Trinity Biotech, the Bray-based and Nasdaq-listed diagnostic products maker, reported a $6.8 million drop in sales.
According to Trinity’s first quarter 2022 results, revenue fell to nearly $18.8 million from about $25.6 million a year earlier. Sales in the point-of-care business rose 14 percent, but the clinical laboratory business fell nearly 30 percent.
The results were attributed to the decline in revenue from the clinical laboratory business, which makes up the bulk of Trinity’s business with revenue of more than $16.6 million in the quarter, due to “lower revenue from our Covid-19-related product portfolio.” .
It highlighted lower sales of its viral transport media PCR products, with sales volumes for such products declining since the first half of 2021 due to a “significant reduction” in PCR testing programs for Covid-19.
Gross profit for the first quarter of 2022 decreased to $7.3 million from $10.9 million in the prior year.
Trinity reported a gross margin of 38.7 percent, which was 3.9 percent lower than the margin achieved in the same quarter last year. It attributed the reduction to changes in sales mix and pricing pressure on PCR test products.
https://www.independent.ie/business/technology/news/revenues-fall-at-bray-based-trinity-biotech-as-covid-test-sales-decline-41827301.html Revenue at Bray-based Trinity Biotech falls as Covid test sales fall