Profit After Tax increases by 13% to
$4.5m
EPS increases by 12% to 20.7 cents per
ADR
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 September 30, 2012.
Quarter 3 Results
Total revenues for Q3, 2012 were $20.9m which compares to $19.8m
in Q3, 2011, representing an increase of 5.2%. However, taking
in to account foreign exchange movements, the increase for the
quarter is approximately 8%.
Point-of-Care revenues for Q3, 2012 increased by over 20% to
$4.8m when compared to Q3, 2011 due to continued strong HIV sales
in East Africa.
Clinical Laboratory revenues increased from $15.9m to $16.1m,
which represents an increase of 1.4% versus Q3,
2011. Excluding the impact of foreign exchange movements
(weaker Euro) and a decrease in Fitzgerald revenues the underlying
increase was 6%.
Revenues for Q3, 2012 by key product area were as follows:
|
|
2011 Quarter
3 |
2012 Quarter
3 |
Increase
|
|
US$'000 |
US$'000 |
% |
Point-of-Care |
3,941 |
4,751 |
20.6% |
|
|
|
|
Clinical Laboratory |
15,885 |
16,100 |
1.4% |
|
|
|
|
Total |
19,826 |
20,851 |
5.2% |
Gross profit for Q3, 2012 amounted to $10.6m which represents a
gross margin of 51%, which is a slight decrease on the 51.7% in the
corresponding period last year. This decrease is attributable to
the impact of increased instrument sales, particularly to sales of
our state-of-the-art Diabetes analyzer, Premier.
Research and Development expenses were $0.8m thus representing a
similar level to the corresponding period last
year. Similarly, Selling, General and Administrative
(SG&A) expenses have also remained broadly constant at
$5.1m.
Operating profit for the quarter was over $4.3m, compared to
$4.1m in Q3, 2011. Operating margins have now reached 20.9%
which is a new high for the company and compares favourably to the
20.7% reported in Q3, 2011.
Meanwhile, the tax charge this quarter was $0.5m which
represents an effective tax rate of 9.3% and again this compares
favourably with 15.3% in the comparable quarter.
Profit After Tax has increased to $4.5m from $3.9m which is an
increase of 13.3% over Q3, 2011. Meanwhile, EPS for the quarter
increased by 11.9% from 18.5 cents to 20.7 cents.
Free Cash Flows generated during the quarter were $1.9m. This in
turn was offset by share repurchases of $1.1m, resulting in an
increase in cash for the quarter of $0.8m to $74.5m
Recent Developments
Premier
During the quarter, the Company shipped 54 of our new Premier
instruments compared to 52 instruments in Q2, 2012. The level of
sales was in line with expectations and reflects the slower summer
period particularly in continental Europe. Previous growth rates
are expected to resume in Q4, 2012 with the result that we are
confident of meeting our target of 200 instruments for the year. As
in previous quarters, sales were made in a wide range of
jurisdictions including, the USA, Europe, South America, South-east
Asia, Turkey and, for the first time, the important market of
Taiwan.
Fiomi Update
It is now just over six months since we acquired Fiomi
Diagnostics, in Uppsala, Sweden. During that period we have
recruited a number of key individuals to complete the development
of a Troponin I, point-of-care cardiac test and associated
instrument. We are very pleased with the progress being made to
date. Already, our current assay demonstrates significantly
better performance than each of the leading point-of-care products
on the market. Over the coming months we will be incorporating
further enhancements which we are confident will result in this
test meeting the FDA's new guidelines for measuring Troponin I –
thus making it by far the most accurate test in the point-of-care
cardiac market. Given the strong progress being made with Troponin
I, we have now commenced the development of our next test on the
Fiomi platform, BNP, the worldwide indicator of heart failure. We
remain on target to launch a Troponin I product during 2013 and
with its BNP equivalent to follow in 2014.
Share buyback
During the quarter, we repurchased 85,000 ADRs at an average
price of $12.53 as part of our share buyback program. The
total amount spent on repurchases during the quarter was
approximately $1.1m. This brings the total spent since the
program began to over $10m.
B Shares
In September, the Company held an extraordinary general meeting
(EGM) which approved the conversion of all of the B shares in the
Company into A shares at an effective discount of 15%. This
discount will result in an improvement in annual EPS of
approximately 0.25%.
Comments
Commenting on the results, Kevin Tansley, Chief Financial
Officer, said, "Profits this quarter increased by 13% to $4.5m,
whilst EPS grew by 12% to 20.7 cents per share. This was
achieved through a combination of revenue growth and improved
operating margins. This quarter's operating margins reached
20.9%, which is the highest in the Company's history. This
will be of critical importance going forward as we seek to leverage
future revenue growth and thus further increase profitability."
Ronan O'Caoimh, CEO, stated, "Coupled with achieving record
profits we are also very active in developing growth opportunities
on a number of fronts. Sales of Premier continue to meet
expectations despite the traditional summer slowdown in Europe,
with sales expected to grow significantly in Quarter 4. We are thus
comfortable that we will achieve our target of 200 instruments for
the year as a whole, making it a very successful first full year
post launch. We are also making excellent progress in developing
our new point-of-care Troponin I cardiac test. Based on recent
internal studies we are confident that the test will meet the new
FDA Troponin I guidelines. We expect to launch the product in
Europe in 2013, with FDA approval to follow in 2014. Other
areas of focus for us include the launch of our new range of
point-of-care tests and FDA approval of our new Vitamin D test,
which is now imminent."
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.
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 Sept 30,
2012 |
Three Months Ended Sept 30,
2011 |
Nine Months Ended Sept 30,
2012 |
Nine Months Ended Sept 30,
2011 |
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|
|
|
|
|
Revenues |
20,851 |
19,826 |
61,686 |
57,935 |
|
|
|
|
|
Cost of sales |
(10,213) |
(9,571) |
(29,967) |
(28,119) |
|
|
|
|
|
Gross profit |
10,638 |
10,255 |
31,719 |
29,816 |
Gross profit % |
51.0% |
51.7% |
51.4% |
51.5% |
|
|
|
|
|
Other operating income |
86 |
191 |
375 |
721 |
|
|
|
|
|
Research & development expenses |
(767) |
(857) |
(2,365) |
(2,344) |
Selling, general and administrative
expenses |
(5,147) |
(5,237) |
(15,591) |
(15,500) |
Indirect share based payments |
(461) |
(252) |
(1,361) |
(1,006) |
|
|
|
|
|
Operating profit |
4,349 |
4,100 |
12,777 |
11,687 |
|
|
|
|
|
|
|
|
|
|
Financial income |
597 |
549 |
1,748 |
1,822 |
Financial expenses |
(26) |
(3) |
(62) |
(10) |
Net financial income |
571 |
546 |
1,686 |
1,812 |
|
|
|
|
|
Profit before tax |
4,920 |
4,646 |
14,463 |
13,499 |
|
|
|
|
|
Income tax expense |
(460) |
(711) |
(1,591) |
(1,950) |
Profit for the
period |
4,460 |
3,935 |
12,872 |
11,549 |
|
|
|
|
|
Earnings per ADR (US cents) |
20.7 |
18.5 |
60.2 |
54.1 |
Diluted earnings per ADR (US cents) |
19.8 |
17.7 |
57.5 |
51.8 |
|
|
|
|
|
Weighted average no. of ADRs used in
computing basic earnings per ADR |
21,513,896 |
21,297,539 |
21,399,295 |
21,345,527 |
Weighted average no. of ADRs used in
computing diluted earnings per ADR |
22,488,295 |
22,268,461 |
22,382,750 |
22,284,561 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
Sept 30, 2012 |
June 30, 2012 |
March 31, 2012 |
Dec 31, 2011 |
|
US$ '000 |
US$ '000 |
US$ '000 |
US$ '000 |
|
(unaudited) |
(unaudited) |
(unaudited) |
(audited) |
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
8,618 |
8,242 |
7,823 |
7,626 |
Goodwill and intangible assets |
65,644 |
62,276 |
59,832 |
45,390 |
Deferred tax assets |
3,106 |
2,986 |
3,034 |
2,977 |
Other assets |
786 |
836 |
528 |
493 |
Total non-current
assets |
78,154 |
74,340 |
71,217 |
56,486 |
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
21,427 |
20,794 |
19,301 |
19,838 |
Trade and other receivables |
15,569 |
14,924 |
25,677 |
23,973 |
Income tax receivable |
302 |
290 |
271 |
117 |
Cash and cash equivalents |
74,455 |
73,605 |
65,499 |
71,085 |
Total current assets |
111,753 |
109,613 |
110,748 |
115,013 |
|
|
|
|
|
TOTAL ASSETS |
189,907 |
183,953 |
181,965 |
171,499 |
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
Equity attributable to the equity
holders of the parent |
|
|
|
|
Share capital |
1,125 |
1,117 |
1,109 |
1,106 |
Share premium |
4,819 |
3,740 |
3,086 |
2,736 |
Accumulated surplus |
155,102 |
150,984 |
151,082 |
143,482 |
Other reserves |
4,011 |
3,837 |
4,021 |
4,008 |
Total equity |
165,057 |
159,678 |
159,298 |
151,332 |
|
|
|
|
|
Current liabilities |
|
|
|
|
Interest-bearing loans and borrowings |
-- |
30 |
70 |
108 |
Income tax payable |
2,061 |
1,704 |
1,879 |
1,582 |
Trade and other payables |
11,795 |
11,766 |
10,104 |
11,589 |
Provisions |
50 |
50 |
50 |
50 |
Total current
liabilities |
13,906 |
13,550 |
12,103 |
13,329 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Other payables |
3,291 |
3,269 |
3,273 |
10 |
Deferred tax liabilities |
7,653 |
7,456 |
7,291 |
6,828 |
Total non-current
liabilities |
10,944 |
10,725 |
10,564 |
6,838 |
|
|
|
|
|
TOTAL LIABILITIES |
24,850 |
24,275 |
22,667 |
20,167 |
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
189,907 |
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 Sept 30,
2012 |
Three Months Ended Sept 30,
2011 |
Nine Months Ended Sept 30,
2012 |
Nine Months Ended Sept 30,
2011 |
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|
|
|
|
|
Cash and cash equivalents at
beginning of period |
73,605 |
71,422 |
71,085 |
58,002 |
|
|
|
|
|
Operating cash flows before changes in
working capital |
5,587 |
5,029 |
16,312 |
14,967 |
Changes in working capital |
(695) |
(335) |
(3,286) |
(231) |
Cash generated from operations |
4,892 |
4,694 |
13,026 |
14,736 |
|
|
|
|
|
Net Interest and Income taxes received |
554 |
417 |
1,055 |
1,463 |
|
|
|
|
|
Capital Expenditure & Financing
(net) |
(3,527) |
(2,069) |
(8,684) |
(6,268) |
|
|
|
|
|
Free cash flow |
1,919 |
3,042 |
5,397 |
9,931 |
|
|
|
|
|
Proceeds from sale of Coagulation product
line |
-- |
-- |
11,250 |
11,250 |
|
|
|
|
|
Cash paid to acquire Phoenix Bio-tech |
-- |
(333) |
(333) |
(1,833) |
|
|
|
|
|
Cash paid to acquire Fiomi Diagnostics |
-- |
-- |
(5,624) |
-- |
|
|
|
|
|
Dividend Payment |
-- |
-- |
(3,223) |
(2,149) |
|
|
|
|
|
Repurchase of own company shares |
(1,069) |
(3,003) |
(4,097) |
(4,073) |
|
|
|
|
|
Cash and cash equivalents at end of
period |
74,455 |
71,128 |
74,455 |
71,128 |
|
|
|
|
|
|
|
|
|
|
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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