Alere initiates voluntary recall of the of the Alere INRatio2 PT/INR Strips Alere has initiated a voluntary Class 1 recall in the U.S. of the Alere INRatio2 PT/INR Professional Test Strips. This action is a result of complaints of patients who had a therapeutic or near therapeutic INR with the Alere INRatio2 PT/INR Professional Test Strip but a significantly higher INR (outside of therapeutic range) when performed by a central laboratory. Alere has received nine serious adverse event reports, three of which described bleeding associated with patient deaths. The reason for the adverse event reports was significantly different test results between the Alere INRatio2 PT/INR Professional Test Strip and the local laboratory plasma INR test. The root cause for this issue has not yet been determined; therefore Alere cannot determine the patient conditions or circumstances that may contribute to the discrepancy.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: AMC Networks (AMCX) upgraded to Buy from Hold at ISI Group... Abbott (ABT) upgraded to Buy from Hold at Deutsche Bank... Ahold (AHONY) upgraded to Overweight from Neutral at JPMorgan... Alere (ALR) upgraded to Buy from Hold at Craig-Hallum... Ambev (ABEV) upgraded to Buy from Neutral at Goldman... Bayer (BAYRY) upgraded to Outperform from Market Perform at Bernstein... C.H. Robinson (CHRW) upgraded to Buy from Neutral at BofA/Merrill... Cliffs Natural (CLF) upgraded to Outperform from Neutral at Macquarie... HCC Insurance (HCC) upgraded at Raymond James... Hannon Armstrong (HASI) upgraded to Buy from Neutral at BofA/Merrill... Jamba (JMBA) upgraded to Outperform from Neutral at Wedbush... Midway Gold (MDW) upgraded to Speculative Buy from Hold at Canaccord... PG&E (PCG) upgraded to Buy from Hold at Deutsche Bank... RWE AG (RWEOY) upgraded to Neutral from Underweight at JPMorgan... Starwood (HOT) upgraded to Buy from Hold at Craig-Hallum... Total System (TSS) upgraded to Overweight from Equal Weight at Stephens.
Alere reports Q3 Professional Diagnostics net product/services revenue $581.8M U.S. influenza and meter-based Triage product revenues were $15M and $15.8M, respectively, for Q3. Net product and services revenue from our Health Information Solutions segment was $123.9M in Q3.
Alere names Namal Nawane CEO and President Alere announced that Namal Nawana has been named CEO, President, and a member of the board. Nawana joined Alere in December 2012 as COO and was appointed Interim CEO and President of Alere in July.