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Inverness Medical Innovations Announces Fourth Quarter 2008 Results
Date:2/18/2009

WALTHAM, Mass., Feb. 18 /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 December 31, 2008.

In the fourth quarter of 2008, the Company recorded net revenue of $459.3 million compared to net revenue of $288.0 million in the fourth quarter of 2007, an increase of 59%. The revenue increase was primarily due to $114.0 million of incremental revenue provided by our Health Management segment, along with $34.6 million of incremental revenue contributed by our other recently acquired businesses and organic growth which, on a currency adjusted basis, was approximately 10.7% in our Professional Diagnostics segment.

For the fourth quarter of 2008, the net income prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") was $16.4 million, or $0.14 per diluted common share, compared to net loss of $15.8 million, or $0.24 per diluted common share, for the fourth quarter of 2007. The Company reported adjusted cash basis net income of $60.2 million, or $0.66 per diluted common share, for the fourth quarter of 2008, compared to adjusted cash basis net income of $27.6 million, or $0.40 per diluted common share, for the fourth quarter of 2007.

The Company's GAAP results for the fourth quarter of 2008 include amortization of $60.3 million, $5.0 million of restructuring charges and $6.7 million of stock-based compensation expense. GAAP results for the fourth quarter of 2007 include amortization of $28.0 million, the write-off of $4.8 million of in-process research and development acquired in connection with our acquisition of Diamics, $5.2 million of restructu
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SOURCE Inverness Medical Innovations, Inc.
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