Alere first quarter net revenue increases to $672.4 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 March 31, 2012.

Financial results for the first quarter of 2012:

  • Adjusted net revenue of $672.4 million for the first quarter of 2012, compared to $582.5 million for the first quarter of 2011.
  • Adjusted cash-basis net income per diluted common share of $0.77 for the first quarter of 2012, compared to adjusted cash-basis net income per diluted common share of $0.61 for the first quarter of 2011.
  • Adjusted product and services revenues from our Professional Diagnostics segment were $516.7 million in the first quarter of 2012, compared to adjusted net product and services revenue of $409.8 million in the first quarter of 2011.  Recent professional diagnostics acquisitions contributed $96.9 million of incremental net revenue compared to the first quarter of 2011.
  • North American influenza sales decreased to $6.6 million for the first quarter of 2012, from $19.5 million for the first quarter of 2011.
  • Excluding the impact of the change in North American influenza revenues, currency adjusted organic growth in our Professional Diagnostics segment was 6.9%.
  • Adjusted cash-basis gross margins were 55.9% for the first quarter of 2012, compared to 55.8% in the first quarter of 2011 and 55.8% in the fourth quarter of 2011.  Adjusted cash-basis gross margins from products and services in our Professional Diagnostics segment were 60.3% in the first quarter of 2012, compared to 59.6% in the first quarter of 2011 and 60.0% in the fourth quarter of 2011.
  • Product and services revenues from our Health Management segment were $130.8 million in the first quarter of 2012, compared to $143.1 million in the first quarter of 2011 and $125.9 million in the fourth quarter of 2011.  The decrease in revenues from the first quarter of 2011 was related primarily to the insourcing of certain services by large health plans.
  • Adjusted cash-basis gross margins from our Health Management segment were 45.4% in the first quarter of 2012, compared to 49.0% in the first quarter of 2011 and 45.3% in the fourth quarter of 2011.
  • Other income for the first quarter of 2012 includes $13.5 million of a final royalty termination payment received from Quidel during the quarter, offset by $2.3 million of other charges.  Together, and net of tax, these other income items added approximately $0.12 to our adjusted cash-basis net income per diluted common share for the quarter.
  • GAAP net loss of $4.1 million attributable to common stockholders of Alere Inc., and respective net loss per common share of $0.05, for the first quarter of 2012, compared to GAAP net income of $8.1 million attributable to common stockholders of Alere Inc., and respective net income per diluted common share of $0.09, for the first quarter of 2011.  
  • Adjusted free cash flow for the first quarter of 2012 was $71.5 million, reflecting cash flow from operations of $101.9 million, offset by capital expenditures of $30.4 million.

The Company's GAAP results for the first quarter of 2012 exclude $1.3 million of revenue associated with acquired software license contracts that are not recognized due to business combination accounting rules and include amortization of $78.1 million, $5.6 million of restructuring charges, $3.9 million of stock-based compensation expense, $1.5 million of acquisition-related costs recorded in accordance with ASC 805, Business Combinations, $5.0 million of income recorded for fair value adjustments to acquisition-related contingent consideration obligations, $1.3 million of interest expense associated with fees paid for modification of certain debt agreements and a $4.7 million charge associated with the write-up to fair market value of inventory acquired in connection with the acquisition of Axis-Shield plc.  The Company's GAAP results for the first quarter of 2011 include amortization of $76.3 million, $6.4 million of restructuring charges, $5.8 million of stock-based compensation expense, $1.9 million of acquisition-related costs recorded in accordance with ASC 805, Business Combinations, a $1.9 million foreign currency loss associated with the settlement of an acquisition-related contingent consideration obligation and $1.4 million of expense recorded for fair value adjustments to acquisition-related contingent consideration obligations. 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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