Inverness Medical Innovations Announces Second Quarter 20... (the first six months of 2008 and 2007 .....)

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Inverness Medical Innovations Announces Second Quarter 2008 Results

Date:7/29/2008

the first six months of 2008 and 2007

GAAP results, respectively. The $39.9 million charge for the six months

ended June 30, 2008 included $14.5 million charged to cost of sales, $6.6

million charged to research and development, $6.2 million charged to

selling, general and administrative, $6.6 million charged to interest

expense and $6.0 million charged through equity earnings of unconsolidated

entities, net of tax. The $1.0 million charge for the six months ended

June 30, 2007 was charged to selling, general and administrative. These

charges have been excluded from net income or loss because they have a

significant impact on results yet do not occur on a consistent or regular

basis in the Company's business.

(d) Compensation costs of $12.7 million and $48.9 million associated with

stock-based compensation expense in the first six months of 2008 and 2007

GAAP results, respectively, including $0.6 million and $0.2 million

charged to cost of sales, $2.3 million and $0.7 million charged to

research and development and $9.8 million and $48.0 million charged to

selling, general and administrative. The $48.0 million charged to

selling, general and administrative during the six months ended June 30,

2007 includes $45.2 million of costs associated with stock option

acceleration and conversion in connection with our acquisition of Biosite,

Inc.

(e) A write-off in the amount of $2.0 million and $1.2 million during the

six months ended June 30, 2008 and 2007, respectively, relating to

inventory write-ups recorded in connection with the acquisitions of Panbio

Limited and BBI Holdings Plc. during the first quarter of 2008 and

Biosite, Inc during the second quarter of 2007.

(f) Charges totaling $15.6 million associated with the write-off of debt

origination costs and a prepayment premium paid upon early extinguis
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SOURCE Inverness Medical Innovations, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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Inverness Medical Innovations Announces Second Quarter 20...(the first six months of 2008 and 2007 .....)