Sales of our diabetes instrument, Premier, continue to perform strongly. During quarter 2, 80 instruments were sold compared to 67 instruments in quarter 1, 2013. This included the first sales of instruments to China following the receipt of Chinese regulatory approval. With total sales of 147 instruments for the first half of 2013, the Company is confident of meeting its target of 320 instruments for the year as a whole.
In June 2013, the company paid a dividend of 20 US cents per ADR, which represents an increase of 33% compared with 15 US cents per ADR paid in 2012.
Acquisition of Immco Diagnostics Inc.
Trinity Biotech is pleased to announce the acquisition of Immco Diagnostics Inc. (Immco) on July 26, 2013, for a consideration of $32.75m. Headquartered in Buffalo, New York, and employing 90 people, Immco is a diagnostic company specializing in the development, manufacture and sale of autoimmune test kits on a worldwide basis. This product line is complemented by specialized reference laboratory services in diagnostic immunology, pathology and immunogenetics, marketed to US-based reference laboratories and hospitals. Immco is currently generating revenues of $12.5m, ($8.5m of product revenues and $4m of laboratory revenues) and following acquisition and initial integration costs, will become immediately earnings accretive.
It is Trinity Biotech's intention to retain Immco's existing management team which, led by Mr. Bill Maggio, has a proven track record and expertise in growing a successful autoimmune business.
Currently, over 50 million Americans are affected by more than 80 different autoimmune diseases. Autoimmune diseases are now the second leading cause of chronic illness and the leading cause of death amongst women over 65. The autoimmune market is divided into two main segments, the first of which is the automated, high volume segment for standard analytes such as thyroid markers. This segment is dominated by the large diagnostic players such as Abbott, Roche and Beckman Coulter, is growing slowly and is one where Immco does not participate.
Instead, Immco's position is in the $250m, high growth (over 10% p.a.), lower throughput, speciality autoimmune segment, where the competition is limited to a small number of key players, principally Bio-Rad, Werfen-Inova and Phadia. The principal autoimmune conditions in this segement are Rheumatoid Arthritis, Vasculitis, Lupus, Celiac and Crohn's disease, Ulcerative Colitis, Neuropathy, Hashimoto's and Graves disease. Meanwhile, the two key technologies employed are Immunoflourescence (IFA) and Immunoassay (EIA). Immco offers a comprehensive range of more than 120 products across all the main autoimmune segments with its EIA product range running on the DSX/DS2 Instrument platform while the IFA products are capable of being read manually or on Immco's proprietary IFA reading system, iSight. In terms of range, breadth and technical performance, the Immco IFA range is best on the market, while the EIA range is of the highest quality and very competitive with the market leaders.