NEW YORK — Trinity Biotech today reported total revenues for the third quarter increased 4 percent year over year boosted by a 29 percent jump in point-of-care revenues.
For the three months ended Sept. 30, the Dublin-based diagnostics firm posted $24.6 million in total revenues, up from $23.7 million in Q3 2018.
Point-of-care revenues grew to $3.9 million from $3.0 million a year ago, while clinical laboratory product revenues were flat at $20.7 million.
The company attributed higher HIV test sales in Africa for the growth in point-of-care sales, while US HIV revenues were down.
"Further revenue growth will be derived from out entry into the HIV screening market with our TrinScreen product, which we expect to submit to the WHO in January next, with approval to follow during 2020," Trinity CEO Ronan O'Caoimh said in a statement. "Given the quality of this product and our knowledge and experience of the African HIV market, we are ideally positioned to take a meaningful share of this substantial market."
Meanwhile its clinical laboratory revenues, excluding the effect of currency exchange, were up 1 percent. Premier and Autoimmunity revenues continued to grow during the quarter, Trinity said, while Infectious Disease revenues decreased.
The company's R&D expenses were trimmed 8 percent to $1.2 million from $1.3 million a year ago. Its SG&A spending increased 3 percent to $7.3 million from $7.1 million.
For the quarter, Trinity had a profit of $25,000, or $.043 per American depositary receipt (ADR), compared to a profit of $896,000, or $.051 per ADR, a year ago.
The firm exited Q3 with $25.1 million in cash and cash equivalents.