Alere 2Q Earnings Fall In-line With Estimates

FOXBusiness

Alere (NYSE:ALR), a health management company, widened its loss in the second quarter, despite a 19% hike in sales.

The Massachusetts-based company reported its first earnings on Wednesday since its re-branding from Inverness Medical Innovations.

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The company posted a net loss of $8.3 million, or 10 cents a share, compared with a profit of $1.2 million, or 2 cents a share, in the year-earlier quarter. Alere's non-GAAP EPS of 57 cents matched average analyst expectations, according to a Thomson Reuters poll.

Net revenue was up 19.2% to $523 million, compared with $438.7 million in the prior year’s period, and beating the Street’s view of $509.30 million.

Revenue was partially driven by recent professional diagnostics acquisitions, though it was offset by a sharp drop in North American influenza sales, down from $14.6 million last year to $600,000.

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