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Inverness Medical Innovations Inc (IMA) filed Quarterly Report for the period ended 2011-09-30.
Inverness Medical Innovations Inc has a market cap of $2.32 billion; its shares were traded at around $0 .
This is the annual revenues and earnings per share of IMA over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of IMA.
Highlight of Business Operations:
Net Product Sales and Services Revenue, Total and by Business Segment. Total net product sales and services revenue increased by $46.0 million, or 9%, to $580.5 million for the three months ended September 30, 2011, from $534.6 million for the three months ended September 30, 2010. Excluding the impact of currency translation, net product sales and services revenue for the three months ended September 30, 2011 increased by $36.0 million, or 7%, compared to the three months ended September 30, 2010. Total net product sales and services revenue increased by $156.9 million, or 10%, to $1.7 billion for the nine months ended September 30, 2011, from $1.6 billion for the nine months ended September 30, 2010. Excluding the impact of currency translation, net product sales and services revenue for the nine months ended September 30, 2011 increased by $126.1 million, orWithin our professional diagnostics business segment, net product sales and services revenue for our infectious disease business increased by approximately $36.0 million, or 34%, to $142.6 million for the three months ended September 30, 2011, from $106.6 million for the three months ended September 30, 2010, driven by increased North American flu-related, HIV and malaria net product sales, coupled with the impact of two recent Brazilian acquisitions, which contributed approximately $8.9 million of the increase. Net product sales and services revenue for our cardiology business increased by approximately $7.9 million, or 7%, to $127.9 million for the three months ended September 30, 2011, from $120.1 million for the three months ended September 30, 2010, driven particularly by growth outside of the U.S. and in our domestic cholesterol and professional coagulation testing businesses, offsetting continued softness in domestic BNP net product sales, primarily related to issues with sales on the Beckman Coulter platform. Our toxicology business increased by approximately $16.1 million, or 21%, to $93.5 million for the three months ended September 30, 2011, from $77.4 million for the three months ended September 30, 2010, with our recent acquisitions of Capital Toxicology, LLC, or Capital Toxicology, and Diagnostixx of California, Corp. (d/b/a) Immunalysis Corporation, or Immunalysis, contributing $10.5 million of the increase.
Within our professional diagnostics business segment, net product sales and services revenue for our infectious disease business increased by approximately $102.3 million, or 34%, to $405.6 million for the nine months ended September 30, 2011, from $303.2 million for the nine months ended September 30, 2010, driven by increased North American flu-related, worldwide respiratory, HIV and malaria net product sales, coupled with the impact of two recent Brazilian acquisitions, which contributed approximately $23.4 million of the increase. Net product sales and services revenue for our cardiology business increased by approximately $29.9 million, or 8%, to $390.7 million for the nine months ended September 30, 2011, from $360.8 million for the nine months ended September 30, 2010, driven particularly by growth outside of the U.S. and in our domestic cholesterol and professional coagulation testing businesses, offsetting continued softness in domestic BNP net product sales, primarily related to issues with sales on the Beckman Coulter platform. Our toxicology business increased by approximately $47.2 million, or 22%, to $267.8 million for the nine months ended September 30, 2011, from $220.6 million for the nine months ended September 30, 2010, with our recent acquisitions of Kroll Laboratory Specialists, Inc., subsequently renamed Alere Toxicology, Capital Toxicology and Immunalysis contributing $36.2 million of the increase.
months ended September 30, 2011 reflects the following: (i) our 50% interest in SPD in the amount of $3.6 million and $3.0 million, respectively, (ii) our 40% interest in Vedalab S.A., or Vedalab, in the amount of $0.2 million and $0.4 million, respectively, and (iii) our 49% interest in TechLab, Inc., or TechLab, in the amount of $0.3 million and $1.5 million, respectively. Equity earnings (losses) in unconsolidated entities, net of tax, for the three and nine months ended September 30, 2010 reflects the following: (i) income (loss) from our 50% interest in SPD in the amount of $(0.4) million and $6.8 million, respectively, (ii) earnings from our 40% interest in Vedalab in the amount of $10,000 and $0.1 million, respectively, and (iii) earnings from our 49% interest in TechLab in the amount of $0.4 million and $1.4 million, respectively.
As of September 30, 2011, we had cash and cash equivalents of $276.8 million; a $124.6 million decrease from December 31, 2010. Our primary sources of cash during the nine months ended September 30, 2011 included $222.5 million generated by our operating activities, approximately $284.8 million of net proceeds received in connection with the refinancing of our credit facilities, $100.0 million of net proceeds borrowed under our secured credit facility’s revolving line of credit, $11.5 million received from the disposition of a business, $8.4 million from the sales of marketable securities and $24.2 million from common stock issuances under employee stock option and stock purchase plans. Our primary uses of cash during the nine months ended September 30, 2011 related to $127.1 million net cash paid for acquisitions, $283.9 million related to the repurchase of our preferred and common stock, $93.8 million of capital expenditures, net of proceeds from the sale of equipment, $25.3 million related to payments of acquisition-related contingent consideration obligations, $55.9 million related to an increase in other assets, which includes purchases of various licensing agreements totaling $30.4 million, $44.1 million net cash paid for equity method investments, which includes approximately $41.2 million paid for shares of Axis-Shield, and an increase in our restricted cash balance of approximately $347.0 million, which is almost entirely attributed to a cash balance established in connection with the Axis-Shield tender offer. Fluctuations in foreign currencies positively impacted our cash balance by $1.5 million during the nine months ended September 30, 2011.
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