WALTHAM, Mass., July 28 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (NYSE: IMA), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, today announced its financial results for the quarter ended June 30, 2009.
In the second quarter of 2009, the Company recorded net revenue of $460.4 million compared to net revenue of $401.1 million in the second quarter of 2008. The revenue increase was primarily due to $34.2 million of incremental revenue provided by our Health Management segment principally as a result of incremental revenues from recently acquired businesses, along with $14.5 million of incremental revenue contributed by our other recently acquired businesses, offset in part by the adverse impact of foreign currency translation which reduced reported revenues by $15.6 million. The recent H1N1 flu outbreak resulted in an increase in sales of our influenza tests by $13.9 million from the second quarter of 2008. Excluding the impact of the flu increase, the currency adjusted organic growth rate in our Professional Diagnostics segment was approximately 6%.
For the second quarter of 2009, the net income prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") was $4.5 million, or $(0.02) per diluted common share after preferred stock dividends, based on a net loss available to common stockholders of $1.2 million, compared to net loss of $30.3 million, or $(0.43) per diluted common share, based on a net loss available to common stockholders of $33.5 million for the second quarter of 2008. The Company reported adjusted cash basis net income available to common stockholders of $47.6 million, or $0.57 per diluted common share, for the second quarter of 2009, compared to adjusted cash basis net income available to common stockholders of $29.6 million, or $0.37 per diluted common share, for the second quarter of 2008.
The Company's GAAP results for the second quarter of 2009 include amortization of $61.2 million, $4.9 million of restructuring charges, $6.6 million of stock-based compensation expense and $1.7 million of acquisition-related costs recorded in accordance with our adoption of SFAS No. 141-R, Business Combinations. GAAP results for the second quarter of 2008 include amortization of $55.0 million, $23.6 million of restructuring charges, $7.2 million of stock-based compensation expense and a $0.3 million charge related to the write-up to fair market value of inventory acquired in connection with the acquisitions of Panbio Limited and BBI Holdings Plc. These amounts, net of tax, have been excluded from the adjusted cash basis net income per common share for the respective quarters.
A detailed reconciliation of the Company's adjusted cash basis net income, which is a non-GAAP financial measure, to net income(loss) under GAAP, as well as a discussion regarding this non-GAAP financial measure, is included in the schedules to this press release.
The Company will host a conference call beginning at 10:00 a.m. (Eastern Time) today, July 28, 2009, to discuss these results as well as other corporate matters. During the conference call, the Company may answer questions concerning business and financial developments and trends and other business and financial matters. The Company's responses to these questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.
The conference call may be accessed by dialing 706-679-1656 (domestic and international), an access code is not required, or via a link on the Inverness website at www.invmed.com. It is also available via link at http://event.meetingstream.com/r.htm?e=156792&s=1&k=4DD72347FD010D55172B7837F276D5F3. An archive of the call will be available from the same link approximately two hours after the conclusion of the live call and will be accessible for 90 days. Additionally, reconciliations to non-GAAP financial measures not included in this press release that may be discussed during the call will also be available at the Inverness website (www.invmed.com/News.cfm) shortly before the conference call begins and will continue to be available on this website for 30 days.
For more information about Inverness Medical Innovations, please visit our website at http://www.invernessmedical.com.
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life at home. Inverness' global leading products and services, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts.
Inverness Medical Innovations, Inc.
