Clinical product manufacturer Trinity Biotech has reported first quarter revenues of $11.4 million. This is 38% higher than the $8.3 million reported the same time last year.
Profits before tax and losses associated with HiberGen, came in at $1.5 million compared to $1.1 million in 2001 - a 40% increase quarter on quarter.
Gross profit amounted to $5.6 million, which the company said representing a gross margin of 49%.
Research and development expenses were $1 million during the three month period, compared to $.07 million the same time last year. The company said this reflected a continuing commitment to in-house development work.
Trinity said the initial stages of the restructuring programme at Biopool have been successfully completed.
Ronan O'Caoimh, Trinity Biotech's CEO, said the company's first quarter results reflected the benefits of both organic and acquisition led growth.
'We are most satisfied with the 40% increase in profits, particularly given the increase in research and development expenditure and the start-up losses of $0.2 million incurred in Germany in the quarter,' he said. 'We are pleased with the development of our direct sales operations and are confident that this investment will position us well for the future,' he added.
