Exhibit 99.1

 

LOGO

Alere Reports Second Quarter 2017 Financial Results

WALTHAM, Mass., August 3, 2017 – Alere Inc. (NYSE: ALR), a global leader in rapid diagnostic tests, today announced its financial results for the second quarter ended June 30, 2017.

Second Quarter 2017

 

    Total revenue was $558 million, a 9% decrease compared to $610 million in the prior year period.

 

    Non-GAAP organic growth during the second quarter of 2017 was -7.8% and -3.6% excluding Arriva*.

 

    Negative impact of foreign currency exchange was $6 million in the second quarter of 2017.

 

    GAAP loss from continuing operations during the second quarter of 2017 was $(93) million, or $(1.13) per diluted share, compared to $(33) million, or $(0.44) per diluted share in the prior year period.

 

    Non-GAAP adjusted EBITDA was $44 million in the second quarter of 2017, compared to $91 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.

Six Months 2017

 

    For the six months ended June 30, 2017, revenue was $1.15 billion, a 4% decrease compared to $1.20 billion in the prior year period. The decrease was primarily due to $28 million in Arriva products and services revenue that could not be recognized (see note below*), and a decrease in seasonal product sales. The Company also continued to make investments in global operations and infrastructure to strengthen the enterprise.

 

    Non-GAAP organic growth during the six months ended June 30, 2017 was -3.6% and +1.4% excluding Arriva*.

 

* During the three and six months ended June 30, 2017, the Company furnished to customers $14 million and $28 million, respectively, of Arriva products and services revenue and corresponding earnings that were subject to the CMS revocation 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.


Revenue (in millions)    Second
Quarter 2017
     Second
Quarter 2016
(as restated)
     % Change  

Cardiometabolic Disease

   $ 140      $ 167        (16 %) 

Infectious Disease

     167        189        (12 %) 

Toxicology

     160        158        1

Other

     35        36        (4 %) 

Consumer Diagnostics

     17        20        (17 %) 

Other Non-reportable*

     37        37        1

License and Royalty

     3        3        18
  

 

 

    

 

 

    

 

 

 

Total

   $ 558      $ 610        (9 %) 
  

 

 

    

 

 

    

 

 

 

Certain amounts presented may not recalculate directly, due to rounding.

 

* Patient self-testing has been reclassified into a separate reporting segment called “Other Non-reportable.”

Non-GAAP Information

To supplement the financial measures prepared in accordance with U.S. GAAP, the Company uses Non-GAAP adjusted EBITDA and Non-GAAP organic growth, which are non-GAAP financial measures. The reconciliations of Non-GAAP adjusted EBITDA to net income (loss) from continuing operations and Non-GAAP organic growth to revenue, the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP, is shown in the table in this press release. The Company believes Non-GAAP adjusted EBITDA and Non-GAAP organic growth are useful to investors because these metrics are commonly used by investors to assess the unleveraged, pre-tax financial performance and operating results of our ongoing business operations. The Company’s management also uses Non-GAAP adjusted EBITDA and Non-GAAP organic growth because the Company’s management also believes that these are useful measures to evaluate operating performance and cash flows of the Company based on operational factors. It should also be noted that not all companies calculate Non-GAAP adjusted EBITDA and Non-GAAP organic growth in the same manner and, accordingly, these measures presented in this press release may not be comparable to similar measures used by other companies.

Conference Call

As announced on February 1, 2016, Alere entered into a definitive agreement under which Abbott will acquire Alere, which definitive agreement was amended on April 13, 2017. The transaction is expected to close by the end of the third quarter of 2017, subject to the satisfaction of certain customary closing conditions, including applicable regulatory approvals. Due to the pending transaction, Alere will no longer hold conference calls to discuss its quarterly financial results.

 

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Cautionary Statement Regarding Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers can identify these statements by forward-looking words such as “preliminary”, “may,” “could,” “should,” “would,” “intend,” “will,” “expect,” “anticipate,” “believe,” “estimate,” “can,” “continue” or similar words, and include statements with respect to the merger with Abbott Laboratories (“Abbott”) expecting to close by the end of the third quarter of 2017. A number of important factors could cause actual results of Alere and its subsidiaries to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, (i) the risk that the proposed merger with Abbott, and the divestitures of certain Alere businesses in connection therewith, may not be completed in a timely manner or at all; (ii) the possibility that competing offers or acquisition proposals for Alere will be made; (iii) the possibility that any or all of the various conditions to the consummation of the merger with Abbott (or the divestitures of certain Alere businesses in connection therewith) may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement and Plan of Merger, as amended (the “Merger Agreement”) among Alere and Abbott pursuant to which Abbott will acquire Alere, including in circumstances which would require Alere to pay a termination fee or other expenses; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements to divest certain Alere businesses in connection with the merger with Abbott; (vi) the effect of the announcement or pendency of the transactions contemplated by the Merger Agreement or the divestiture of certain businesses on Alere’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; (vii) risks related to diverting management’s attention from Alere’s ongoing business operations; (viii) the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; (ix) the possibility that the previously announced review of certain aspects of revenue recognition uncovers an additional error or errors in revenue recognition or other financial information which require additional adjustments which may be material, or material weaknesses in the Company’s internal controls over financial reporting; (x) risks relating to the ongoing investigations by the United States Securities and Exchange Commission (the “SEC”) and the United States Department of Justice, and (xi) the risk factors detailed in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (as filed with the SEC on June 5, 2017) and other risk factors identified herein or from time to time in our periodic filings with the SEC. Readers should carefully review these risk factors, and should not place undue reliance on our forward-looking statements. These forward-looking statements are based on information, plans and estimates at the date of this communication. The Company undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

 

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About Alere

Alere believes that when diagnosing and monitoring health conditions, Knowing now matters.™ Alere delivers reliable and actionable information by providing rapid diagnostic tests, enhancing clinical and economic healthcare outcomes globally. Headquartered in Waltham, Mass., Alere focuses on rapid diagnostics for cardiometabolic disease, infectious disease and toxicology. For more information on Alere, please visit www.alere.com.

# # #

Investor Relations

Juliet Cunningham

Vice President, Investor Relations

ir@alere.com

858.805.2232

 

Page 4 of 4


Alere Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2017     2016 (as restated)     2017     2016 (as restated)  

Net product sales and services revenue

   $ 554,691     $ 607,771     $ 1,140,265     $ 1,191,982  

License and royalty revenue

     2,981       2,533       5,623       5,262  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net revenue

     557,672       610,304       1,145,888       1,197,244  

Cost of net revenue

     304,940       328,666       611,430       644,481  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     252,732       281,638       534,458       552,763  

Gross margin

     45     46     47     46

Operating expenses:

        

Research and development

     29,448       28,446       55,732       55,508  

Selling, general and administrative

     252,283       239,298       512,747       454,894  

Impairment and (gain) loss on disposition, net

     —         —         —         (3,810
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     (28,999     13,894       (34,021     46,171  

Interest and other income (expense), net

     (47,710     (46,241     (93,409     (89,696
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations before provision (benefit) for income taxes

     (76,709     (32,347     (127,430     (43,525

Provision (benefit) for income taxes

     17,312       2,582       35,921       2,410  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations before equity earnings of unconsolidated entities, net of tax

     (94,021     (34,929     (163,351     (45,935

Equity earnings of unconsolidated entities, net of tax

     1,321       2,122       6,522       7,156  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

     (92,700     (32,807     (156,829     (38,779

Income from discontinued operations, net of tax

     —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     (92,700     (32,807     (156,829     (38,779

Less: Net income attributable to non-controlling interests

     368       143       551       246  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Alere Inc. and Subsidiaries

     (93,068     (32,950     (157,380     (39,025

Preferred stock dividends

     (5,308     (5,308     (10,558     (10,617
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common stockholders

   $ (98,376   $ (38,258   $ (167,938   $ (49,642
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic net income per common share:

        

Income (loss) from continuing operations

   $ (1.13   $ (0.44   $ (1.92   $ (0.57

Income from discontinued operations

     —             —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net income per common share

   $ (1.13   $ (0.44   $ (1.92   $ (0.57
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net income per common share:

        

Income (loss) from continuing operations

   $ (1.13   $ (0.44   $ (1.92   $ (0.57

Income from discontinued operations

     —           —         —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net income per common share

   $ (1.13   $ (0.44   $ (1.92   $ (0.57
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares—basic

     87,360       86,737       87,300       86,692  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares—diluted

     87,360       86,737       87,300       86,692  
  

 

 

   

 

 

   

 

 

   

 

 

 


Alere Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

 

     June 30,
2017
     December 31,
2016
 

ASSETS

     

CURRENT ASSETS:

     

Cash and cash equivalents

   $ 491,699      $ 567,215  

Restricted cash

     52,480        51,550  

Marketable securities

     150        76  

Accounts receivable, net

     377,963        413,535  

Inventories, net

     335,710        308,920  

Prepaid expenses and other current assets

     125,604        118,607  

Assets held for sale

     —          —    
  

 

 

    

 

 

 

Total current assets

     1,383,606        1,459,903  

Property, Plant and Equipment, net

     436,201        441,190  

Goodwill and other intangible assets, net

     3,574,864        3,592,107  

Restricted Cash- non-current

     2,353        2,171  

Other non-current assets

     159,811        152,908  

Assets held for sale—non-current

     —          —    
  

 

 

    

 

 

 

Total assets

   $ 5,556,835      $ 5,648,279  
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

CURRENT LIABILITIES:

     

Short-term debt and current portions of long-term debt and capital lease obligations

   $ 86,671      $ 85,434  

Liabilities related to assets held for sale

     —          —    

Other current liabilities

     592,768        590,722  
  

 

 

    

 

 

 

Total current liabilities

     679,439        676,156  
  

 

 

    

 

 

 

LONG-TERM LIABILITIES:

     

Long-term debt and capital lease obligations, net of current portions

     2,820,775        2,865,426  

Deferred tax liabilities

     123,775        119,098  

Other long-term liabilities

     167,273        155,992  

Liabilities related to assets held for sale—non-current

     —          —    
  

 

 

    

 

 

 

Total long-term liabilities

     3,111,823        3,140,516  
  

 

 

    

 

 

 

TOTAL EQUITY

     1,765,573        1,831,607  
  

 

 

    

 

 

 

Total liabilities and equity

   $ 5,556,835      $ 5,648,279  
  

 

 

    

 

 

 


Alere Inc. and Subsidiaries

Selected Consolidated Revenues

(in thousands)

 

     Three Months Ended June 30,      % Change  
     2017      2016 (as restated)      2017 v. 2016  

Professional diagnostics segment

        

Cardiometabolic

   $ 139,840      $ 167,378        -16

Infectious disease

     166,544        189,384        -12

Toxicology

     159,871        158,196        1

Other

     35,123        36,413        -4
  

 

 

    

 

 

    

Total professional diagnostics segment

     501,378        551,371        -9

Consumer diagnostics segment

     16,507        19,794        -17

Other Non-reportable

     36,804        36,606        1

License and royalty revenue

     2,981        2,533        18
  

 

 

    

 

 

    

Net revenue

   $ 557,670      $ 610,304        -9
  

 

 

    

 

 

    
     Six Months Ended June 30,      % Change  
     2017      2016 (as restated)      2017 v. 2016  

Professional diagnostics segment

        

Cardiometabolic

   $ 265,017      $ 327,041        -19

Infectious disease

     389,478        381,339        2

Toxicology

     310,508        304,979        2

Other

     68,051        69,795        -2
  

 

 

    

 

 

    

Total professional diagnostics segment

     1,033,054        1,083,154        -5

Consumer diagnostics segment

     33,747        37,236        -9

Other Non-reportable

     73,464        71,592        3

License and royalty revenue

     5,623        5,262        7
  

 

 

    

 

 

    

Net revenue

   $ 1,145,888      $ 1,197,244        -4
  

 

 

    

 

 

    


Alere Inc. and Subsidiaries

Reconciliation of Net Income (Loss) to Non-GAAP EBITDA

(in thousands)

 

     Three Months Ended June 30,  
     2017      2016 (as restated)  

Net Income (loss) (1)

   $ (92,700    $ (32,807

Income tax provision (benefit)

     17,312        2,582  

Depreciation and amortization

     62,575        69,977  

Interest, net

     45,044        41,684  

Non-cash stock-based compensation expense

     9,568        11,004  

Non-cash fair value adjustments to acquisition-related contingent consideration

     2,345        (1,923
  

 

 

    

 

 

 

Non-GAAP Adjusted EBITDA

   $ 44,144      $ 90,518  
  

 

 

    

 

 

 

 

(1) Net income (loss) for the three months ended June 30, 2016 includes $10.5 million of Abbott integration costs, $10.2 million for a legal settlement accrual, restructuring charges of $8.8 million, $5.1 million of charges related to governmental investigations, $0.1 million of costs associated with business dispositions, and $0.2 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA. The three months ended June 30, 2017 includes $26.1 million of Abbott integration costs, $15.9 million of charges related to governmental investigations, non-interest related restructuring charges of $2.6 million, expense related to the withdrawal of the InRatio product of ($2.6) million, $0.1 million of costs associated with business dispositions, and $0.1 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA.

 

     Six Months Ended June 30,  
     2017      2016 (as restated)  

Net Income (loss) (1)

   $ (156,829    $ (38,779

Income tax provision (benefit)

     35,921        2,410  

Depreciation and amortization

     123,558        142,588  

Interest, net

     87,243        82,625  

Non-cash stock-based compensation expense

     19,932        20,606  

Non-cash fair value adjustments to acquisition-related contingent consideration

     2,833        (1,781

Impairment and (gain) loss on dispositions, net

     (229      (3,810
  

 

 

    

 

 

 

Non-GAAP Adjusted EBITDA

   $ 112,429      $ 203,860  
  

 

 

    

 

 

 

 

(1)  Net income (loss) for the six months ended June 30, 2016 includes $20.9 million of Abbott integration costs, $19.6 million of charges related to governmental investigations, restructuring charges of $16.4 million, $0.9 million of costs associated with business dispositions, and $0.7 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA. The six months ended June 30, 2017 includes $67.5 million of Abbott integration costs, $26 million of charges related to governmental investigations, non-interest related restructuring charges of $5.7 million, expense related to the withdrawal of the InRatio product of ($2.6) million, $0.2 million of costs associated with business dispositions, and $0.2 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA.


Alere Inc. and Subsidiaries

Reconciliation of Non-GAAP Organic Revenue Growth

(in thousands)

 

     Three Months Ended June 30,     % Change  
     2017     2016 (as restated)     2017 v. 2016  

Net revenue

   $ 557,670     $ 610,304       -8.6

Impact of foreign currency exchange

     5,624       —      

Impact of acquisitons & dispositions

     (775     —      
  

 

 

   

 

 

   

Non-GAAP organic net revenue

   $ 562,519     $ 610,304       -7.8
  

 

 

   

 

 

   

Arriva revenue

     (2,274     (29,065  
  

 

 

   

 

 

   

Non-GAAP organic net revenue (excluding Arriva)

   $ 560,245     $ 581,239       -3.6
  

 

 

   

 

 

   
     Six Months Ended June 30,     % Change  
     2017     2016 (as restated)     2017 v. 2016  

Net revenue

   $ 1,145,887     $ 1,197,244       -4.3

Impact of foreign currency exchange

     10,393       —      

Impact of acquisitons & dispositions

     (1,675     —      
  

 

 

   

 

 

   

Non-GAAP organic net revenue

   $ 1,154,605     $ 1,197,244       -3.6
  

 

 

   

 

 

   

Arriva revenue

     (5,313     (64,208  
  

 

 

   

 

 

   

Non-GAAP organic net revenue (excluding Arriva)

   $ 1,149,292     $ 1,133,036       1.4
  

 

 

   

 

 

   


Alere Inc. and Subsidiaries

Supplemental Financial Information

(in thousands, except per share amounts)

 

     Three months ended June 30, 2017  
     Cost of Net
Revenue
     Research and
Development
    Selling, General &
Administrative
     Impairment,
net of loss on
disposition
     Interest and
other
income, net
     Provision for
income taxes
     Equity earnings of
unconsolidated entities,
net of tax
     Net Income1  

Amortization of acquisition-related intangible assets

   $ 11,193      $ 1,928     $ 23,776      $ —        $ —        $ —        $ —        $ (36,897

Restructuring charges

     996        (13     1,665        —          —          —          —          (2,648

Impairment Charges

     —          2       —          —          —          —          —          (2

Stock-based compensation expense

     397        382       8,789        —          —          —          —          (9,568

Acquisition-related costs

     —          —         99        —          —          —          —          (99

Fair value adjustments to acquisition-related contingent consideration

     —          —         2,345        —          —          —          —          (2,345

Costs associated with potential business dispositions

     —          —         128        —          —          —          —          (128

Impairment and (gain) loss on disposition, net

     —          —         —          —          —          —          —          —    

Amortization—Unconsolidated Subs

     —          —         —          —          —          —          51        (51

Audit and legal fees related to on-going governmental investigations

     —          —         12,474        —          7,663        —          —          (20,137

Abbott transaction related expenses

     —          —         26,079        —          —          —          —          (26,079

Income tax effects on items above

     —          —         —          —          —          10,861        —          (10,861
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total of Supplemental Information

   $ 10,037      $ 2,299     $ 75,355      $ —        $ 7,663      $ 10,861      $ 51      $ (106,266
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Impact of above items on EPS numerator

                       $ —    

Impact of above items on EPS denominator

                         (1,459

 

1) All impacts are shown as pre-tax with aggregate tax effect displayed as “Income tax effects on items above”.

 

     Six months ended June 30, 2017  
     Cost of Net
Revenue
    Research and
Development
     Selling, General &
Administrative
     Impairment,
net of loss on
disposition
     Interest and
other
income, net
     Provision for
income taxes
     Equity earnings of
unconsolidated entities,
net of tax
    Net Income1  

Amortization of acquisition-related intangible assets

   $ 22,159     $ 2,853      $ 47,535      $ —        $ —        $ —        $ —       $ (72,547

Restructuring charges

     1,811       114        3,753        —          —          —          —         (5,678

Impairment Charges

     —         25        —          —          —          —          —         (25

Stock-based compensation expense

     793       766        18,372        —          —          —          —         (19,932

Acquisition-related costs

     —         —          151        —          —          —          —         (151

Fair value adjustments to acquisition-related contingent consideration

     —         —          2,833        —          —          —          —         (2,833

Costs associated with potential business dispositions

     —         —          185        —          —          —          —         (185

Impairment and (gain) loss on disposition, net

     —         —          —          —          —          —          (229     229  

Amortization—Unconsolidated Subs

     —         —          —          —          —          —          100       (100

Audit and legal fees related to on-going governmental investigations

     —         —          22,614        —          9,780        —          —         (32,393

Abbott transaction related expenses

     —         —          67,478        —          —          —          —         (67,478

INRatio recall expense

     (2,549     —          —          —          —          —          —         2,549  

Legal settlement accrual

     —         —          —          —          —          —          —         —    

Income tax effects on items above

     —         —          —          —          —          14,383        —         (14,383
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total of Supplemental Information

   $ 22,214     $ 3,759      $ 162,922      $ —        $ 9,780      $ 14,383      $ (129   $ (212,929
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Impact of above items on EPS numerator

                      $ —    

Impact of above items on EPS denominator

                        (862

 

1) All impacts are shown as pre-tax with aggregate tax effect displayed as “Income tax effects on items above”.

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