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Trinity Biotech Q3 Revenues Rise 30 Percent

NEW YORK ─ Trinity Biotech on Tuesday announced its third quarter revenues increased 30 percent year over year to $32.0 million from $24.6 million.

For the quarter ended Sept. 30, Dublin-based Trinity Biotech's point-of-care revenues fell 46 percent to $2.1 million from $3.9 million in Q3 2019. The firm said its HIV product revenues continued to be impacted by logistical and testing constraints arising from the COVID-19 pandemic. Its point-of-care test revenues were unusually high in Q3 2019, the firm added.

Trinity Biotech's clinical laboratory sales for the quarter rose 44 percent to $29.9 million from $20.7 million.

The firm said that during the quarter, all of its product lines recovered significantly from Q2 2020 levels. However, as expected revenues in the third quarter did not completely return to pre-pandemic levels, mainly due to the temporary deferral of diabetes instrument purchases and lower testing volumes at the company's autoimmunity laboratory in Buffalo.

The company's R&D expenses rose 8 percent year over year to $1.3 million from $1.2 million, while its SG&A expenses fell 14 percent to $6.3 million from $7.3 million. The decrease in SG&A expenses was due to cost-saving measures implemented in response to the pandemic including reduced travel costs and cancellation of trade shows and other marketing activities, the firm said.

Trinity Biotech posted a profit of $7.3 million for the quarter, or $.35 per share, compared to $25,000, or $.01 per share, in Q3 2019. The firm posted a Q3 adjusted EPS of $.32.

In Tuesday morning trade on the Nasdaq, shares of Trinity Biotech were down 3 percent at $2.98.