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, 2012.
Quarter 2 Results
Total revenues for Q2, 2012 were $20.8m which compares to $19.5m
in Q2, 2011, an increase of 7%. However, if exchange rate
movements are taken into account, the underlying organic growth in
revenues would have been 8.5% for the quarter.
Point-Of-Care revenues for Q2, 2012 increased by 6.1% when
compared to Q2, 2011. This increase was mainly attributable to
increased HIV sales in Africa and in particular in Eastern Africa
where the Company's Unigold product has improved its position in
some of the national testing algorithms.
Clinical Laboratory revenues increased from $15.3m to $16.4m,
which represents an increase of 7.2% compared to Q2,
2011. This growth included additional Premier revenues, of
which sales in the quarter increased to 52 instruments, compared
with 31 in Q1, 2012. Other growth areas included increased
sales of infectious diseases products in China and the USA.
Revenues for Q2, 2012 by key product area were as follows:
|
2011 Quarter
2 |
2012 Quarter
2 |
Increase |
|
US$'000 |
US$'000 |
% |
Point-of-Care |
4,157 |
4,410 |
6.1% |
Clinical Laboratory |
15,298 |
16,399 |
7.2% |
Total |
19,455 |
20,809 |
7.0% |
Gross profit for Q2, 2012 amounted to $10.7m representing a
gross margin of 51.6% which is broadly in line with the 51.4%
achieved in Q2, 2011. The impact of lower margin instrument sales
has been offset by higher margin point-of-care and Lyme sales.
Both Research and Development expenses and Selling, General and
Administrative (SG&A) expenses have remained in line with Q2,
2011 at $0.8m and $5.2m respectively.
Meanwhile, Operating Profit has increased by 10.5% to $4.3m for
the quarter and this is reflected in an increase in operating
margin from 20.0% to 20.6%. This reflects the on-going improvements
being achieved in profitability as the Company continues to grow
revenues whilst holding the cost base steady.
Net financial income was almost $0.6m and is broadly consistent
with the equivalent period last year.
Profit After Tax increased by over 11% to $4.3m, from $3.9m in
the comparative period last year. EPS for Q2, 2012 grew from 18.1
US cents to 20 US cents, representing an increase of over 10.5%
. The tax charge for Q2, 2012 was $0.6m which represents an
effective tax rate of approximately 12%.
Free Cash Flows for the quarter were $2.1m, which is in line
with expectations, following the inclusion of the first full
quarter of Fiomi, the Company's new subsidiary for the development
of cardiac assays. The Company paid a dividend of $3.2m during the
quarter with other significant cash movements including the receipt
of $11.25m from Stago, being the final tranche of deferred
consideration, and share repurchases of $2.0m. This has
resulted in an increase in cash balances by $8.1m to $73.6m at the
end of the quarter.
Recent Developments
- The Company continued to see strong growth in sales of its new
Premier instrument, growing from 31 instruments in quarter 1, 2012
to 52 instruments this quarter. We are currently awaiting
registration in China and Brazil and also will soon be launching
the instrument in South East Asia followed by Australia/New
Zealand.
- In June 2012, the company paid a dividend of 15 US cents per
ADR, which represents an increase of 50% compared with 10 US cents
per ADR paid in 2011.
- The Company continued its share buyback program during the
quarter, repurchasing over 175,000 ADRs at a cost of approximately
$2m, thus representing an average cost of $11.49 per ADR. This
brings the total number of ADRs repurchased since the program began
to over 880,000 at a cost of approximately $9.1m.
- In April, 2012 the company received the final deferred
consideration payment of $11.25m from Stago in relation to the 2010
divestiture of the Coagulation product line.
Comments
Commenting on the results, Kevin Tansley, Chief Financial
Officer, said "This quarter we are building on our track record of
growing profitability. With profits of $4.3m we have achieved
a quarterly EPS of 20 cents for the first time in the Company's
history. This represents an increase of 11% over the
equivalent quarter last year and has been achieved through a
combination of organic revenue growth and strong operating margins.
We also continue to generate very healthy free cash flows and this
has contributed to bringing our cash balances to approximately
$74m."
Ronan O'Caoimh, CEO, stated "the highlight for Trinity this
quarter was the continued growth in Premier sales to 52
instruments. This brings the total number of instruments sold for
the year to date to 83 and over 100 since its launch in late 2011.
We are particularly pleased by the range of jurisdictions where the
instrument has gained traction. In addition to the principal
markets of the USA and Europe, we have also made sales in Turkey
and a number of countries in South America this
quarter. Further growth will be achieved by growing these
markets and through sales in China and Brazil once product
registration has been obtained and also following the roll-out of
the instrument in South East Asia and Australia/New Zealand.
However, this quarter's growth has not just been confined to
Premier. We have also continued to grow our HIV business,
particularly in Eastern Africa. At the same time, we have
achieved growth of infectious diseases products in our key target
market of China and in the USA."
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.
The Trinity Biotech plc logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10602
Trinity
Biotech plc Consolidated Income
Statements |
|
|
|
|
|
|
|
|
|
|
|
(US$000's except share data) |
|
Three Months Ended June 30, 2012
(unaudited) |
Three Months Ended June 30,
2011 (unaudited) |
Six Months Ended June 30, 2012
(unaudited) |
Six Months Ended June 30,
2011 (unaudited) |
|
|
|
|
|
|
Revenues |
|
20,809 |
19,455 |
40,835 |
38,109 |
|
|
|
|
|
|
Cost of sales |
|
(10,071) |
(9,451) |
(19,754) |
(18,548) |
|
|
|
|
|
|
Gross profit |
|
10,738 |
10,004 |
21,081 |
19,561 |
Gross profit % |
|
51.6% |
51.4% |
51.6% |
51.3% |
|
|
|
|
|
|
Other operating income |
|
114 |
233 |
289 |
530 |
|
|
|
|
|
|
Research & development expenses |
|
(753) |
(800) |
(1,598) |
(1,487) |
Selling, general and administrative
expenses |
|
(5,240) |
(5,217) |
(10,444) |
(10,263) |
Indirect share based payments |
|
(563) |
(332) |
(900) |
(754) |
|
|
|
|
|
|
Operating profit |
|
4,296 |
3,888 |
8,428 |
7,587 |
|
|
|
|
|
|
Financial income |
|
605 |
631 |
1,151 |
1,273 |
Financial expenses |
|
(35) |
(3) |
(36) |
(7) |
Net financing income |
|
570 |
628 |
1,115 |
1,266 |
|
|
|
|
|
|
Profit before tax |
|
4,866 |
4,516 |
9,543 |
8,853 |
|
|
|
|
|
|
Income tax expense |
|
(564) |
(654) |
(1,131) |
(1,239) |
Profit for the period |
|
4,302 |
3,862 |
8,412 |
7,614 |
|
|
|
|
|
|
Earnings per ADR (US cents) |
|
20.0 |
18.1 |
39.4 |
35.6 |
Diluted earnings per ADR (US cents) |
|
19.2 |
17.3 |
37.7 |
34.2 |
Weighted average no. of ADRs used in
computing basic earnings per ADR |
|
21,465,047 |
21,352,012 |
21,341,365 |
21,369,919 |
Weighted average no. of ADRs used in
computing diluted earnings per ADR |
|
22,439,332 |
22,287,860 |
22,307,429 |
22,258,757 |
|
|
|
|
|
|
The above financial statements have been prepared in accordance
with the principles of International Financial Reporting Standards
and the Company's accounting policies but do not constitute an
interim financial report as defined in IAS 34 (Interim Financial
Reporting).
Trinity
Biotech plc Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
June 30, 2012
US$ '000 (unaudited) |
March 31,
2012 US$ '000
(unaudited) |
Dec 31, 2011
US$ '000 (audited) |
ASSETS |
|
|
|
Non-current assets |
|
|
|
Property, plant and equipment |
8,242 |
7,823 |
7,626 |
Goodwill and intangible assets |
62,276 |
59,832 |
45,390 |
Deferred tax assets |
2,986 |
3,034 |
2,977 |
Other assets |
836 |
528 |
493 |
Total non-current
assets |
74,340 |
71,217 |
56,486 |
|
|
|
|
Current assets |
|
|
|
Inventories |
20,794 |
19,301 |
19,838 |
Trade and other receivables |
14,924 |
25,677 |
23,973 |
Income tax receivable |
290 |
271 |
117 |
Cash and cash equivalents |
73,605 |
65,499 |
71,085 |
Total current assets |
109,613 |
110,748 |
115,013 |
|
|
|
|
TOTAL ASSETS |
183,953 |
181,965 |
171,499 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Equity attributable to the equity
holders of the parent |
|
|
|
Share capital |
1,117 |
1,109 |
1,106 |
Share premium |
3,740 |
3,086 |
2,736 |
Accumulated surplus |
150,984 |
151,082 |
143,482 |
Other reserves |
3,837 |
4,021 |
4,008 |
Total equity |
159,678 |
159,298 |
151,332 |
|
|
|
|
Current liabilities |
|
|
|
Interest-bearing loans and borrowings |
30 |
70 |
108 |
Income tax payable |
1,704 |
1,879 |
1,582 |
Trade and other payables |
11,766 |
10,104 |
11,589 |
Provisions |
50 |
50 |
50 |
Total current
liabilities |
13,550 |
12,103 |
13,329 |
|
|
|
|
Non-current liabilities |
|
|
|
Other payables |
3,269 |
3,273 |
10 |
Deferred tax liabilities |
7,456 |
7,291 |
6,828 |
Total non-current
liabilities |
10,725 |
10,564 |
6,838 |
|
|
|
|
TOTAL LIABILITIES |
24,275 |
22,667 |
20,167 |
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
183,953 |
181,965 |
171,499 |
The above financial statements have been prepared in accordance
with the principles of International Financial Reporting Standards
and the Company's accounting policies but do not constitute an
interim financial report as defined in IAS 34 (Interim Financial
Reporting).
Trinity
Biotech plc Consolidated Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
(US$000's) |
Three Months Ended June 30,
2012 (unaudited) |
Three Months Ended June 30, 2011
(unaudited) |
Six Months Ended June 30, 2012
(unaudited) |
Six Months Ended June 30, 2011
(unaudited) |
|
|
|
|
|
Cash and cash equivalents at
beginning of period |
65,499 |
59,818 |
71,085 |
58,002 |
|
|
|
|
|
Operating cash flows before changes in
working capital |
5,610 |
5,165 |
10,725 |
9,938 |
Changes in working capital |
(770) |
(876) |
(2,591) |
104 |
Cash generated from operations |
4,840 |
4,289 |
8,134 |
10,042 |
|
|
|
|
|
Net Interest and Income taxes received |
26 |
808 |
501 |
1,046 |
|
|
|
|
|
Capital Expenditure & Financing
(net) |
(2,770) |
(2,094) |
(5,157) |
(4,199) |
|
|
|
|
|
Free cash flow |
2,096 |
3,003 |
3,478 |
6,889 |
|
|
|
|
|
Proceeds from sale of Coagulation product
line |
11,250 |
11,250 |
11,250 |
11,250 |
|
|
|
|
|
Cash paid to acquire Phoenix Bio-tech |
-- |
(500) |
(333) |
(1,500) |
|
|
|
|
|
Cash paid to acquire Fiomi Diagnostics |
-- |
-- |
(5,624) |
-- |
|
|
|
|
|
Dividend payment |
(3,223) |
(2,149) |
(3,223) |
(2,149) |
|
|
|
|
|
Repurchase of own company shares |
(2,017) |
-- |
(3,028) |
(1,070) |
|
|
|
|
|
Cash and cash equivalents at end of
period |
73,605 |
71,422 |
73,605 |
71,422 |
|
|
|
|
|
The above financial statements have been prepared in accordance
with the principles of International Financial Reporting Standards
and the Company's accounting policies but do not constitute an
interim financial report as defined in IAS 34 (Interim Financial
Reporting).
CONTACT: Trinity Biotech plc
Kevin Tansley
(353)-1-2769800
E-mail: kevin.tansley@trinitybiotech.com
Lytham Partners LLC
Joe Diaz, Joe Dorame & Robert Blum
602-889-9700
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