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Alere Posts Loss On Charges, But Tops View; Shares Down 7%

Alere Inc. (ALR) Monday posted a loss for the first-quarter hurt mainly by one-time charges. Nevertheless, excluding special items, adjusted profit for the quarter improved and as well trumped expectations, on stronger than anticipated revenues. Shares of Alere fell seven percent following the news on the New York Stock Exchange.

Massachusetts-headquartered Alere posted first-quarter net loss available to stockholders of $4.1 million or $0.05 per share, compared to a profit of $8.09 million or $0.09 per share last year.

For the first quarter, the company recorded an amortization charge of $78.1 million, $5.6 million of restructuring charges, $3.9 million of stock based compensation expenses, among a few other items.

Adjusted cash-basis net income improved to $0.77 per share from $0.61 last year. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

Alere said its revenues for the quarter grew to $671.13 million from $582.46 million last year. Adjusted net revenue was $672.42 million for the quarter. Analysts expected revenues of $659.34 million for the quarter.

Adjusted product and services revenues from Professional Diagnostics segment rose to $516.7 million for the quarter from $409.8 million last year, helped mainly by recent professional diagnostics acquisitions.

Product and services revenue from Health Management segment dropped to $130.8 million from $143.1 million last year, due primarily to the insourcing of certain services by large health plans.

ALR is currently trading at $23.89, down $1.78 or 6.95%, on a volume of 1.1 million shares.

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