WALTHAM, Mass., Sept. 28 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. , a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, announced today that it has completed its previously announced acquisition of Free & Clear, Inc. for approximately $100 million in cash, net of cash acquired, and up to $30 million in future contingent payments based on 2010 revenues and EBITDA margin. Free & Clear, which was acquired by Inverness’ Alere health management business, provides innovative web-based learning and phone-based cognitive behavioral coaching to help employers, health plans and state governments improve the overall health and productivity of their covered populations. Free & Clear’s evidence-based programs address the four key modifiable health risks that contribute to chronic disease: tobacco use, poor nutrition, physical inactivity and stress.
Commenting on the acquisition, Ron Geraty, CEO of Alere, stated, “We expect Free & Clear to benefit from new initiatives to promote disease prevention and wellness that are being put forward by private enterprises as well as federal and state government agencies, such as the increased funding for tobacco cessation and obesity prevention programs that is a component of certain of the healthcare reform proposals currently under discussion in the United States Congress.” Free & Clear had revenues of $47.1 million and $40.7 million for 2008 and 2007, respectively.
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness’ products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. Inverness is headquartered in Waltham, Massachusetts.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected impact of health care reform on the future prospects for Free & Clear’s business. These statements reflect Inverness’ current views with respect to future events and are based on our management’s current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, any risks associated with the uncertainty surrounding healthcare reform, including what, if any, reforms or policy changes will be approved by Congress or other government agencies in the future; market and economic conditions, Inverness’ ability to integrate this and other acquisitions and to recognize expected synergies; Inverness’ ability to continue to successfully develop, market and provide health management programs and services which improve healthcare and reduce healthcare costs for its customers and individuals, and the risks and uncertainties described in Inverness’ annual report on Form 10-K, as amended, for the year ended December 31, 2008, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.
SOURCE Inverness Medical Innovations, Inc.
CONTACT: Doug Guarino, Director of Corporate Relations, +1-781-647-3900
Web site: http://www.invernessmedical.com/
