Trinity Biotech has reported second-quarter pretax profits of $4.1 million (€2.99 million), compared with $2.3 million in the same period a year ago. Revenues at the Nasdaq and Irish-listed company grew 37.1 per cent year-on-year to $74.l4 million.
The firm, which produces diagnostic products for the medical and laboratory markets, said the improved results partly reflected the contribution of BioMerieux, which it acquired in June 2006.
Total revenues for Trinity for the first half of the year were $74.1 million. The acquisition of BioMerieux's haemostasis product line has meant that haemostasis is now the largest contributing product line, generating revenues of $32.4 million in the first six months of the year.
Haemostasis products are used to test for blood disorders.
At $33.8 million in the first half of the year, the US is the largest revenue generator for Trinity, but growth has been strong in Europe, due to the acquisition and also the contribution of a French direct selling operation, which was established in October 2006.
Ronan O'Caoimh, chief executive, Trinity Biotech, commented: "We are pleased with the ongoing growth in our business and are particularly excited with progress in key areas which are fuelling our strategic growth."
He said a new diabetes testing product called Tri-Stat will launch on the US market later in the year, which can be used in doctors' surgeries. Because of the classification the US Food and Drug Administration has granted it, Mr O'Caoimh said doctors will get a reimbursement of approximately $8 more than if they used a competing product.
Mr O'Caoimh also welcomed a $35 million HIV screening initiative from the US government, which will boost sales of Trinity's HIV test kits when it is introduced in the fourth quarter.
