First-quarter profits soared on a healthy boost to revenues for Inverness Medical Innovations Inc. (NYSE:IMA) during the three months ended March 31.

The Waltham, Mass.-based diagnostics and lab equipment maker 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

Inverness said the wave from the Swine Flu pandemic crested during the quarter, as influenza sales from products such as its BinaxNOW rapid flu test were only $2.3 million during Q1 2010, compared with $6.4 million during the first quarter of 2009 and nearly $40 million during Q4 2009.

But that was more than made up for by recent diagnostics acquisitions — such as the 75 percent stake it took in Korea’s Standard Diagnostics (KDQ:066930) and its buyouts of Kroll Inc.’s substance abuse testing lab and Ottawa-based blood testing equipment maker Epocal Inc. — which added $54.1 million of incremental net revenue compared to the first quarter of 2009.

It’s been a busy week for Inverness, which inked a deal with Waltham neighbor BG Medicine Inc. to develop and commercialize a galectin-3 test for heart failure and became embroiled in a spat with a Chinese distributor of its Biosite Triage products.

Inverness shares were at $36.85 in early morning trading, down roughly 1 percent.