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Inverness Medical Innovations Inc. continued its profitable streak in the third quarter on a 22 percent surge in revenue and improved gross margins.
The Waltham-based company, which develops and markets health care technologies for the consumer market, said the quarter’s $97 million year-over-year uptick in revenue stemmed largely from a $33.2 million boost in flu-shot sales as well as a $37.4 million lift from recent acquisitions.
Inverness (NYSE: IMA) also reported strong organic growth — 9.2 percent on a currency-adjusted basis — in its professional diagnostics business.
The profitable quarter was its third of the year and puts the local company on solid footing to turn its first annual profit since inception. Net income for the quarter was $20.1 million, compared with a net loss of $3.7 million in the year-earlier period.
Net income for the first nine months of the year was $30.9 million, compared with a net loss of $38.2 million in 2008’s corresponding time span.
Inverness had roughly $560 million in cash and cash equivalents as of Sept. 30, compared with $143 million at the end of 2008.
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