Alere Q3 Loss Widens

(RTTNews) - Alere Inc. (ALR) reported a net loss for the third quarter of $91.5 million or $1.10 per share, compared to a net loss of $24.8 million or $0.30 per share for the year-ago quarter.

Loss from continuing operations for the third quarter was $98.6 million or $1.19 per share, compared to a loss from continuing operations of $21.7 million or $0.27 per share in the prior year quarter.

Excluding items, adjusted income from continuing operations was $0.48 per share for the third quarter of 2014, compared to $0.61 per share in the third quarter of 2013.

Net revenue for the third quarter fell to $736.2 million from $753.3 million a year earlier, while adjusted net revenue declined to $736.6 million from $753.9 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.52 per share on revenue of $743.25 million for the third quarter. Analysts' estimates typically exclude special items.

Alere also said that Namal Nawana has been named Chief Executive Officer, President, and a Member of the company's Board of Directors.

Nawana , who joined Alere in December 2012 as Chief Operating Officer, was appointed Interim Chief Executive Officer and President of Alere in July 2014.

Separately, Optum, part of UnitedHealth Group (UNH), and Alere said that Optum has entered into a definitive agreement to buy Alere Health and its subsidiaries for $600 million in cash.

The deal is subject to customary regulatory approval and other closing conditions. Such conditions for Alere include consent of the required lenders under Alere's senior secured credit facility. The deal does not require the approval of Alere's shareholders.

Alere plans to use the proceeds from the deal to reduce debt.