Alere Inc. (NYSE: ALR), a global leader in rapid diagnostic tests, today announced that it has filed its Form 10-Q and reported its financial results for the first quarter ended March 31, 2016.
Revenue for the first quarter of 2016 was $578 million, a 6% decrease compared to $613 million in the prior year period. The year-over-year decrease in revenue was primarily due to the negative impact of $17 million in foreign currency exchange, a $14 million decrease in BBI revenue, which was divested in November 2015, and a $6 million decrease in pain management revenue. These revenue decreases were partially offset by increased Alere i sales and the acquisition of U.S. Diagnostics. Global influenza sales were $27 million during the first quarter of 2016, including U.S. influenza sales of $20 million, of which $12 million was Alere i sales. Organic growth during the first quarter of 2016 was -1.0%. Excluding U.S. influenza and pain management, organic growth was 0.2%.
Net income (loss) from continuing operations during the first quarter of 2016 was $(10) million, or $(0.18) per basic and diluted share, compared to $(6) million, or $(0.14) per basic and diluted share in the prior year period. On a Non-GAAP basis, the Company reported Non-GAAP adjusted EBITDA of $109 million in the first quarter of 2016, compared to $135 million in the prior year period. The year-over-year decline was driven primarily by incremental expenses related to the pending merger with Abbott, higher legal expenses associated with ongoing government investigations, and lower margins due to primarily to product sales mix and volume.
"Our first quarter 2016 earnings were in line with our budget, which anticipated a weaker than average 2015-2016 flu season," said Namal Nawana, CEO of Alere. "Despite the weaker respiratory season, we're pleased to report that Alere i continued to grow its market presence, generating record revenue during the first quarter of 2016. Based on our current business outlook, we expect improved organic revenue growth in the second quarter and second half of 2016."
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.
