WALTHAM, Mass., July 25 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. , a leading provider of rapid diagnostic products and health management services, announced that it received today a decision from an arbitration tribunal. That decision, directed at Inverness' Binax subsidiary, awards Binax's distributor in Spain and Portugal approximately $13.8 million, including interest and arbitration related expenses. While Inverness is reviewing the decision and will evaluate its next steps, the terms of the distribution agreement provide limited remedies to Inverness related to the tribunal's decision.
Inverness will record an after tax charge of approximately $8.6 million or $0.10 per diluted share related to the decision in its earnings for the second quarter of 2008, which are scheduled to be released on July 29, 2008.
About Inverness
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. For more information about Inverness Medical Innovations, please visit http://www.invernessmedical.com/.
Statement under the Private Securities Litigation Reform Act
This press release contains forward-looking statements within the meaning of the federal securities laws. Actual results may differ materially due to numerous factors, including without limitation, the demand for Inverness' current and future products; the ability of Inverness to efficiently manufacture those products and the risks and uncertainties described in Inverness' periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
