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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January, 2008
TRINITY BIOTECH PLC
(Name of Registrant)
IDA Business Park
Bray, Co. Wicklow
Ireland
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):__
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):__
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes__ No X
If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): 82-___________
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TRINITY BIOTECH PLC
6-K Item
Press Release dated August 9, 2007
Trinity Biotech Announces Quarter 2 Results
Revenues Increase 37% and Profits Increase 24%
DUBLIN, Ireland (August 9, 2007).... Trinity Biotech plc (NASDAQ: TRIB,
ISE:TRIB.I), 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, 2007.
Revenues for the quarter increased 37.1% to US$37.4 million compared to US$27.3
million in the same period last year, in part reflecting the acquisition of
bioMerieux in June 2006. Operating profit before share option expenses has
increased from US$2.3 million to US$4.1 million or 10.9% of revenues. Profit
after tax for quarter 2 increased from US$2.1 million in 2006 to US$2.6 in 2007
representing an increase of 23.6%.
Revenues for the six months by key product area were as follows :
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H1 2006 H1 2007
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US$000 US$000 % Increase
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Clinical Chemistry 7,502 8,345 11.2%
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Haemostasis 14,782 32,494 119.8%
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Infectious Diseases 21,027 20,195 (4.0)%
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Point of Care 8,716 13,112 50.4%
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Total 52,027 74,146 42.5%
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Revenues for the six months by geographic location were as follows :
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H1 2006 H1 2007
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US$000 US$000 % Increase
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USA 24,948 33,851 35.7%
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Europe 14,274 23,056 61.5%
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Asia / Africa 12,805 17,238 34.6%
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Total 52,027 74,146 42.5%
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Gross profit for the quarter amounted to US$18.0 million representing a gross
margin of 48.1%. This compares to a gross margin of 48.2% for the same period in
2006. The increase in selling, general and administrative expenses from US$9.3
million in 2006 to US$12.3 million in the current year is primarily attributable
to the impact of the acquisition of the haemostasis product line of bioMerieux
in June 2006 and the direct selling operation in France which was established in
October 2006. The tax charge for the quarter has reverted to more normal levels
following the once off tax credit in quarter 1 associated with the
redistribution of inventory around the group.
Commenting on the results, Rory Nealon, Chief Financial Officer, said "Quarter 2
has seen continued growth in our revenues and operating profits despite slower
than expected growth in our antibody
business. From quarter 1 to quarter 2 our revenues have increased by 2% after a
particularly strong quarter 1 and our EBITDA before share option expenses has
increased to US$6.0 million. Our operating margin before share option expense
has increased from 10.0% of revenues in quarter 1 to 10.9% in the current
quarter.
The integration of our bioMerieux haemostasis acquisition is proceeding well.
Our new production facility has been completed on schedule and the transition
agreement with bioMerieux has now finished. We anticipate manufacturing our
first batches of bioMerieux product in Quarter 3 as planned."
Ronan O'Caoimh, CEO, commented, "We are pleased with the ongoing growth in our
business and are particularly excited with progress in key areas which are
fueling our strategic growth.
In clinical chemistry, we are looking forward to the pending launch of our rapid
point of care product in HbA1c which we will market under the Tri-Stat brand.
This dynamic platform will be introduced in physician office labs, diabetic
clinics, as well as hospital labs. Unique to Tri-stat will be the ability to run
three patient samples at the same time. We are seeking a physician office home
use clasification in its CLIA waiver from the FDA. Importantly, this
classification will grant doctors a reimbursement of approximately $8 more than
the same test by our competitors in the market. We expect to launch Tri-stat
into the U.S. market in early Quarter 4.
Recent developments in the HIV point of care industry include the $35m rapid HIV
screening initiative that the U.S. Centers for Disease Control and Prevention
("CDC") announced earlier this year. We are very pleased by the additional
exposure that the CDC generated around rapid HIV screening through this
initiative and the fact that the CDC is making health jurisdiction grantees
aware of the market choices available to their programs during this process. We
are encouraged by the extent of interest in and validation of our product's key
differentiating points, namely it's earlier detection capability, higher degree
of efficacy and longer shelf life. We expect the $35m in net new annual CDC
resources for this new screening initiative to be made available with effect
from quarter 4.
In Haemostasis, we remain excited about the prospects for the Destiny Max
instrument which will become the newest and most technologically advanced large
hospital instrument deployed in the U.S. and Europe for many years. This
instrument will address the largest market segment comprising high throughput
hospitals. We believe Destiny Max, with high throughput capability together with
a unique user interface, will provide very attractive points of differentiation
to the older technologies serving this segment today.
We are looking for a formal product launch during 2008."
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 over 500 diagnostic
products for the point-of-care and clinical laboratory segments of the
diagnostic market. The broad line of test kits are used to detect infectious
diseases, sexually transmitted diseases, blood coagulation disorders, and
autoimmune diseases. Trinity Biotech sells worldwide in over 80 countries
through its own salesforce and a network of international distributors and
strategic partners. For further information please see the Company's website:
www.trinitybiotech.com.
Trinity Biotech plc
Consolidated Income Statements
(US$000's except share data) Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
unaudited) (unaudited) (unaudited) (unaudited)
Revenues 37,436 27,314 74,146 52,027
Cost of sales (19,404) (14,133) (38,709) (26,333)
Cost of sales - inventory write off - (5,800) - (5,800)
Cost of sales - share based payments (14) (24) (32) (50)
---------------- ------------------ ----------------- ------------------
Gross profit 18,018 7,357 35,405 19,844
Gross profit before inventory write off 18,018 13,157 35,405 25,644
Other operating income 93 61 165 121
Research & development expenses (1,746) (1,592) (3,534) (2,957)
Selling, general and administrative expenses (12,302) (9,308) (24,318) (18,560)
Indirect share based payments (365) (241) (707) (585)
---------------- ------------------ ----------------- ------------------
Operating profit / (loss) 3,698 (3,723) 7,011 (2,137)
Operating profit before inventory write off 3,698 2,077 7,011 3,663
Financial income 149 311 358 465
Financial expenses (804) (400) (1,610) (742)
---------------- ------------------ ----------------- ------------------
Net financing costs (655) (89) (1,252) (277)
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Profit / (Loss) before tax 3,043 (3,812) 5,759 (2,414)
Income tax (expense) / credit (429) 1,700 (234) 1,542
---------------- ------------------ ----------------- ------------------
Profit / (Loss) for the period 2,614 (2,112) 5,525 (872)
Profit for the period before inventory write off 2,614 2,115 5,525 3,355
Earnings per ADR (US cents) 13.8 (11.7) 29.1 (5.2)
Earnings per ADR before inventory write off 13.8 11.7 29.1 20.1
Diluted earnings per ADR (US cents) 13.4 (11.7) 28.4 (5.2)
Diluted earnings per ADR before inventory write off 13.4 11.4 28.4 19.6
Weighted average no. of shares used in computing 76,017,803 72,186,336 75,958,769 66,853,745
earnings per share
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 December
30, 2007 31, 2006
US$ `000 US$ `000
unaudited) (audited)
ASSETS
Non-current assets
Property, plant and equipment 22,622 22,255
Goodwill and intangible assets 123,798 121,768
Deferred tax assets 8,153 7,656
Other assets 96 76
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Total non-current assets 154,669 151,755
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Current assets
Inventories 52,219 45,572
Trade and other receivables 31,974 33,115
Income tax receivable 437 368
Financial assets - restricted cash - 15,500
Cash and cash equivalents 9,069 2,821
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Total current assets 93,699 97,376
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TOTAL ASSETS 248,368 249,131
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EQUITY AND LIABILITIES
Equity attributable to the equity holders of the parent
Share capital 989 978
Share premium 153,877 151,774
Retained earnings 17,118 10,818
Translation reserve (126) (275)
Other reserves 3,967 3,967
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Total equity 175,825 167,262
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Current liabilities
Interest-bearing loans and borrowings 10,434 10,382
Convertible notes - interest bearing - 1,836
Income tax payable 584 44
Trade and other payables 19,735 20,459
Other financial liabilities 2,642 3,120
Provisions 100 100
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Total current liabilities 33,495 35,941
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Non-current liabilities
Interest-bearing loans and borrowings 28,924 33,076
Other financial liabilities - 2,568
Other payables 463 838
Deferred tax liabilities 9,661 9,446
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Total non-current liabilities 39,048 45,928
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TOTAL LIABILITIES 72,543 81,869
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TOTAL EQUITY AND LIABILITIES 248,368 249,131
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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).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TRINITY BIOTECH PLC
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(Registrant)
By: /s/ Kevin Tansley
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Kevin Tansley
Chief Financial Officer
Date: January 2, 2008