Diagnostic group Trinity Biotech has reported a 42 per cent fall in pre-tax profit.
The company, based in Bray, Co Wicklow, said pre-tax profits for 2004 were $5.2 million compared to $9 million for the previous year.
The Nasdaq-listed firm blamed the drop in profits on a rise in sales and administrative costs "primarily attributable to the increased salesforce in the US".
It said these costs rose from $16.7 million in 2003 to $27.3 million, but the company's Chief Financial Officer Mr Rory Nealon said the increase would pay dividends in the future.
The company its annual earnings per share was 9.37 US cents.
Annual revenues increased 22 per cent from $65.68 million in 2003 to US$79.94 million last year.
Fourth quarter revenue increased by 42 per cent when compared to the same period last year.
Mr Nealon said: "The key objectives for our expanded salesforce in the USA are to grow sales of our Unigold rapid HIV test, to significantly increase our market share in the coagulation market, to recover business from our US distributor and to expand our presence in the infectious disease market."
The group's chief executive Mr Ronan O'Caoimh said: "The strategic goal of Trinity is to attain revenues of at least $250 million by 2009."
