Company Profile: Trinity Biotech plc  (TRIB)

Trinity Biotech specializes in the development, manufacture, and marketing of diagnostic products which utilize immunoassay technologies. Its diagnostic test kits are used for the clinical laboratory and point-of-care ("POC") segments of the diagnostic market. These test kits are used to detect, primarily, infectious diseases, sexually transmitted diseases and autoimmune disorders. Trinity markets over 120 products through distributors in 80 countries. It has manufacturing facilities in Bray, Ireland; Jamestown, New York; and Carlsbad, California. The company was formed in 1992 and attained its first full year of profit in 1997. Trinity Biotech has expanded through a combination of internal and acquisition-led growth.

Over the past three years, Trinity has made 4 acquisitions of diagnostic businesses. Three of these acquisitions have been of Enzyme Immunoassay ("EIA") businesses and the fourth was a hemostasis business. In October 2000, the Company also subscribed for 33% of the share capital of HiberGen Limited ("HiberGen"), an Irish-based genomics company. In July 2001, the Company further increased its shareholding in HiberGen to 40% and, in February 2002, it announced that it had exercised its option, to increase its shareholding to 66%. The investment in HiberGen represents an entry for Trinity into the area of molecular diagnostics. HiberGen was founded in Ireland in 1996 with the objective of identifying genetic variations of medical relevance. In pursuit of this goal, the SNaPIT technology was successfully developed and its US patent was granted in August 2000. SNaPIT is a rapid genetic variation detection technology. This technology is robust, low cost, and flexible. HiberGen's objective is to generate revenue through licensing agreements for this technology with third parties and in 2001 entered into a licensing agreement with Sequenom Inc. In addition, HiberGen has an isothermal amplification technology called GMA, an extension of the existing SNaPIT technology. This GMA technology provides an alternative for Trinity to upgrade to molecular diagnostic products since Trinity has the exclusive license for this technology in pathogen detection.

Trinity's core competency is the science of immunoassay. The Company develops, acquires, manufactures and markets a wide range of diagnostic products based on this technology. Immunoassays harness the body's own natural defense mechanisms. Faced with invasion by a foreign agent, known as an antigen, the body defends itself by producing antibodies. Each type of antibody produced is a highly specific response to the invading antigen. The antibodies bind and neutralize the antigen. It is this highly specific binding of antigen to antibody which forms the basis for all immunoassay tests.

Trinity's products can test for foreign agents such as viruses, bacteria and parasites, and for naturally occurring conditions such as cancer cells and hormones. The Company's manufacturing processes utilize biotechnology techniques involving the in-house production of recombinant proteins, synthetic peptides and monoclonal antibodies.

For the December 31, 2001 fiscal year, Trinity reported revenues of US$37.1 million as opposed to US$29.7 million in 2000. It reported 2001 net income of US$1.5 million versus US$4.8 in 2000. At December 2001, its shareholder's equity stood at $56.5 million and had working capital of US$16.6 million.