Irish medical diagnostic firm Trinity Biotech has acquired the blood bank business of UK-based Lab 21 for $7.5 million (€5.5m). The business generates annual revenues of $4million (€2.9m).

The company also announced third-quarter revenues which were up 15.7 per cent to $24.1 million, compared to $20.9 million in the same period a year earlier. Once acquisition revenues are stripped out, however, revenues growth was just 7 per cent.

Earnings before interest, tax, depreciation, amortisation and share option expenses for the quarter were $6.4million as against $5.6 million for the same quarter in 2012.

Point-of-Care revenues increased by 11.9 per cent due to continued strong demand for HIV products in Africa.

Trinity said gross profit amounted to $12.1 million, representing a gross margin of 50.3 per cent, a slight decrease on the same quarter last year.

Operating profit rose from $4.3 million to $4.9 million, an increase of 14 per cent. R&D expenses increased from $0.8 million to $0.9 million when compared to the equivalent quarter last year.

The firm said it has recently been awarded FDA approval for a claim for HIV-2 on its Unigold rapid HIV product.