Alere Inc. (ALR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Home SEC Filings Alere Inc. (ALR) 10-K Annual Report Mon Jun 05 2017

Exhibit 99.1

 

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Alere Files Form 10-K, Reports Fourth Quarter and

Full Year 2016 Financial Results

 

 

WALTHAM, Mass., June 5, 2017 – Alere Inc. (NYSE: ALR), a global leader in rapid diagnostic tests, today announced that it has filed its Form 10-K and reported its financial results for the fourth quarter and full year ended December 31, 2016.

Full Year 2016 Results

 

  •   Revenue for the full year 2016 was $2.38 billion, a 3% decrease compared to $2.46 billion in the prior year period.

 

  •   Non-GAAP organic growth for the full year 2016 was +0.3% or +2.5% excluding Arriva*.

 

  •   Strong performance in Infectious Disease led by international growth on a constant currency basis included double-digit growth in Latin America, Asia Pacific and Africa. Patient self-testing also achieved double-digit growth in 2016.

 

  •   Negative impact of foreign currency exchange was $41 million in 2016.

 

  •   GAAP loss from continuing operations was $(137) million, or $(1.83) per diluted share, for the full year 2016, compared to $(15) million, or $(0.43) per diluted share in the prior year period.

 

  •   Non-GAAP adjusted EBITDA of $347 million for the full year 2016, a 30% decrease compared to $495 million in the prior year period. The decrease was primarily due to approximately $135 million in merger-related costs, audit and legal fees related to ongoing investigations and legal settlements, as detailed in the Supplemental Financial Information table.

*During the period from November 4, 2016 to December 31, 2016, the Company furnished $9.8 million of Arriva products and services that were subject to the CMS revocation to customers but did not recognize any revenue for such products and services because they were not eligible for reimbursement by CMS at the time the Company furnished them.

“Alere delivered solid 2016 results by maintaining our discipline and staying focused on core business growth as a leader in point-of-care diagnostics. Excluding extraordinary costs and the impact of foreign currency exchange and divestitures, our operating earnings in 2016 were roughly in line with 2015,” said Namal Nawana, CEO of Alere. “We successfully accelerated growth in our global Infectious Disease business in 2016, achieving double-digit sales growth driven by the success of the Alere i molecular platform with an expanded menu of three assays. In addition, we continued to invest in global operations and infrastructure to strengthen the enterprise. We have seen a strong start to 2017 in each of our global business units and look forward to reporting our progress in the first quarter results.”

The following information was filed by Alere Inc. (ALR) on Monday, June 5, 2017 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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Inside Alere Inc.'s 10-K Annual Report:

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Ticker: ALR
CIK: 1145460
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-194626
Submitted to the SEC: Mon Jun 05 2017 4:25:07 PM EST
Accepted by the SEC: Mon Jun 05 2017
Period: Saturday, December 31, 2016
Industry: In Vitro And In Vivo Diagnostic Substances

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