Sales & Earnings In Brief

Inverness JV results: The first product from Inverness Medical Innovations' consumer diagnostic joint-venture with Procter & Gamble is expected to launch in the U.S. late this year following an international launch, Inverness announces during its fiscal 2007 fourth-quarter earnings call Feb. 20. In May 2007 the firms completed a joint venture to create SPD Swiss Precision Diagnostics, a business that develops, manufactures and markets diagnostic products including pregnancy tests and fertility/ovulation monitoring products (1"The Tan Sheet" Jan. 1, 2007, p. 10). During the October-December period, responsibility for U.S. sales and distribution of SPD's products was transitioned from Inverness to P&G. Inverness' consumer diagnostics business achieved sales of $29.7 million in the quarter, compared to $42.2 million in the prior-year quarter as the firm incurred $16.1 million in costs linked to the joint venture...