Alere fourth quarter net revenue increases to $755.8 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 information solutions, today announced its financial results for the quarter ended December 31, 2012.

Financial results for the fourth quarter of 2012:

  • Net revenue of $755.8 million for the fourth quarter of 2012, compared to $651.1 million for the fourth quarter of 2011.  Non-GAAP adjusted net revenue, which includes $0.8 million in estimated revenue related to acquired software license contracts not recognized for GAAP purposes for the fourth quarter of 2012 due to business combination accounting rules, was $756.5 million for the fourth quarter of 2012, compared to $652.6 million for the fourth quarter of 2011.
  • Net loss of $62.7 million attributable to common stockholders of Alere Inc., and respective net loss per diluted common share of $0.84, for the fourth quarter of 2012, compared to net loss of $363.9 million attributable to common stockholders of Alere Inc., and respective net loss per diluted common share of $4.67, for the fourth quarter of 2011. 
  • Non-GAAP adjusted net income per diluted common share of $0.55 for the fourth quarter of 2012, compared to non-GAAP adjusted net income per diluted common share of $0.70 for the fourth quarter of 2011.
  • Net product and services revenue from our Professional Diagnostics segment was $584.1 million in the fourth quarter of 2012, compared to net product and services revenue of $495.9 million in the fourth quarter of 2011. Non-GAAP adjusted net product and services revenue from our Professional Diagnostics segment, which includes $0.8 million in estimated revenue related to acquired software license contracts not recognized for GAAP purposes for the fourth quarter of 2012 due to business combination accounting rules, was $584.9 million in the fourth quarter of 2012, compared to non-GAAP adjusted net product and services revenue of $497.4 million in the fourth quarter of 2011.  Recent professional diagnostics acquisitions contributed $77.9 million of incremental net revenue compared to the fourth quarter of 2011.
  • North American influenza sales increased to $23.0 million for the fourth quarter of 2012, from $8.3 million for the fourth quarter of 2011.
  • Excluding the impact of the change in North American influenza revenues and the impact on revenues from the reduction in our U.S. meter-based Triage product sales, currency adjusted organic growth in our Professional Diagnostics segment was 5%.
  • Net product and services revenue from our Health Information Solutions (formerly known as Health Management) segment was $131.0 million in the fourth quarter of 2012, compared to $125.9 million in the fourth quarter of 2011 and $135.1 million in the third quarter of 2012.  The increase in revenue from the fourth quarter of 2011 was related primarily to increased revenues from our home coagulation monitoring programs.
  • Included in royalty revenues in the fourth quarter of 2012 was $11.0 million associated with the license of certain of our molecular intellectual property.  Partially offsetting this, and included in interest and other income (expense), was a charge of a $3.9 million associated with the settlement of a prior year dispute with a former distributor.  

The Company's GAAP results for the fourth quarter of 2012 exclude $0.8 million of revenue associated with acquired software license contracts that are not recognized due to business combination accounting rules and include amortization of $105.1 million, $10.3 million of restructuring charges, $3.8 million of stock-based compensation expense, $3.6 million of acquisition-related costs recorded in accordance with ASC 805, Business Combinations, $10.2 million of expense recorded for fair value adjustments to acquisition-related contingent consideration, $1.0 million of interest expense recorded in connection with fees paid for certain debt modifications, and $23.2 million of expense associated with the extinguishment of debt.  The Company's GAAP results for the fourth quarter of 2011 exclude $1.5 million of revenue associated with acquired software license contracts that are not recognized due to business combination accounting rules and include amortization of $80.9 million, $8.8 million of restructuring charges, $4.9 million of stock-based compensation expense, a $6.0 million non-cash charge associated with acquired inventory in connection with the acquisition of Axis-Shield plc, $5.3 million of acquisition-related costs recorded in accordance with ASC 805, Business Combinations, a $383.6 million non-cash charge associated with the impairment of goodwill in our Health Information Solutions segment and $1.3 million of interest expense recorded in connection with fees paid for certain debt modifications, offset by $4.4 million of income recorded for fair value adjustments to acquisition-related contingent consideration, a realized foreign currency gain of $5.4 million associated with a bank account funded for the acquisition of Axis-Shield plc and a $0.5 million gain associated with previously-owned shares of Axis-Shield plc recorded in  connection with the completion of the acquisition during the quarter.  These amounts, net of tax, have been excluded from the non-GAAP adjusted net income per diluted common share attributable to Alere Inc. for the respective quarters.

Source:

Alere Inc.

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