Inverness Medical Innovations Announces Second Quarter 20...( WALTHAM Mass. July 29 /- Invernes...)

WALTHAM, Mass., July 29 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (Amex: IMA), a global leader in rapid point-of-care diagnostic products, today announced its financial results for the quarter ended June 30, 2008.

In the second quarter of 2008, the Company recorded net revenue of $401.1 million compared to net revenue of $155.0 million in the second quarter of 2007. The revenue increase was primarily due to increased product and service revenue in our Professional Diagnostics segment which grew from $93.1 million in the second quarter of 2007 to $250.4 million in 2008, principally as a result of businesses acquired which contributed $147.0 million of the increased product and service revenue. Also contributing to the net revenue increase was product and service revenue provided by our newly formed Health Management segment totaling $92.5 million in the second quarter of 2008.

For the second quarter of 2008, the net loss prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") was $30.3 million, or $0.43 per diluted common share, compared to net loss of $54.7 million, or $1.17 per diluted common share, for the second quarter of 2007. The Company reported adjusted cash basis net income of $32.7 million, or $0.37 per diluted common share, for the second quarter of 2008, compared to adjusted cash basis net income of $11.8 million, or $0.24 per diluted common share, for the second quarter of 2007. Included in our adjusted cash basis results for the second quarter of 2008 was a $13.8 million charge associated with an arbitration decision, or $8.6 million net of tax charge, resulting in a $0.10 per diluted share impact, partially offset by $2.9 million of incom
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