Alere second-quarter net revenue increases to $523.0 million

Alere Inc. (formerly known as Inverness Medical Innovations, Inc.) (NYSE: ALR), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, today announced its financial results for the quarter ended June 30, 2010.

Financial results for the second quarter of 2010:

  • Net revenue of $523.0 million for the second quarter of 2010, compared to $438.7 million for the second quarter of 2009.
  • Recent professional diagnostics acquisitions contributed $62.5 million of incremental net revenue, compared to the second quarter of 2009.
  • North American influenza sales totaled $0.6 million for the second quarter of 2010, compared to $14.6 million for the second quarter of 2009.
  • GAAP net loss of $8.3 million attributable to common stockholders of Alere Inc. and respective net loss per common share of $0.10, compared to GAAP net loss of $1.2 million attributable to common stockholders of Alere Inc. and respective net loss per common share $0.01, for the second quarter of 2009.
  • Adjusted cash basis net income per diluted common share from continuing operations of $0.57, compared to adjusted cash basis net income per diluted common share from continuing operations of $0.57, for the second quarter of 2009.

The Company's GAAP results for the second quarter of 2010 include amortization of $74.1 million, $7.1 million of restructuring charges, $8.1 million of stock-based compensation expense, a $2.8 million charge associated with the write-up to fair market value of inventory acquired in connection with the acquisition of Standard Diagnostics, Inc., $2.0 million of acquisition-related costs recorded in accordance with ASC 805, Business Combinations, offset by $3.8 million of income recorded for fair value adjustments to acquisition-related contingent consideration obligations and a $1.3 million, net of tax, allocation of certain of the aforementioned charges to non-controlling stockholders.  The Company's GAAP results for the second quarter of 2009 include amortization of $61.2 million, $4.9 million of restructuring charges, $6.6 million of stock-based compensation expense and $1.7 million of acquisition-related costs recorded in accordance with ASC 805, Business Combinations.  These amounts, net of tax, have been excluded from the adjusted cash basis net income per diluted common share attributable to Alere Inc. for the respective quarters.

Source:

Alere Inc.

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