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EXHIBIT 99.1
Contact: Doug Guarino Director of Corporate Relations 781-647-3900
Duane James Vice President of Finance
INVERNESS MEDICAL INNOVATIONS ANNOUNCES
FIRST QUARTER RESULTS
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WALTHAM, MA...MAY 14, 2003...Inverness Medical Innovations, Inc. (AMEX: IMA), a
leading provider of women's health and nutritional products and a developer of
advanced medical devices, today announced its financial results for the quarter
ending March 31, 2003.
For the three months ended March 31, 2003, Inverness Medical Innovations
reported net income of $2.0 million, compared to a net loss of $31.5 million in
the first quarter of 2002. After deducting amortization of the discounts and
non-cash dividends on the Company's Series A Preferred Stock, net income
available to common stockholders was $1.8 million, or $0.12 per diluted share,
in the first quarter of 2003 compared to a net loss available to common
stockholders of $33.0 million, or $4.66 per diluted share, for the first quarter
of 2002. Excluding non-recurring and certain non-cash charges and income, the
Company reported income of $2.0 million, or $0.13 per diluted share, compared to
a loss, excluding non-recurring and certain non-cash charges and income, of $1.8
million, or $0.26 per diluted share, for the first quarter of 2002. A detailed
reconciliation of our income, excluding non-recurring and certain non-cash
charges and income, which is a non-GAAP financial measure, to our net income
under GAAP is included in the schedules to this press release.
In the first quarter of 2003, the Company had net revenues of $64.8 million, a
$27.6 million increase over the net revenues of $37.2 million in the first
quarter of 2002. The majority of the revenue increase was due to the additional
revenues contributed by IVC, the nutritional supplement unit acquired on March
19, 2002, and Wampole Laboratories, the professional diagnostic business
acquired on September 20, 2002.
The Company will host a conference call beginning at 10:00 a.m. (Eastern Time)
today, May 14, 2003, to discuss these results as well as other corporate
matters. During the conference call the Company may answer questions concerning
business and financial developments and trends and other business and financial
matters. The Company's responses to these questions, as well as other matters
discussed during the conference call, may contain or constitute information that
has not been previously disclosed.
The conference call can be accessed by dialing 973-935-8511 (domestic and
international), an access
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code is not required, or via a link on the Inverness website at
www.invernessmedical.com and www.calleci.com. A telephone replay of the call
will be available by dialing 973-341-3080 (domestic and international) with an
access code of 3920462. That replay will be available until 12:00 midnight
(Eastern Time) on May 16, 2003. An on demand webcast of the call will be
available at the Inverness website (www.invernessmedical.com/News.htm) two hours
after the end of the call and will be accessible for 12 months. Additionally,
reconciliations to non-GAAP financial measures not included in this press
release that may be discussed during the call will also be available at the same
website beginning shortly before the conference call and will continue to be
available on this website for 12 months.
FOR MORE INFORMATION ABOUT INVERNESS MEDICAL INNOVATIONS, PLEASE VISIT OUR
WEBSITE AT WWW.INVERNESSMEDICAL.COM.
Inverness Medical Innovations manufactures and sells products for the women's
health and nutritional product markets and is engaged in the business of
developing, manufacturing, and marketing advanced medical device technologies.
The Company is presently exploring new opportunities for its proprietary
electrochemical and other technologies in a variety of professional diagnostic
and consumer-oriented applications including immuno-diagnostics with a focus on
women's health and cardiology. The Company's women's health and nutritional
products are distributed to consumers through established retail distribution
networks such as Wal-Mart, Walgreens and CVS. The Company is headquartered in
Waltham, Massachusetts.
SOURCE: INVERNESS MEDICAL INNOVATIONS
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INVERNESS MEDICAL INNOVATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN $000S, EXCEPT PER SHARE AMOUNTS)
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<Caption>
Three Months Ended March 31,
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2003 2002
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Net revenues $ 64,807 $ 37,248
Cost of sales 35,272 18,428
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Gross profit 29,535 18,820
Operating expenses:
Research and development 4,685 3,366
Selling, general and administrative 19,907 16,216
Charge related to asset impairment - 12,682
Stock-based compensation 6 10,145
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Total operating expenses 24,598 42,409
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Operating income (loss) 4,937 (23,589)
Interest and other income, net (2,083) 4,786
Income tax provision (856) (506)
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Income (loss) before accounting change 1,998 (19,309)
Cumulative effect of a change in accounting principle - (12,148)
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Net income (loss) $ 1,998 $ (31,457)
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Non-cash amortization of discounts and dividends on preferred stock (174) (1,529)
Net income (loss) available to common stockholders $ 1,824 $ (32,986)
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Net income (loss) per common share:
Basic $ 0.13 $ (4.66)
Diluted $ 0.12 (a) $ (4.66)(b)
Weighted average shares - basic 13,800 7,082
Weighted average shares - diluted 15,451 (a) 7,082 (b)
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(a) For the first quarter of 2003, convertible debt and preferred stock are not
included in the calculation of diluted income per share because inclusion
thereof, together with the reversal of related interest and dividends as if such
securities were converted at the beginning of the period, would be antidilutive.
(b) For the first quarter of 2002, diluted shares are not used in the
calculation of diluted loss per share because inclusion thereof would be
antidilutive.
INVERNESS MEDICAL INNOVATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN $000S)
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<Caption>
March 31, December 31,
2003 2002
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ASSETS
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CURRENT ASSETS:
Cash and cash equivalents $ 23,370 $ 30,668
Accounts receivable, net 37,542 37,283
Inventories 38,958 37,155
Prepaid expenses and other current assets 9,594 8,822
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Total current assets 109,464 113,928
PROPERTY, PLANT AND EQUIPMENT, NET 46,543 45,800
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET 188,144 188,813
DEFERRED FINANCING COSTS AND OTHER ASSETS, NET 9,149 9,205
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Total assets $ 353,300 $ 357,746
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
Current portion of notes payable $ 21,109 $ 17,842
Other current liabilities 59,005 67,877
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Total current liabilities 80,114 85,719
LONG-TERM LIABILITIES:
Notes payable, net of current portion 85,418 86,771
Other long-term liabilities 13,144 13,301
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Total long-term liabilities 98,562 100,072
REDEEMABLE CONVERTIBLE PREFERRED STOCK 9,225 9,051
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TOTAL STOCKHOLDERS' EQUITY 165,399 162,904
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Total liabilities and stockholders' equity $ 353,300 $ 357,746
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Inverness Medical Innovations, Inc.
Reconciliation of net income (loss) to income (loss) excluding
non-recurring and certain non-cash charges and income (a)
(in $000s, except per share amounts)
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<Caption>
Quarter Ended March 31,
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2003 2002
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Net income (loss) under generally accepted accounting principles. $ 1,998 $ (31,457)
Non-recurring and certain non-cash charges and income (b):
Non-cash stock-based compensation charge 6 10,145
Non-cash interest expense related to the amortization of
original issue discounts and beneficial conversion features 50 3,525
Non-cash charge to mark to market an interest rate swap agreement 130
Unrealized foreign exchange gain (216) (192)
Non-cash gain related to the repurchase of a beneficial conversion feature
upon early extinguishment of debt (9,600)
Non-cash impairment charges related to the goodwill and
certain intangible assets of our nutritional business 24,830
Employer taxes related to the exercises of nonqualified options to
purchase restricted stock by two key executive officers 624
Non-recurring financing costs incurred in connection with early extinguishment of debt 292
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Total non-recurring and certain non-cash charges and income (30) 29,624
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Income (loss) excluding non-recurring and certain non-cash charges and income $ 1,968 $ (1,833)
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Weighted average common shares - diluted 15,451 (d) 7,082 (e)
Diluted net income (loss) per common share, excluding non-recurring and
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certain non-cash charges and income (c) $ 0.13 (d) $ (0.26)(e)
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(a) Management believes that income (loss) excluding non-recurring and certain
non-cash charges and income is useful because it allows investors and
management to evaluate and compare the Company's operating results from
continuing operations from period to period in a meaningful and consistent
manner in addition to the standard financial measurements under generally
accepted accounting principles (GAAP). Management internally evaluates the
performance of its business based on income excluding non-recurring and
non-cash charges. It should be noted that this is not a measurement of
financial performance under GAAP and should not be considered as an
alternative to net income or cash flow from operating activities, as a
measure of liquidity or as an indicator of operating performance or any
measure of performance derived in accordance with GAAP.
(b) Excludes all non-cash charges and income, except depreciation and
amortization
(c) In addition to the non-cash charges listed above, the diluted net income
(loss) per common share, as shown, excludes amortization of discounts and
non-cash dividends on preferred stock which is included in diluted net
income (loss) per common share calculated in accordance with GAAP. The
charges for non-cash amortization of discounts and dividends on preferred
stock that are excluded are $174,000, or $0.01 per common share, for the
quarter ended March 31, 2003 and $1,529,000, or $0.22 per common share, for
the quarter ended March 31, 2002.
(d) For the quarter ended March 31, 2003, neither convertible debt nor series A
redeemable convertible preferred stock were included as dilutive securities
in the calculation of diluted earnings per share because the inclusion of
such securities would be antidilutive.
(e) Diluted shares are not used in the earnings per share calculation in the
periods where there is a loss available to common shareholders because
inclusion thereof would be antidilutive.