SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

F O R M   6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2009

TRINITY BIOTECH PLC

(Name of Registrant)

IDA Business Park
Bray, Co. Wicklow
Ireland

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ       Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o       No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    

 

 

Press Release dated October 21, 2009

Contact:		Trinity Biotech plc Kevin Tansley (353)-1-2769800 E-mail: kevin.tansley@trinitybiotech.com		Lytham Partners LLC Joe Diaz, Joe Dorame & Robert Blum 602-889-9700

Trinity Biotech Announces Third Quarter 2009 Financial Results

EPS Increases by 131 % to 14.6 cent from 6.3 cent

DUBLIN, Ireland (October 21, 2009)... Trinity Biotech plc (NasdaqGS: TRIB), a leading developer and manufacturer of diagnostic products for the point-of-care and clinical laboratory markets, today announced results for the quarter ended September 30, 2009.

Total revenues for the quarter were $31.7 million. On a constant currency basis this compares to $34.5 million in quarter 3, 2008, and $32.8m in quarter 2, 2009, representing a decrease of 8.2% and 3.3% respectively. Point-of-Care revenues decreased by over 23% versus quarter 3, 2008, mainly due to a decision by the company not to ship HIV products to a major customer for credit related reasons. Clinical Laboratory revenues, fell by 5.6%, on a constant currency basis, when compared to quarter 3, 2008. However, when compared with quarter 2, 2009, Clinical Laboratory revenues have increased by 3.4%. This has been partly due to an increase in coagulation revenues this quarter, following a period of decline prior to the launch of Destiny Max.

Revenues for the three months by key product area were as follows :

		2008				2008				2009				2009
		Quarter 3				Quarter 3				Quarter 2				Quarter 3
						Adjusted*				Adjusted*
		US$’000				US$’000				US$’000				US$’000
Total Clinical Laboratory			30,388				29,450				26,903				27,814
Point-of-Care			5,194				5,090				5,908				3,891
Total			35,582				34,540				32,812				31,705

Gross profit for the quarter amounted to $14.3 million representing a gross margin of approximately 45%, which is an improvement of 1% over the same period in 2008. By excluding instruments service costs the gross margin rises to 49%.

Research and Development expenses amounted to $1.8m, representing a decrease of 3%. SG&A expenses have fallen by 26% from $11.8 million in the third quarter of 2008 to $8.7 million in the current quarter. As has been the case in previous quarters this year, the fall in SG&A expenses is due to cost base management, the impact of lower depreciation and amortization charges and more favourable exchange rates. The tax charge for the quarter was $0.4 million representing an effective tax rate of 11.2%, which is broadly in line with the rate for the year as a whole.

Operating profit for the quarter increased to $3.7 million representing an increase of over 85% compared to the same period last year. Net income for the quarter has increased to $3.1m compared with $1.3m in quarter 3, 2008, an increase of over 131%. Similarly EPS per share (ADR) has increased from 6.3 cent per share (ADR) to 14.6 cent per share (ADR) during the same period.

During the quarter, the Company generated more than $4.1 million of cash from operations. Following a repayment of $3.2 million during the quarter, the company has brought its bank debt to under $30 million.

Since quarter end, a U.S. court (Southern District of New York) has issued a Default Judgement ordering Mr. Tom Reidy to pay Trinity Biotech a total of US$266,000. This follows a legal action taken by the company in relation to the calculation of an earnout paid to Mr. Reidy as a former shareholder of Primus Corporation. The other shareholders of Primus, representing 60% of the shares, had previously settled with the company. Mr. Reidy, who held the remaining 40% shareholding at the time of Trinity’s acquisition of Primus, was responsible for managing the Primus business during the earnout period. Trinity Biotech will now seek to enforce this Default Judgement and recover the money, which consists of US$201,000 in relation to the earnout calculation plus interest of $65,000.

Ronan O’Caoimh, CEO, commented, “The results this quarter show that we have continued to make strong progress throughout 2009. Our main focus for this year is to drive profits forward. EPS of 14.6 cent this quarter represents an increase of 131% over the equivalent period last year and brings the EPS for the year to date to 41 cent per share.

During this quarter, we achieved the key milestone of obtaining FDA approval for our new coagulation analyzer, Destiny Max. We have now commenced our formal launch of this state of the art instrument in the USA, the largest coagulation market in the world.

Whilst our quarter 3 Clinical Laboratory revenues have fallen by 5.6% year on year, it should be noted that compared to quarter 2, 2009 they have actually increased by 3.4%. This growth has been partly attributable to a 4.7% increase in our coagulation revenues. This improvement in coagulation revenues coupled with the US launch of Destiny Max reflects our belief that that we have largely arrested our decline in this area and that in 2010 we will commence growing the coagulation business.

The decrease in our of point-of-care revenues this quarter was principally due to a decision taken by the company not to supply HIV products to one of our major customers, as a result of credit issues. Notwithstanding this, our HIV business remains very strong and represents an area of major growth potential for the company. We remain very proud of the strong market positions that our Uni-gold products have achieved in the key markets of Africa and the USA.”

Commenting on the results, Kevin Tansley, Chief Financial Officer, said “This represents the third successive quarter of strong earnings for the company. For the nine months to September 30, 2009 we have reported EPS of 41 cent per share (ADR), which is more than double that achieved in the equivalent period in 2008.

Quarter 2, 2009 was the first time that Trinity achieved profits of $3 million in a single quarter and we are very happy to have increased profits further this quarter.”

Forward-looking statements in this release are made pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development commercialisation and technological difficulties, and other risks detailed in the Company’s periodic reports filed with the Securities and Exchange Commission.

Trinity Biotech develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and blood coagulation disorders, and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information please see the Company’s website: www.trinitybiotech.com.

Trinity Biotech plc
Consolidated Income Statements

(US$000's except share data)		Three Months				Three Months				Nine Months				Nine Months
		Ended				Ended				Ended				Ended
		Sept 30,				Sept 30,				Sept 30,				Sept 30,
		2009				2008				2009				2008
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues			31,705				35,582				95,113				106,130
Cost of sales (excluding service costs)			(16,183	)			(18,090	)			(47,912	)			(53,363	)
Gross profit (excluding service costs)			15,522				17,492				47,201				52,767
Gross profit % (excluding service costs)			49.0	%			49.2	%			49.6	%			49.7	%
Cost of sales — instrument servicing costs			(1,251	)			(1,821	)			(3,877	)			(5,098	)
Gross profit (including service costs)			14,271				15,671				43,324				47,669
Gross profit % (including service costs)			45.0	%			44.0	%			45.6	%			44.9	%
Other operating income			143				363				415				551
Research & development expenses			(1,843	)			(1,899	)			(5,400	)			(5,683	)
Selling, general and administrative expenses			(8,729	)			(11,819	)			(27,341	)			(35,703	)
Indirect share based payments			(111	)			(302	)			(384	)			(728	)
Operating profit			3,731				2,014				10,614				6,106
Financial income			—				16				4				54
Financial expenses			(289	)			(478	)			(929	)			(1,705	)
Net financing costs			(289	)			(462	)			(925	)			(1,651	)
Profit before tax			3,442				1,552				9,689				4,455
Income tax expense			(385	)			(231	)			(1,123	)			(576	)
Profit for the period			3,057				1,321				8,566				3,879
Earnings per ADR (US cents)			14.6				6.3				41.0				19.2
Diluted earnings per ADR (US cents)			14.5				6.3				41.0				19.2
Weighted average no. of ADR’s used in Computing earnings per ADR.			20,943,038				20,854,395				20,885,092				20,178,662

The above financial statements have been prepared in accordance with the principles of International Financial Reporting Standards and the Company’s accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).

Trinity Biotech plc
Consolidated Balance Sheets

		Sept 30,				June 30,				March 31,				Dec 31,
		2009				2009				2009				2008
		US$ ’000				US$ ’000				US$ ’000				US$ ’000
		(unaudited)				(unaudited)				(unaudited)				(audited)
ASSETS
Non-current assets
Property, plant and equipment			12,143				11,908				11,489				11,836
Goodwill and intangible assets			42,866				41,029				39,750				38,544
Deferred tax assets			2,926				3,099				2,879				3,051
Other assets			636				661				773				877
Total non-current assets			58,571				56,697				54,891				54,308
Current assets
Inventories			41,254				41,667				40,984				42,317
Trade and other receivables			26,192				27,385				25,950				27,418
Derivative Financial Instruments			284				344				—				—
Income tax receivable			345				329				324				282
Cash and cash equivalents			3,697				4,791				2,589				5,184
Total current assets			71,772				74,516				69,847				75,201
TOTAL ASSETS			130,343				131,213				124,738				129,509
EQUITY AND LIABILITIES
Equity attributable to the equity holders of the parent
Share capital			1,079				1,072				1,070				1,070
Share premium			160,641				160,031				159,854				159,864
Accumulated deficit			(90,522	)			(93,698	)			(96,881	)			(99,493	)
Translation reserve			199				(108	)			(1,109	)			(9	)
Other reserves			4,781				4,822				4,488				4,473
Total equity			76,178				72,119				67,422				65,905
Current liabilities
Interest-bearing loans and borrowings			14,164				13,943				13,835				12,656
Income tax payable			64				35				54				5
Trade and other payables			16,907				19,279				18,677				22,969
Derivative Financial Instruments			—				—				13				27
Provisions			50				50				50				50
Total current liabilities			31,185				33,307				32,629				35,707
Non-current liabilities
Interest-bearing loans and borrowings			17,683				20,609				20,251				23,465
Other payables			59				59				59				59
Deferred tax liabilities			5,238				5,119				4,377				4,373
Total non-current liabilities			22,980				25,787				24,687				27,897
TOTAL LIABILITIES			54,165				59,094				57,316				63,604
TOTAL EQUITY AND LIABILITIES			130,343				131,213				124,738				129,509

The above financial statements have been prepared in accordance with the principles of International Financial Reporting Standards and the Company’s accounting policies but do not constitute an interim financial report as defined in IAS 34 (Interim Financial Reporting).

Trinity Biotech plc
Consolidated Statement of Cash Flows

		Three Months				Three Months
		Ended				Ended
		Sept 30,				Sept 30,
		2009				2008
		US$ ’000				US$ ’000
		(unaudited)				(unaudited)
Cash and cash equivalents at beginning of period			4,791				6,246
Operating cash flows before changes in working capital			4,701				3,951
Changes in Working Capital			(584	)			(1,862	)
Cash generated from operations			4,117				2,089
Net Interest and Income taxes paid			(396	)			(586	)
Capital Expenditure (Net)			(1,600	)			(3,176	)
Repayment of bank debt			(3,215	)			(1,071	)
Cash and cash equivalents at end of period			3,697				3,502

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 23, 2009