Operating profit has decreased from $4.3m to $3.8m for the quarter, again reflecting the impact of the Immco acquisition costs. If such costs were excluded, the operating margin in the quarter would have been 19%.
Net financial income was approximately $0.4m and represents a decrease compared to Q2, 2012 due to lower prevailing deposit interest rates.
The tax charge for Q2, 2013 was $0.3m which represents an effective tax rate of approximately 6.5%.
Profit After Tax before the Medical Device Excise Tax (MDET) decreased from $4.3m to $4.0m. However, excluding the impact of the Immco acquisition costs, profits increased from $4.3m to $4.4m. EPS (excluding MDET) for the quarter was 18.5 cents. However, if the impact of the Immco acquisition costs were excluded, this would increase to 20.5 cents compared to 20 cents in Q2, 2012.
Earnings before interest, tax, depreciation, amortisation and share option expense for the quarter was $5.1m.
The development of our new cardiac point-of-care tests is progressing very well and our projected launch dates remain on target. Last quarter, we announced that we had reached design freeze on our high sensitivity Troponin I test and that we were commencing the clinical trials necessary to obtain CE marking. As part of this process, our Troponin I test is currently participating in the FASTEST study currently being undertaken in Sweden. This study, under the sponsorship and guidance of Professor Bertil Lindal and Uppsala Clinical Research, is designed to measure Troponin I levels in serial early samples in patients with symptoms suggestive of ACS (Acute Coronary Syndrome). Six emergency rooms at major hospitals are participating in this multi-site study. In parallel, a study of normal subjects is being conducted by Scandinavian CRO AB. Consequently, we expect to obtain CE marking in December, 2013 at which point the product will be authorised for sale throughout the European Union. We are currently appointing distributors throughout the EU and expect first sales of the Troponin test in early 2014.
In terms of the US market, protocols have now been completed for the FDA clinical trials for which Professor Fred Apple, Minneapolis, will be the Principal Investigator. Five nationwide sites have been selected and we are currently completing the necessary contractual and ethical approval processes in order for the US trials to commence. These trials will commence in October/November and will be completed by the end of quarter 1, 2014, with FDA approval anticipated by the end of 2014.
Meanwhile, work on our BNP assay also continues to progress very well and the product is expected to be ready to commence CE trials later this year with a view to obtaining CE marking in Q1, 2014 with sales commencing shortly thereafter.
Finally, during the quarter, the company hired Mr. Tom Parenteau to head up our Cardiovascular Sales Division. Tom, who has more than 20 years of commercial experience in the diagnostics industry, most recently worked with Alere/Biosite as Senior Director of Global Marketing, heading up Alere's Cardiovascular Products Division. Tom brings to the company the requisite knowledge and experience of the cardiovascular market required for a successful launch of Trinity's Troponin and BNP products.