Inverness Posts 1Q Profit, Beats Street

WALTHAM, Mass. (AP) — Medical diagnostics company Inverness Medical Innovations Inc. moved to a first-quarter profit Monday, crediting improved sales from recently acquired businesses.

The company's adjusted profit surpassed Wall Street expectations, and Inverness shares rose $2.37, or 8.6 percent, to $29.99 in morning trading.

Inverness said after paying preferred dividends it earned $771,000, or a penny per share in the first quarter, after losing $4.2 million, or 5 cents per share, a year ago. Excluding one-time costs like amortization and stock-based compensation, the company said its profit totaled $50.6 million, or 61 cents per share. Revenue grew 19 percent, to $443.9 million from $372.2 million. ...