Sales & Earnings In Brief
This article was originally published in The Tan Sheet
Executive Summary
Inverness JV results: The first product from Inverness Medical Innovations' consumer diagnostic joint-venture with Procter & Gamble is expected to launch in the U.S. late this year following an international launch, Inverness announces during its fiscal 2007 fourth-quarter earnings call Feb. 20. In May 2007 the firms completed a joint venture to create SPD Swiss Precision Diagnostics, a business that develops, manufactures and markets diagnostic products including pregnancy tests and fertility/ovulation monitoring products (1"The Tan Sheet" Jan. 1, 2007, p. 10). During the October-December period, responsibility for U.S. sales and distribution of SPD's products was transitioned from Inverness to P&G. Inverness' consumer diagnostics business achieved sales of $29.7 million in the quarter, compared to $42.2 million in the prior-year quarter as the firm incurred $16.1 million in costs linked to the joint venture...
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Sales & Earnings In Brief
Herbalife's "soft" spot: Multilevel nutritional supplement marketer Herbalife reaches record annual net sales of $2.4 billion for 2008 despite an 11.3 percent drop in fourth-quarter net sales to $512.9 million. "Unprecedented currency fluctuations" cut into fourth-quarter income, reducing net sales by 856 basis points and causing a 2.7 percent drop in local currency year-over-year sales, the Los Angeles-based company says Feb. 24. "We ended the year on a soft note," Chairman and CEO Michael Johnson said. The company in December began restructuring to lower costs by improving alignment with its distributors and reducing workload. For the October-December period, the company's net income fell 59.6 percent to $33.7 million, due in part to general and administration expenses and lower sales. Fourth-quarter sales were down in each of the firm's regions other than a flat performance in North America, $109.3 million. Sales dropped 18.9 percent in Europe, the Middle East and Africa region to $117.4 million, 4.5 percent in Asia Pacific to $97 million, 20.7 percent in South America to $78.8 million and 28.5 percent in Mexico and Central America to $69.9 million, Herbalife said. Full-year sales grew 9.9 percent and net income grew 13.4 percent to $221.2 million, or $3.36 per diluted share. Herbalife added 45,657 sales associates in the quarter, 19.5 percent fewer than the year-ago period, but the number increased 6.6 percent for the year to 505,094
Inverness Forced To Release Pregnancy Test Technology
Inverness Medical Innovations must clear a path for the introduction of a water-soluble dye technology for consumer pregnancy tests under a settlement with the Federal Trade Commission
P&G Moves Into Consumer Diagnostics With Inverness Joint Venture
Procter & Gamble enters the consumer diagnostic products business with an agreement to form a 50/50 joint venture with Waltham, Mass.-based Inverness Medical Innovations