Inverness
This article was originally published in The Tan Sheet
Executive Summary
Clearblue pregnancy test line sales are up 60% since the June launch of the digital line extension, helping Inverness Medical Innovations revenues grow 34% to $72.4 mil. in the third quarter ended Sept. 30, CEO Ron Zwanziger reports during Nov. 5 earnings call. While "it is too early to call [Clearblue digital] a success, it does seem to be moving rather well," Zwanziger says. Inverness' net income totaled $1.7 mil. versus $1.1 mil. in the prior-year period. Zwanziger forecasts the company will achieve between $85 mil. and $90 mil. in Q4 sales. However, he cautioned that a one-time, $1.2 mil. "bump" in Q4 R&D spending and the negative impact of costs associated with integration of the Fact plus, TestPack and Signify lines of rapid diagnostic tests for pregnancy, strep throat and drug abuse, which Inverness recently acquired from Abbott Labs, will dampen overall sales growth slightly (1"The Tan Sheet" Oct. 6, 2003, p. 13)...
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