Inverness Medical Innovations, Inc. (Inverness Medical), an in vitro diagnostics company, has reported net revenues of $443.9 million for the first quarter of 2009, compared with the net revenue of $372.2 million in the year-ago quarter. It has reported GAAP net income of $6.3 million, or $0.01 per diluted common share, for the first quarter of 2009, compared with the GAAP net loss of $4.2 million, or $0.05 per diluted common share, in the year-ago quarter.
In the first quarter of 2009, the company revenue increase was primarily due to $76.9 million of incremental revenue provided by our Health Management segment principally as a result of incremental revenues from recently acquired businesses, along with $10.2 million of incremental revenue contributed by our other recently acquired businesses, offset in part by the adverse impact of foreign currency translation which reduced reported revenues by $16.6 million. A relatively mild flu season resulted in a reduction in sales of our influenza tests in North America by $12.4 million from the first quarter of 2008. Excluding the impact of this reduction, the currency adjusted organic growth rate in our Professional Diagnostics segment was approximately 8%.
The company reported adjusted cash basis net income of $56.1 million, or $0.61 per diluted common share, for the first quarter of 2009, compared to adjusted cash basis net income of $39.1 million, or $0.48 per diluted common share, for the first quarter of 2008.
The company’s GAAP results for the first quarter of 2009 include amortization of $58.6 million, $5.4 million of restructuring charges, $5.9 million of stock-based compensation expense and $4.7 million of acquisition-related costs recorded in accordance with our adoption of SFAS No. 141-R, Business Combinations. GAAP results for the first quarter of 2008 include amortization of $40.0 million, $16.3 million of restructuring charges, $5.6 million of stock-based compensation expense, a $1.7 million charge related to the write-up to fair market value of inventory acquired in connection with the acquisitions of Panbio Limited and BBI Holdings Plc., and a net realized foreign currency loss of $1.7 million associated with a cash escrow established in connection with the acquisition of BBI Holdings Plc. These amounts, net of tax, have been excluded from the adjusted cash basis net income per common share for the respective quarters.