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Trinity Biotech Q1 Revenues Drop 27 Percent

NEW YORK – Trinity Biotech on Thursday said its first quarter revenues decreased 27 percent year over year as its clinical laboratory revenues dropped 30 percent.

For the three months ended March 31, the Dublin-based diagnostic firm's revenues were down to $18.8 million from $25.6 million a year ago. Its point-of-care revenues were up 16 percent year over year to $2.2 million from $1.9 million in Q1 2021, while its clinical lab revenues fell to $16.6 million from $23.7 million.

Trinity said that the point-of-care revenue growth was attributable mainly to higher sales of HIV tests in Africa. Clinical lab revenues decreased as a result of a dip in sales of the firm's COVID-19 products, in particular its PCR Viral Transport Media products.

The company posted a loss of $12.3 million, or $.50 per ADS, in the recently completed quarter compared to a profit of $1.6 million, or $.07 per ADS, a year ago.

Trinity's R&D expenses shrank 29 percent to $965,000 in Q1 2022 from $1.4 million a year ago, while its SG&A costs contracted approximately 2 percent to $5.9 million from $6.0 million.

The firm finished Q1 2022 with $10.0 million in cash, cash equivalents, and deposits.