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MHT's Emerging Technologies Forum: Health IT and the Cloud
Alere Inc. of Waltham, a maker of consumer-focused health technologies known until recently as Inverness Medical Innovations Inc., saw revenue for the second quarter of 2010 rise to $523 million, from Q2 2009 revenue of $438 million.
Profit, on the other hand, swung over to the wrong side of the fence, In Q2 2010, Alere (NYSE: ALR) had a net loss of $8.4 million, against a healthy profit of $47.6 million for the second quarter of 2009. According to officials, the swing was attributable to amortization costs of $74.1 million, $7.1 million of restructuring charges and $8.1 million in stock-based compensation expense, among other items.
Inverness became Alere in May, and changed its stock ticker symbol from “IMA” to “ALR.” CEO Ron Zwanziger said at the time the move was intended to bring clarity to Inverness’ slew of acquisitions and new product launches, and that Alere is derived from Latin and means “to nurture, to care for or to support.”
In addition to Latin, the name Alere also comes from the 2007 acquisition by Inverness of Alere Medical Inc., of Reno, Nevada, for $302 million in cash and stock.
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