Trinity Biotech, a Bray-headquartered manufacturer of diagnostic products, has written down the value of two internally-developed Covid-19 tests to zero.

Trinity’s recent results said the Covid tests had carried values of $2.2m (€2m) and $0.1m. The tests were approved for use in the EU, but it recognised that demand for the Covid-19 portfolio was “highly uncertain”, with demand focused on over-the-counter products for which they are not approved. As a result, it said its efforts to commercialise the product had been unsuccessful.

Trinity said pricing in the US was stronger, but it was also not approved for the market.

The Nasdaq-listed firm said it may monitor these markets, but has chosen not to immediately pursue further regulatory approvals and wrote down the value of the intangible assets to zero.