Trinity Biotech, the Bray-headquartered and Nasdaq-listed manufacturer of diagnostic products, has reported a $ 6.8m (€ 6.7m) fall in revenue, citing falling sale volumes of Covid-19 PCR testing items.
ccording to Trinity’s results for the first quarter of 2022, revenue declined to nearly $ 18.8m from around $ 25.6m the previous year. Sales at its point-of-care business grew by 14pc, but its clinical laboratory business fell by nearly 30pc.
The results were blamed on the decrease in revenue at its clinical laboratory business, which makes up most of Trinity’s business, with sales of more than $ 16.6m in the quarter, due to “lower revenues from within our Covid-19 related portfolio of products”. .
It highlighted lower sales of its PCR Viral Transport Media products, with sales volumes for such products decreasing since the first half of 2021 due to “a significant scaling down” of PCR testing programs for Covid-19.
Gross profit for the first quarter of 2022 decreased to $ 7.3m, down from $ 10.9m in the previous year.
Trinity reported a gross margin of 38.7pc, which was 3.9pc lower than the margin it achieved over the same quarter last year. It blamed the reduction on sales mix changes and downward price pressure on PCR testing products.