UPDATE: Alere Q2 Results Miss Estimates

Alere

reported weaker-than-expected second-quarter results. The Waltham, Massachusetts-based company posted a quarterly net loss of $55.0 million, or $0.67 per share, versus a year-ago net loss of $65.9 million, or $0.81 per share. Its non-GAAP adjusted net income came in at $0.42 per share, down from $0.64 per share. Its net revenue fell to $737.9 million from $764.0 million, while non-GAAP adjusted net revenue declined to $738.3 million from $764.6 million. However, analysts were expecting earnings of $0.58 per share on revenue of $747.55 million. Its non-GAAP EBITDA came in at $110.2 million in the quarter. Alere's net product and services revenue from Professional Diagnostics segment fell to $578.1 million from $599.6 million, while US influenza revenue rose to $5.1 million from $2.0 million. Its meter-based Triage products revenue declined to $16.2 million from $19.3 million, while mail-order diabetes revenue tumbled to $33.0 million from $56.2 million. Net product and service revenue from Health Information Solutions segment fell to $125.8 million from $134.8 million. Namal Nawana, Interim Chief Executive Officer and Chief Operating Officer of Alere said, "The second quarter was a period of significant transition for Alere. With the recently announced change in leadership, we are now narrowing our focus on our global leading rapid diagnostic business and pursuing opportunities with the highest potential for value creation.” Alere shares fell 0.12% to close at $39.95 on Friday.