NEW YORK – Trinity Biotech said today that its second quarter revenues declined 10 percent year over year, driven largely by a drop in point-of-care product sales.
For the three months ended June 30, the Dublin-based firm posted $22.5 million in total revenues, down from $25.0 million in Q2 2018. Point-of-care revenues declined 90 percent to $2.1 million from $4.0 million a year ago, while clinical laboratory revenues dropped to $20.4 million, down 3 percent year over year from $21.0 million.
In a statement, Trinity Biotech said that the decline in point-of-care revenues reflects lower sales in its two key markets, Africa and the US. Removing currency effects, clinical laboratory revenues were nearly flat versus the prior-year quarter, the firm noted.
In Q2, Trinity Biotech's R&D spending was flat at $1.4 million, and its SG&A costs decreased 11 percent year over year to $6.6 million from $7.4 million.
The company posted a net loss of $5.4 million, or $.26 per ADR (American depositary receipt) for Q2, compared to a profit of $594,000 or $.03 per ADR for the year-ago quarter.
Trinity finished the quarter with $25.0 million in cash and cash equivalents.
Its ADRs were trading down almost 15 percent at $1.48 in mid-day trading on the Nasdaq.