(IMA) Inverness Medical Innovations – Momentum – Zacks Rank Buy

July 13th, 2009

Inverness Medical Innovations (IMA) continues to trend higher in response to the company’s strong first-quarter results, reported in late April, in which the company swung to a profit from last year.

First-Quarter Results

Sales were up 19% from last year to $443.9 million. Income was up sharply to $771,000, up from a loss of $4.2 million, producing earnings of 56 cents per share, 3 cents ahead of the consensus.

Next-Year Estimate Bullish

Analysts are bullish on the company’s long-term prospects, with the next-year estimate pegged at $2.66 per share, a 16% earnings growth projection.

Valuations

Based on the current-year estimate of $2.29, this stock has a P/E multiple of 14X, in line with the overall market.

The Chart

Shares of IMA have been rallying for most of the last 7 months after bottoming out just above $12 in late November. Since then, this stock has topped off above $36, take a look below.

Zacks Investment Research
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