Alere Reports Third Quarter 2016 Financial Results
WALTHAM, Mass., Nov. 4, 2016 /PRNewswire/ -- Alere Inc. (NYSE: ALR), a global leader in rapid diagnostic tests, today announced that it has filed its Form 10-Q and reported financial results for the third quarter ended September 30, 2016.
Revenue for the third quarter of 2016 was $582 million, a 4% decrease compared to $604 million in the prior year period. Infectious disease revenue grew 11% or $19 million year-over-year with strength in Africa and Latin America, particularly in malaria and HIV product sales. This strong growth was offset by revenue declines of $15 million due to the divestiture of BBI in November 2015, $12 million in mail order diabetes and $7 million in Toxicology. Foreign currency had a negative impact of $4 million and organic growth was -0.7% during the third quarter of 2016.
Net income (loss) from continuing operations during the third quarter of 2016 was $22 million, or $0.19 per basic and diluted share, compared to $(2) million, or $(0.10) per basic and diluted share in the prior year period. On a non-GAAP basis, the Company reported non-GAAP adjusted EBITDA of $64 million in the third quarter of 2016, compared to $135 million in the prior year period. The year-over-year decrease was primarily driven by $41 million in merger and legal-related expenses, $12 million of investments in infrastructure and performance improvement initiatives and $5 million in acquisition costs.
| Revenue (in millions) |
Third Quarter |
Third Quarter 2015 |
% Change |
|||||
| Cardiometabolic Disease |
$ |
189 |
$ |
209 |
(10%) |
|||
| Infectious Disease |
183 |
165 |
11% |
|||||
| Toxicology |
156 |
163 |
(4%) |
|||||
| Other |
33 |
45 |
(28%) |
|||||
| Consumer Diagnostics |
19 |
19 |
- |
|||||
| License and Royalty |
2 |
3 |
(25%) |
|||||
| Total |
$ |
582 |
$ |
604 |
(4%) |
|||
Certain amounts presented may not recalculate directly, due to rounding.
Non-GAAP Information
To supplement the financial measures prepared in accordance with U.S. GAAP, the Company uses non-GAAP adjusted EBITDA and organic growth, which are non-GAAP financial measures. The reconciliations of non-GAAP adjusted EBITDA to net income (loss) from continuing operations and organic growth to revenue, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, is shown in the table in this press release. The Company believes non-GAAP adjusted EBITDA and organic growth are useful to investors because these metrics are commonly used by investors to assess the unleveraged, pre-tax financial performance and operating results of ongoing business operations. The Company's management also uses non-GAAP adjusted EBITDA and organic growth because the Company's management also believes that these are useful measures to evaluate operating performance and cash flows of the Company based on operational factors. It should also be noted that not all companies calculate non-GAAP adjusted EBITDA and organic growth in the same manner and, accordingly, these measures presented in this press release may not be comparable to similar measures used by other companies.
Conference Call
As announced on February 1, 2016, Alere entered into a definitive agreement under which Abbott will acquire Alere for $56 per common share. Due to the pending transaction, Alere will no longer hold conference calls to discuss its quarterly financial results.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers can identify these statements by forward-looking words such as "may," "could," "should," "would," "intend," "will," "expect," "anticipate," "believe," "estimate," "continue," "goal," "can" or similar words. A number of important factors could cause actual results of the Company and its subsidiaries to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, (i) the risk that the proposed merger with Abbott Laboratories ("Abbott") may not be completed in a timely manner or at all; (ii) the possibility that competing offers or acquisition proposals for Alere will be made; (iii) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement and Plan of Merger (the "Merger Agreement") among Alere and Abbott pursuant to which Abbott will acquire Alere, including in circumstances which would require Alere to pay a termination fee or other expenses; (v) the effect of the announcement or pendency of the transactions contemplated by the Merger Agreement on Alere's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; (vi) risks related to diverting management's attention from Alere's ongoing business operations; (vii) the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability, (viii) the risk that Alere fails to file its future periodic reports on Form 10-K and Form 10-Q in a timely manner which could, among other things, lead to the acceleration of the maturity of certain of Alere's indebtedness; (ix) the possibility that any analysis of revenue recognition for future or past periods uncovers an error or misstatements in revenue recognition which require adjustment which may be material; or material weaknesses in the Company's internal controls over financial reporting; (x) risks relating to the ongoing investigations by the SEC and the United States Department of Justice; and (xii) the risk factors detailed in Part I, Item 1A, "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (as filed with the SEC on August 8, 2016) and other risk factors identified herein or from time to time in our periodic filings with the SEC. Readers should carefully review these risk factors, and should not place undue reliance on our forward-looking statements. These forward-looking statements are based on information, plans and estimates at the date of this report. The Company undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
About Alere
Alere believes that when diagnosing and monitoring health conditions, Knowing now matters.™ Alere delivers reliable and actionable information by providing rapid diagnostic tests, enhancing clinical and economic healthcare outcomes globally. Headquartered in Waltham, Mass., Alere focuses on rapid diagnostics for cardiometabolic disease, infectious disease and toxicology. For more information on Alere, please visit www.alere.com.
| Alere Inc. and Subsidiaries |
|||||||||
| Condensed Consolidated Statements of Operations |
|||||||||
| (in thousands, except per share amounts) |
|||||||||
| Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||
| Net product sales and services revenue |
$ 579,874 |
$ 600,469 |
$ 1,763,909 |
$ 1,826,340 |
|||||
| License and royalty revenue |
2,480 |
3,299 |
7,742 |
13,691 |
|||||
| Net revenue |
582,354 |
603,768 |
1,771,651 |
1,840,031 |
|||||
| Cost of net revenue |
316,226 |
326,802 |
957,405 |
980,516 |
|||||
| Gross profit |
266,128 |
276,966 |
814,246 |
859,515 |
|||||
| Gross margin |
46% |
46% |
46% |
47% |
|||||
| Operating expenses: |
|||||||||
| Research and development |
31,430 |
36,011 |
86,938 |
91,225 |
|||||
| Selling, general and administrative |
231,266 |
207,799 |
676,905 |
578,766 |
|||||
| Impairment and (gain) loss on disposition, net |
- |
2,074 |
(3,810) |
42,408 |
|||||
| Operating income |
3,432 |
31,082 |
54,213 |
147,116 |
|||||
| Interest and other income (expense), net |
(58,442) |
(48,675) |
(158,338) |
(153,772) |
|||||
| Loss from continuing operations before provision (benefit) for income taxes |
(55,010) |
(17,593) |
(104,125) |
(6,656) |
|||||
| Provision (benefit) for income taxes |
(50,888) |
(10,212) |
(47,979) |
(2,376) |
|||||
| Income (loss) from continuing operations before equity earnings of unconsolidated entities, net of tax |
(4,122) |
(7,381) |
(56,146) |
(4,280) |
|||||
| Equity earnings of unconsolidated entities, net of tax |
26,149 |
5,000 |
33,305 |
10,320 |
|||||
| Income (loss) from continuing operations |
22,027 |
(2,381) |
(22,841) |
6,040 |
|||||
| Income from discontinued operations, net of tax |
- |
- |
- |
216,777 |
|||||
| Net income |
22,027 |
(2,381) |
(22,841) |
222,817 |
|||||
| Less: Net income attributable to non-controlling interests |
207 |
(61) |
453 |
386 |
|||||
| Net income attributable to Alere Inc. and Subsidiaries |
21,820 |
(2,320) |
(23,294) |
222,431 |
|||||
| Preferred stock dividends |
(5,366) |
(5,369) |
(15,983) |
(15,927) |
|||||
| Net income available to common stockholders |
$ 16,454 |
$ (7,689) |
$ (39,277) |
$ 206,504 |
|||||
| Basic net income per common share: |
|||||||||
| Income (loss) from continuing operations |
$ 0.19 |
$ (0.10) |
$ (0.45) |
$ (0.13) |
|||||
| Income from discontinued operations |
- |
- |
2.56 |
||||||
| Basic and diluted net income per common share |
$ 0.19 |
$ (0.10) |
$ (0.45) |
$ 2.43 |
|||||
| Diluted net income per common share: |
|||||||||
| Income (loss) from continuing operations |
$ 0.19 |
$ (0.10) |
$ (0.45) |
$ (0.13) |
|||||
| Income from discontinued operations |
- |
- |
- |
2.56 |
|||||
| Diluted net income per common share |
$ 0.19 |
$ (0.10) |
$ (0.45) |
$ 2.43 |
|||||
| Weighted average shares - basic |
86,753 |
85,895 |
86,708 |
85,141 |
|||||
| Weighted average shares - diluted |
87,885 |
85,895 |
86,708 |
85,141 |
|||||
| Alere Inc. and Subsidiaries |
|||
| Condensed Consolidated Balance Sheets |
|||
| (in thousands) |
|||
| September 30, |
December 31, |
||
| 2016 |
2015 |
||
| ASSETS |
|||
| CURRENT ASSETS: |
|||
| Cash and cash equivalents |
$ 566,213 |
$ 502,200 |
|
| Restricted cash |
4,999 |
5,694 |
|
| Marketable securities |
75 |
164 |
|
| Accounts receivable, net |
427,241 |
445,833 |
|
| Inventories, net |
348,845 |
347,001 |
|
| Prepaid expenses and other current assets |
163,833 |
152,233 |
|
| Assets held for sale |
- |
4,165 |
|
| Total current assets |
1,511,206 |
1,457,290 |
|
| Property, Plant and Equipment, net |
446,313 |
446,039 |
|
| Goodwill and other intangible assets, net |
3,698,458 |
3,862,306 |
|
| Restricted Cash- non-current |
42,438 |
43,228 |
|
| Other non-current assets |
157,259 |
100,921 |
|
| Assets held for sale - non-current |
- |
13,337 |
|
| Total assets |
$ 5,855,674 |
$ 5,923,121 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
| CURRENT LIABILITIES: |
|||
| Short-term debt and current portions of long-term debt and |
$ 45,137 |
$ 203,954 |
|
| Liabilities related to assets held for sale |
- |
363 |
|
| Other current liabilities |
661,373 |
520,217 |
|
| Total current liabilities |
706,510 |
724,534 |
|
| LONG-TERM LIABILITIES: |
|||
| Long-term debt and capital lease obligations, net of current portions |
2,913,100 |
2,838,347 |
|
| Deferred tax liabilities |
52,513 |
147,618 |
|
| Other long-term liabilities |
133,182 |
154,193 |
|
| Liabilities related to assets held for sale - non-current |
- |
- |
|
| Total long-term liabilities |
3,098,795 |
3,140,158 |
|
| TOTAL EQUITY |
2,050,369 |
2,058,429 |
|
| Total liabilities and equity |
$ 5,855,674 |
$ 5,923,121 |
|
| Alere Inc. and Subsidiaries |
||||||||
| Selected Consolidated Revenues |
||||||||
| (in thousands) |
||||||||
| Three Months Ended September 30, |
% Change |
|||||||
| 2016 |
2015 |
2016 v. 2015 |
||||||
| Professional diagnostics segment (1) |
||||||||
| Cardiometabolic |
$ 188,731 |
$ 208,979 |
-10% |
|||||
| Infectious disease |
183,375 |
164,822 |
11% |
|||||
| Toxicology |
155,871 |
162,571 |
-4% |
|||||
| Other |
32,550 |
45,350 |
-28% |
|||||
| Total professional diagnostics segment |
560,527 |
581,722 |
-4% |
|||||
| Consumer diagnostics segment (1) |
19,347 |
18,747 |
3% |
|||||
| License and royalty revenue |
2,480 |
3,299 |
-25% |
|||||
| Net revenue |
$ 582,354 |
$ 603,768 |
-4% |
|||||
| Nine Months Ended September 30, |
% Change |
|||||||
| 2016 |
2015 |
2016 v. 2015 |
||||||
| Professional diagnostics segment (1) |
||||||||
| Cardiometabolic |
$ 587,289 |
$ 621,588 |
-6% |
|||||
| Infectious disease |
556,777 |
523,059 |
6% |
|||||
| Toxicology |
460,849 |
468,822 |
-2% |
|||||
| Other |
102,411 |
147,511 |
-31% |
|||||
| Total professional diagnostics segment |
1,707,327 |
1,760,980 |
-3% |
|||||
| Consumer diagnostics segment (1) |
56,582 |
65,360 |
-13% |
|||||
| License and royalty revenue |
7,742 |
13,691 |
-43% |
|||||
| Net revenue |
$ 1,771,651 |
$ 1,840,031 |
-4% |
|||||
| (1) Revenues have been revised for the impact of revisions made during the preparation of our consolidated financial statements for 2015. For more information on these revisions see Note 2 in our Form 10-Q. |
||||||||
| Alere Inc. and Subsidiaries |
||||
| Reconciliation of Net Income (Loss) to Non-GAAP EBITDA |
||||
| (in thousands) |
||||
| Three Months Ended September 30, |
||||
| 2016 |
2015 |
|||
| Net Income (loss) (1) |
$ 22,027 |
$ (2,383) |
||
| Less: Income from discontinued operations, net of tax |
- |
- |
||
| Loss from continuing operations |
22,027 |
(2,383) |
||
| Adjustment related to acquired software license contracts |
430 |
|||
| Income tax benefit |
(50,888) |
(10,210) |
||
| Depreciation and amortization |
71,829 |
86,651 |
||
| Interest, net |
43,354 |
49,999 |
||
| Non-cash stock-based compensation expense |
10,509 |
7,317 |
||
| Non-cash fair value adjustments to acquisition-related contingent consideration |
(14,510) |
957 |
||
| Impairment and (gain) loss on dispositions, net |
(18,721) |
2,074 |
||
| Other |
662 |
|||
| Non-GAAP Adjusted EBITDA |
$ 63,599 |
$ 135,496 |
||
| (1) Net income (loss) for the three months ended September 30, 2015 includes restructuring charges of $3.2 million, $0.9 million of costs associated with business dispositions, and $0.2 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA. The three months ended September 30, 2016 includes $17.3 million of Abbott integration costs, non-interest related restructuring charges of $11.3 million, $10.5 million for a legal settlement accrual, $15.2 million of charges related to governmental investigations, and $0.3 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA. |
||||
| Nine Months Ended September 30, |
||||
| 2016 |
2015 |
|||
| Net Income (loss) (1) |
$ (22,841) |
$ 222,815 |
||
| Less: Income from discontinued operations, net of tax |
- |
216,776 |
||
| Loss from continuing operations |
(22,841) |
6,040 |
||
| Adjustment related to acquired software license contracts |
877 |
|||
| Income tax benefit |
(47,979) |
(2,375) |
||
| Depreciation and amortization |
214,418 |
233,965 |
||
| Interest, net |
125,979 |
154,596 |
||
| Non-cash stock-based compensation expense |
31,115 |
19,596 |
||
| Non-cash fair value adjustments to acquisition-related contingent consideration |
(16,290) |
(51,910) |
||
| Impairment and (gain) loss on dispositions, net |
(22,531) |
42,408 |
||
| Other |
662 |
|||
| Non-GAAP Adjusted EBITDA |
$ 261,870 |
$ 403,858 |
||
| (1) Net income (loss) for the nine months ended September 30, 2015 includes restructuring charges of $12.3 million, $5.5 million of costs associated with business dispositions, and $0.3 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA. The nine months ended September 30, 2016 includes restructuring charges of $27.7 million, $38.2 million of Abbott integration costs, $20.7 million for a legal settlement accrual, $25.5 million of charges related to governmental investigations, and $1.0 million of costs associated with business dispositions which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA. The nine months ended September 30, 2016 also includes $1.0 million of acquisition-related costs. |
||||
| Alere Inc. and Subsidiaries |
||||
| Reconciliation of Organic Revenue Growth |
||||
| (in thousands) |
||||
| Three Months Ended September 30, |
% Change |
|||
| 2016 |
2015 |
2016 v. 2015 |
||
| Net revenue |
$ 582,354 |
$ 603,768 |
-3.5% |
|
| Impact of foreign currency exchange |
3,491 |
- |
||
| Impact of acquisitions & dispositions |
(1,163) |
(15,072) |
||
| Non-GAAP organic net revenue |
$ 584,682 |
$ 588,696 |
-0.7% |
|
| Nine Months Ended September 30, |
% Change |
|||
| 2016 |
2015 |
2016 v. 2015 |
||
| Net revenue |
$ 1,771,651 |
$ 1,840,030 |
-3.7% |
|
| Impact of foreign currency exchange |
30,403 |
- |
||
| Impact of acquisitions & dispositions |
(12,531) |
(52,181) |
||
| Non-GAAP organic net revenue |
$ 1,789,524 |
$ 1,787,850 |
0.1% |
|
| Alere Inc. and Subsidiaries |
|||||||||||||||
| Supplemental Financial Information |
|||||||||||||||
| (in thousands, except per share amounts) |
|||||||||||||||
| Three months ended September 30, 2016 |
|||||||||||||||
| Cost of Net |
Research and |
Selling, General & |
Impairment, |
Interest and other |
Provision for income |
Equity earnings |
Net Income1 |
||||||||
| Amortization of acquisition-related intangible assets |
$ 12,398 |
$ 926 |
$ 31,982 |
$ - |
$ - |
$ - |
$ - |
$ (45,307) |
|||||||
| Restructuring charges |
1,531 |
586 |
9,172 |
- |
- |
- |
- |
(11,290) |
|||||||
| Impairment Charges |
- |
- |
- |
- |
- |
- |
- |
||||||||
| Stock-based compensation expense |
456 |
494 |
9,558 |
- |
- |
- |
- |
(10,509) |
|||||||
| Acquisition-related costs |
- |
5,000 |
266 |
- |
- |
- |
- |
(5,266) |
|||||||
| Fair value adjustments to acquisition-related contingent consideration |
- |
- |
(14,510) |
- |
- |
- |
- |
14,510 |
|||||||
| Costs associated with potential business dispositions |
- |
- |
50 |
- |
- |
- |
- |
(50) |
|||||||
| Impairment and (gain) loss on disposition, net |
- |
- |
- |
- |
- |
- |
(18,721) |
18,721 |
|||||||
| Amortization - Unconsolidated Subs |
- |
- |
- |
- |
- |
- |
46 |
(46) |
|||||||
| Audit and legal fees related to on-going governmental investigations |
- |
- |
13,308 |
- |
1,922 |
- |
- |
(15,230) |
|||||||
| Abbott transaction related expenses |
- |
- |
17,334 |
- |
- |
- |
- |
(17,334) |
|||||||
| INRatio recall expense |
600 |
- |
1,300 |
- |
- |
- |
- |
(1,900) |
|||||||
| Legal settlement accrual |
- |
- |
- |
- |
10,675 |
- |
- |
(10,675) |
|||||||
| Income tax effects on items above |
- |
- |
- |
- |
- |
(60,352) |
- |
60,352 |
|||||||
| Total of Supplemental Information |
$ 14,985 |
$ 7,007 |
$ 68,461 |
$ - |
$ 12,597 |
$ (60,352) |
$ (18,675) |
$ (24,024) |
|||||||
| Impact of above items on EPS numerator |
$ - |
||||||||||||||
| Impact of above items on EPS denominator |
- |
||||||||||||||
| 1) All impacts are shown as pre-tax with aggregate tax effect displayed as "Income tax effects on items above". |
|||||||||||||||
| Nine months ended September 30, 2016 |
|||||||||||||||
| Cost of Net |
Research and |
Selling, General & |
Impairment, |
Interest and other |
Provision for income taxes |
Equity earnings |
Net Income1 |
||||||||
| Amortization of acquisition-related intangible assets |
$ 37,334 |
$ 2,763 |
$ 95,869 |
$ - |
$ - |
$ - |
$ - |
$ (135,967) |
|||||||
| Restructuring charges |
3,901 |
3,540 |
20,296 |
- |
- |
- |
- |
(27,738) |
|||||||
| Impairment Charges |
85 |
- |
- |
- |
- |
- |
- |
(85) |
|||||||
| Stock-based compensation expense |
1,536 |
1,373 |
28,205 |
- |
- |
- |
- |
(31,115) |
|||||||
| Acquisition-related costs |
- |
5,000 |
957 |
- |
- |
- |
- |
(5,957) |
|||||||
| Fair value adjustments to acquisition-related contingent consideration |
- |
- |
(16,290) |
- |
- |
- |
- |
16,290 |
|||||||
| Costs associated with potential business dispositions |
7 |
- |
952 |
- |
- |
- |
- |
(959) |
|||||||
| Impairment and (gain) loss on disposition, net |
- |
- |
- |
(3,810) |
- |
- |
(18,721) |
22,531 |
|||||||
| Amortization - Unconsolidated Subs |
- |
- |
- |
- |
- |
- |
229 |
(229) |
|||||||
| Audit and legal fees related to on-going governmental investigations |
- |
- |
22,722 |
- |
2,812 |
- |
- |
(25,534) |
|||||||
| Abbott transaction related expenses |
- |
- |
38,202 |
- |
- |
- |
- |
(38,202) |
|||||||
| INRatio recall expense |
2,100 |
- |
1,300 |
- |
- |
- |
- |
(3,400) |
|||||||
| Legal settlement accrual |
- |
- |
- |
- |
20,875 |
- |
- |
(20,875) |
|||||||
| Income tax effects on items above |
- |
- |
- |
- |
- |
(90,980) |
- |
90,980 |
|||||||
| Total of Supplemental Information |
$ 44,963 |
$ 12,677 |
$ 192,214 |
$ (3,810) |
$ 23,687 |
$ (90,980) |
$ (18,492) |
$ (160,260) |
|||||||
| Impact of above items on EPS numerator |
$ (1,383) |
||||||||||||||
| Impact of above items on EPS denominator |
(2,837) |
||||||||||||||
| 1) All impacts are shown as pre-tax with aggregate tax effect displayed as "Income tax effects on items above". |
|||||||||||||||
| Alere Inc. and Subsidiaries |
|||||
| Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA |
|||||
| (in thousands) |
|||||
| Three Months Ended |
Three Months Ended |
Three Months Ended |
Three Months Ended |
Year Ended |
|
| March 31, 2015 |
June 30, 2015 |
September 30, 2015 |
December 31, 2015 |
December 31, 2015 |
|
| Net Income |
$ 210,428 |
$ 14,770 |
$ (2,383) |
$ (16,059) |
$ 206,757 |
| Less: Income from discontinued operations, net of tax |
216,776 |
(0) |
0 |
2,737 |
219,513 |
| Income/(Loss) from continuing operations |
(6,348) |
14,770 |
(2,383) |
(18,796) |
(12,756) |
| Adjustment related to acquired software license contracts |
247 |
201 |
430 |
- |
877 |
| Income tax benefit |
(7,853) |
15,689 |
(10,210) |
(50,329) |
(52,704) |
| Depreciation and amortization |
74,519 |
72,795 |
86,651 |
75,719 |
309,684 |
| Interest, net |
45,832 |
58,765 |
49,999 |
57,954 |
212,551 |
| Non-cash stock-based compensation expense |
5,149 |
7,130 |
7,317 |
6,795 |
26,391 |
| Non-cash fair value adjustments to acquisition-related contingent consideration |
(11,777) |
(41,090) |
957 |
(5,703) |
(57,613) |
| Non-cash write-off of an investment |
662 |
- |
662 |
||
| Impairment and (gain) loss on dispositions, net |
34,792 |
5,542 |
2,074 |
8,132 |
50,540 |
| Non-cash INRatio product recall expenses |
- |
- |
- |
21,100 |
21,100 |
| Write-off of acquisition-related obligation |
- |
- |
- |
(40) |
(40) |
| Non-GAAP Adjusted EBITDA |
$ 134,561 |
$ 133,801 |
$ 135,496 |
$ 94,833 |
$ 498,691 |
SOURCE Alere Inc.
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