Inverness Medical announces third-quarter financials

Inverness Medical this week posted its financial results for the third quarter of
2009.

The firm’s figures show that it achieved net revenue of $535.8 million (326.2 million pounds) for the third quarter of 2009, compared to $438.8 million for the corresponding period of last year.

Total earnings per share was declared to be $66.6 million and $0.74 per diluted common share, compared to $37.7 million and $0.46 per diluted common share during the third quarter of 2008.

Furthermore, some of the organisation’s recent acquisitions contributed $37.4 million of incremental net revenue, it added.

One such acquisition was that of Free and Clear, a firm specialising in evidence-based programmes related to the causes of chronic health conditions, in September 2009.

Free and Clear, which turned over revenues of $47.1 million in 2008, will be purchased in a $100 million cash transaction, including a $30 million future contingent payment, based on its 2010 income.