Inverness Medical Innovations Announces Third Quarter 20...( WALTHAM Mass. Oct. 29 /- Invernes...)

WALTHAM, Mass., Oct. 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 September 30, 2008.

In the third quarter of 2008, the Company recorded net revenue of $438.8 million compared to net revenue of $237.6 million in the third quarter of 2007. The revenue increase was primarily due to $118.7 million of incremental revenue provided by our Health Management segment along with $63.5 million of incremental revenue contributed by our other recently acquired businesses and organic growth which, on a currency adjusted basis, was approximately 11% in our Professional Diagnostics segment.

For the third quarter of 2008, the net loss prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") was $3.7 million, or $0.12 per diluted common share, compared to net loss of $180.6 million, or $3.74 per diluted common share, for the third quarter of 2007. The Company reported adjusted cash basis net income of $43.1 million, or $0.46 per diluted common share, for the third quarter of 2008, compared to adjusted cash basis net income of $14.9 million, or $0.29 per diluted common share, for the third quarter of 2007, an increase of 59%.

The Company's GAAP results for the third quarter of 2008 include amortization of $60.0 million, $5.8 million of restructuring charges and $7.0 million of stock-based compensation expense. GAAP results for the third quarter of 2007 include amortization of $19.9 million, the write-off of $169.0 million of in-process research and development acquired in connection with the Biosite acquisition, $0.5 million of restruc
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