Alere Inc. Announces Fourth Quarter 2010 Results
WALTHAM, Mass., Feb. 17, 2011 /PRNewswire/ -- Alere Inc. (NYSE: ALR), 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 December 31, 2010.
Financial results for the fourth quarter of 2010:Net revenue of $578.5 million for the fourth quarter of 2010, compared to $546.2 million for the fourth quarter of 2009. Product and services revenues from our Professional Diagnostics segment were $401.4 million in the fourth quarter of 2010 compared to $362.0 million in the fourth quarter of 2009. Recent professional diagnostics acquisitions contributed $43.8 million of incremental net revenue compared to the fourth quarter of 2009. North American influenza sales decreased to $8.9 million for the fourth quarter of 2010, compared to $39.7 million for the fourth quarter of 2009. Excluding the impact of the change in North American influenza revenues, currency adjusted organic growth in our Professional Diagnostics segment was 8.8%. This growth rate benefited from the termination of a distribution relationship for certain of our cardiology products in the fourth quarter of 2009, which reduced 2009 revenues by approximately $7.0 million. Further, excluding this impact, the adjusted organic growth rate in the Professional Diagnostics segment was 6.5%. Adjusted gross margins were 55.3% for the quarter compared to 58.3% for the fourth quarter of 2009. Adjusted gross margins from product and services in our Professional Diagnostics segment increased sequentially from 59.9% in the third quarter of 2010 to 60.1% in the fourth quarter. Adjusted gross margins in our Health Management segment decreased sequentially from 51.8% in the third quarter of 2010 to 47.6% in the