Inverness Medical Innovations Inc. (NYSE:IMA) closed a $36.4 million follow-on offer for more shares of Standard Diagnostics (KDQ:066930), taking its total stake in the Korean diagnostics firm to about 75 percent.
The Waltham, Mass.-based diagnostics and lab equipment maker has spent about $202.7 million acquiring its share of SD, which posted adjusted revenues of about $58.4 million and pre-tax income of roughly $24.4 million last year, according to a regulatory filing.
Inverness posted mixed year-end results, logging profits during 2009 but posting a net loss for the fourth quarter.
Sales were $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.