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Alere Posts Flat Q1 Sales

NEW YORK (GenomeWeb) – Alere reported after the close of the market Wednesday that its first quarter revenue growth was essentially flat year over year at $585.6 million versus $584 million for the prior year Q1.

Sales for its cardiometabolic disease tests declined 22 percent year over year to $125 million, while infectious disease test sales jumped 16 percent to $223 million, toxicology test revenues climbed 3 percent to $151 million, and consumer diagnostics sales were flat at $17 million. Sales were also flat for its 'other' tests at $33 million as well as for its license and royalty revenues at $3 million.

The firm also cited a 118 percent increase in flu test sales to $59 million from $27 million in the prior year Q1, and CEO Namal Nawana noted that its Alere i molecular diagnostics sales were more than $30 million for the quarter.

Alere reported a net loss of $64.3 million, or $.80 per share, compared to a net loss of $6.1 million, or $.13 per share, for Q1 2016. Its adjusted EBITDA for the quarter was $68 million versus $113 million in the prior-year period. The firm attributed the decline to "high merger-related costs and audit and legal fees related to ongoing investigations."

Alere is in the process of being acquired by Abbott for $5.3 billion.

Alere said its R&D spending for the quarter declined to $26.3 million from $27.1 million, while its SG&A expenses jumped to $260.5 million from $215.6 million.

The firm finished the quarter with $601.5 million in cash and cash equivalents, $53.1 million in restricted cash, and $540,000 in marketable securities.

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