Nasdaq-quoted Trinity Biotech posted sharply higher revenues and profits for the first quarter.
The Irish research company said revenues were up 38 per cent from a year earlier to $11.4 million, with pretax profit before exceptionals rising to 1.5 million from 1.1 million.
Research and development spending rose to $1.0 million in the quarter from 700,000 a year earlier.
Chief financial officer Mr Maurice Hickey said: revenues grew strongly in the first quarter, with gross margins earned of 49 per cent.
"As the benefits of the direct sales operations materialise, the objective is to increase gross margins to in excess of 50," he said.
Spending on new direct sales teams will provide the platform for future organic growth, and the company is "in a strong financial position", with bank debt of $7.6 million and cash balances of 6.2 million.
Trinity Biotech develops, manufactures and markets over 200 diagnostic products for the point-of-care, self-testing and clinical laboratory segments of the diagnostic market.
AFP