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Press Release dated July 19, 2018
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Contact: Trinity Biotech plc
Kevin Tansley
(353)-1-2769800
E-mail: kevin.tansley@trinitybiotech.com
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Lytham Partners LLC
Joe Diaz, Joe Dorame & Robert Blum
602-889-9700
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2017
Quarter 2
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2018
Quarter 2
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Increase/
(decrease)
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||||||||||
US$’000
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US$’000
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%
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||||||||||
Point-of-Care
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4,350
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4,019
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(7.6
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)%
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||||||||
Clinical Laboratory
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21,098
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20,983
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(0.6
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)%
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||||||||
Total
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25,448
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25,002
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(1.8
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)%
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(US$000’s except share data)
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Three Months Ended
June 30,
2018
(unaudited)
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Three Months Ended
June 30,
2017
(unaudited)
|
Six Months
Ended
June 30,
2018
(unaudited)
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Six Months
Ended
June 30,
2017
(unaudited)
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||||||||||||
Revenues
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25,002
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25,448
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48,801
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48,984
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||||||||||||
Cost of sales
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(14,194
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)
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(14,629
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)
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(27,565
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)
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(28,274
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)
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||||||||
Gross profit
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10,808
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10,819
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21,236
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20,710
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||||||||||||
Gross margin %
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43.2
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%
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42.5
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%
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43.5
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%
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42.3
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%
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||||||||
Other operating income
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24
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26
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48
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49
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||||||||||||
Research & development expenses
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(1,419
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)
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(1,322
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)
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(2,691
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)
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(2,651
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)
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||||||||
Selling, general and administrative expenses
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(7,358
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)
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(7,561
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)
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(14,298
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)
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(14,588
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)
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||||||||
Indirect share based payments
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(329
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)
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(130
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)
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(763
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)
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(380
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)
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||||||||
Operating profit
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1,726
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1,832
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3,532
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3,140
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||||||||||||
Financial income
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196
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196
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401
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373
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||||||||||||
Financial expenses
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(1,158
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)
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(1,169
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)
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(2,317
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)
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(2,339
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)
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||||||||
Net financing expense
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(962
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)
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(973
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)
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(1,916
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)
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(1,966
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)
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||||||||
Profit before tax & non-cash items
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764
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859
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1,616
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1,174
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||||||||||||
Income tax expense
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(158
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)
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(176
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)
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(290
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)
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(275
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)
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||||||||
Profit after tax before non-cash items | 606 | 683 |
1,326
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899 | ||||||||||||
Non-cash financial (expense) / income
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(12
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)
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219
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(354
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)
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1,249
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||||||||||
Profit after tax and non-cash items
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594
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902
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972
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2,148
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||||||||||||
Earnings per ADR (US cents)
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2.8
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4.1
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4.7
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9.8
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||||||||||||
Earnings per ADR excluding non-cash financial (expense) / income (US cents)
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2.9
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3.1
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6.3
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4.1
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||||||||||||
Diluted earnings per ADR (US cents)*
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6.7
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6.8
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13.9
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11.7
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||||||||||||
Weighted average no. of ADRs used in computing basic earnings per ADR
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20,901,703
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21,847,528
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20,904,777
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21,974,369
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||||||||||||
Weighted average no. of ADRs used in computing diluted earnings per ADR
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26,157,644
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27,104,994
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26,166,077
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27,231,931
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June 30,
2018
US$ ‘000
(unaudited)
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Mar 31,
2018
US$ ‘000
(unaudited)
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Dec 31,
2017
US$ ‘000
(unaudited)
|
||||||||||
ASSETS
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||||||||||||
Non-current assets
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||||||||||||
Property, plant and equipment
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7,769
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7,033
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5,800
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|||||||||
Goodwill and intangible assets
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68,263
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66,474
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64,754
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|||||||||
Deferred tax assets
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9,047
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8,968
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8,698
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|||||||||
Other assets
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701
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779
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771
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|||||||||
Total non-current assets
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85,780
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83,254
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80,023
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|||||||||
Current assets
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||||||||||||
Inventories
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34,818
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34,179
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32,805
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|||||||||
Trade and other receivables
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23,138
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22,118
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20,740
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|||||||||
Income tax receivable
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1,287
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1,234
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1,440
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|||||||||
Cash and cash equivalents
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49,426
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53,895
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57,607
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|||||||||
Total current assets
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108,669
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111,426
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112,592
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|||||||||
TOTAL ASSETS
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194,449
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194,680
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192,615
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|||||||||
EQUITY AND LIABILITIES
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||||||||||||
Equity attributable to the equity holders of the parent
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||||||||||||
Share capital
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1,224
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1,224
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1,224
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|||||||||
Share premium
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16,187
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16,187
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16,187
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|||||||||
Accumulated surplus
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47,430
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46,837
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46,157
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|||||||||
Other reserves
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1,853
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1,529
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1,628
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|||||||||
Total equity
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66,694
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65,777
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65,196
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|||||||||
Current liabilities
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||||||||||||
Income tax payable
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252
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344
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310
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|||||||||
Trade and other payables
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20,494
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21,761
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20,870
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|||||||||
Provisions
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50
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50
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50
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|||||||||
Total current liabilities
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20,796
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22,155
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21,230
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Non-current liabilities
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||||||||||||
Exchangeable senior note payable
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95,179
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95,167
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94,825
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|||||||||
Other payables
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341
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453
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532
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|||||||||
Deferred tax liabilities
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11,439
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11,128
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10,832
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Total non-current liabilities
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106,959
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106,748
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106,189
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|||||||||
TOTAL LIABILITIES
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127,755
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128,903
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127,419
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|||||||||
TOTAL EQUITY AND LIABILITIES
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194,449
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194,680
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192,615
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(US$000’s)
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Three Months
Ended
June 30,
2018
(unaudited)
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Three Months
Ended
June 30,
2017
(unaudited)
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Six Months
Ended
June 30,
2018
(unaudited)
|
Six Months
Ended
June 30,
2017
(unaudited)
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||||||||||||
Cash and cash equivalents at beginning of period
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53,895
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69,851
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57,607
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77,108
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||||||||||||
Operating cash flows before changes in working capital
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3,204
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3,739
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6,462
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6,006
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||||||||||||
Changes in working capital
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(1,466
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)
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(367
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)
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(4,145
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)
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(2,575
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)
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||||||||
Cash generated from operations
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1,738
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3,372
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2,317
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3,431
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||||||||||||
Net Interest and Income taxes (paid)/received
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(30
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)
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62
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175
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239
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|||||||||||
Capital Expenditure & Financing (net)
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(3,877
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)
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(3,185
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)
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(7,939
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)
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(6,832
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)
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||||||||
Free cash flow
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(2,169
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)
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249
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(5,447
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)
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(3,162
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)
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Share buyback
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-
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(3,096
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)
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(434
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)
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(4,929
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)
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|||||||||
Payment of HIV-2 licence fee
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-
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-
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-
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(1,112
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)
|
|||||||||||
30 year Exchangeable Note interest payment
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(2,300
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)
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(2,300
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)
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(2,300
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)
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(2,300
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)
|
||||||||
Once-off items
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-
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(727
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)
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-
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(1,628
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)
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||||||||||
Cash and cash equivalents at end of period
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49,426
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63,977
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49,426
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63,977
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TRINITY BIOTECH PLC
(Registrant)
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By:
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/s/ Kevin Tansley | ||
Kevin Tansley | |||
Chief Financial Officer | |||
Document and Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Document And Entity Information | |
Entity Registrant Name | TRINITY BIOTECH PLC |
Entity Central Index Key | 0000888721 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2018 |
Consolidated Income Statements - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
Profit or loss [abstract] | ||||||
Revenues | $ 25,002 | $ 25,448 | $ 48,801 | $ 48,984 | ||
Cost of sales | (14,194) | (14,629) | (27,565) | (28,274) | ||
Gross profit | $ 10,808 | $ 10,819 | $ 21,236 | $ 20,710 | ||
Gross margin % | 43.20% | 42.50% | 43.50% | 42.30% | ||
Other operating income | $ 24 | $ 26 | $ 48 | $ 49 | ||
Research & development expenses | (1,419) | (1,322) | (2,691) | (2,651) | ||
Selling, general and administrative expenses | (7,358) | (7,561) | (14,298) | (14,588) | ||
Indirect share based payments | (329) | (130) | (763) | (380) | ||
Operating profit | 1,726 | 1,832 | 3,532 | 3,140 | ||
Financial income | 196 | 196 | 401 | 373 | ||
Financial expenses | (1,158) | (1,169) | (2,317) | (2,339) | ||
Net financing expense | (962) | (973) | (1,916) | (1,966) | ||
Profit before tax & non-cash items | 764 | 859 | 1,616 | 1,174 | ||
Income tax expense | (158) | (176) | (290) | (275) | ||
Profit after tax before non-cash items | 606 | 683 | 1,326 | 899 | ||
Non-cash financial (expense) / income | (12) | 219 | (354) | 1,249 | ||
Profit after tax and non-cash items | $ 594 | $ 902 | $ 972 | $ 2,148 | ||
Earnings per ADR (US cents) | $ 2.8 | $ 4.1 | $ 4.7 | $ 9.8 | ||
Earnings per ADR excluding non-cash financial (expense) / income (US cents) | 2.9 | 3.1 | 6.3 | 4.1 | ||
Diluted earnings per ADR (US cents) | [1] | $ 6.7 | $ 6.8 | $ 13.9 | $ 11.7 | |
Weighted average no. of ADRs used in computing basic earnings per ADR | 20,901,703 | 21,847,528 | 20,904,777 | 21,974,369 | ||
Weighted average no. of ADRs used in computing diluted earnings per ADR | 26,157,644 | 27,104,994 | 26,166,077 | 27,231,931 | ||
|
Consolidated Statement of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of cash flows [abstract] | ||||
Cash and cash equivalents at beginning of period | $ 53,895 | $ 69,851 | $ 57,607 | $ 77,108 |
Operating cash flows before changes in working capital | 3,204 | 3,739 | 6,462 | 6,006 |
Changes in working capital | (1,466) | (367) | (4,145) | (2,575) |
Cash generated from operations | 1,738 | 3,372 | 2,317 | 3,431 |
Net Interest and Income taxes (paid)/received | (30) | 62 | 175 | 239 |
Capital Expenditure & Financing (net) | (3,877) | (3,185) | (7,939) | (6,832) |
Free cash flow | (2,169) | 249 | (5,447) | (3,162) |
Share buyback | (3,096) | (434) | (4,929) | |
Payment of licence fee | (1,112) | |||
Exchangeable Note interest payment | (2,300) | (2,300) | (2,300) | (2,300) |
Once-off items | (727) | (1,628) | ||
Cash and cash equivalents at end of period | $ 49,426 | $ 63,977 | $ 49,426 | $ 63,977 |
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