NEW YORK (360Dx) – Alere today reported preliminary financial results for the first quarter of 2017, and the fourth quarter and full fiscal year ended Dec. 31, 2016.
For the first quarter ended March 31, 2017, the firm reported that revenues would be $588.2 million compared to $586.9 million in Q1 2016, beating analysts' average estimate of $584.8 million.
For full-year 2016 it said that revenues would be $2.38 billion, down 3 percent from $2.46 billion in fiscal 2015, and short of analysts' average estimate of $2.39 billion.
Alere said that its net loss for the year would be $161.8 million, or a loss of $1.86 per share, compared to a profit of $182.4 million, or $2.14 per share in 2015.
For the fourth quarter ended Dec. 31 2016, the firm reported revenues would be $596.8 million, down 3 percent from $617.1 million in Q4 2015. The firm missed analysts' average estimate of $607.4 million for Q4 2016.
Also for Q4 2016, Alere said its net loss would be $122.3 million, or a loss of $1.41 per share, compared to a net loss of $24.4 million, or a loss of $0.31 per share in Q4 2015.
Alere also provided an update about its expected filing of its 2016 Annual Report on Form 10-K and filed its preliminary proxy statement with respect to a pending merger with Abbott Laboratories.
The firm had delayed filing its annual report on Form 10-K for the fiscal year ended Dec. 31, 2016, due to revenue transactions in its South Korea and Japan locations.
Based on this review, Alere said it determined that it had incorrectly recorded revenue transactions at its Standard Diagnostics subsidiary in South Korea.
The firm noted that its goal is to complete its review and file its 2016 annual report on Form 10-K by no later than June 15, 2017.
In morning trading on the Nasdaq, Alere's shares were up almost 2 percent to $48.43.