NEW YORK (GenomeWeb) – Alere reported on Thursday a 3 percent drop year over year in its first quarter revenues as it restated its first quarter earnings.
In its Form 10-Q filed with the US Securities and Exchange Commission, the company said that for the three months ended March 31 total revenues came in at $608.2 million, compared to $625.2 million in the year-ago quarter.
Earlier this month, the firm reported Q1 2015 revenues of $610.4 million.
Revenues generated from product sales and services were $603.5 million, compared to $620 million a year ago, while license and royalty revenues were $4.7 million, compared to $5.2 million a year ago.
Alere posted a profit of $209.2 million, or $2.42 per share, compared to a net loss of $5.4 million, or $.13 per share, in Q1 2014. On a non-GAAP basis, EPS was $.52.
Net income attributable to the firm's common shareholders was $203.9 million in Q1 2015, compared to a net loss of $10.8 million a year ago.
Its R&D costs were trimmed 28 percent year over year to $28 million from $38.7 million, and its SG&A costs were cut 15 percent to $201.8 million from $236.7 million.
The company exited the quarter with $414.5 million in cash and cash equivalents, $37.4 million in restricted cash, and $173,000 in marketable securities.
Alere reaffirmed its earlier guidance of $2.5 billion to $2.6 billion in revenues for full-year 2015. Non-GAAP EPS from continuing operations available to common shareholders was also reaffirmed at between $2.40 and $2.50 for the year.
Earlier this week, Alere said it had been warned by the New York Stock Exchange of possible delisting action for having missed the deadline for filing its Form 10-Q. The company had previously stated that it would be late filing its document with the SEC because it needed to restate its financial results for full-year 2014 and interim periods in order to correct errors related to the accounting for income taxes for its discontinued operations.
On Thursday, the firm restated its financial results for full-year 2014 and Q3 2014 in documents filed with the SEC.
For FY 2014, Alere said it had $2.59 billion in total revenues, compared to $2.62 billion in FY 2013. It had a net loss of $37.7 million, or $.71 per share, in FY 2014 compared to a net loss of $71.7 billion, or $1.15 per share, in FY 2013.
Net loss available to common shareholders was $59 million last year, compared to $94 million the year before.
For the third quarter of 2014, Alere said that total revenues came in at $649.2 million, compared to $650.6 million in Q3 2013. Net loss for Q3 2014 was $98.7 million, or $1.25 per share, up from $19.1 million, or $.30 per share, in Q3 2013.
The net loss available to common shareholders was $103.8 million in Q3 2014, up from $24.8 million in the year-ago quarter, Alere said.