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Inverness Medical Innovations Announces Second Quarter 2009 Results
Date:7/28/2009

WALTHAM, Mass., July 28 /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 June 30, 2009.

In the second quarter of 2009, the Company recorded net revenue of $460.4 million compared to net revenue of $401.1 million in the second quarter of 2008. The revenue increase was primarily due to $34.2 million of incremental revenue provided by our Health Management segment principally as a result of incremental revenues from recently acquired businesses, along with $14.5 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 $15.6 million. The recent H1N1 flu outbreak resulted in an increase in sales of our influenza tests by $13.9 million from the second quarter of 2008. Excluding the impact of the flu increase, the currency adjusted organic growth rate in our Professional Diagnostics segment was approximately 6%.

For the second quarter of 2009, the net income prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") was $4.5 million, or $(0.02) per diluted common share after preferred stock dividends, based on a net loss available to common stockholders of $1.2 million, compared to net loss of $30.3 million, or $(0.43) per diluted common share, based on a net loss available to common stockholders of $33.5 million for the second quarter of 2008. The Company reported adjusted cash basis net income available to common stockholders of $47.6 million, or $0.57 per diluted common share, for the second quarter of 2009, compared to adjusted cash basis net income available to common stockholders of $29.6 million, or $0.37 per diluted common share, for the second quarter of 2008.

The Company's GAAP results for the second quarter of 2009 include amortization of $61.2 million, $4.9 million of restructuring charges, $6.6 million of stock-based compensation expense and $1.7 million of acquisition-related costs recorded in accordance with our adoption of SFAS No. 141-R, Business Combinations. 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. 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 income(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 28, 2009, 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 other business and financial matters. The Company's responses to these questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.

The conference call may be accessed by dialing 706-679-1656 (domestic and international), an access code is not required, or via a link on the Inverness website at www.invmed.com. It is also available via link at http://event.meetingstream.com/r.htm?e=156792&s=1&k=4DD72347FD010D55172B7837F276D5F3. An archive of the call will be available from the same link approximately two hours after the conclusion of the live call and will be accessible for 90 days. Additionally, reconciliations to non-GAAP financial measures not included in this press release that may be discussed during the call will also be available at the Inverness website (www.invmed.com/News.cfm) shortly before the conference call begins and will continue to be available on this website for 30 days.

For more information about Inverness Medical Innovations, please visit our website at http://www.invernessmedical.com.

By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life at home. Inverness' global leading products and services, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts.

              Inverness Medical Innovations, Inc. and Subsidiaries
              Condensed Consolidated Statements of Operations and
             Reconciliation to Non-GAAP Adjusted Cash Basis Amounts
                      (in $000s, except per share amounts)


                        Three Months Ended June 30, 2009
                                                               Non-GAAP
                                                               Adjusted
                                           Non-GAAP              Cash
                              GAAP       Adjustments           Basis (a)

    Net product sales and
     services revenue      $456,710            $-             $456,710
    License and royalty
     revenue                  3,680             -                3,680
      Net revenue           460,390             -              460,390

    Cost of net revenue     221,398       (12,228)(b)(c)(d)    209,170
      Gross profit          238,992        12,228              251,220
      Gross margin               52%                                55%

    Operating expenses:

      Research and
       development           26,038        (2,911)(b)(c)(d)     23,127

      Selling, general and
       administrative       186,516       (57,076)(b)(c)(d)(f) 129,440
         Total operating
          expenses          212,554       (59,987)             152,567
           Operating income  26,438        72,215               98,653
    Interest and other
     income (expense), net  (20,940)          143(c)           (20,797)
    Income tax provision
     (benefit)                1,985        25,603(g)            27,588
    Equity earnings of
     unconsolidated
     entities, net of tax       983         2,070(b)(c)          3,053
      Net income (loss)      $4,496       $48,825              $53,321

    Preferred stock
     dividends              $(5,693)                           $(5,693)

      Net (loss) income
       available to common
       stockholders - basic $(1,197)                           $47,628

    Net (loss) income per
     common share
      Basic                 $(0.02)                             $0.60
      Diluted               $(0.02)(h)                          $0.57(i)

    Weighted average common
     shares - basic         78,775                             78,775

    Weighted average common
     shares - diluted       78,775(h)                          95,955(i)



                          Three Months Ended June 30, 2008
                                                                Non-GAAP
                                                               Adjusted
                              GAAP        Non-GAAP               Cash
                                        Adjustments             Basis (a)

    Net product sales and
     services revenue     $396,289             $-               $396,289
    License and royalty
     revenue                 4,838                                 4,838
      Net revenue          401,127              -                401,127


    Cost of net revenue    195,025        (17,225)(b)(c)(d)(e)   177,800
      Gross profit         206,102         17,225                223,327
      Gross margin              52%                                  56%

    Operating expenses:

      Research and
       development          29,808         (5,313)(b)(c)(d)       24,495
      Selling, general and
       administrative      172,792        (50,794)(b)(c)(d)      121,998
         Total operating
          expenses         202,600        (56,107)               146,493
            Operating income 3,502         73,332                 76,834
    Interest and other
     income (expense), net (38,646)         6,624(c)             (32,022)
    Income tax provision
     (benefit)              (7,698)        23,066(g)              15,368
    Equity earnings of
     unconsolidated
     entities, net of tax   (2,902)         6,199(b)(c)            3,297
      Net income (loss)   $(30,348)       $63,089                $32,741

    Preferred stock
     dividends             $(3,107)                              $(3,107)

      Net (loss) income
       available to common
       stockholders -
       basic              $(33,455)                              $29,634

    Net (loss) income per
     common share
      Basic                 $(0.43)                                $0.38
      Diluted               $(0.43)(h)                             $0.37(j)

    Weighted average common
     shares - basic         77,647                                77,647
    Weighted average common
     shares - diluted       77,647(h)                             82,984(j)

(a) In calculating net income or loss on an adjusted cash basis, the Company excludes from net income or loss (i) certain non-cash charges, including amortization expense and stock-based compensation expense, (ii) non-recurring charges and income, and (iii) certain other charges and income that have a significant positive or negative impact on results yet do not occur on a consistent or regular basis in its business. In determining whether a particular item meets one of these criteria, management considers facts and circumstances that it believes are relevant. Management believes that excluding such charges and income from net income or loss allows investors and management to evaluate and compare the Company's operating results from continuing operations from period to period in a meaningful and consistent manner. Due to the frequency of their occurrence in its business, the Company does not adjust net income or loss for the costs associated with litigation, including payments made or received through settlements. It should be noted that "net income or loss on an adjusted cash basis" is not a standard financial measurement under accounting principles generally accepted in the United States of America ("GAAP") and should not be considered as an alternative to net income or loss or cash flow from operating activities, as a measure of liquidity or as an indicator of operating performance or any measure of performance derived in accordance with GAAP. In addition, all companies do not calculate non-GAAP financial measures in the same manner and, accordingly, "net income or loss on an adjusted cash basis" presented in this press release may not be comparable to similar measures used by other companies.

(b) Amortization expense of $61.2 million and $55.0 million in the second quarter of 2009 and 2008 GAAP results, respectively, including $10.2 million and $11.7 million charged to cost of sales, $1.3 million and $1.0 million charged to research and development and $49.5 million and $42.1 million charged to selling, general and administrative, in the respective periods, with $0.2 million charged through equity earnings of unconsolidated entities, net of tax during each of the respective periods.

(c) Restructuring charges associated with the decision to close facilities of $4.9 million and $23.6 million for the second quarter of 2009 and 2008 GAAP results, respectively. The $4.9 million charge for the second quarter of 2009 included $1.5 million charged to cost of sales, $0.3 million charged to research and development, $1.1 million charged to selling, general and administrative, $0.1 million charged to interest expense and $1.9 million charged through equity earnings of unconsolidated entities, net of tax. The $23.6 million charge for the second quarter of 2008 included $4.8 million charged to cost of sales, $3.2 million charged to research and development, $3.0 million charged to selling, general and administrative, $6.6 million charged to interest expense and $6.0 million charged through equity earnings of unconsolidated entities, net of tax. These charges have been excluded from net income or loss because they have a significant impact on results yet do not occur on a consistent or regular basis in the Company's business.

(d) Compensation costs of $6.6 million and $7.2 million associated with stock-based compensation expense for the second quarter of 2009 and 2008 GAAP results, respectively, including $0.5 million and $0.4 million charged to cost of sales, $1.3 million and $1.1 million charged to research and development and $4.8 million and $5.7 million charged to selling, general and administrative, in the respective quarters.

(e) Write-off in the amount of $0.3 million relating to inventory write-ups recorded in connection with the acquisitions of Panbio Limited and BBI Holdings Plc. during the first quarter of 2008.

(f) Write-off in the amount of $1.7 million for acquisition-related costs recorded in connection with the adoption of SFAS No. 141-R, Business Combinations, on January 1, 2009.

(g) Tax effect on adjustments as discussed above in notes (b), (c), (d), (e) and (f).

(h) For the three months ended June 30, 2009 and 2008, potential dilutive shares were not used in the calculation of diluted net loss per common share under GAAP because inclusion thereof would be antidilutive.

(i) Included in the weighted average diluted common shares for the calculation of net income per common share for the three months ended June 30, 2009, on an adjusted cash basis, are dilutive shares consisting of 1,527,000 common stock equivalent shares from the potential exercise of stock options and warrants. Also included were potential dilutive shares consisting of 3,416,000 common stock equivalent shares from the potential conversion of convertible debt securities, 10,981,000 common stock equivalent shares from the potential conversion of Series B convertible preferred stock and 1,256,000 common stock equivalents from the potential settlement of a portion of the deferred purchase price consideration related to the ACON Second Territory Business. The diluted net income per common share calculation for the three months ended June 30, 2009, on an adjusted cash basis, includes the add back of interest expense related to the convertible debt of $0.7 million, the add back of $5.7 million of preferred stock dividends related to the Series B convertible preferred stock and the add back of interest expense related to the ACON Second Territory Business of $0.3 million resulting in net income available to common stockholders of $54.3 million for the three months ended June 30, 2009.

(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 available to common stockholders of $30.4 million. Potential dilutive shares consisting of 6,008,000 common stock equivalent shares from the potential conversion of Series B convertible preferred stock for the three months ended June 30, 2008 were not used in the calculation of diluted net income per common share, on an adjusted cash basis, because inclusion thereof would be antidilutive.

               Inverness Medical Innovations, Inc. and Subsidiaries
               Condensed Consolidated Statements of Operations and
              Reconciliation to Non-GAAP Adjusted Cash Basis Amounts
                       (in $000s, except per share amounts)


                                Six Months Ended June 30, 2009

                                                                 Non-GAAP
                                                                 Adjusted
                                            Non-GAAP               Cash
                              GAAP         Adjustments           Basis (a)

    Net product sales and
     services revenue       $891,510             $-              $891,510
    License and royalty
     revenue                  12,740                               12,740
      Net revenue            904,250              -               904,250
    Cost of net revenue      431,056        (24,645)(b)(c)(d)     406,411
      Gross profit           473,194         24,645               497,839
      Gross margin                53%                                  56%

    Operating expenses:
      Research and
       development            53,091         (5,331)(b)(c)(d)      47,760
      Selling, general and
       administrative        365,512       (115,289)(b)(c)(d)(g)  250,223
         Total operating
          expenses           418,603       (120,620)              297,983
            Operating
             income           54,591        145,265               199,856
    Interest and other
     income (expense), net   (41,610)           273(c)            (41,337)
    Income tax provision
     (benefit)                 5,674         50,371(h)             56,045
    Equity earnings of
     unconsolidated
     entities, net of tax      3,480          3,458(b)(c)           6,938
      Net income (loss)      $10,787        $98,625              $109,412

    Preferred stock
     dividends              $(11,213)                            $(11,213)

      Net (loss) income
       available to common
       stockholders - basic    $(426)                             $98,199

    Net (loss) income per
     common share
      Basic                   $(0.01)                               $1.25
      Diluted                 $(0.01)(i)                            $1.17(j)

    Weighted average
     common shares - basic    78,695                               78,695
    Weighted average common
     shares - diluted         78,695(i)                            94,816(j)



                              Six Months Ended June 30, 2008


                                                                 Non-GAAP
                                                                 Adjusted
                                            Non-GAAP               Cash
                                GAAP       Adjustments           Basis (a)


    Net product sales and
     services revenue       $757,650             $-              $757,650
    License and royalty
     revenue                  15,710                               15,710
      Net revenue            773,360              -               773,360
    Cost of net revenue      386,868        (40,839)(b)(c)(d)(e)  346,029
      Gross profit           386,492         40,839               427,331
      Gross margin                51%                                  56%

    Operating expenses:
      Research and
       development            60,733        (10,693)(b)(c)(d)      50,040
      Selling, general and
       administrative        307,479        (85,121)(b)(c)(d)     222,358
         Total operating
          expenses           368,212        (95,814)              272,398
            Operating
             income           18,280        136,653               154,933
    Interest and other
     income (expense), net   (59,399)         8,315(c)(f)         (51,084)
    Income tax provision
     (benefit)                (8,578)        45,032(h)             36,454
    Equity earnings of
     unconsolidated
     entities, net of tax     (1,981)         6,441(b)(c)           4,460
      Net income (loss)     $(34,522)      $106,377               $71,855

    Preferred stock
     dividends               $(3,107)                             $(3,107)

      Net (loss) income
       available to common
       stockholders - basic $(37,629)                             $68,748

    Net (loss) income per
     common share
      Basic                   $(0.49)                               $0.89
      Diluted                 $(0.49)(i)                            $0.84(k)

    Weighted average
     common shares - basic    77,446                               77,446
    Weighted average common
     shares - diluted         77,446(i)                            83,201(k)

(a) In calculating net income or loss on an adjusted cash basis, the Company excludes from net income or loss (i) certain non-cash charges, including amortization expense and stock-based compensation expense, (ii) non-recurring charges and income, and (iii) certain other charges and income that have a significant positive or negative impact on results yet do not occur on a consistent or regular basis in its business. In determining whether a particular item meets one of these criteria, management considers facts and circumstances that it believes are relevant. Management believes that excluding such charges and income from net income or loss allows investors and management to evaluate and compare the Company's operating results from continuing operations from period to period in a meaningful and consistent manner. Due to the frequency of their occurrence in its business, the Company does not adjust net income or loss for the costs associated with litigation, including payments made or received through settlements. It should be noted that "net income or loss on an adjusted cash basis" is not a standard financial measurement under accounting principles generally accepted in the United States of America ("GAAP") and should not be considered as an alternative to net income or loss or cash flow from operating activities, as a measure of liquidity or as an indicator of operating performance or any measure of performance derived in accordance with GAAP. In addition, all companies do not calculate non-GAAP financial measures in the same manner and, accordingly, "net income or loss on an adjusted cash basis" presented in this press release may not be comparable to similar measures used by other companies.

(b) Amortization expense of $119.8 million and $95.0 million in the first six months of 2009 and 2008 GAAP results, respectively, including $20.2 million and $23.7 million charged to cost of sales, $2.3 million and $1.8 million charged to research and development and $96.9 million and $69.1 million charged to selling, general and administrative, in the respective periods, with $0.4 million charged through equity earnings of unconsolidated entities, net of tax during both the six months ended June 30, 2009 and 2008.

(c) Restructuring charges associated with the decision to close facilities of $10.3 million and $39.9 million in the first six months of 2009 and 2008 GAAP results, respectively. The $10.3 million charge for the six months ended June 30, 2009 included $3.5 million charged to cost of sales, $0.8 million charged to research and development, $2.7 million charged to selling, general and administrative, $0.3 million charged to interest expense and $3.0 million charged through equity earnings of unconsolidated entities, net of tax. The $39.9 million charge for the six months ended June 30, 2008 included $14.5 million charged to cost of sales, $6.6 million charged to research and development, $6.2 million charged to selling, general and administrative, $6.6 million charged to interest expense and $6.0 million charged through equity earnings of unconsolidated entities, net of tax. These charges have been excluded from net income or loss because they have a significant impact on results yet do not occur on a consistent or regular basis in the Company's business.

(d) Compensation costs of $12.5 million and $12.7 million associated with stock-based compensation expense in the first six months of 2009 and 2008 GAAP results, respectively, including $0.9 million and $0.6 million charged to cost of sales, $2.3 million and $2.3 million charged to research and development and $9.3 million and $9.8 million charged to selling, general and administrative, in the respective periods.

(e) Write-off in the amount of $2.0 million relating to inventory write-ups recorded in connection with the acquisitions of Panbio Limited and BBI Holdings Plc. during the first quarter of 2008.

(f) A $1.7 million net realized foreign currency loss associated with a cash escrow established in connection with the acquisition of BBI Holdings Plc.

(g) Write-off in the amount of $6.4 million for acquisition-related costs recorded in connection with the adoption of SFAS No. 141-R, Business Combinations, on January 1, 2009.

(h) Tax effect on adjustments as discussed above in notes (b), (c), (d), (e), (f) and (g).

(i) For the six months ended June 30, 2009 and 2008, 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 six months ended June 30, 2009, on an adjusted cash basis, are dilutive shares consisting of 1,185,000 common stock equivalent shares from the potential exercise of stock options and warrants. Also included were potential dilutive shares consisting of 3,413,000 common stock equivalent shares from the potential conversion of convertible debt securities, 10,891,000 common stock equivalent shares from the potential conversion of Series B convertible preferred stock and 632,000 common stock equivalents from the potential settlement of a portion of the deferred purchase price consideration related to the ACON Second Territory Business. The diluted net income per common share calculation for the six months ended June 30, 2009, on an adjusted cash basis, includes the add back of interest expense related to the convertible debt of $1.4 million, the add back of $11.2 million of preferred stock dividends related to the Series B convertible preferred stock and the add back of interest expense related to the ACON Second Territory Business of $0.3 million resulting in net income available to common stockholders of $111.1 million for the six months ended June 30, 2009.

(k) Included in the weighted average diluted common shares for the calculation of net income per common share for the six months ended June 30, 2008, on an adjusted cash basis, are dilutive shares consisting of 2,344,000 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 six months ended June 30, 2008, on an adjusted cash basis, includes the add back of interest expense related to the convertible debt of $1.5 million resulting in net income available to common stockholders of $70.2 million. Potential dilutive shares consisting of 3,004,000 common stock equivalent shares from the potential conversion of Series B convertible preferred stock for the six months ended June 30, 2008 were not used in the calculation of diluted net income per common share, on an adjusted cash basis, because inclusion thereof would be antidilutive.


              Inverness Medical Innovations, Inc. and Subsidiaries
                     Condensed Consolidated Balance Sheets
                                   (in $000s)

                                                     June 30,  December 31,
                                                       2009        2008
                                                   (unaudited)
    ASSETS
    CURRENT ASSETS:
    Cash and cash equivalents                         $424,018     $141,324
    Restricted cash                                    142,895        2,748
    Marketable securities                                1,493        1,763
    Accounts receivable, net                           287,868      280,608
    Inventories, net                                   207,149      199,131
    Prepaid expenses and other current assets          156,681      196,969
    Total current assets                             1,220,104      822,543

    PROPERTY, PLANT AND EQUIPMENT, NET                 307,575      284,483
    GOODWILL AND OTHER INTANGIBLE ASSETS, NET        4,787,364    4,717,704
    DEFERRED FINANCING COSTS AND OTHER ASSETS, NET     148,269      130,630
    Total assets                                    $6,463,312   $5,955,360

    LIABILITIES AND STOCKHOLDERS' EQUITY
    CURRENT LIABILITIES:
    Current portion of notes payable                   $18,907      $19,509
    Other current liabilities                          460,999      345,836
    Total current liabilities                          479,906      365,345

    LONG-TERM LIABILITIES:
    Notes payable, net of current portion            1,884,461    1,501,025
    Deferred tax liabilities                           437,014      462,787
    Other long-term liabilities                        338,606      347,365
    Total long-term liabilities                      2,660,081    2,311,177

    TOTAL STOCKHOLDERS' EQUITY                       3,323,325    3,278,838
    Total liabilities and stockholders' equity      $6,463,312   $5,955,360


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SOURCE Inverness Medical Innovations, Inc.
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