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Trinity Biotech Posts 61 Percent Increase in Q2 Revenues on COVID-19 Product Sales

NEW YORK — Dublin-based diagnostics firm Trinity Biotech on Thursday reported a 61 percent year-over-year increase in second quarter revenues, driven in part by sales of its PCR viral transport media for SARS-CoV-2 testing.

For the three-month period ended June 31, Trinity's revenues climbed to $25.8 million from $16.0 million a year earlier. Point-of-care revenues rose 54 percent year over year to $2.0 million from $1.3 million, due to higher HIV test revenues from sales in Africa.

In Q2, revenues were significantly impacted by logistical constraints caused by COVID-19, Trinity Biotech said. Constraints have eased, but COVID-19 continues to disrupt HIV testing in Africa and associated purchases of its point-of-care tests.

Clinical laboratory revenues increased 62 percent year over year to $23.9 million from $14.8 million, mainly due to strong revenues from the firm's portfolio of products related to COVID-19. Within the portfolio, Trinity's PCR viral transport media, or VTM, product was the most significant contributor to revenue.

However, there was a significant reduction in demand for new orders of VTM during early 2021, as COVID-19 testing volumes dropped and customers used stockpiled products, the firm noted. Its Q2 2021 VTM revenue came primarily from completing existing orders.

Nonetheless, with the evolving impact of the Delta variant, the firm is seeing an increased interest among its customers in VTM products in recent weeks and is taking steps to address an increase in demand.

The firm said that in Q2 it saw a significant year-over-year increase in its hemoglobin and autoimmunity business, due to a partial return to more normalized levels of testing and less severe COVID-19 public health restrictions than a year earlier.

Trinity CEO Ronan O’Caoimh said in a statement that it is bringing forward the date of an expected CE mark and the European launch of its COVID-19 rapid antigen test to Q2 2022. The test can be run without specialized equipment and provide a result in 12 minutes using an anterior nasal swab sample.

Trinity reported a second quarter net loss of $783,000, or $.037 per American depositary receipt, compared to a net loss of $1.5 million, or $.07 per ADR, in the prior-year quarter.

The firm's R&D spending in Q2 declined to around $1.1 million from $1.2 million, while its SG&A costs rose 26 percent year over year to $6.3 million from $5.0 million.

At the end of June, Trinity had cash and cash equivalents of $32.3 million.