Announcing a rise in revenue and profits, Dublin-based diagnostics company Trinity Biotech, also announced today a new contract for the supply of its rapid HIV tests.
Trinity Biotech reported revenues for 2006 up 20.4% to €118.7m. Profit after tax, before an inventory write off, was up 42% on the year to $7.5m.
The write off of $4.2m after tax was mainly due to the discontinuation of some product lines following Trinity Biotech's acquisition of the bioMerieux haemostasis business in June.
Rory Nealon, CFO, said the acquisition will have a big impact on the profitability and scale of the company, and has increased its share of the global haemostasis market from 4% to 13%.
The company is well positioned for organic growth for this year and beyond, he added.
Trinity Biotech also said today it had signed a new contract for the supply of rapid HIV products to fifteen countries under the US President's Emergency Plan for AIDS Relief (PEPFAR).
In 2003, the US established the plan with a pledge of $15 billion over five years for HIV/AIDS prevention, treatment and care programs in the developing world.
Trinity Biotech said it has been awarded a two-year contract for its Uni-Gold and Capillus rapid HIV test kits in support of PEPFAR.
Ronan O' Caoimh, Trinity Biotech CEO, said:'We anticipate driving substantial revenue growth in our African point of care segment with the execution of this contract.'
