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

s $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 $0.3 million and $1.2 million during the

second quarter of 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) A charge of $15.4 million associated with the write-off of debt

origination costs and a prepayment premium paid upon early extinguishment

of related debt during the 2007 quarter, in conjunction with our financing

arrangements related to our Biosite acquisition.

(g) A $1.9 million foreign currency gain realized on the settlement of

intercompany notes during the 2007 quarter.

(h) Tax effect on adjustments as discussed above in notes (b), (c), (d),

(e), (f) and (g).

(i) For the three months ended June 30, 2008 and 2007, potential dilutive

shares were not used in the calculation of diluted net loss per common

share under GAAP because inclusion thereof would be antidilutive.

(j) Included in the weighted average diluted common shares for the

calculation of net income per common share for the three months ended June

30, 2008, on an adjusted cash basis, are dilutive shares consisting of

1,926,000 common stock equivalent shares from the potential exercise of

stock options and warrants and potential dilutive shares consisting of

3,411,000 common stock equivalent shares from the potential conversion of

convertible debt securities. The net income per diluted share calculation

for the three months ended June 30, 2008, on an adjusted cash basis,

includes the add back of interest expense related to the convertible debt

of $0.8 million resulting in net income
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SOURCE Inverness Medical Innovations, Inc.
Copyright©2008 PR Newswire.
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