Alere Slips To Loss In Q1, But Adj. Earnings Meet Estimates - Quick Facts

(RTTNews) - Medical devices maker Alere Inc. (ALR) Tuesday reported first-quarter net loss available to stockholders of $11.47 million or $0.14 per share, compared to a net income of $7.20 million or $0.09 per share in the prior year.

Non-GAAP adjusted net income per share was $0.55 for the first quarter of 2014, while the company posted $0.53 per share last year.

On average, eight analysts polled by Thomson Reuters expected the company to earn $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter declined to $716.62 million from $739.25 million a year ago. Analysts estimated revenues of $737.84 million for the quarter.

Separately, Alere announced plans to pursue an initial public offering in the UK of the ordinary shares of BBI Diagnostics Group plc, or BBI Diagnostics, a new subsidiary formed for purposes of the offering.

It is anticipated that substantially all of the net proceeds of the offering, as well as the net proceeds of a new debt facility to be entered into by BBI Diagnostics at the time of the offering, would be used by Alere to pay down outstanding debt.

The price range for the offering has not yet been determined, nor has the amount of new debt that BBI Diagnostics will issue.