Shares of Alere Inc. continue to soar following its impressive second quarter results. Recently, the diagnostic and medical services provider has joined hands with non-profit organization Malaria No More in its Power of One campaign to fight against malaria in Africa.
Under the campaign, Alere and Malaria No More will raise funds to provide diagnostic tests and treatment to African children. Over the course of the campaign, ALR will donate 2 million Alere SD BIOLINE Malaria Rapid tests to risk-prone African children for diagnosis of malaria.
Alere SD BIOLINE provides test results in 15 minutes with the help of a drop of finger stick blood. It can accurately diagnose malaria and enable timely treatment.
According to the World Health Organization (WHO), malaria transmission occurs in 99 countries and the disease resulted in deaths of an estimated 660,000 children in 2010 in sub-Saharan Africa, who are under five years of age.
ALR reported a 40.5% rise in 2013-second quarter adjusted earnings per share to 59 cents from 42 cents in the same quarter of 2012. With this, earnings beat the Zacks Consensus Estimate by a significant margin of 19 cents.
Net revenues went up 9.1% to $764.0 million in the second quarter of 2013, exceeding the Zacks Consensus Estimate of $722 million. Adjusted net revenues rose 9.0% to $764.6 million in the quarter from $701.6 million for the second quarter of 2012
Currently, ALR carries a Zacks Rank #1 (Strong Buy). Other medical stocks that are worth a look include Advaxis, Inc. , Boston Scientific (BSX - Free Report) and Cytosorbents Corporation . All of them carries a Zacks Rank #2 (Buy).