Trinity Biotech plc (Nasdaq: TRIB) revealed its financial results for the quarter ended September 30, 2020.
Revenue of the clinical Laboratory surged from $20.7m to $29.9m for the year, a rise of 45%. All of the company’s product lines recovered considerably from fiscal second quarter2020 levels during the quarter, revealing the most extreme effects of Covid-19.
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However as anticipated sales in fiscal third quarter, 2020 did not entirely return to pre-Covid terms, largely due to the temporary deferment of acquisitions of diabetes instruments and lower test volumes at Company’s Buffalo Autoimmunity Laboratory.
For the year, the gross margin was 52.4 percent, which compares to 41.0 percent in fiscal third quarter of 2019. This rise was mostly attributed to the effects of revenues associated with Covid-19, less instrument placements and lower depreciation.
Overheads for research and development rose marginally from $1.2 million in fiscal third quarter of 2019 to $1.3 million in fiscal third quarter of 2020. Sale, general and administrative (SG&A) expenditures, respectively, declined from $7.3 million to $6.3 million in fiscal third quarter, 2020.
The drop in SG&A spending was attributed to cost management steps taken in response to the pandemic, which included decreased travel expenses and the cancellation of trade shows and other marketing events.
For the year, net profit rose from $1.3m to $9.1m, marking almost a sevenfold improvement relative to the same time last year. This was attributed to the effects of higher sales and an increased profit margin, combined with the quarterly drop in indirect costs.