NEW YORK (360DX) – Trinity Biotech today said that its first quarter revenues declined 8 percent year over year, which included a 16 percent drop in its point-of-care revenues.
For the three months ended March 31, the Dublin-based firm posted $22.0 million in total revenues, down from $23.8 million in Q1 2018. Point-of-care revenues declined to $3.2 million from $3.8 million a year ago, while clinical laboratory revenues retreated 6 percent to $18.8 million from $20.0 million.
In a statement, Trinity said that the drop in point-of-care revenues resulted mainly from lower public health spending. The drop in clinical lab revenues was the result of lower infectious disease revenues, particularly in the US. That includes the impact of a previously announced loss of a Lyme disease contract, as well as the underlying decrease in sales associated with other diseases, "due to their ongoing migration to large-scale instrumentation."
The company added that currency effects also negatively impacted clinical laboratory revenues in the recently completed quarter.
For the quarter, Trinity's R&D spending was relatively flat at $1.3 million, and its SG&A costs were down 4 percent to $6.6 million from $6.9 million.
The company posted a loss after tax and non-cash items of $211,000, or $.01 per ADR.
Trinity finished the quarter with $29.4 million in cash and cash equivalents.
Trinity Biotech's ADRs were trading down around 2 percent at $2.76 in Tuesday morning trade on the Nasdaq.