Exhibit 99.1
INVERNESS MEDICAL INNOVATIONS ANNOUNCES
FOURTH QUARTER 2007 RESULTS
 
WALTHAM, MA...February 20, 2008...
Inverness Medical Innovations, Inc. (AMEX: IMA), a global leader in rapid point-of-care diagnostic products, today announced its financial results for the quarter ended December 31, 2007.
In the fourth quarter of 2007, the Company recorded net revenue of $288.0 million compared to net revenue of $157.0 million in the fourth quarter of 2006. The revenue increase was primarily due to increased product sales in our Professional Diagnostics segment which grew from $87.2 million in the fourth quarter of 2006 to $234.2 million in 2007, principally as a result of businesses acquired which contributed $139.3 million of the increased product revenue. Partially offsetting this increase was a decrease of $16.1 million in revenue as compared to the prior year’s quarter as a result of our second quarter of 2007 formation of a joint venture for our Consumer Diagnostics business with the Procter & Gamble Company and a $3.3 million decrease in product sales from our Nutritional segment.
For the fourth quarter of 2007, the net loss prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) was $12.5 million, or $0.19 per diluted common share, compared to net income of $6.0 million, or $0.15 per diluted common share, for the fourth quarter of 2006. The Company reported adjusted cash basis net income of $27.6 million, or $0.40 per diluted common share, for the fourth quarter of 2007, compared to adjusted cash basis net income of $13.8 million, or $0.34 per diluted common share, for the fourth quarter of 2006.
The Company’s GAAP results for the fourth quarter of 2007 include amortization of $25.6 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 restructuring charges, $5.3 million of stock-based compensation expense, a $0.8 million charge related to the write-up to fair market value of inventory acquired in connection with the Cholestech and HemoSense acquisitions, and an unrealized foreign currency loss of $3.9 million associated with a cash escrow established in connection with the acquisition of BBI Holdings Plc. GAAP results for the fourth quarter of 2006 include amortization of $5.4 million, a $1.2 million restructuring charge, and $1.6 million of non-cash 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.

 


The following information was filed by Alere Inc. (ALR) on Wednesday, February 20, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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