Trinity Biotech Books $24 Million Impairment Charge, Exiting Two Markets

Irish medical diagnostic company Trinity Biotech has booked a $24.4 million (€22.2 million) non-cash impairment charge, is closing a facility in California and is exiting two markets in which it operates, The Irish Times reported. In more positive news, however, the group also said it was close to completing a test to quickly detect Covid-19, and developing a second test that will indicate who has immunity. The Nasdaq-listed group on Tuesday announced a 6.8 per cent decline in 2019 revenues to $9.4 million. Pre-tax profits were down $2.2 million versus 2018 to $800,000 as earnings before interest, tax, depreciation, amortisation and share option expense came in at $11.4 million, down from $19.4 million a year earlier. Trinity Biotech develops, manufactures and markets diagnostic systems for the point-of-care and clinical laboratory segments of the diagnostic market. Its products are sold in more than 110 countries, and it employs more than 500 people. Read more