Inverness Medical Innovations, Inc. (Inverness Medical), an in vitro diagnostics company, has reported net revenues of $459.3 million for the fourth quarter of 2008, compared with the net revenue of $288 million in the year-ago quarter. It has reported GAAP net income of $16.4 million, or $0.14 per diluted per share, for the fourth quarter of 2008, compared with the GAAP net loss of $15.8 million, or $0.24 per diluted per share, in the year-ago quarter.
In the fourth quarter of 2008, the company recorded net revenue of $459.3 million compared to net revenue of $288.0 million in the fourth quarter of 2007, an increase of 59%. The revenue increase was primarily due to $114.0 million of incremental revenue provided by our Health Management segment, along with $34.6 million of incremental revenue contributed by our other recently acquired businesses and organic growth which, on a currency adjusted basis, was about 10.7% in our Professional Diagnostics segment.
For the fourth quarter of 2008, the net income prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) was $16.4 million, or $0.14 per diluted common share, compared to net loss of $15.8 million, or $0.24 per diluted common share, for the fourth quarter of 2007. The company reported adjusted cash basis net income of $60.2 million, or $0.66 per diluted common share, for the fourth quarter of 2008, compared to adjusted cash basis net income of $27.6 million, or $0.40 per diluted common share, for the fourth quarter of 2007.
The company’s GAAP results for the fourth quarter of 2008 include amortization of $60.3 million, $5.0 million of restructuring charges and $6.7 million of stock-based compensation expense. GAAP results for the fourth quarter of 2007 include amortization of $28.0 million, the write-off of $4.8 million of in-process research and development acquired in connection with our acquisition of Diamics, $5.2 million of restructuring charges, $5.3 million of stock-based compensation expense, a $0.8 million charge related to the write-up to fair market value of inventory acquired in connection with the Cholestech and HemoSense acquisitions, and an unrealized foreign currency loss of $3.9 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.