Alere's 2Q loss grows on charges as sales climb

Alere posts larger 2nd-quarter loss on charges, costs; sales rise 24 percent

Associated Press

WALTHAM, Mass. (AP) -- Medical diagnostics company Alere Inc. said Wednesday that it took a bigger loss in the second quarter compared to a year ago on a series of one-time charges.

Alere's results included about $82 million in costs and charges related to its Triage heart attack and heart failure test, stock-based compensation, acquisitions, restructuring, and other items.

Alere lost $18.2 million, or 23 cents per share. A year ago it took a loss of $4.7 million, or 5 cents per share, in the second quarter. Excluding one-time items, Alere earned 48 cents per share. Revenue rose 24 percent to $700.5 million.

Analysts expected profit of 53 cents per share and revenue of $654.3 million, according to FactSet.

In May, Alere said it expected to recall some of its Alere Triage tests and said it received a federal subpoena related to the performance and quality control of those products. According to Alere, the Food and Drug Administration was concerned about the company's quality-control methods and the way those methods were described on Triage product labeling.

Alere's revenue from its professional diagnostics unit rose 33 percent to $538 million, bolstered by acquisitions. Toxicology revenue surged 80 percent to $159.9 million, and the company gained $36.8 million in diabetes revenue after having none a year ago. Its flu test revenue rose to $4.2 million from $2.3 million.

Revenue from the health management business rose 2 percent to $138.6 million on better results from tobacco cessation and home blood monitoring programs.

Alere shares fell 12 cents to close at $18.40.

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