Trinity Biotech plc (TRIB) stock has experienced an increase of 10.09% in the aftermarket. However, the last trading session closed at $2.18 with a decline of 6.44%.
Second Quarter 2021 Financial Results
TRIB announced second-quarter 2021 financial results on 9th September 2021. When comparing Q2 2020 to Q2, 2021, point-of-care revenues grew by approximately 55 percent, from $1.3 million to $2.0 million. Higher HIV income from Africa-related sales contributed to the rise. COVID-19-related logistical restrictions have a substantial impact on sales in Q2 2020. While some of these restrictions have lessened, COVID-19 continues to wreak havoc on HIV testing in Africa, as well as the purchase of point-of-care tests.
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Clinical Laboratory sales grew by 61.9 percent from $14.8 million to $23.9 million in the second quarter of 2020. The rise is primarily attributable to high sales from our COVID-19-related portfolio of products, with our PCR Viral Transport Media product accounting for the majority of that portfolio’s revenue. Early in 2021, the Company noticed a substantial decline in demand for new VTM orders as COVID-19 testing volumes fell and clients used hoarded inventory.
TRIB Provides a Business Development Update for Q2 2021
TRIB gives an update on its business progress for the second quarter of 2021. For many years, TRIB has been the primary source of confirmatory tests for the identification of the HIV virus on the African continent. TrinScreenTM HIV is a novel product created by Trinity Biotech particularly for the screening industry, which is far bigger than the confirmatory market.
TrinScreenTM HIV has previously completed an independent review, which was funded by the World Health Organization (WHO). The WHO assessment is the final step in the approval procedure. In March 2021, the WHO received the final portion of the submission document. The WHO provided an update on the clearance process to the Company in June 2021. The WHO has verified that their screening of the submission dossier is complete, and it will now go to the final evaluation step.
First Quarter Fiscal Year 2021 Financial Results
TRIB announced first quarter Fiscal Year 2021 Financial Results on 25th May 2021. Firstly, when comparing Q1 2021 to Q1 2020, point-of-care revenues dropped by 43.4 percent, from $3.3 million to $1.9 million. This was largely due to a COVID-19-related delay in the issuance of HIV rapid test orders from Africa. Secondly, clinical Laboratory sales grew by 32.9 percent from $17.8 million to $23.7 million in the first quarter of 2020. The increase was largely attributable to increased sales of COVID-19-related products, with our PCR. Thirdly, Viral Transport Media products continuing to be the most important revenue driver within that portfolio. Lastly, lower revenues in certain parts of our company have not yet fully recovered to pre-Covid levels, which partially offset this.