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Inverness Medical Innovations Announces First Quarter 2009 Results
Date:4/27/2009

WALTHAM, Mass., April 27 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (NYSE: IMA), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, today announced its financial results for the quarter ended March 31, 2009.

In the first quarter of 2009, the Company recorded net revenue of $443.9 million compared to net revenue of $372.2 million in the first quarter of 2008. The revenue increase was primarily due to $76.9 million of incremental revenue provided by our Health Management segment principally as a result of incremental revenues from recently acquired businesses, along with $10.2 million of incremental revenue contributed by our other recently acquired businesses, offset in part by the adverse impact of foreign currency translation which reduced reported revenues by $16.6 million. A relatively mild flu season resulted in a reduction in sales of our influenza tests in North America by $12.4 million from the first quarter of 2008. Excluding the impact of this reduction, the currency adjusted organic growth rate in our Professional Diagnostics segment was approximately 8%.

For the first quarter of 2009, the net income prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") was $6.3 million, or $0.01 per diluted common share, compared to net loss of $4.2 million, or $0.05 per diluted common share, for the first quarter of 2008. The Company reported adjusted cash basis net income of $56.1 million, or $0.61 per diluted common share, for the first quarter of 2009, compared to adjusted cash basis net income of $39.1 million, or $0.48 per diluted common share, for the first quarter of 2008.

The Company's GAAP results for the first quarter of 2009 include amortizati
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SOURCE Inverness Medical Innovations, Inc.
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