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Alere Inc. Announces First Quarter 2011 Results

Wed, 04/27/2011 - 5:34am
Bio-Medicine.Org

WALTHAM, Mass., April 27, 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 March 31, 2011.

Financial results for the first quarter of 2011:

Net revenue of $582.5 million for the first quarter of 2011, compared to $515.3 million for the first quarter of 2010. Product and services revenues from our Professional Diagnostics segment were $409.8 million in the first quarter of 2011, compared to $336.2 million in the first quarter of 2010.  Recent professional diagnostics acquisitions contributed $30.8 million of incremental net revenue compared to the first quarter of 2010. North American influenza sales increased to $19.5 million for the first quarter of 2011, compared to $2.3 million for the first quarter of 2010. Excluding the impact of the change in North American influenza revenues, currency adjusted organic growth in our Professional Diagnostics segment was 6.9%. Adjusted cash-basis gross margins were 55.8% for the first quarter of 2011, compared to 57.0% for the first quarter of 2010 and 55.3% in the fourth quarter of 2010.  Adjusted cash-basis gross margins from products and services in our Professional Diagnostics segment were 59.6% in the first quarter of 2011, compared to 60.1% in the fourth quarter of 2010.  Adjusted cash-basis gross margins from our Health Management segment increased sequentially from 47.6% in the fourth quarter of 2010 to 49.0% in the first quarter of 2011. GAAP net income of $8.1 million attributable to common stockholders of Alere Inc. and respective net income per diluted common share of $0.09, compared to GAAP net income of $9.0 million attributable to common stockholders of A

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