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Inverness Medical Innovations Announces Second Quarter 2008 Results
Date:7/29/2008

e associated with a favorable settlement of a prior year's royalty dispute collected during the quarter, or $2.5 million net of tax benefit, resulting in a $0.03 per diluted share impact.

The Company's GAAP results for the second quarter of 2008 include amortization of $55.0 million, $23.6 million of restructuring charges, $7.2 million of stock-based compensation expense and a $0.3 million charge related to the write-up to fair market value of inventory acquired in connection with the acquisitions of Panbio Limited and BBI Holdings Plc. GAAP results for the second quarter of 2007 include amortization of $10.1 million, a $0.4 million restructuring charge, $47.3 million of non-cash stock-based compensation expense, of which $45.2 million relates to costs associated with stock option acceleration and conversion in connection with our acquisition of Biosite, Inc., a $1.2 million charge related to the write-up to fair market value of inventory acquired in connection with our accounting for the Biosite acquisition and $15.4 million of deferred financing costs and repayment premium related to the repayment of outstanding debt in conjunction with our financing arrangements related to our Biosite acquisition, offset by a $1.9 million foreign exchange gain on settlement of intercompany notes. These amounts, net of tax, have been excluded from the adjusted cash basis net income per common share for the respective quarters.

A detailed reconciliation of the Company's adjusted cash basis net income, which is a non-GAAP financial measure, to net loss under GAAP, as well as a discussion regarding this non-GAAP financial measure, is included in the schedules to this press release.

The Company will host a conference call beginning at 10:00 a.m. (Eastern Time) today, July 29, 2008, to discuss these results as well as other corporate matters. During the conference call, the Company may answer questions concerning business and financial developments and trends and o
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SOURCE Inverness Medical Innovations, Inc.
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