NEW YORK — Irish diagnostics firm Trinity Biotech reported on Tuesday a nearly 21 percent year-over-year increase in first quarter revenues as higher sales of its SARS-CoV-2 testing products more than offset a decline in point-of-care offerings.
For the three-month period ended March 31, Trinity's revenues climbed to $25.6 million from $21.2 million the year before. Point-of-care revenues were down 42 percent as the SARS-CoV-2 pandemic impacted orders for Trinity's HIV rapid tests in Africa. Clinical laboratory revenues, however, were up 33 percent to $23.7 million from $17.8 million a year earlier amid growing sales of the firm's PCR viral transport media and other products within its SARS-CoV-2 testing portfolio.
Revenues in other parts of Trinity's business, including its autoimmune reference laboratory in New York, continued to be negatively impacted by the pandemic, the company noted. However, this lab has begun to offer a panel of tests for autoimmunity complications linked to COVID-19 and is expected to introduce additional related tests over the course of 2021.
Trinity reported a first quarter profit of $1.6 million, or about $.10 per American depositary receipt, or ADR, versus a year-ago loss of $2.2 million, or roughly $.04 per ADR.
R&D spending in the first quarter was essentially flat at $1.4 million, with SG&A costs down slightly to $6.0 million from $6.1 million in the year-ago quarter.
At the end of March, Trinity had cash and cash equivalents of $32.3 million.
Looking ahead, Trinity said it anticipates World Health Organization approval of its point-of-care TrinScreen HIV screening product in the next few months, which the company intends to roll out in Africa, and noted that it has begun preparing for automated manufacturing of the test at its facility in Ireland.
Trinity also said that it is in the final stages of validating a rapid SARS-CoV-2 antibody test, which is expected to be submitted to the US Food and Drug Administration for Emergency Use Authorization by the end of the second quarter.