UPDATE 1-Alere Q3 profit misses Street, cuts FY EPS view

* Q3 adj EPS from cont ops $0.59 vs est $0.65

* Q3 rev rose 5 pct to $538.7 mln vs est $533.4 mln

* Cuts FY adj EPS from cont ops to $2.50 from $2.60

Nov 1 (BestGrowthStock) – Medical devices maker Alere Inc (ALR.N: )
posted adjusted quarterly earnings below analysts’ estimates,
primarily hurt by lower influenza devices sales in North
America, and trimmed its 2010 adjusted earnings guidance.

The company said it was also affected by a continued
weakness in global respiratory devices sales.

For the third quarter, the Waltham, Massachusetts-based
company posted a net loss of $2.8 million, or $0.03 a share,
compared with a net income of $14.3 million, or 17 cents a
share, a year ago.

Earnings from continuing operations were at 59 cents per
share for the quarter, compared with 74 cents per share, a year
ago.

Analysts had expected adjusted earnings of 65 cents,
according to Thomson Reuters I/B/E/S.

Revenue for the company, whose products include the point
of care influenza diagnostic test device, BinaxNOW Influenza A
& B test, and ImmunoComb for detection of antigens in human
plasma, rose 5 percent to $538.7 million in the quarter.

Analysts had expected revenue of $533.4 million.

For the full year, the company lowered its adjusted
full-year earnings outlook from continuing operations to $2.50
from $2.60.

North American influenza sales decreased to $7 million for
the third quarter, from $40.4 million, a year ago.

Worldwide respiratory sales decreased to $20.6 million for
the third quarter, compared with $32.2 million, a year ago.

Shares of Alere, whose competitors include Nuvasive Inc
(NUVA.O: ) and Kensey Nash (KNSY.O: ) and Quidel (QDEL.O: ), have
gained about 5 percent since its last quarterly results in
July.

They were trading down almost 5 percent at $28.13 Monday
morning on the New York Stock Exchange.

They touched a low of $26.78 earlier in the session.
(Reporting by Rajarshi Basu in Bangalore; Editing by Vyas
Mohan)

UPDATE 1-Alere Q3 profit misses Street, cuts FY EPS view