Good day and welcome to the Trinity Biotech Fourth Quarter and Fiscal Year 2013 Financial Results Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Joe Diaz of Lytham Partners. Please go ahead.

Thank you, Denise, and thank all of you for joining us today to review the financial results of Trinity Biotech for the fourth quarter and the full year 2013, which ended December 31, 2013. With us on the call representing the company today are Mr. Ronan O’Caoimh, Chief Executive Officer; Mr. Rory Nealon, Chief Operating Officer; Mr. Kevin Tansley, Chief Financial Officer; and Dr. Jim Walsh, Chief Scientific Director, Business Development Director. At the conclusion of today’s prepared remarks, we will open the call for a question-and-answer session. Before we begin today’s prepared remark, we submit for the record the following statement. Statements made by the management team of Trinity Biotech during the course of this conference call that are not historical facts are considered to be forward-looking statements subject to risks and uncertainties. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for such forward-looking statements. The words believe, expect, anticipate, estimate, will, and other similar statements of expectation identify forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development, commercialization and technological difficulties and other risks detailed in the company’s periodic reports filed with the Securities and Exchange Commission. Forward-looking statements, reflect management’s analysis only as of today. The company undertakes no obligation to publicly release the results of any revision to these forward-looking statements. With that said, let me turn the call over to Kevin Tansley, Chief Financial Officer for a review of the results. At the conclusion of Kevin’s remarks, we will hear from Dr. Jim Walsh followed up by Ronan O’Caoimh on an overall overview for the year. Kevin?

Thanks Joe. Today I will take you through the results for quarter four and for the full year of 2013. Beginning with our revenues; total revenues for the quarter were $25.5 million, this compares to $20.8 million in quarter four 2012, and thus represents an increase of 22.2%. Later on the call, Ronan will provide you with more details as to the makeup of this growth. Moving on to gross margin, as you would see from our press release this quarter’s gross margin was 50.4% which is a little over than the 50.6% we reported in quarter four of last year, but we will say that this is very much within the normal fluctuation level for gross margin from quarter-to-quarter. Moving on to indirect costs, our R&D expenses increased from $765,000 in quarter four 2012 to $1.035 million for quarter four of 2013. Meanwhile, our SG&A expenses have increased from the same period from $5.2 million to $6.5 million. Both these increases were mainly due to the impact of the Immco acquisition. Just to remind you that this acquisition was made in the middle of 2013, so there is no comparative cost for last year. We also have seen some of the impact of cardiac related sales and marketing costs we incurred in advance of the product launches which we will have in 2014. Operating profit for the quarter was $5 million, up almost $700,000 compared to the same quarter last year representing an increase of 15%. Operating margin this quarter was 19.8% which is very closed to our target operating margin of 20%. In terms of financial income this quarter we earned a $132,000 which is a decrease of nearly $400,000 in the equivalent period last year. This reflects the fall in interest rates which are now available in…

Thank you, Kevin. As lot of happened since we spoke in October last, I’d like now to take few more minutes to update you on the progress on our cardiac market development programs in Sweden. Just to remind you almost exactly two years ago Trinity acquired a Swedish company Fiomi Diagnostics, Fiomi had developed a high sensitivity precise, quantitative point of care immunoassay platform on which Trinity is now developing a range of high sensitivity cardiac products, namely high sensitivity Troponin for the detection of acute MI, BNP for the detection of heart failure and D-Dimer for the detection of pulmonary embolism and deep vein thrombosis otherwise known as PE and DVT. Currently there are only three dominant players in the POC cardiac market, namely Alere, Roche and ours. Another most important production meets the new guidelines for MI which has now been adopted by the FDA. The general and the lighter report that progress on all fronts of our cardiac product development program are progressing well. I’ll take time now to update you on our recently announced CE mark for the high sensitivity Troponin products, and I’ll follow-up with a fairly detailed description of our plans as it related to the U.S. FDA approval and the scope and timing of the clinical trials involved. As you are probably aware on January 29, last we announced CE marking our guideline compliant point-of-care Troponin product. CE is regulatory standard necessary to market a product in Europe. At this stage it is probably we’re taking a few moments to discuss with you what is meant by the term guideline compliant. As it is our achievement of guideline compliance for the Troponin products that fundamentally distinguishes Trinity’s product from all of your POC Troponin products and which now represents Trinity with enormous commercial…

Thank you, Jim. And I’ll review revenues for the quarter and the year and discuss the business development before opening the call to question-and-answer session. Our revenues for the quarter were $22.5 million, up from $20.8 million. It is an increase of 22.2%, was when the impact of the Immco and the syphilis blood bank acquisition are eliminated the actual organic growth rate for the quarter was 6.2%. Our HIV sales for the quarter were $5.1 million, compared with $4.9 million in the prior quarter, an increase of 4.4%. African sales increased 8% for the quarter, and with a very strong performance in Nigeria, we expect continuing strong performance, the strong revenue growth. However, sales were down 4% in the U.S. compared with the prior quarter, and this reflect a reduced spend by individual states on public health programs due to budgetary constrains. However, during the quarter we began to benefit from our new HIV-2 Claim which was received during quarter four. As we won new business in hospital throughout the U.S. now that we have HIV-1/2 product, we’re confident of growing this business in double-digit terms year-on-year. Our Clinical Laboratory business for the quarter increased from $15.95 million to $20.37 million, an increase of 27.3% over the prior quarter, before the impact of Immco and blood banking acquisitions are excluded. Our organic growth for the quarter was 7%, revenues on our life science business, such as Fitzgerald were down 4% over the prior quarter by the infectious disease revenues increased 4% over the prior quarter and the quarter excludes Immco and blood banking. With U.S. performing satisfactorily and China continuing to perform very strongly. Three factors will transform our infectious disease and business. Firstly, the Immco autoimmune acquisition giving us obvious synergies with our infectious disease business. Secondly, our…

Thank you. Ladies and gentlemen, we will now begin the question-and-session. (Operator Instructions) Our first question will come from Chris Lewis of ROTH Capital Partners. Please go ahead. Chris W. Lewis – ROTH Capital Partners LLC: Hi, guys thanks for taking the question.

Hi, Chris, how are you? Chris W. Lewis – ROTH Capital Partners LLC: Good. First question, I guess just is on potential guidance for the year, I know last year you gave a rough outlook for 2013 you talked about in 10% growth rate on the top and bottom line. Obviously, this year there is some acquisition impact and than you are assuming, but there is something you can provide any color and perhaps setting quantitative guidance for revenues and EPS in 2014?

Chris, Kevin here. Just to take as you know our policy is not to give guidance, we gave maybe very sensitive guidance in the past and already is going to quantify at this point in time, the impact of acquisitions, we’ve grown to given very good treatment there, sort of the any opportunities are that are there in terms of revenue growth, but we’ve got a very good year ahead of in terms of both revenue growth and translates in terms of probability also, but we’re going to stick to our policy have not giving formal guidance that’s all right. Chris W. Lewis – ROTH Capital Partners LLC: Yes, understood. Ronan O’Caoimh: I think Chris, you do research and sort of Craig-Hallum, CJS and Sidoti and then maybe I think people wanted to have a feel for where we are going at exactly very usefully look at those support? Chris W. Lewis – ROTH Capital Partners LLC: Okay, understood. And then turn into Fiomi now to CE mark in place. Can you just talk about the types of adoption you expect to see in that market this year and perhaps go into more detail on the commercial strategy you’re planning to take in Europe? Ronan O’Caoimh: Okay, we got to CE mark on the Troponin products on the 29 of January as Jim said. We are now to pre sell the products to Europe, we’re going to sell product through our direct sales in the United Kingdom and we have refused to sale through more than one of the competitor point of care to Troponin products, to sell the product directly in Sweden, Norway and Finland so basic in Scandinavia and quite as clearly a familiarity among the cardiologists there with our product and with our trails, many of them…

Somewhere between $3 million and $3.5 million, I believe. Chris W. Lewis – ROTH Capital Partners LLC: Okay, great. And then if I could sneak one more and on the premier side, can you just provide some more detail on kind of expectations from Brazil and then when does the iron exchange version began contributing to that new placement number you talked about? Thanks.

Okay, with respect to Brazil, we think it’s going to be a significant contributor, but we are just a little bit coy about giving you any numbers on adjust. We took up the approval literally in the last few weeks and so we have by the way just to explain, what we were doing and how we got approval so quickly is, we are actually manufacturing or assembling the product down there, built a product down the instrument, we’ll enter all about [Indiscernible] jump into Brazil quickly and as I mentioned that we are doing that – the third party is doing that first. And in this task, we have a point to deliver, set up a direct selling operation. We are very optimistic what it can do, but that's what you see what it does, I mean obviously keep your best with us. So you are going to see is, our first sales in a few weeks time and there will be sales there but anyway in an event, we think it’s going to be a very important contributor a bit color but giving you a number, so what number we can’t give you is, we can say that we did 320 well last year in 2013 and we believe we do 460 this year. I think we can say that was reasonable confidence. And so therefore, I think soon would be filing [Indiscernible] with Menarini in the sense that we would both have the built in synergy on the Ion Exchange instrument available and available in our markets. Chris W. Lewis – ROTH Capital Partners LLC: Okay, thanks for the time.

Answered the question, Chris.

The next question will come from Larry Solow of CJS Securities. Please go ahead. Larry S. Solow – CJS Securities, Inc: Hi good afternoon guys, just a few follow-ups on Fiomi first, Fiomi anything positive or negative that you learned from the European trial that you’ve sort of adapted in your U.S. trials.

Larry, definitely there are a few things. The first thing is we have learned a lot about recruitment here okay, the speed at which this tried want to actually comes to continuation. It’s all about recruitment of ACS patients and the trial we did in Sweden was quite an academic trial. It was owned by a group of academies and that trial this is running by the way, and trial will continue on as an academic program until next June or July. But they took a very academic approach to it and they didn’t proactively try and recruit MI patients into the group. And so the trial is for probably three months longer than we would have hoped they would have done okay. Whereas in the U.S., we have five very, very strong in cardiologists, who really see the need for such a product, okay. And they will be aggressively we at sort of cardiology nurses recruiting patients and that’s really – the product is exactly the same product as in Europe that is Europe as in the USA, but essentially it’s all going to speed the recruitment of our patients to get this thing true. And that’s really demand thing moving our cost from European, we know how to do it now. There are just no surprises for us. Larry S. Solow – CJS Securities, Inc: All right, the results are also very good, in terms of D-dimer, really the timeline still little bit uncertain but could you just maybe stick to what the market opportunity potentially could be?

The first of all, the D-dimer is a complex product okay, so we actually be – believe in our three FDA applications will see in the D-dimer okay. The first thing will be again part of the detection of D-dimer itself okay, which is fine and that’s what the most products have okay. The second will be an FDA application for our PE preliminary embolism, which is a separate clinical trial. And the third one will be which is re-needed where we need to get to is a claim for an exclusion claim, IE to be able to exclude D-dimer from a diagnosis, that cannot be done as a perspective study and then monitoring a patient over a period of maybe about one year, post the initial diagnosis. But the market itself for point-of-care is about $100 million worldwide. There are very, very few players out there with good point of care products. But it’s going to take a while because it’s complicated, I’ll say, complex clinical trials and it’s going to take some time, but optimistically we hope that the product available that these are the first claims in Europe very early next year. But we still haven’t had a meeting with the FDA to determine what the need of the U.S. trials so, I’ll be a bit previous to sort of give you a figure for where we – how long to take now. Larry S. Solow – CJS Securities, Inc: It sounds like you’d have to run obviously in the U.S. to the D-dimer upon their employees and then the exclusionary claim successively before you got approval or could you potentially get approval?

You can get approval sequentially. You can get approval for diagnosis of DDT first of all. And at the same time not too far away from that because you can actually couple of trials to get that. So you do your PE and DDT trials together, okay. And then what you would actually do is monitor the patients in your DDT trial for a period of up to 12 months post the original diagnosis, and then you start to see a prognostic products you have given patients and sufficiently specific enough to take used or exclude DDT when a person comes and they get the results from your test on day zero. Larry S. Solow – CJS Securities, Inc: Got it. Okay, and then you always talked a little bit, in terms of other opportunities outside cardiac, I don’t know if you guys have begun to look at that, but just hypothetically or potential other areas?

Absolutely the beautify of the Fiomi platform is we’ve actually started with the hardest assays okay, proponent by far is the hardest assay. And then of course we have supporting, we have the BNP, we have the D-dimer, okay. The next believe it or not, one of the bigger assays in the ERs, so it’s in the ER panel we would like to go together. One of the – what’s interesting but a very significant market, hence really brought for blood pregnancy testing, blood hCG, which is the pregnancy test marker. ER, whenever lady arrives in the ER whatever trauma has effected her. The first thing that you need to do is determine, before to do too much manipulation or certainly run x-rays stuff like that, is to determine in if that lady is pregnant. Urine pregnancy test, won’t work in that situation. I mean, in fact I have sent it also, pregnancy is one of the next products on our list, okay. There is obviously in the ER again, there is a number of markets for things like kidney failure or kidney damage or liver failure or liver damage and of course the holy grail will be a test for success in general in hospitals, for also in ER. So yes we have a program, we know very well how we like to do next, but there is only so much bandwidth we have. Larry S. Solow – CJS Securities, Inc: Got you. Then real quick, switching gears to just to premier. Obviously you have some pretty aggressive expectations for growth and placement in 2014, and it sounds like qualitatively you gain more and more approvals. Does this 460 number, do you see that continuing to grow out as you go to 2015 and beyond? Ronan O’Caoimh: Larry, Ronan here and I suppose what we think is we think that we have potential to go to about 600 instruments a year, which we believe constitutes to over 30% of where that placement. I mean that’s I think where we could see ourselves going and for the questions when we would get there. I think the answer is probably 2015. Larry S. Solow – CJS Securities, Inc: Got you. And thus in terms of the reagent or royalty utilization is that been running sort of near your expectation of $10,000 per year and how has the ramp that I know you had further ramp has been a little bit slower than originally expected. In terms of ramp of utilization once the machine is placed?

Yeah, I think instrument license have been probably more quicker than we anticipated … Larry S. Solow – CJS Securities, Inc: The placement itself, so how about one such place, I mean is there …

I think there is, I think in particularly in the Chinese market I think because some distributors used. I think there is probably a six to seven months gap between time it leaves Kansas City and actually ends up, actually operating in a hospital. Right, that’s a little bit disappointing and that means that given that we only got Chinese registration approval last June, it actually means that we don’t have got many instruments actually working at this moment of time Larry S. Solow – CJS Securities, Inc: Right.

By in fact replacing 25 in the quarter, but I mean that’s a one off. And jus to go back to your question about individual usage, yeah, I think $10,000 or $11,000 is about where is that and we hope that as Chinese usage increases because remember reinvestment is being adapted progressively more so around China, we’re hoping that number will creep up. Larry S. Solow – CJS Securities, Inc: Gotcha. Okay, great. Thanks very much.

Our next question will come from Bill Bonello of Craig-Hallum Capital Group. Please go ahead. Bill B. Bonello – Craig-Hallum Capital Group LLC: Great, thanks for taking my questions. Jim just a question on the trial. You described three components, do those have to happen consecutively or did they all sort of start concurrent way?

No, they all have to end with the same time Bill, you have to think. Okay, but what we’ll actually do is we’re going to start the ACS trial immediately because that’s the longest one that’s what I said five months maybe six months to get all that data’s together. Okay and that’s what we are actually activating right now whether to say we will be recruiting patients with that trial within two weeks of now. Okay, as soon as we get up and running into the pretty quick. For the normal it’s actually relatively easy to collect normals, okay. And we’re talking about maybe running healthcare drives and that sort of itself pretty close to the clinical trials. You’re looking at three sites, happy to collect 250 samples per site that can be done – the samples can be collected within. If we’re lucky within three or four days and certainly a week and then we run them, and they are actually run by ourselves actually okay, but to run by the trials like coordinators, but and then the banks plasma from those samples will be taken and stored instead facilities in Hennepin County. And then the actual procedure studies are really again very defined. Okay, it’s a matter of running multiple samples a number of times at multiple sites. So that will go on that wouldn’t take place sometime during the middle of the trail. In order of the rollout, number one we start the ACS that’s the longest one okay. Number two, then when set up and running we’re pretty happy that it’s going according to plan, after one month, after month or so. We will then roll out the normal studies and then probably about two months into the whole program we get our – we catch our breath from the Montreal within the physician study. But we all need to come together at the same time as the results of the ACS study. Bill B. Bonello – Craig-Hallum Capital Group LLC: Okay. And then would it be like in Europe where you’re certainly either have been slide into what the 99% trial ended up being and whether you’re able to detect at 10% CV. In other words is that part not blinded and where we something about that, ahead of sort of getting the final results on sort of chest pain study?

Unfortunately it won’t okay. The main factor is we are running 99% study, our 99% out study and yes, I’m sure we will know what our 99% highly is, okay and that will be a number. Let just assume the same number as in Europe okay. So we will have that number, but that number is actually meaningless because not in just the complete 1,500 samples have been collected across all three trials packs, will the same be adjudicated by the 2/3 cardiologist okay, and its only at that point we then actually if you like putting the 99% number into our sensitivity, calculator and determine that the actual overall sensitivity of this one. Unfortunately in this case we have a nice academic trial running in and Europe probably had they reported back to us every couple of months. In this instance we will be running blind until the very end.

Because actually we won’t know the diagnosis, the actual true diagnosis from our test until the very end, because we can’t the samples are blind until the very end, until we trug in our 99% number in there. Bill B. Bonello – Craig-Hallum Capital Group LLC: Okay, that make sense, and then just two questions for Kevin. How should we think about operating margin in 2014 with some of the duplicative expanses carrying through a bit of the year and continued investment in cardiac and then maybe sort of how we should think about it longer-term?

Okay the probably the three answers for that question, so the movement are roughly in around the sort of the 20% which where been for quite a while. I see it sort of continuing around that area sort of for the first half of next year. We will get an initial boast then from the closure of our Blood Bank Screening facilities which will help profitability and operating margin consequently. And so you can start seeing it raising then. Then in the long-term you should see further improvements will come ultimately add of the Fiomi the cardiac business. Now we’ll say that the cardiac business in the near-term as Ronan approved in the sort of European markets and whether revenue is going to be a fraction of what the U.S. once are, that will be little bit of a drag there in terms of the sort of the sales and marketing cost associated with that and the sort of the lower volumes of production ex cetera. And it should be sort of in and around where we are at the movement, bit of an improvement towards the end of the year, but an underlying trend where by Fiomi will definitely result in an improvement albeit not in 2014 and may not even be in the initial part of 2015, it’s really when the U.S. kicks in as when that will happen. Bill B. Bonello – Craig-Hallum Capital Group LLC: Okay, but we should start to see then it sounds like at least margin holdings steady, so operating income growth sort of more in line with where our revenue growth is?

Yes, I would have thought I mean with – yes, it will happen. I mean we’re going to be in and around 20% going forward for the initial quarters ahead. Bill B. Bonello – Craig-Hallum Capital Group LLC: Okay. And then just thoughts on the tax rate for 2014?

You see, we had a very good tax rate recorded in 2013 and as a point of that in the remarks earlier that was to a large extend due to the fact that Irish tax rates here considerably lower than in the U.S., the 12.5% being the headline corporation tax rate. On top of that there is a benefit relation to R&D tax credits which we do benefit from. Both of those factors will continue in the year ahead and beyond, the Irish tax rate has been confirmed with Irish government that we will maintain 12.5% for the years ahead. So as a target rate, I would say low double-digits and it could be improving upon that, 10% slightly lower. Bill B. Bonello – Craig-Hallum Capital Group LLC: Okay. Thank you very much. Ronan O’Caoimh: Can I just go back and one comment on your original question on just the blinding up the U.S. trials. I mentioned during the prepared remarks, so just to say obviously to help because this trial is going to take six months minimum and I know it’s blinded till the very end. To help us all sleep at night we obviously need to know that the outcome is going to be positive. To that end to make sure that the results obtainable in the U.S. are going to be equivalent or perhaps even better than in Europe, we have had over the last couple of months. We have had Dr. Apple in the clinical trial on 293 patients within his hospital, okay and this was not fully FDA. It was purely to give us a good feeling of U.S. clinical trials would want to go and out of that 293 patient clinical trial, which is still running by the way, we will run it little…

(Operator Instructions) The next question will come from Jim Sidoti of Sidoti & Company. Please go ahead. James Sidoti – Sidoti & Company: Good afternoon. Can you hear me?

Yes, Jim. Go ahead. James Sidoti – Sidoti & Company: Great, great. A couple of questions on the acquired revenue. It sounds like between Immco and Lab21, it was about a little lower $3 million revenue from those two acquisitions. Is that right?

Yes, absolutely. As Ronan pointed out, 6.2% will be organic growth within quarter four. So if you back calculate that would be the figures mentioned there. James Sidoti – Sidoti & Company: Okay. Now is that split more towards the Immco side? Can you give us a little color on that?

Yes, very much towards the Immco side. Immco is obviously very much, first of all, a larger MC to begin with and very much of a nodding in terms of how it’s business has been progressing. The Blood Bank Screening business, we acquired in some particular circumstances that were back orders of the time we’re getting sort of up and running in terms of normal production levels on that and are beginning to sort of meet demand on that. So coming from a different place. So, yes, very much weighed towards the Immco side. James Sidoti – Sidoti & Company: Now when do you expect the blood bank business to get back to normal?

We would expect, throughout quarter one and be fully back to normal by quarter two. James Sidoti – Sidoti & Company: Okay, all right. And then, just a final question on the share count, it seems to be picking up as the function of the price going up, any plans to do any buybacks going forward? Ronan O’Caoimh: Jim, Ronan here. I don’t think so, I think not with the current bank balances I don’t think that would make sense, you know. James Sidoti – Sidoti & Company: Okay, well, I would assume by 2015 as the cardiac business picks up and the trial cost go down, you are thinking of taking a look at that in?

Yes. Absolutely, obviously we all be looking at it, but I don’t think it’s our current intention, I wouldn't want to mislead on you that. I think with $22 million in the bank at this moment of time, I think it’s probably it wouldn’t make sense. James Sidoti – Sidoti & Company: Sure, right. Thank you.

The next question will come from Ross Taylor of Somerset Capital. Please go ahead. Ross Taylor – Somerset Capital Advisers LLC: Thank you. Most of my questions have been answered, but quickly, can you gives us an update on the point-of-care of syphilis test, you were looking for a waiver on that one which basically would from what I understand would significantly increase the value of that test? Ronan O’Caoimh: Hi Ross, Ronan here. Yes. We continue to answer the FDA queries, we continue to corporate with them, and I am hoping at this stage that, when I think about the extend of the question, the extend of the queries, the extend of the expense we’re incurring, not they aren’t, but they have a willingness in principle to grant us a key waiver, and I think the best way I could just, answer you question is to say, I simply don’t know, but on balance we think we have 61% chance of getting a clear waiver from them. If you ask me, how I work that one of those, I really couldn’t answer you, with any way to satisfy, but our balance that kind of what we think, what I can say is that we do guess the clear waiver that the product will be a significant success for us. If you bear in mind that the public health, the HIV rapid market in the USA is $58 million to $60 million and that probably $45 million of that is public health and the rest is kind of needle stick injuries in hospitals. Then there is no reason logically why, a syphilis test wouldn’t replicate the size of the HIV test in the public health lab which would be about $45 million. I think it had that kind of potential,…

I think, Ross, we look at that as we move forward, but certainly we have cash generation opportunities, but in light of this moment in time given the extent of our plans I think we’re best sitting on our cash. Ross Taylor – Somerset Capital Advisers LLC: Okay. Lastly, how many times a month does Roche call you? Ronan O’Caoimh: I couldn’t really answer that on this call, but again I wouldn’t want to give you expectation by suggesting that they call us an awful lot. If you don’t mind, I think that’s a tongue in cheek question, Ross. I hope it is… Ross Taylor – Somerset Capital Advisers LLC: Only this far it looks to me classy. It looks to me like you guys have what appears to be the only product that possibly works. I just had a family member who literally spend three days in the hospital because they made a mistake of having what the doctor thought might have been a heart attack on a Friday night instead of being intelligent and having it on a day when the experts were actually in the hospital, because the test that was run was ineffective and could not give them a comfort to send this person home. Obviously in the U.S. there is a huge market. Roche is actually not selling a product in the U.S. point-of-care market right now, correct? Ronan O’Caoimh: Correct. Yes. Ross Taylor – Somerset Capital Advisers LLC: And so it seems to be at some point one of these three players, because it’s basically a global market – one of the three, it makes sense, would attempt to jump the line and capture this product. I know you’ve in the past talked about whether you would license this technology or this testing to…

One moment please, we’ll pause for questions. Okay, we do have a question from Bill Nasgovitz of Heartland Funds. Please go ahead. Bill J. Nasgovitz – Heartland Funds: Ronan, I am sorry. Hello to you, I’m sorry I missed most of the call here, because of a conflict. But I just wanted to congratulate you and your team. My gosh, what a wonderful picture you have painted for shareholders and what a joy to have you back at Trinity. My gosh, I am thinking back to the better days of single digits, when things looked pretty tough. Ronan O’Caoimh: Bill, you’re making me blush. Anyway thank you very much indeed. Thank you very much, all of the establishment here, it’s a very big team effort here you know. Bill J. Nasgovitz – Heartland Funds: Well congratulations. Ronan O’Caoimh: Thanks for that. Thanks Bill. See you soon. Thank you. Bill J. Nasgovitz – Heartland Funds: Yes, bye, bye. Ronan O’Caoimh: Thank you. Operator maybe could you close the call. I think I’ll close the call at this stage because we started a little bit later, apologies for that. Thank you to everybody for your support and you interest and we’ve told you, actually it’s not so many, it’s not so long, I think about the middle of April. So, it’s only about five weeks away, we’ll be talking to you with our first quarter results, look forward to that. Bye and thank you.

Ladies and gentlemen, the conference has now concluded. We thank you for attending today’s presentation. You may now disconnect your lines.