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Trinity Biotech Q4 Revenues Surge 54 Percent on SARS-CoV-2 Product Revenues

NEW YORK — Irish diagnostics firm Trinity Biotech on Thursday reported a nearly 54 percent increase in fourth quarter revenues on sharply higher sales of products in its SARS-CoV-2 testing product portfolio.

For the three-month period ended Dec. 31, Trinity's revenues climbed to $32.8 million from $21.3 million in the year-ago period.

Clinical laboratory revenues were up 58 percent to $30.2 million from $19.1 million, lifted by sales of SARS-CoV-2-related products, namely Trinity's PCR Viral Transport Media. Point-of-care revenues, meanwhile, were up about 14 percent to $2.5 million from $2.2 million and consisted primarily of sales of the company's Unigold HIV test in Africa.

Trinty noted that while its revenues from its other product lines have continued to recover from pandemic-related setbacks, fourth quarter revenues to did not return to pre-COVID-19 levels, in part due to lower testing volumes at its US-based autoimmunity reference laboratory and lower demand for non-SARS-CoV-2 infectious disease testing products.

The company posted a Q4 net loss of $10.0 million, or roughly $.31 per American depositary receipt (ADR), versus a loss of $23.3 million, or $.87 per ADR, in the same period the year before.

R&D spending in the quarter was flat at $1.3 million, while SG&A costs rose 8 percent to $6.9 million from $6.4 million.

At the end of 2020, Trinity had cash and cash equivalents totaling $27.3 million.

"We are pleased to have such a profitable quarter with a 54 percent increase in sales compared to Q4 2019, largely driven by strong sales within our COVID-19 related portfolio of products," Trinity CEO Ronan O'Caoimh said in a statement.

Trinity is currently developing two new rapid tests for SARS-CoV-2, including an antibody test. slated for submission to the US Food and Drug Administration for Emergency Use Authorization in the second quarter of this year, and an antigen test further back in the development pipeline.

"We are also excited to have completed the necessary clinical trials for our new HIV screening test, TrinScreen, and look forward to an expected prequalification submission to the [World Health Organization] by the end of this month," he added.

For full-year 2020, Trinity's revenues were up about 13 percent to $102.0 million from $90.4 million in 2019.

Point-of-care revenues for the year were $11.4 million, versus $9.2 million a year earlier, while clinical lab revenues rose to $92.7 million from $79.0 million year-over-year.

Trinity's net loss for 2020 was $6.4 million, or $.02 per ADR, compared with a loss of $28.9 million, or almost $.97 per ADR, the year before.

R&D expenses in 2020 were down 4 percent to $5.1 million in 2020 from $5.3 million in 2019, with SG&A costs declining 10 percent year over year to $24.2 million from $27 million.