Alere (ALR) Posts Q1 GAAP Loss of 18c/Share
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Alere (NYSE: ALR) reported Q1 EPS of ($0.18), $0.74 worse than the analyst estimate of $0.56. Revenue for the quarter came in at $578 million versus the consensus estimate of $602.6 million.
On a Non-GAAP basis, the Company reported Non-GAAP adjusted EBITDA of $109 million in the first quarter of 2016, compared to $135 million in the prior year period. The year-over-year decline was driven primarily by incremental expenses related to the pending merger with Abbott, higher legal expenses associated with ongoing government investigations, and lower margins due to primarily to product sales mix and volume.
he Company is seeking an amendment to its secured credit agreement that, if approved, will provide an extension of the date by which the Company will file its second quarter 2016 financial statements under the secured credit agreement to September 13, 2016. The Company currently plans to file its second quarter 2016 Form 10-Q by September 13, 2016, and expects to pay approximately $3 million in fees to obtain the amendment.
For earnings history and earnings-related data on Alere (ALR) click here.
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