Irish-headquartered Trinity Biotech reported a weak start to the year with revenues falling by 7.4 per cent to $22 million in the first quarter.
The medical diagnostics company said point-of-care revenues were down 15. 4 per cent to $3.2 million, due to a decline in public health spending in the US.
Clinical revenues were 6 per cent lower at $18.8 million, primarily as a result of a reduction in infectious diseases turnover.
The Nasdaq-listed company develops, manufactures and markets diagnostic systems for the point-of-care and clinical laboratory segments of the diagnostic market. Its products are sold in more than 110 countries and it employs more than 500 people.
Earnings before interest, tax, depreciation, amortisation and share option expense for the three months was $3.1 million, down from $3.3 million for the same period in 2018.
Gross profit for the first quarter amounted to $9.3 million, representing a margin of 42.3 per cent, lower than the 43.8 per cent achieved a year earlier but higher than in the last two quarters of 2018.
Operating profit for the quarter totalled $1.3 million, as against $1.8 million in the first quarter a year ago.
