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Print Edition StoriesTuesday, July 28, 2009
Inverness Medical reports sales spike, loss narrows
By Mass High Tech Staff
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Inverness Medical Innovations Inc., a developer and marketer of health and diagnostic technologies for consumers, said second quarter revenue spiked 15 percent on acquisitions and an incremental jump in flu-test sales amid concerns over the H1N1 virus.
The Waltham-based company (NYSE: IMA) said revenue for the three-month span totaled $456.7 million, compared with $396.3 million booked a year earlier. Around $14 million of that increase was linked to flu-test sales stemming from the H1N1 outbreak.
Inverness’ operating costs rose 5 percent despite a slight cut — to $26 million from $29.8 million — in research and development outlays. The increase was largely due to an 8 percent increase in selling and marketing expenses, which rose to $186.5 million from $172.8 million.
Net income before preferred stock dividend payments totaled $4.5 million, versus a loss of $30.3 million in 2008’s corresponding quarter. When accounting for $5.69 million in preferred dividends, the company’s net loss for the quarter was $1.2 million.
Inverness’ cash and cash equivalents were $566.9 million at the end of June, compared with $144 million a year earlier. Much of that cash came in the form of long-term borrowings, which increased to $1.88 billion from $1.5 billion as of June 30, 2008.
Last month, Inverness reported it plans to buy London-based drug and alcohol testing supplier Concateno PLC for a final sum yet to be decided.
Like Inverness, Concateno also offers clinical diagnostic products. The acquisition will be executed under a court-approved scheme of arrangement under Part 26 of the United Kingdom Companies Act.
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