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Alere 1Q profit slips on higher costs

Wed, 04/27/2011 - 7:45am
The Associated Press

Medical diagnostics company Alere Inc. said Wednesday its profit fell slightly in the first quarter on rising costs.

Alere said its net income declined to $8.1 million, or 9 cents per share, from $9 million, or 11 cents per share, a year ago.

The company's results from both periods included one-time charges related to amortization, restructuring and other items.

Excluding those items, Alere said it earned 65 cents per share in the most recent quarter, down from 83 cents per share a year ago.

Revenue grew 13 percent to $582.5 million.

Analysts expected a profit of 61 cents per share and $559.6 million in revenue, according to FactSet. Analyst estimates generally leave out one-time items.

Alere said its amortization costs grew to $76.3 million from $72.1 million.

Shares of Alere fell 49 cents to $38.09 in morning trading.

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