SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

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

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.

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.

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 20, 2011

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

Trinity Biotech Announces Quarter 3 Financial Results
EPS increases by 12.1% to 18.5 cents per ADR

DUBLIN, Ireland (October 20, 2011).... Trinity Biotech plc (Nasdaq: 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, 2011.

Quarter 3 Results

Total revenues for Q3, 2011 were $19.8m which compares to $18.7m in Q3, 2010, representing an increase of 6%.

Point-of-care revenues for Q3, 2011 decreased by 6% when compared to Q3, 2010. This was attributable to lower HIV sales in Africa mainly due to timing factors. Consequently it is expected that this will be offset by correspondingly increased revenues in Q4, 2011.

Clinical Laboratory revenues increased from $14.5m to $15.9m, which represents an increase of 9% compared to Q3, 2010. However, excluding Fitzgerald revenues, which fell by 6% in the quarter, the increase in our core diabetes/infectious diseases revenues was 13%.

Revenues for Q3, 2011 by key product area were as follows:

		2010				2011				Increase/
		Quarter 3				Quarter 3				Decrease
		US$’000				US$’000				%
Point-of-Care			4,202				3,941				-6	%
Clinical Laboratory			14,547				15,885				9	%
Total			18,749				19,826				6	%

Gross profit for Q3, 2011 amounted to $10.3m representing a gross margin of 51.7% which compares favourably to the gross margin of 50.6% for the same period in 2010. This continues the trend of improving gross margins since the divestiture of the coagulation product line in Q2, 2010.

Research and Development expenses increased from $0.8m to $0.9m, an increase of 13.1%. Meanwhile, Selling, General and Administrative (SG&A) expenses have decreased by 8.5% to $5.2m compared to Q3, 2010. This is due to the elimination of costs which were initially retained during the transition period following the divestiture of the coagulation product line.

Operating profit for Q3, 2011 was $4.1m, and represents an increase of over 25% when compared with Q3, 2010. Operating margin at 20.7% remains above our target of 20% and represents a significant improvement compared to the 17.4% reported in Q3, 2010.

Net financial income for Q3, 2011 was $0.5m which compares to net financial income of $0.4m in Q3, 2010. This improvement is attributable to a lower interest expense due to the repayment of some minor elements of lease and other financing, in addition to higher interest income being earned on increased cash balances. The tax charge for Q3, 2011 was $0.7m which represents an effective tax rate of 15.3%. This compares with an effective rate of 6.6% in Q3, 2010, which was lower due to the utilisation of tax losses forward.

Profit After Tax was $3.9m which is an increase of 12.2% over Q3, 2010. Similarly, EPS for Q3, 2011 increased by 12.1% from 16.5 cents to 18.5 cents.

Free Cash Flows generated during the quarter were slightly over $3m. This in turn was offset by $3m spent on share repurchases and the payment of a scheduled deferred consideration payment of $0.3m in relation to the acquisition of Phoenix Biotech. The net result is that our cash position has remained broadly static at $71.1m.

Share buyback

During the quarter we repurchased 291,223 ADRs at an average price of $10.28 as part of our share buyback program. The total amount spent on repurchases during the quarter was just over $3m.

Comments

Commenting on the results, Kevin Tansley, Chief Financial Officer, said “We are very pleased with our results this quarter as we are showing improvements in all of our key indicators. Revenues have grown by 6% and profits and EPS are each up by over 12%. This increase in profitability was achieved notwithstanding the increase of over $500,000 in the tax charge this quarter when compared to the particularly low effective tax rate in quarter 3, 2010. Meanwhile, our gross margin has increased to 51.7% and our operating margin has continued to improve, reaching a new high of 20.7%. We continue to generate strong cash flows, which in this quarter were used to fund our on-going share buyback program.”

Ronan O’Caoimh, CEO stated “We continue to deliver on our key objectives of simultaneously growing revenues and profitability. We are particularly pleased with the 13% organic revenue growth in our key infectious diseases and diabetes business. This was achieved before the impact of our new A1c instrument, Premier, which has just been launched. Meanwhile, we are making excellent progress on the development of our new point-of-care products, the first of which will be submitted to the FDA for approval later this year.”

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 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

		Three Months				Three Months				Nine Months				Nine Months
		Ended				Ended				Ended				Ended
		Sept 30,				Sept 30,				Sept 30,				Sept 30,
(US$000’s except share data)		2011				2010				2011				2010
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues			19,826				18,749				57,935				70,388
Cost of sales			(9,571	)			(9,262	)			(28,119	)			(36,215	)
Gross profit			10,255				9,487				29,816				34,173
Gross profit %			51.7	%			50.6	%			51.5	%			48.5	%
Other operating income			191				651				721				1,234
Research & development expenses			(857	)			(758	)			(2,344	)			(3,750	)
Selling, general and administrative expenses			(5,237	)			(5,721	)			(15,500	)			(20,426	)
Indirect share based payments			(252	)			(392	)			(1,006	)			(779	)
Operating profit			4,100				3,267				11,687				10,452
Non-recurring items			—				(587	)			—				46,474
Financial income			549				514				1,822				792
Financial expenses			(3	)			(69	)			(10	)			(426	)
Net financial income			546				445				1,812				366
Profit before tax			4,646				3,125				13,499				57,292
Income tax expense on operating activities			(711	)			(206	)			(1,950	)			(888	)
Income tax credit on non-recurring items			—				—				—				354
Profit for the period			3,935				2,919				11,549				56,758
Profit for the period (excluding non-recurring items)			3,935				3,506				11,549				9,930
Earnings per ADR (US cents)			18.5				13.8				54.1				268.6
Earnings per ADR (US cents) — excluding non-recurring items			18.5				16.5				54.1				47.0
Diluted earnings per ADR (US cents)			17.7				13.5				51.8				263.9
Diluted earnings per ADR (US cents) — excluding non-recurring items			17.7				16.2				51.8				46.2
Weighted average no. of ADRs used in computing basic earnings per ADR			21,297,539				21,183,785				21,345,527				21,127,858

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,
		2011				2011				2011				2010
		US$ ‘000				US$ ‘000				US$ ‘000				US$ ‘000
		(unaudited)				(unaudited)				(unaudited)				(audited)
ASSETS
Non-current assets
Property, plant and equipment			7,603				7,260				6,630				5,999
Goodwill and intangible assets			43,515				41,799				40,267				37,248
Deferred tax assets			3,950				4,158				4,385				4,680
Other assets			509				534				11,729				11,623
Total non-current assets			55,577				53,751				63,011				59,550
Current assets
Inventories			19,478				18,971				18,636				17,576
Trade and other receivables			23,172				23,686				24,078				25,529
Income tax receivable			156				199				91				217
Cash and cash equivalents			71,128				71,422				59,818				58,002
Total current assets			113,934				114,278				102,623				101,324
TOTAL ASSETS			169,511				168,029				165,634				160,874
EQUITY AND LIABILITIES
Equity attributable to the equity holders of the parent
Share capital			1,103				1,097				1,094				1,092
Share premium			2,683				2,055				1,743				161,599
Accumulated surplus/(deficit)			141,177				139,928				137,705				(25,412	)
Other reserves			4,008				4,008				4,008				4,008
Total equity			148,971				147,088				144,550				141,287
Current liabilities
Interest-bearing loans and borrowings			152				176				174				162
Income tax payable			812				770				890				597
Trade and other payables			11,411				12,153				12,680				11,447
Provisions			50				50				50				50
Total current liabilities			12,425				13,149				13,794				12,256
Non-current liabilities
Interest-bearing loans and borrowings			—				34				74				111
Other payables			16				62				52				30
Deferred tax liabilities			8,099				7,696				7,164				7,190
Total non-current liabilities			8,115				7,792				7,290				7,331
TOTAL LIABILITIES			20,540				20,941				21,084				19,587
TOTAL EQUITY AND LIABILITIES			169,511				168,029				165,634				160,874

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				Nine Months				Nine Months
		Ended				Ended				Ended				Ended
		Sept 30,				Sept 30,				Sept 30,				Sept 30,
(US$000’s)		2011				2010				2011				2010
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Cash and cash equivalents at beginning of period			71,422				50,042				58,002				6,078
Operating cash flows before changes in working capital			5,029				5,260				14,967				14,586
Changes in working capital			(335	)			(332	)			(231	)			1,357
Cash generated from operations			4,694				4,928				14,736				15,943
Net Interest and Income taxes received/(paid)			417				347				1,463				(230	)
Capital Expenditure & Financing (net)			(2,069	)			(1,515	)			(6,268	)			(4,950	)
Free cash flow			3,042				3,760				9,931				10,763
Proceeds from sale of Coagulation product line			—				—				11,250				66,517
Cash paid to acquire Phoenix Bio-tech			(333	)			—				(1,833	)			—
Repurchase of own company shares			(3,003	)			—				(4,073	)			—
Dividend Payment			—				—				(2,149	)			—
Repayment of bank debt			—				—				—				(29,556	)
Cash and cash equivalents at end of period			71,128				53,802				71,128				53,802

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).

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 21, 2011.