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20.07.2017 14:27:51

Trinity Biotech Announces Results for Q2, 2017

DUBLIN, Ireland, July 20, 2017 (GLOBE NEWSWIRE) -- Trinity Biotech plc (NASDAQ:TRIB), a leading developer and manufacturer of diagnostic products for the point-of-care and clinical laboratory markets, today announced results for the quarter ended June 30, 2017.Quarter 2 ResultsTotal revenues for Q2, 2017 were $25.4m compared to $26.3m in Q2, 2016. 2016Quarter 22017Quarter 2Increase/ (decrease) US$'000US$'000%Point-of-Care4,7864,350(9.1%)Clinical Laboratory21,50221,098(1.9%)Total26,28825,448(3.2%)Point-of-Care revenues for Q2, 2017 decreased from $4.8m to $4.4m. This was attributable to lower sales of HIV products in Africa.  Due to the nature of the African HIV market, these sales tend to fluctuate significantly and this quarter's decrease is well within the normal range for such fluctuations.Meanwhile, Clinical Laboratory sales for the quarter were $21.1m versus $21.5m for the corresponding period last year, thus representing a decrease of 1.9%.  However, when the impact of recently culled products is taken into account, underlying Clinical Laboratory sales rose by approximately 2%.  This growth was mainly driven by higher Premier revenues, including new placements of the Premier Resolution version of this instrument, which specifically targets the haemoglobin variant market.The gross margin for the quarter was 42.5% which compares to 45% in Q2, 2016. This decrease was due to lower distributor pricing due to the strength of the US dollar against a range of currencies and a less favourable sales mix i.e. lower higher margin point-of-care revenues coupled with higher instrument sales which tend to have significantly lower than average margins. However, this quarter's gross margin was higher than the two previous quarters of 40% (Q4 2016) and 42% (Q1 2017).Research and Development expenses remained constant at $1.3m. Meanwhile Selling, General and Administrative (SG&A) expenses fell from $7.8m to $7.6m in Q2 2017, due to lower discretionary sales and marketing expenses, particularly Meritas related costs incurred in Q2, 2016 which were not replicated in the current quarter.Operating profit for the quarter decreased from $2.4m to $1.8m. This was due to the combined impact of the lower revenues and gross margin though these factors were partially offset by lower indirect costs incurred during the quarter.Financial income for the quarter remained constant at $0.2m whilst interest payable, mainly arising on the Company's exchangeable notes, was static at $1.2m.  Further non-cash income of $0.2m was also recognised in this quarter's income statement.  This was due to a gain of $0.4m arising on a decrease in the fair value of the embedded derivatives associated with the exchangeable notes as offset by a non-cash interest charge of $0.2m.The Company recorded a profit of $0.9m for the quarter which equates to earnings per share of 4.1 cents.  However, excluding non-cash items the profit for the quarter was $0.7m or an EPS of 3.1 cents. Fully diluted EPS for the quarter was 6.8 cents compared to 8.5 cents in Q2, 2016.EBITDA before share option expense for the quarter was $3.3m.Share BuybackDuring the quarter, the Company repurchased 554,000 ADRs at an average price of $5.59 and with a total value of $3.1m. A further 67,000 ADRs at an average price of $5.65 have been repurchased since quarter end. This brings the total purchased since the beginning of the program to approximately 1.9m shares with a total value of $14.6m.CommentsCommenting on the results, Kevin Tansley, Chief Financial Officer, said "Our operating profit for the quarter of $1.8m represented a decrease when compared to the equivalent quarter last year.  This was due to the combination of lower revenues and a lower gross margin, though the impact of these factors was partially offset by lower indirect costs.  This resulted in an EPS (before non-cash items) of 3.1 cents which, whilst lower than the equivalent quarter last year, was higher than the 1 cent per ADR reported in quarter one of this year."Ronan O'Caoimh, CEO of Trinity said "This quarter's revenues were down 3% when compared to Q2, 2016.  However, this was due to the impact of culling older non-economic products in late 2016 and to the normal fluctuations which impact our HIV sales, particularly in Africa.  The remainder of our business remains strong and demonstrated underlying revenue growth this quarter.  We were particularly pleased with the increase in sales of our new Premier Resolution instrument. This instrument, which is a sister product of the Premier Hb9210 A1c instrument, specifically addresses the haemoglobin variant market.  Though it has only been launched relatively recently, it has been very positively received by customers and I am confident that in common with the Premier Hb9210, it will serve as a growth driver for the company in the years ahead.  Meanwhile, we bought back over 500,000 shares during the quarter and at current share price levels it is our intention to continue to be active purchasers in the market."Forward-looking statements in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development commercialisation and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.Trinity Biotech develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information please see the Company's website: www.trinitybiotech.com.      Trinity Biotech plcConsolidated Income Statements      (US$000's  except share data) Three MonthsEndedJune 30,2017(unaudited)Three MonthsEndedJune 30,2016(unaudited)Six MonthsEndedJune 30,2017(unaudited)Six MonthsEndedJune 30,2016(unaudited)      Revenues 25,448 26,288 48,984 49,804       Cost of sales (14,629)(14,472)(28,274)(27,856)      Gross profit  10,819 11,816 Full story available on Benzinga.com
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