Inverness Medical Innovations Inc. (NYSE: IMA) reported mixed year-end results, logging profits during 2009 but a net loss for the fourth quarter.
The Waltham, Mass.-based diagnostics and lab equipment maker posted sales of $546.2 million for the three months ended Dec. 31, 2009, up 26.3 percent compared with $432.5 million during the same period in 2008. Inverness swung to a Q4 net loss of $3.1 million, or 4 cents per share, compared with net income of $10.9 million, or 14 cents per share, during Q4 2008.
For the full year, sales grew 21.5 percent to $1.92 billion, compared with $1.58 billion during 2008. Net income last year was $10.7 million, or 13 cents per share, compared with a net loss of $35.8 million, or 46 cents per share, during 2008.
Inverness once again rode a Swine Flu sales wave, saying influenza sales from products such as its BinaxNOW rapid flu test increased from $8.4 million during Q4 2008 to $39.7 million during the just-ended quarter, a nearly 373 percent increase.
The company also said it logged an additional $66.1 million in revenues from recent acquisitions during the quarter, including buyouts of Free & Clear Inc., ACON Laboratories, Concateno plc and a 40 percent stake in Standard Diagnostics (which Inverness turned into an outright acquisition early this year).