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Inverness Medical Reports Net Income Of $4.5 Million In Q2 2009

Inverness Medical Innovations, Inc. (Inverness Medical) has reported net revenues of $460.4 million for the second quarter of 2009, compared with the net revenue of $401.1 million in the year-ago quarter. It also reported GAAP net income of $4.5 million, or $0.02 per diluted share, for the second quarter of 2009, compared with the GAAP net loss of $30.3 million, or $0.43 loss per diluted share, in the year-ago quarter.

The revenue increase was primarily due to $34.2 million of incremental revenue provided by our Health Management segment principally as a result of incremental revenues from recently acquired businesses, along with $14.5 million of incremental revenue contributed by our other recently acquired businesses, offset in part by the adverse impact of foreign currency translation which reduced reported revenues by $15.6 million. The recent H1N1 flu outbreak resulted in an increase in sales of our influenza tests by $13.9 million from the second quarter of 2008. Excluding the impact of the flu increase, the currency adjusted organic growth rate in our Professional Diagnostics segment was approximately 6%.

The company reported adjusted cash basis net income available to common stockholders of $47.6 million, or $0.57 per diluted common share, for the second quarter of 2009, compared to adjusted cash basis net income available to common stockholders of $29.6 million, or $0.37 per diluted common share, for the second quarter of 2008.

Inverness Medicalis a developer, manufacturer and marketer of medical diagnostic products.