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Inverness Medical Innovations Announces Third Quarter 2009 Results
Date:10/27/2009

WALTHAM, Mass., Oct. 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 September 30, 2009.

Financial results for the third quarter of 2009:

  • Net revenue of $535.8 million for the third quarter of 2009, compared to $438.8 million for the third quarter of 2008.
  • GAAP net income available to common stockholders and earnings per share of $14.3 million and $0.17 per diluted common share, compared to GAAP net loss available to common stockholders and loss per share of $9.1 million and $0.12 per common share, for the third quarter of 2008.
  • Adjusted cash basis net income available to common stockholders and earnings per share of $66.6 million and $0.74 per diluted common share, compared to $37.7 million and $0.46 per diluted common share, for the third quarter of 2008.

Highlights for the third quarter of 2009:

  • Currency adjusted organic revenue growth of 9.2% in our Professional Diagnostics business, excluding North American influenza sales.
  • North American influenza sales totaled $40.4 million for the third quarter of 2009, compared to $6.8 million for the third quarter of 2008.
  • Recent acquisitions contributed $37.4 million of incremental net revenue, compared to the third quarter of 2008.

The Company's GAAP results for the third quarter of 2009 include amortization of $65.4 million, $6.2 million of restructuring charges, $7.8 million of stock-based compensation expense, a $0.7 million charge associated with the write-up to fair market value of inventory acquired in connection with the acquisition of Concateno plc, a $1.9 million compensation charge incurred in connection with the acquisition of Concateno plc, a $0.3 million loss recorded in connection with deferred purchase price consideration to be paid with our common stock and $5.1 million of acquisition-related costs recorded in accordance with our adoption of ASC 805, Business Combinations, offset by a $3.4 million gain on the disposition of our Diamics, Inc. operations and a $2.9 million net realized foreign currency gain associated with restricted cash established in connection with the Concateno plc acquisition. 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. 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, October 27, 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 https://event.meetingstream.com/r.htm?e=173280&s=1&k=869A5F5A4B771B69A9B01D767DE15ABF. 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)


                          Nine Months Ended September 30, 2009
                                                                Non-GAAP
                                                                Adjusted
                                        Non-GAAP                  Cash
                                GAAP  Adjustments               Basis (a)

    Net product sales
     and services revenue $1,419,472        $-                $1,419,472
    License and royalty
     revenue                  20,588         -                    20,588
      Net revenue          1,440,060         -                 1,440,060
    Cost of net revenue      683,898   (38,729)(b)(c)(d)(e)      645,169
      Gross profit           756,162    38,729                   794,891
      Gross margin                53%                                 55%

    Operating expenses:
      Research and
       development            80,811    (7,793)(b)(c)(d)          73,018
      Selling, general
       and administrative    570,154  (182,614)(b)(c)(d)(f)      387,540
      Gain on disposition     (3,355)    3,355 (h)                     -
            Operating
             income          108,552   225,781                   334,333
    Interest and other
     income (expense),
     net                     (71,235)     (231)(c)(g)(i)(j)      (71,466)
    Income tax provision
     (benefit)                11,927    79,189 (k)                91,116
    Equity earnings of
     unconsolidated
     entities, net of tax      5,539     4,597 (b)(c)             10,136
      Net income (loss)      $30,929  $150,958                  $181,887

    Preferred stock
     dividends              $(17,056)                           $(17,056)

      Net income (loss)
       available to
       common
       stockholders          $13,873                            $164,831

    Net income (loss)
     per common share
         Basic                 $0.17                               $2.07
         Diluted               $0.17                               $1.92(m)

    Weighted average
     common shares -
     basic                    79,682                              79,682
    Weighted average
     common shares -
     diluted                  81,110                              95,864(m)



                       Nine Months Ended September 30, 2008
                                                                Non-GAAP
                                                                Adjusted
                                        Non-GAAP                  Cash
                                GAAP  Adjustments               Basis (a)

    Net product sales
     and services revenue $1,190,684        $-                $1,190,684
    License and royalty
     revenue                  21,476         -                    21,476
      Net revenue          1,212,160         -                 1,212,160
    Cost of net revenue      597,520   (53,560)(b)(c)(d)(e)      543,960
      Gross profit           614,640    53,560                   668,200
      Gross margin                51%                                 55%

    Operating expenses:
      Research and
       development            86,426   (13,080)(b)(c)(d)          73,346
      Selling, general
       and administrative    496,687  (142,286)(b)(c)(d)         354,401
      Gain on disposition          -         -                         -
                                   -         -                         -
            Operating
             income           31,527   208,926                   240,453
    Interest and other
     income (expense),
     net                     (84,151)    8,615(c)(g)             (75,536)
    Income tax provision
     (benefit)               (13,274)   71,050(k)                 57,776
    Equity earnings of
     unconsolidated
     entities, net of tax      1,169     6,678(b)(c)               7,847
      Net income (loss)     $(38,181) $153,169                  $114,988

    Preferred stock
     dividends               $(8,500)                            $(8,500)

      Net income (loss)
       available to
       common
       stockholders         $(46,681)                           $106,488

    Net income (loss)
     per common share
         Basic                $(0.60)                              $1.37
         Diluted              $(0.60)(l)                           $1.30(n)

    Weighted average
     common shares -
     basic                    77,630                              77,630
    Weighted average
     common shares -
     diluted                  77,630(l)                           83,390(n)

(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 $185.3 million and $155.1 million in the first nine months of 2009 and 2008 GAAP results, respectively, including $30.5 million and $34.2 million charged to cost of sales, $3.2 million and $2.8 million charged to research and development and $150.9 million and $117.4 million charged to selling, general and administrative, in the respective periods, with $0.7 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 $16.5 million and $45.7 million in the first nine months of 2009 and 2008 GAAP results, respectively. The $16.5 million charge for the nine months ended September 30, 2009 included $6.1 million charged to cost of sales, $0.9 million charged to research and development, $5.1 million charged to selling, general and administrative, $0.5 million charged to interest expense and $3.9 million charged through equity earnings of unconsolidated entities, net of tax. The $45.7 million charge for the nine months ended September 30, 2008 included $16.4 million charged to cost of sales, $6.9 million charged to research and development, $9.6 million charged to selling, general and administrative, $6.9 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 $20.3 million and $19.7 million associated with stock-based compensation expense in the first nine months of 2009 and 2008 GAAP results, respectively, including $1.5 million and $1.0 million charged to cost of sales, $3.7 million and $3.4 million charged to research and development and $15.1 million and $15.3 million charged to selling, general and administrative, in the respective periods.

(e) Write-off in the amount of $0.7 million and $2.0 million during the nine months ended September 30, 2009 and 2008, respectively, relating to inventory write-ups recorded in connection with the acquisitions of Concateno plc during the third quarter of 2009 and BBI Holdings Plc. during the first quarter of 2008, respectively.

(f) Acquisition-related costs in the amount of $11.5 million recorded in connection with the adoption of ASC 805, Business Combinations, on January 1, 2009.

(g) A $2.9 million net realized foreign currency gain and a $1.7 million net realized foreign currency loss during the nine months ended September 30, 2009 and 2008, respectively, associated with restricted cash established in connection with the acquisitions of Concanteno plc during the third quarter of 2009 and BBI Holdings Plc during the first quarter of 2008, respectively.

(h) A $3.4 million gain associated with management's decision to dispose of our Diamics, Inc. operations.

(i) A $1.9 million compensation-related charge recorded in connection with the acquisition of Concateno plc.

(j) A $0.3 million loss recorded in connection with the deferred payment of a portion of the ACON Second Territory Business purchase price consideration to be paid with our common stock.

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

(l) For the nine months ended September 30, 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.

(m) Included in the weighted average diluted common shares for the calculation of net income per common share for the nine months ended September 30, 2009, on an adjusted cash basis, are dilutive shares consisting of 1,428,000 common stock equivalent shares from the potential exercise of stock options and warrants. Also included were potential dilutive shares consisting of 3,422,000 common stock equivalent shares from the potential conversion of convertible debt securities, 10,985,000 common stock equivalent shares from the potential conversion of Series B convertible preferred stock and 346,000 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 nine months ended September 30, 2009, on an adjusted cash basis, includes the add back of interest expense related to the convertible debt of $2.1 million, the add back of $17.1 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 $0.2 million resulting in net income available to common stockholders of $184.2 million for the nine months ended September 30, 2009.

(n) Included in the weighted average diluted common shares for the calculation of net income per common share for the nine months ended September 30, 2008, on an adjusted cash basis, are dilutive shares consisting of 2,349,000 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 nine months ended September 30, 2008, on an adjusted cash basis, includes the add back of interest expense related to the convertible debt of $2.1 million resulting in net income available to common stockholders of $108.6 million. Potential dilutive shares consisting of 5,479,000 common stock equivalent shares from the potential conversion of Series B convertible preferred stock for the nine months ended September 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)


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

    Net product sales
     and services revenue   $527,962        $-                  $527,962
    License and royalty        7,848         -                     7,848
      revenue
        Net revenue          535,810         -                   535,810
    Cost of net revenue      252,842   (14,084)(b)(c)(d)(e)      238,758
        Gross profit         282,968    14,084                   297,052
        Gross margin              53%                                 55%

    Operating expenses:
        Research and
         development          27,720    (2,462)(b)(c)(d)          25,258
        Selling, general
         and administrative  204,642   (67,325)(b)(c)(d)(f)      137,317
        Gain on disposition   (3,355)    3,355(g)                      -
         Operating income     53,961    80,516                   134,477
    Interest and other
     income (expense), net   (29,625)     (504)(c)(h)(i)(j)      (30,129)
    Income tax provision
     (benefit)                 6,253    28,818(k)                 35,071
      Equity earnings of
       unconsolidated entities,
       net of tax              2,059     1,139(b)(c)               3,198

        Net income (loss)    $20,142   $52,333                   $72,475

     Preferred stock
      dividends              $(5,843)                            $(5,843)

         Net income (loss)
          available to common
          stockholders       $14,299                             $66,632

       Net income (loss)
        per common share
            Basic              $0.18                               $0.82
            Diluted            $0.17                               $0.74(m)

     Weighted average
      common shares -
      basic                   81,625                              81,625
     Weighted average
      common shares -
      diluted                 83,418                              98,616(m)




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

    Net product sales and
     services  revenue       $433,034       $-                  $433,034
    License and
     royalty revenue            5,766        -                     5,766
      Net revenue             438,800        -                   438,800
    Cost of net revenue       210,652  (12,721)(b)(c)(d)         197,931
      Gross profit            228,148   12,721                   240,869
      Gross margin                 52%                                55%

    Operating expenses:
      Research and
       development             25,693   (2,387)(b)(c)(d)          23,306
      Selling, general and
       administrative         189,208  (57,165)(b)(c)(d)         132,043
      Gain on disposition           -        -                         -
        Operating income       13,247   72,273                    85,520
    Interest and other
     income (expense), net    (24,752)     300(c)                (24,452)
    Income tax
     provision (benefit)       (4,696)  26,018(k)                 21,322
    Equity earnings
     of unconsolidated
     entities, net of tax       3,150      237(b)                  3,387
      Net income (loss)       $(3,659) $46,792                   $43,133

    Preferred stock
     dividends                $(5,393)                           $(5,393)

      Net income (loss)
       available to common
       stockholders           $(9,052)                           $37,740

    Net income (loss)
     per common share
         Basic                 $(0.12)                             $0.48
         Diluted               $(0.12)(l)                          $0.46(n)

    Weighted average
     common shares -
     basic                     77,995                             77,995

    Weighted average
     common shares -
     diluted                   77,995(l)                          83,169(n)

(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 $65.4 million and $60.0 million in the third quarter of 2009 and 2008 GAAP results, respectively, including $10.3 million and $10.5 million charged to cost of sales, $0.9 million and $1.0 million charged to research and development and $54.0 million and $48.3 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 $6.2 million and $5.8 million for the third quarter of 2009 and 2008 GAAP results, respectively. The $6.2 million charge for the third quarter of 2009 included $2.6 million charged to cost of sales, $0.1 million charged to research and development, $2.4 million charged to selling, general and administrative, $0.2 million charged to interest expense and $0.9 million charged through equity earnings of unconsolidated entities, net of tax. The $5.8 million charge for the third quarter of 2008 included $1.8 million charged to cost of sales, $0.3 million charged to research and development, $3.4 million charged to selling, general and administrative and $0.3 million charged to interest expense. 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 $7.8 million and $7.0 million associated with stock-based compensation expense for the third quarter of 2009 and 2008 GAAP results, respectively, including $0.6 million and $0.4 million charged to cost of sales, $1.4 million and $1.1 million charged to research and development and $5.8 million and $5.5 million charged to selling, general and administrative, in the respective quarters.

(e) Write-off in the amount of $0.7 million relating to an inventory write-up recorded in connection with the acquisition of Concateno plc during the third quarter of 2009.

(f) Acquisition-related costs in the amount of $5.1 million recorded in connection with the adoption of ASC 805, Business Combinations, on January 1, 2009.

(g) A $3.4 million gain associated with management's decision to dispose of our Diamics, Inc. operations.

(h) A $2.9 million net realized foreign currency gain associated with restricted cash established in connection with the acquisition of Concateno plc.

(i) A $1.9 million compensation-related charge recorded in connection with the acquisition of Concateno plc.

(j) A $0.3 million loss recorded in connection with the deferred payment of a portion of the ACON Second Territory Business purchase price consideration to be paid with our common stock.

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

(l) For the nine months ended September 30, 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.

(m) Included in the weighted average diluted common shares for the calculation of net income per common share for the nine months ended September 30, 2009, on an adjusted cash basis, are dilutive shares consisting of 1,428,000 common stock equivalent shares from the potential exercise of stock options and warrants. Also included were potential dilutive shares consisting of 3,422,000 common stock equivalent shares from the potential conversion of convertible debt securities, 10,985,000 common stock equivalent shares from the potential conversion of Series B convertible preferred stock and 346,000 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 nine months ended September 30, 2009, on an adjusted cash basis, includes the add back of interest expense related to the convertible debt of $2.1 million, the add back of $17.1 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 $0.2 million resulting in net income available to common stockholders of $184.2 million for the nine months ended September 30, 2009.

(n) Included in the weighted average diluted common shares for the calculation of net income per common share for the nine months ended September 30, 2008, on an adjusted cash basis, are dilutive shares consisting of 2,349,000 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 nine months ended September 30, 2008, on an adjusted cash basis, includes the add back of interest expense related to the convertible debt of $2.1 million resulting in net income available to common stockholders of $108.6 million. Potential dilutive shares consisting of 5,479,000 common stock equivalent shares from the potential conversion of Series B convertible preferred stock for the nine months ended September 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)

                                                   September 30, December 31,
                                                            2009         2008
    ASSETS
    CURRENT ASSETS:
    Cash and cash equivalents                           $555,871     $141,324
    Restricted cash                                        3,098        2,748
    Marketable securities                                    907        1,763
    Accounts receivable, net                             363,054      280,608
    Inventories, net                                     223,103      199,131
    Prepaid expenses and other current assets            169,370      196,969
    Total current assets                               1,315,403      822,543

    PROPERTY, PLANT AND EQUIPMENT, NET                   324,020      284,483
    GOODWILL AND OTHER INTANGIBLE ASSETS, NET          5,188,346    4,717,704
    DEFERRED FINANCING COSTS AND OTHER ASSETS, NET       154,332      130,630
    Total assets                                      $6,982,101   $5,955,360

    LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES:
    Current portion of notes payable                     $19,612      $19,509
    Other current liabilities                            450,311      345,836
    Total current liabilities                            469,923      365,345

    LONG-TERM LIABILITIES:
    Notes payable, net of current portion              2,134,398    1,501,025
    Deferred tax liabilities                             506,074      462,787
    Other long-term liabilities                          393,023      347,365
    Total long-term liabilities                        3,033,495    2,311,177

    TOTAL STOCKHOLDERS' EQUITY                         3,478,683    3,278,838
    Total liabilities and stockholders' equity        $6,982,101   $5,955,360

SOURCE Inverness Medical Innovations, Inc.


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SOURCE Inverness Medical Innovations, Inc.
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