ALERE INC.
CIK:0001145460|SEC Filings
Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
[1] | Jun. 30, 2017 |
Jun. 30, 2016 |
[1] | |||
| Income Statement [Abstract] | |||||||||
| Net product sales | $ 425,926 | $ 482,962 | $ 889,371 | $ 951,464 | |||||
| Services revenue | 128,765 | 124,809 | 250,894 | 240,518 | |||||
| Net product sales and services revenue | 554,691 | 607,771 | 1,140,265 | 1,191,982 | |||||
| License and royalty revenue | 2,981 | 2,533 | 5,623 | 5,262 | |||||
| Net revenue | 557,672 | 610,304 | 1,145,888 | 1,197,244 | |||||
| Cost of net product sales | 222,632 | 249,837 | 452,463 | 491,161 | |||||
| Cost of services revenue | 81,812 | 78,294 | 157,711 | 151,394 | |||||
| Cost of net product sales and services revenue | 304,444 | 328,131 | 610,174 | 642,555 | |||||
| Cost of license and royalty revenue | 496 | 535 | 1,256 | 1,926 | |||||
| Cost of net revenue | 304,940 | 328,666 | 611,430 | 644,481 | |||||
| Gross profit | 252,732 | 281,638 | 534,458 | 552,763 | |||||
| Operating expenses: | |||||||||
| Research and development | 29,448 | 28,446 | 55,732 | 55,508 | |||||
| Sales and marketing | 96,243 | 102,444 | 190,434 | 203,084 | |||||
| General and administrative | 156,040 | 136,854 | 322,313 | 251,810 | |||||
| Impairment and gain on dispositions, net | 0 | 0 | 0 | (3,810) | |||||
| Operating (loss) income | (28,999) | 13,894 | (34,021) | 46,171 | |||||
| Interest expense, including amortization of original issue discounts and deferred financing costs | (46,179) | (42,329) | (89,362) | (84,435) | |||||
| Other (expense) income, net | (1,531) | (3,912) | (4,047) | (5,261) | |||||
| Loss from operations before provision for income taxes | (76,709) | (32,347) | (127,430) | (43,525) | |||||
| Provision for income taxes | 17,312 | $ 10,200 | 2,582 | 35,921 | 2,410 | ||||
| Loss from operations before equity earnings of unconsolidated entities, net of tax | (94,021) | (34,929) | (163,351) | (45,935) | |||||
| Equity earnings of unconsolidated entities, net of tax | 1,321 | 2,122 | 6,522 | 7,156 | |||||
| Net loss | (92,700) | (32,807) | (156,829) | (38,779) | |||||
| Less: Net income attributable to non-controlling interests | 368 | 143 | 551 | 246 | |||||
| Net loss attributable to Alere Inc. and Subsidiaries | (93,068) | (32,950) | (157,380) | (39,025) | |||||
| Preferred stock dividends | (5,308) | (5,308) | (10,558) | (10,617) | |||||
| Net loss available to common stockholders | $ (98,376) | $ (38,258) | $ (167,938) | $ (49,642) | |||||
| Basic and diluted net loss per common share: | |||||||||
| Net loss per common share | $ (1.13) | $ (0.44) | $ (1.92) | $ (0.57) | |||||
| Weighted-average shares - basic and diluted | 87,360 | 86,737 | 87,300 | 86,692 | |||||
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Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2017 |
[1] | Dec. 31, 2016 |
||
|---|---|---|---|---|---|
| Current assets: | |||||
| Cash and cash equivalents | $ 491,699 | $ 567,215 | |||
| Restricted cash | 52,480 | 51,550 | |||
| Marketable securities | 150 | 76 | |||
| Accounts receivable, net of allowances of $76,072 and $75,798 at June 30, 2017 and December 31, 2016, respectively | 377,963 | 413,535 | |||
| Inventories, net | 335,710 | 308,920 | |||
| Prepaid expenses and other current assets | 125,604 | 118,607 | |||
| Total current assets | 1,383,606 | 1,459,903 | |||
| Property, plant and equipment, net | 436,201 | 441,190 | |||
| Goodwill | 2,798,713 | 2,759,366 | |||
| Other intangible assets with indefinite lives | 21,469 | 27,164 | |||
| Finite-lived intangible assets, net | 754,682 | 805,577 | |||
| Restricted cash | 2,353 | 2,171 | |||
| Other non-current assets | 13,235 | 14,966 | |||
| Investments in unconsolidated entities | 79,656 | 72,225 | |||
| Deferred tax assets | 23,496 | 20,483 | |||
| Non-current income tax receivable | 43,424 | 45,234 | |||
| Total assets | 5,556,835 | 5,648,279 | |||
| Current liabilities: | |||||
| Short-term debt and current portion of long-term debt | 83,825 | 82,370 | |||
| Current portion of capital lease obligations | 2,846 | 3,064 | |||
| Accounts payable | 226,212 | 195,879 | |||
| Accrued expenses and other current liabilities | 366,556 | 394,843 | |||
| Total current liabilities | 679,439 | 676,156 | |||
| Long-term liabilities: | |||||
| Long-term debt, net of current portion | 2,815,572 | 2,858,205 | |||
| Capital lease obligations, net of current portion | 5,203 | 7,221 | |||
| Deferred tax liabilities | 123,775 | 119,098 | |||
| Other long-term liabilities | 167,273 | 155,992 | |||
| Total long-term liabilities | 3,111,823 | 3,140,516 | |||
| Commitments and contingencies | |||||
| Stockholders' equity: | |||||
| Series B preferred stock, $0.001 par value (liquidation preference: $709,701 at June 30, 2017 and December 31, 2016); Authorized: 2,300 shares; Issued: 2,065 shares at June 30, 2017 and December 31, 2016; Outstanding: 1,774 shares at June 30, 2017 and December 31, 2016 | 606,406 | 606,406 | |||
| Common stock, $0.001 par value; Authorized: 200,000 shares; Issued: 95,121 shares and 94,770 shares at June 30, 2017 and December 31, 2016, respectively; Outstanding: 87,442 shares and 87,091 shares at June 30, 2017 and December 31, 2016, respectively | 95 | 95 | |||
| Additional paid-in capital | 3,479,904 | 3,474,979 | |||
| Accumulated deficit | (1,764,499) | (1,607,119) | |||
| Treasury stock, at cost, 7,679 shares at June 30, 2017 and December 31, 2016 | (184,971) | (184,971) | |||
| Accumulated other comprehensive loss | (376,525) | (462,398) | |||
| Total stockholders' equity | 1,760,410 | 1,826,992 | |||
| Non-controlling interests | 5,163 | 4,615 | |||
| Total equity | 1,765,573 | 1,831,607 | |||
| Total liabilities and equity | $ 5,556,835 | $ 5,648,279 | |||
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