Alere third quarter net revenue increases to $538.7 million

Alere 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 September 30, 2010.

Financial results for the third quarter of 2010:

  • Net revenue of $538.7 million for the third quarter of 2010, compared to $512.7 million for the third quarter of 2009.
  • Recent professional diagnostics acquisitions contributed $56.0 million of incremental net revenue, compared to the third quarter of 2009.
  • North American influenza sales decreased to $7.0 million for the third quarter of 2010, compared to $40.4 million for the third quarter of 2009.
  • Worldwide respiratory sales, excluding North American influenza sales discussed above, decreased to $20.6 million for the third quarter of 2010, compared to $32.2 million for the third quarter of 2009.
  • Ongoing austerity measures in Europe resulted in both lower than anticipated revenues and gross margins earned during the quarter.  
  • Free cash flow for the quarter was $68.8 million reflecting cash flow from operations of $95.5 million offset by capital expenditures of $26.7 million.
  • GAAP net loss of $2.8 million attributable to common stockholders of Alere Inc. and respective net loss per common share of $0.03, compared to GAAP net income of $14.3 million attributable to common stockholders of Alere Inc. and respective net income per diluted common share $0.17, for the third quarter of 2009.
  • Adjusted cash basis net income per diluted common share from continuing operations of $0.59, compared to adjusted cash basis net income per diluted common share from continuing operations of $0.74, for the third quarter of 2009.
  • As a result of the ongoing challenges in Europe and continued low global respiratory sales, we are lowering full year 2010 adjusted cash basis net income per diluted share from continuing operations guidance to $2.50.

The Company's GAAP results for the third quarter of 2010 include amortization of $74.4 million, $7.3 million of stock-based compensation expense, a $1.3 million charge associated with the write-up to fair market value of inventory acquired in connection with acquisitions, $0.9 million of acquisition-related costs recorded in accordance with ASC 805, Business Combinations and $4.6 million of expense recorded for fair value adjustments to acquisition-related contingent consideration obligations, offset by a $1.6 million net restructuring cost recovery and a $0.7 million, net of tax, allocation of certain of the aforementioned charges to non-controlling stockholders.  The Company's GAAP results for the third quarter of 2009 include amortization of $65.4 million, $6.2 million of restructuring charges, $7.8 million of stock-based compensation expense, a $0.7 million charge associated with the write-up to fair market value of inventory acquired in connection with an acquisition, a $1.9 million compensation charge incurred in connection with the acquisition of Concateno plc, a $0.3 million loss recorded in connection with deferred purchase price consideration to be paid with our common stock and $5.1 million of acquisition-related costs recorded in accordance with ASC 805, Business Combinations, offset by a $3.4 million gain on the disposition of our Diamics, Inc. operations and a $2.9 million net realized foreign currency gain associated with restricted cash established in connection with the Concateno plc acquisition.  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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