Alere Inc. (NYSE: ALR), in its first quarterly earnings statement since re-branding from Inverness Medical Innovations, posted a nearly 600 percent increase in net losses during the second quarter, despite a 19.2 percent increase in revenues.
The Waltham, Mass.-based diagnostics giant reported net losses of $8.3 million, or 10 cents per diluted share, on sales of $523.0 million during the three months ended June 30. That compares with net losses of $1.2 million, or 2 cents per diluted share, on sales of $438.7 million during the same period last year.
Alere said the results included $94.1 million in charges stemming from amortization, restructuring, stock-based compensation and write-up and acquisition costs associated with the roughly $200 million acquisition of a stake in Korea’s Standard Diagnostics (KDQ:066930). Absent those charges, adjusted net income was $51.2 million, or 57 cents per adjusted diluted share.
The Standard Diagnostics and other acquisitions contributed $62.5 million of incremental net revenue, Alere said.
In a conference call with analysts, chairman and CEO Ron Zwanziger said the company is “confident in our ability to achieve $2.60 per share of cash-adjusted EPS for 2010.”