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Inverness alters name to Alere

This article was originally published in The Tan Sheet

Executive Summary

Medical diagnostic firm Inverness Medical Innovations seeks shareholder approval to rechristen itself Alere - the name of its health management services business. The change announced May 18 reflects the firm's continuing evolution toward integrated health management and therapeutic services and away from legacy operations, such as the nutritionals business it divested in January (1"The Tan Sheet" Jan. 25, 2010, In Brief). Inverness, based in Waltham, Mass., also announced first-quarter net revenue of $515.3 million, a 21.2 percent gain. Revenue from the consumer diagnostics unit fell 24 percent to $24.7 million in the January-March period, Inverness said April 28. However, product revenues from the company's joint venture with Procter & Gamble rose 15 percent to $55.9 million. Inverness' quarterly net income jumped 118.5 percent to $14.2 million
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