Inverness Medical Innovations Announces First Quarter 2004 Results

WALTHAM, Mass., April 29 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (AMEX:IMA) , a leading manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, today announced its financial results for the quarter ended March 31, 2004.

For the first quarter of 2004, Inverness Medical Innovations reported net loss under accounting principles generally accepted in the United States of America ("GAAP") of $2.2 million, compared to net income of $2.3 million in the first quarter of 2003. Net loss available to common stockholders was $2.9 million, or $0.15 per diluted share, in the first quarter of 2004 compared to net income available to common stockholders of $2.1 million, or $0.14 per diluted share, for the first quarter of 2003. The Company's reported loss in its 2004 first quarter results under GAAP included a charge of $2.9 million, net of tax effect, or $0.14 per diluted share, to write-off unamortized deferred financing costs and record prepayment fees in connection with the repayments of borrowings under the Company's primary senior credit facility and certain subordinated promissory notes with the proceeds from the Company's bond offering in February 2004. Excluding this charge and the non-cash discounts and redemption interest related to redeemable convertible preferred stock, which would have reduced earnings available to common stockholders under GAAP, the Company's reported income for the first quarter of 2004 would have been $745,000, or $0.04 per diluted share, compared to $2.3 million, or $0.15 per diluted share, for the first quarter of 2003.

In the first quarter of 2004, the Company recorded net revenues of $90.7 million compared to net revenues of $65.1 million in the first quarter of 2003. The revenue increase was primarily due to the revenues contributed by product lines acquired from Abbott Laboratories on September 30, 2003, Applied Biotech, Inc., which was acquired on August 27, 2003, the launch of the Company's digital pregnancy test in June 2003, the supply of Pfizer's e.p.t digital pregnancy test which commenced in December 2003 and currency translation.

A detailed reconciliation of the Company's income excluding non-recurring items and certain non-operating charges and income, which is a non-GAAP financial measure, to net income or loss under GAAP 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, April 29, 2004, 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 can be accessed by dialing 973-935-8506 (domestic and international), an access code is not required, or via a link on the Inverness website at and A telephone replay of the call will be available by dialing 973-341-3080 (domestic and international) with an access code of 4713308. That replay will be available until 12:00 midnight (Eastern Time) on May 1, 2004. An on demand webcast of the call will be available at the Inverness website ( two hours after the end of the call and will be accessible for 12 months. 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 same website beginning shortly before the conference call and will continue to be available on this website for 12 months.

Inverness Medical Innovations is a leading global developer of advanced diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer-oriented applications including immuno- diagnostics with a focus on women's health and cardiology. The Company's new product development efforts, as well as its position as a leading supplier of consumer pregnancy and fertility/ovulation tests and rapid point-of-care diagnostics, are supported by the strength of its intellectual property portfolio. The Company is headquartered in Waltham, Massachusetts.

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