Inverness Medical Innovations Inc. (NYSE:IMA) is giving one of its subsidiaries a big promotion.
The Waltham, Mass.-based diagnostics firm is planning a makeover by changing its name to Alere, a brand it created in 2008 after acquiring Alere Medical, ParadigmHealth and Matria Healthcare and merging them under a single umbrella.
Inverness said it plans to seek the approval of its shareholders at its July 14 annual meeting. CEO Ron Zwanziger said in prepared remarks that the move is aimed at unifying its many subsidiaries under a single, customer-facing brand.
The Alere name is derived from the Latin alo, or “nurture,” was tapped after “extensive research with investors, customers and industry experts,” Zwanziger said, adding that the moniker “already benefits from recognition within the healthcare community by providers and patients alike” via its Alere health management services division.
If shareholders approve the name change, Inverness would also change its stock symbol to ALR, but remain on the New York Stock Exchange.
The company posted net income of $9.0 million, or 10 cents per diluted share, on revenues of $515.3 million during the quarter. That’s a more than 1,064 percent increase in profits compared with the $771,000, or 1 cent per diluted share, Inverness reported during Q1 2009. Revenues were up 21.2 percent compare with $425.2 million during the year-ago quarter.