Inverness Expands Home Pregnancy Market Share With Fact Plus Acquisition
This article was originally published in The Tan Sheet
Executive Summary
Inverness Medical Innovations will immediately take over distribution of Abbott Labs' Fact plus OTC home pregnancy tests after acquiring the line along with several professional test kit products from the firm in a $92.5 mil. deal
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Inverness results
FY 2003 net revenues jumped 42.5% to $296.4 mil., while fourth quarter net sales rose to $93.5 mil. from $65.1 mil in prior-year period, Inverness announces Feb. 18. The increases are primarily attributable to acquired businesses, the June launch of ClearBlue digital pregnancy test and the acquisition of Abbott Labs test kit lines, including Fact plus home pregnancy tests, Waltham, Mass.-based firm says. Inverness acquired products in September (1"The Tan Sheet" Oct. 6, 2003, p. 13)...
Pfizer, Inverness Agree To Work Together On Digital e.p.t. Pregnancy Test
Pfizer will soon sell a digital version of its e.p.t. pregnancy test kit after Inverness Medical Innovations consents to let the firm's Warner-Lambert subsidiary use Inverness' patented technology employed in its Clearblue Easy Digital product
Inverness
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)...