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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 acquisit
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SOURCE Inverness Medical Innovations, Inc.
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