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Alere Reports First Quarter 2017 Financial Results
WALTHAM, Mass., June 14, 2017 Alere Inc. (NYSE: ALR), a global leader in rapid diagnostic tests, today announced its financial results for the first quarter ended March 31, 2017.
First Quarter 2017 Results
|||Total revenue was $588 million, compared to $587 million in the prior year period.|
|||Global influenza sales were $59 million in the first quarter of 2017, a 118% increase compared to $27 million in the prior year period.|
|||Non-GAAP organic growth during the first quarter of 2017 was +0.9%, or +6.8% excluding Arriva*.|
|||Negative impact of foreign currency exchange was $5 million in the first quarter of 2017.|
|||GAAP loss from continuing operations during the first quarter of 2017 was $(64) million, or $(0.80) per diluted share, compared to $(6) million, or $(0.13) per diluted share in the prior year period.|
|||Non-GAAP adjusted EBITDA was $68 million in the first quarter of 2017, a 40% decrease compared to $113 million in the prior year period. The decrease was primarily due to higher merger-related costs and audit and legal fees related to ongoing investigations as detailed in the Supplemental Financial Information table.|
|*||During the first quarter of 2017, the Company furnished $15 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.|
Our first quarter 2017 results reflect strong U.S. sales growth driven by record influenza and respiratory sales. We achieved Alere i molecular sales of greater than $30 million globally in the quarter. Additionally, it is pleasing to report strong HIV product sales and that our Toxicology business returned to growth driven by employer services, said Namal Nawana, CEO of Alere. We are pleased that our definitive proxy statement was filed last week with a shareholder meeting date set for July 7th.
On June 8, 2017, the Company was informed by the U.S. Department of Justice that it is closing the investigation of the operations at the Companys pain management laboratory in Austin, Texas without taking any action against the Company.
|Revenue (in millions)||First Quarter
License and Royalty
|*||Patient self-testing has been reclassified into a separate reporting segment called Other Non-reportable.|
The following information was filed by Alere Inc. (ALR) on Wednesday, June 14, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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