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Alere's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Our company undertakes no obligation to update forward-looking statements. Additionally, please note that during this call, we may discuss non-GAAP financial measures. For each non-GAAP financial measure discussed, the presentation of the most directly comparable GAAP financial measure and a reconciliation of the differences between the non-GAAP financial measure discussed and the most directly comparable GAAP financial measure is available on the company’s website at Alere.com.

And with that let me turn the call over to Alere Chairman and CEO, Ron Zwanziger. Ron?

Ron Zwanziger

Thanks Doug and good morning everyone. We are pleased to report a strong first quarter results highlighted by strength in both revenues and earnings, organic growth and our professional diagnostic business was particularly good at 6.9%.

New product sales continue to increase achieving 13.7 million in the first quarter with particular traction in Europe and Asia. We expect this trend to continue and anticipate that our new platform achieves increased medical adoption, their underlying consumable sales will drive and expanding organic growth rate over the next several years.

Another favorable trend in the first quarter was improved predictability and stabilization of our Health Management unit which posted a sequential increase in revenues for the first time since the third quarter of 2010, while institutions predict the consisting growth trend in Health Management we are seeing increased customer interest of added business in the first quarter. Therefore, we are cautiously optimistic that revenues in this segment will at least remain flat during the rest of the year and notable improvement over 2011.

Although we previously reported challenging fourth quarter in Europe and a higher risk in the region entering 2012, European sales in the first quarter held up relatively well although margins are sharply lower relative to year ago. We continue to watch trends in Europe and expect issues to arise as a result of budgetary problem in many countries. The Asia Pacific region, however, continue to perform well primarily driven by growth of higher margins, cardiology products in China, over the past few years we have had some step backs in approval delays there, which negatively impacted our cardiology business and the resumption of product sales growth there represents a promising development.

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