902/
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$000's except share data) Three Months Three Months
Ended Ended
March 31, March 31,
2002 2001
Revenues 11,414 8,299
Cost of sales (5,862) (4,045)
Gross profit 5,552 4,254
Research & development expenses (1,012) (729)
S,G&A expenses (2,395) (1,628)
S,G&A exceptional -- (400)
Amortisation of goodwill (596) (337)
Operating profit 1,549 1,160
Share of operating loss in associate (60) (30)
Interest receivable 21 12
Interest payable (104) (122)
Profit on ordinary activities
before tax 1,406 1,020
Tax on profit on ordinary activities (175) (36)
Profit after tax 1,231 984
Earnings per share (US$) 0.03 0.02
Adjusted earnings per share
before exceptionals (US$) 0.03 0.03
Diluted earnings per share (US$) 0.03 0.02
Adjusted diluted earnings per share
before exceptionals (US$) 0.03 0.03
Weighted average no. of shares
used in computing earnings
per share 40,416,746 40,394,996
Trinity Biotech plc
Consolidated Balance Sheet
March 31, December 31,
2002 2001
US$000's US$000's
CURRENT ASSETS
Cash at bank 6,206 5,282
Accounts receivable and prepayments 8,397 7,685
Inventories 16,457 16,342
31,060 29,309
FIXED ASSETS
Tangible assets 5,995 5,967
Intangible assets 40,029 40,402
Financial assets 1,270 1,351
47,294 47,720
TOTAL ASSETS 78,354 77,029
LIABILITIES
Accounts payable & accrued expenses 12,959 12,692
Long term liabilities 7,569 7,805
20,528 20,497
SHAREHOLDERS' EQUITY
Called up share capital
Class "A" ordinary shares 591 591
Class "B" ordinary shares 12 12
Share premium account 75,175 75,132
Revenue and other reserves (17,952) (19,203)
57,826 56,532
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY 78,354 77,
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