WALTHAM, Mass., Aug. 3, 2017 /PRNewswire/ -- Alere Inc.
(NYSE: ALR), a global leader in rapid diagnostic tests, today
announced its financial results for the second quarter ended
June 30, 2017.
Second Quarter
2017
- Total revenue was $558 million, a
9% decrease compared to $610 million
in the prior year period.
- Non-GAAP organic growth during the second quarter of 2017 was
-7.8% and -3.6% excluding Arriva.*
- Negative impact of foreign currency exchange was $6 million in the second quarter of 2017.
- GAAP loss from continuing operations during the second quarter
of 2017 was $(93) million, or
$(1.13) per diluted share, compared
to $(33) million, or $(0.44) per diluted share in the prior year
period.
- Non-GAAP adjusted EBITDA was $44
million in the second quarter of 2017, compared to
$91 million in the prior year period.
The decrease was primarily due to higher merger-related costs and
audit and legal fees related to ongoing investigations as detailed
in the Supplemental Financial Information table.
Six Months 2017
- For the six months ended June 30,
2017, revenue was $1.15
billion, a 4% decrease compared to $1.20 billion in the prior year period. The
decrease was primarily due to $28
million in Arriva products and services revenue that could
not be recognized (see note below*), and a decrease in seasonal
product sales. The Company also continued to make investments in
global operations and infrastructure to strengthen the
enterprise.
- Non-GAAP organic growth during the six months ended
June 30, 2017 was -3.6% and +1.4%
excluding Arriva.*
*During the three and six months ended June 30, 2017, the Company furnished to
customers $14 million and
$28 million, respectively, of Arriva
products and services revenue and corresponding earnings that were
subject to the CMS revocation but did not recognize any revenue for
such products and services because they were not eligible for
reimbursement by CMS at the time the Company furnished them.
|
Revenue (in
millions)
|
|
|
Second
Quarter 2017
|
|
|
Second
Quarter
2016
(as
restated)
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
Cardiometabolic
Disease
|
|
$
|
140
|
|
$
|
167
|
|
(16%)
|
|
Infectious
Disease
|
|
|
167
|
|
|
189
|
|
(12%)
|
|
Toxicology
|
|
|
160
|
|
|
158
|
|
1%
|
|
Other
|
|
|
35
|
|
|
36
|
|
(4%)
|
|
Consumer
Diagnostics
|
|
|
17
|
|
|
20
|
|
(17%)
|
|
Other
Non-reportable*
|
|
|
37
|
|
|
37
|
|
1%
|
|
License and
Royalty
|
|
|
3
|
|
|
3
|
|
18%
|
|
Total
|
|
$
|
558
|
|
$
|
610
|
|
(9%)
|
|
|
|
|
|
|
|
|
|
Certain amounts presented may not recalculate directly, due to
rounding.
*Patient self-testing has been reclassified into a separate
reporting segment called "Other Non-reportable."
Non-GAAP Information
To supplement the financial
measures prepared in accordance with U.S. GAAP, the Company uses
Non-GAAP adjusted EBITDA and Non-GAAP organic growth, which are
non-GAAP financial measures. The reconciliations of Non-GAAP
adjusted EBITDA to net income (loss) from continuing operations and
Non-GAAP organic growth to revenue, the most directly comparable
financial measures calculated and presented in accordance with U.S.
GAAP, is shown in the table in this press release. The Company
believes Non-GAAP adjusted EBITDA and Non-GAAP organic growth are
useful to investors because these metrics are commonly used by
investors to assess the unleveraged, pre-tax financial performance
and operating results of our ongoing business operations. The
Company's management also uses Non-GAAP adjusted EBITDA and
Non-GAAP organic growth because the Company's management also
believes that these are useful measures to evaluate operating
performance and cash flows of the Company based on operational
factors. It should also be noted that not all companies calculate
Non-GAAP adjusted EBITDA and Non-GAAP organic growth in the same
manner and, accordingly, these measures presented in this press
release may not be comparable to similar measures used by other
companies.
Conference Call
As announced on February 1, 2016, Alere entered into a definitive
agreement under which Abbott will acquire Alere, which definitive
agreement was amended on April 13,
2017. The transaction is expected to close by the end of the
third quarter of 2017, subject to the satisfaction of certain
customary closing conditions, including applicable regulatory
approvals. Due to the pending transaction, Alere will no longer
hold conference calls to discuss its quarterly financial
results.
Cautionary Statement Regarding
Forward-Looking Statements
This communication contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Readers can identify
these statements by forward-looking words such as "preliminary",
"may," "could," "should," "would," "intend," "will," "expect,"
"anticipate," "believe," "estimate," "can," "continue" or similar
words, and include statements with respect to the merger with
Abbott Laboratories ("Abbott") expecting to close by the end of the
third quarter of 2017. A number of important factors could cause
actual results of Alere and its subsidiaries to differ materially
from those indicated by such forward-looking statements. These
factors include, but are not limited to, (i) the risk that the
proposed merger with Abbott, and the divestitures of certain Alere
businesses in connection therewith, may not be completed in a
timely manner or at all; (ii) the possibility that competing offers
or acquisition proposals for Alere will be made; (iii) the
possibility that any or all of the various conditions to the
consummation of the merger with Abbott (or the divestitures of
certain Alere businesses in connection therewith) may not be
satisfied or waived, including the failure to receive any required
regulatory approvals from any applicable governmental entities (or
any conditions, limitations or restrictions placed on such
approvals); (iv) the occurrence of any event, change or other
circumstance that could give rise to the termination of the
Agreement and Plan of Merger, as amended (the "Merger Agreement")
among Alere and Abbott pursuant to which Abbott will acquire Alere,
including in circumstances which would require Alere to pay a
termination fee or other expenses; (v) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the agreements to divest certain Alere businesses in
connection with the merger with Abbott; (vi) the effect of the
announcement or pendency of the transactions contemplated by the
Merger Agreement or the divestiture of certain businesses on
Alere's ability to retain and hire key personnel, its ability to
maintain relationships with its customers, suppliers and others
with whom it does business, or its operating results and business
generally; (vii) risks related to diverting management's attention
from Alere's ongoing business operations; (viii) the risk that
stockholder litigation in connection with the transactions
contemplated by the Merger Agreement may result in significant
costs of defense, indemnification and liability; (ix) the
possibility that the previously announced review of certain aspects
of revenue recognition uncovers an additional error or errors in
revenue recognition or other financial information which require
additional adjustments which may be material, or material
weaknesses in the Company's internal controls over financial
reporting; (x) risks relating to the ongoing investigations by the
United States Securities and Exchange Commission (the "SEC") and
the United States Department of Justice, and (xi) the risk factors
detailed in Part I, Item 1A, "Risk Factors," of our Annual Report
on Form 10-K for the fiscal year ended December 31, 2016 (as filed with the SEC on
June 5, 2017) and other risk factors
identified herein or from time to time in our periodic filings with
the SEC. Readers should carefully review these risk factors, and
should not place undue reliance on our forward-looking statements.
These forward-looking statements are based on information, plans
and estimates at the date of this communication. The Company
undertakes no obligation to update any forward-looking statements
to reflect changes in underlying assumptions or factors, new
information, future events or other changes.
About Alere
Alere believes that when diagnosing and
monitoring health conditions, Knowing now matters.™
Alere delivers reliable and actionable information by providing
rapid diagnostic tests, enhancing clinical and economic healthcare
outcomes globally. Headquartered in Waltham, Mass., Alere focuses on rapid
diagnostics for cardiometabolic disease, infectious disease and
toxicology. For more information on Alere, please visit
www.alere.com.
|
Alere Inc. and
Subsidiaries
|
|
Condensed
Consolidated Statements of Operations
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2017
|
|
2016 (as
restated)
|
|
2017
|
|
2016 (as
restated)
|
|
|
|
|
|
|
|
|
|
|
|
Net product sales and
services revenue
|
|
$
554,691
|
|
$
607,771
|
|
$
1,140,265
|
|
$
1,191,982
|
|
License and royalty
revenue
|
|
2,981
|
|
2,533
|
|
5,623
|
|
5,262
|
|
Net
revenue
|
|
557,672
|
|
610,304
|
|
1,145,888
|
|
1,197,244
|
|
Cost of net
revenue
|
|
304,940
|
|
328,666
|
|
611,430
|
|
644,481
|
|
Gross
profit
|
|
252,732
|
|
281,638
|
|
534,458
|
|
552,763
|
|
Gross
margin
|
|
45%
|
|
46%
|
|
47%
|
|
46%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
29,448
|
|
28,446
|
|
55,732
|
|
55,508
|
|
Selling, general and
administrative
|
|
252,283
|
|
239,298
|
|
512,747
|
|
454,894
|
|
Impairment and (gain)
loss on disposition, net
|
|
-
|
|
-
|
|
-
|
|
(3,810)
|
|
Operating
income
|
|
(28,999)
|
|
13,894
|
|
(34,021)
|
|
46,171
|
|
Interest and other
income (expense), net
|
|
(47,710)
|
|
(46,241)
|
|
(93,409)
|
|
(89,696)
|
|
Loss from continuing
operations before provision (benefit) for income taxes
|
|
(76,709)
|
|
(32,347)
|
|
(127,430)
|
|
(43,525)
|
|
Provision (benefit)
for income taxes
|
|
17,312
|
|
2,582
|
|
35,921
|
|
2,410
|
|
Income (loss) from
continuing operations before equity earnings of unconsolidated
entities, net of tax
|
|
(94,021)
|
|
(34,929)
|
|
(163,351)
|
|
(45,935)
|
|
Equity earnings of
unconsolidated entities, net of tax
|
|
1,321
|
|
2,122
|
|
6,522
|
|
7,156
|
|
Income (loss) from
continuing operations
|
|
(92,700)
|
|
(32,807)
|
|
(156,829)
|
|
(38,779)
|
|
Income from
discontinued operations, net of tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Net
income
|
|
(92,700)
|
|
(32,807)
|
|
(156,829)
|
|
(38,779)
|
|
Less: Net income
attributable to non-controlling interests
|
|
368
|
|
143
|
|
551
|
|
246
|
|
Net income
attributable to Alere Inc. and Subsidiaries
|
|
(93,068)
|
|
(32,950)
|
|
(157,380)
|
|
(39,025)
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
|
(5,308)
|
|
(5,308)
|
|
(10,558)
|
|
(10,617)
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$
(98,376)
|
|
$
(38,258)
|
|
$
(167,938)
|
|
$
(49,642)
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per common share:
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$
(1.13)
|
|
$
(0.44)
|
|
$
(1.92)
|
|
$
(0.57)
|
|
Income from
discontinued operations
|
|
-
|
|
|
|
|
|
-
|
|
Basic and diluted
net income per common share
|
|
$
(1.13)
|
|
$
(0.44)
|
|
$
(1.92)
|
|
$
(0.57)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per common share:
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$
(1.13)
|
|
$
(0.44)
|
|
$
(1.92)
|
|
$
(0.57)
|
|
Income from
discontinued operations
|
|
-
|
|
|
|
-
|
|
-
|
|
Diluted net income
per common share
|
|
$
(1.13)
|
|
$
(0.44)
|
|
$
(1.92)
|
|
$
(0.57)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares - basic
|
|
87,360
|
|
86,737
|
|
87,300
|
|
86,692
|
|
Weighted average
shares - diluted
|
|
87,360
|
|
86,737
|
|
87,300
|
|
86,692
|
|
Alere Inc. and
Subsidiaries
|
|
Condensed
Consolidated Balance Sheets
|
|
(in
thousands)
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
2017
|
|
2016
|
|
ASSETS
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
$
491,699
|
|
$
567,215
|
|
Restricted
cash
|
52,480
|
|
51,550
|
|
Marketable
securities
|
150
|
|
76
|
|
Accounts receivable,
net
|
377,963
|
|
413,535
|
|
Inventories,
net
|
335,710
|
|
308,920
|
|
Prepaid expenses and
other current assets
|
125,604
|
|
118,607
|
|
Assets held for
sale
|
-
|
|
-
|
|
Total current
assets
|
1,383,606
|
|
1,459,903
|
|
|
|
|
|
Property, Plant and
Equipment, net
|
436,201
|
|
441,190
|
|
Goodwill and other
intangible assets, net
|
3,574,864
|
|
3,592,107
|
|
Restricted Cash-
non-current
|
2,353
|
|
2,171
|
|
Other non-current
assets
|
159,811
|
|
152,908
|
|
Assets held for sale
- non-current
|
-
|
|
-
|
|
Total
assets
|
$
5,556,835
|
|
$
5,648,279
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Short-term debt and
current portions of long-term debt and capital lease
obligations
|
$
86,671
|
|
$
85,434
|
|
Liabilities related
to assets held for sale
|
-
|
|
-
|
|
Other current
liabilities
|
592,768
|
|
590,722
|
|
Total current
liabilities
|
679,439
|
|
676,156
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Long-term debt and
capital lease obligations, net of current portions
|
2,820,775
|
|
2,865,426
|
|
Deferred tax
liabilities
|
123,775
|
|
119,098
|
|
Other long-term
liabilities
|
167,273
|
|
155,992
|
|
Liabilities related
to assets held for sale - non-current
|
-
|
|
-
|
|
Total long-term
liabilities
|
3,111,823
|
|
3,140,516
|
|
|
|
|
|
TOTAL
EQUITY
|
1,765,573
|
|
1,831,607
|
|
Total liabilities
and equity
|
$
5,556,835
|
|
$
5,648,279
|
|
Alere
Inc. and Subsidiaries
|
|
Selected
Consolidated Revenues
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
%
Change
|
|
|
|
2017
|
|
2016 (as
restated)
|
|
|
2017 v.
2016
|
|
|
Professional
diagnostics segment
|
|
|
|
|
|
|
|
|
Cardiometabolic
|
$
139,840
|
|
$
167,378
|
|
|
-16%
|
|
|
Infectious
disease
|
166,544
|
|
189,384
|
|
|
-12%
|
|
|
Toxicology
|
159,871
|
|
158,196
|
|
|
1%
|
|
|
Other
|
35,123
|
|
36,413
|
|
|
-4%
|
|
|
Total professional
diagnostics segment
|
501,378
|
|
551,371
|
|
|
-9%
|
|
|
Consumer
diagnostics segment
|
16,507
|
|
19,794
|
|
|
-17%
|
|
|
Other
Non-reportable
|
36,804
|
|
36,606
|
|
|
1%
|
|
|
License and
royalty revenue
|
2,981
|
|
2,533
|
|
|
18%
|
|
|
Net
revenue
|
$
557,670
|
|
$
610,304
|
|
|
-9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
%
Change
|
|
|
|
2017
|
|
2016 (as
restated)
|
|
|
2017 v.
2016
|
|
|
Professional
diagnostics segment
|
|
|
|
|
|
|
|
|
Cardiometabolic
|
$
265,017
|
|
$
327,041
|
|
|
-19%
|
|
|
Infectious
disease
|
389,478
|
|
381,339
|
|
|
2%
|
|
|
Toxicology
|
310,508
|
|
304,979
|
|
|
2%
|
|
|
Other
|
68,051
|
|
69,795
|
|
|
-2%
|
|
|
Total professional
diagnostics segment
|
1,033,054
|
|
1,083,154
|
|
|
-5%
|
|
|
Consumer
diagnostics segment
|
33,747
|
|
37,236
|
|
|
-9%
|
|
|
Other
Non-reportable
|
73,464
|
|
71,592
|
|
|
3%
|
|
|
License and
royalty revenue
|
5,623
|
|
5,262
|
|
|
7%
|
|
|
Net
revenue
|
$
1,145,888
|
|
$
1,197,244
|
|
|
-4%
|
|
|
Alere Inc. and
Subsidiaries
|
|
Reconciliation of
Net Income (Loss) to Non-GAAP EBITDA
|
|
(in
thousands)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
2017
|
|
2016 (as
restated)
|
|
|
|
|
|
Net Income (loss)
(1)
|
$
(92,700)
|
|
$
(32,807)
|
|
|
|
|
|
Income tax provision
(benefit)
|
17,312
|
|
2,582
|
|
Depreciation and
amortization
|
62,575
|
|
69,977
|
|
Interest,
net
|
45,044
|
|
41,684
|
|
Non-cash stock-based
compensation expense
|
9,568
|
|
11,004
|
|
Non-cash fair value
adjustments to acquisition-related contingent
consideration
|
2,345
|
|
(1,923)
|
|
Non-GAAP Adjusted
EBITDA
|
$
44,144
|
|
$
90,518
|
|
|
|
|
(1) Net income (loss) for the three months ended June 30, 2016 includes $10.5 million of Abbott integration costs,
$10.2 million for a legal settlement
accrual, restructuring charges of $8.8
million, $5.1 million of
charges related to governmental investigations, $0.1 million of costs associated with business
dispositions, and $0.2 million of
acquisition-related costs which have not been added back for
purposes of computing Non-GAAP Adjusted EBITDA. The three
months ended June 30, 2017 includes
$26.1 million of Abbott integration
costs, $15.9 million of charges
related to governmental investigations, non-interest related
restructuring charges of $2.6
million, expense related to the withdrawal of the InRatio
product of ($2.6) million,
$0.1 million of costs associated with
business dispositions, and $0.1
million of acquisition-related costs which have not been
added back for purposes of computing Non-GAAP Adjusted EBITDA.
|
Six Months Ended
June 30,
|
|
2017
|
|
2016 (as
restated)
|
|
|
|
|
|
Net Income (loss)
(1)
|
$
(156,829)
|
|
$
(38,779)
|
|
|
|
|
|
Income tax provision
(benefit)
|
35,921
|
|
2,410
|
|
Depreciation and
amortization
|
123,558
|
|
142,588
|
|
Interest,
net
|
87,243
|
|
82,625
|
|
Non-cash stock-based
compensation expense
|
19,932
|
|
20,606
|
|
Non-cash fair value
adjustments to acquisition-related contingent
consideration
|
2,833
|
|
(1,781)
|
|
Impairment and (gain)
loss on dispositions, net
|
(229)
|
|
(3,810)
|
|
Non-GAAP Adjusted
EBITDA
|
$
112,429
|
|
$
203,860
|
|
|
|
|
(1) Net income (loss) for the six months ended June 30, 2016 includes $20.9 million of Abbott integration costs,
$19.6 million of charges related to
governmental investigations, restructuring charges of $16.4 million, $0.9
million of costs associated with business dispositions, and
$0.7 million of acquisition-related
costs which have not been added back for purposes of computing
Non-GAAP Adjusted EBITDA. The six months ended June 30, 2017 includes $67.5 million of Abbott integration costs,
$26 million of charges related to
governmental investigations, non-interest related restructuring
charges of $5.7 million, expense
related to the withdrawal of the InRatio product of ($2.6) million, $0.2
million of costs associated with business dispositions, and
$0.2 million of acquisition-related
costs which have not been added back for purposes of computing
Non-GAAP Adjusted EBITDA.
|
Alere Inc. and
Subsidiaries
|
|
Reconciliation of
Non-GAAP Organic Revenue Growth
|
|
(in
thousands)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
%
Change
|
|
2017
|
2016 (as
restated)
|
|
2017 v.
2016
|
|
|
|
|
|
|
Net
revenue
|
$
557,670
|
$
610,304
|
|
-8.6%
|
|
Impact of foreign
currency exchange
|
5,624
|
-
|
|
|
|
Impact of
acquisitions & dispositions
|
(775)
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP organic
net revenue
|
$
562,519
|
$
610,304
|
|
-7.8%
|
|
|
|
|
|
|
Arriva
revenue
|
(2,274)
|
(29,065)
|
|
|
|
|
|
|
|
|
Non-GAAP organic
net revenue (excluding Arriva)
|
$
560,245
|
$
581,239
|
|
-3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
%
Change
|
|
2017
|
2016 (as
restated)
|
|
2017 v.
2016
|
|
|
|
|
|
|
Net
revenue
|
$
1,145,887
|
$
1,197,244
|
|
-4.3%
|
|
Impact of foreign
currency exchange
|
10,393
|
-
|
|
|
|
Impact of
acquisitions & dispositions
|
(1,675)
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP organic
net revenue
|
$
1,154,605
|
$
1,197,244
|
|
-3.6%
|
|
|
|
|
|
|
Arriva
revenue
|
(5,313)
|
(64,208)
|
|
|
|
|
|
|
|
|
Non-GAAP organic
net revenue (excluding Arriva)
|
$
1,149,292
|
$
1,133,036
|
|
1.4%
|
|
Alere Inc. and
Subsidiaries
|
|
Supplemental
Financial Information
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2017
|
|
Cost of Net
Revenue
|
|
Research and
Development
|
|
Selling,
General
&
Administrative
|
|
Impairment,
net of loss on
disposition
|
|
Interest and
other
income, net
|
|
Provision for
income taxes
|
|
Equity earnings
of
unconsolidated entities,
net of tax
|
|
Net
Income1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
11,193
|
|
$
1,928
|
|
$
23,776
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(36,897)
|
|
Restructuring
charges
|
996
|
|
(13)
|
|
1,665
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,648)
|
|
Impairment
Charges
|
-
|
|
2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2)
|
|
Stock-based
compensation expense
|
397
|
|
382
|
|
8,789
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(9,568)
|
|
Acquisition-related
costs
|
-
|
|
-
|
|
99
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(99)
|
|
Fair value
adjustments to acquisition-related contingent
consideration
|
-
|
|
-
|
|
2,345
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,345)
|
|
Costs associated with
potential business dispositions
|
-
|
|
-
|
|
128
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(128)
|
|
Impairment and (gain)
loss on disposition, net
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Amortization -
Unconsolidated Subs
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
51
|
|
(51)
|
|
Audit and legal fees
related to on-going governmental investigations
|
-
|
|
-
|
|
12,474
|
|
-
|
|
7,663
|
|
-
|
|
-
|
|
(20,137)
|
|
Abbott transaction
related expenses
|
-
|
|
-
|
|
26,079
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(26,079)
|
|
Income tax effects on
items above
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,861
|
|
-
|
|
(10,861)
|
|
Total of
Supplemental Information
|
$
10,037
|
|
$
2,299
|
|
$
75,355
|
|
$
-
|
|
$
7,663
|
|
$
10,861
|
|
$
51
|
|
$
(106,266)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of above items
on EPS numerator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
-
|
|
Impact of above items
on EPS denominator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) All impacts are
shown as pre-tax with aggregate tax effect displayed as "Income tax
effects on items above".
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30, 2017
|
|
Cost of Net
Revenue
|
|
Research and
Development
|
|
Selling,
General
&
Administrative
|
|
Impairment,
net of loss on
disposition
|
|
Interest and other
income, net
|
|
Provision for
income taxes
|
|
Equity earnings
of
unconsolidated entities,
net of tax
|
|
Net
Income1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
22,159
|
|
$
2,853
|
|
$
47,535
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(72,547)
|
|
Restructuring
charges
|
1,811
|
|
114
|
|
3,753
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(5,678)
|
|
Impairment
Charges
|
-
|
|
25
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(25)
|
|
Stock-based
compensation expense
|
793
|
|
766
|
|
18,372
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(19,932)
|
|
Acquisition-related
costs
|
-
|
|
-
|
|
151
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(151)
|
|
Fair value
adjustments to acquisition-related contingent
consideration
|
-
|
|
-
|
|
2,833
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,833)
|
|
Costs associated with
potential business dispositions
|
-
|
|
-
|
|
185
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(185)
|
|
Impairment and (gain)
loss on disposition, net
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(229)
|
|
229
|
|
Amortization -
Unconsolidated Subs
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100
|
|
(100)
|
|
Audit and legal fees
related to on-going governmental investigations
|
-
|
|
-
|
|
22,614
|
|
-
|
|
9,780
|
|
-
|
|
-
|
|
(32,393)
|
|
Abbott transaction
related expenses
|
-
|
|
-
|
|
67,478
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(67,478)
|
|
INRatio recall
expense
|
(2,549)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,549
|
|
Legal settlement
accrual
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Income tax effects on
items above
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
14,383
|
|
-
|
|
(14,383)
|
|
Total of
Supplemental Information
|
$
22,214
|
|
$
3,759
|
|
$
162,922
|
|
$
-
|
|
$
9,780
|
|
$
14,383
|
|
$
(129)
|
|
$
(212,929)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of above items
on EPS numerator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
-
|
|
Impact of above items
on EPS denominator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(862)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) All impacts are
shown as pre-tax with aggregate tax effect displayed as "Income tax
effects on items above".
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/alere-reports-second-quarter-2017-financial-results-300499010.html
SOURCE Alere Inc.