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Exhibit 10.1

THIRD AMENDMENT AND CONSENT TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT AND CONSENT TO INTERCREDITOR AGREEMENT

        THIRD AMENDMENT AND CONSENT, dated as of January 20, 2004 (this
"Consent"), to the Second Amended and Restated Credit Agreement, dated as of
September 30, 2003 (as amended, supplemented or otherwise modified from time to
time, the "Credit Agreement"), by and among General Electric Capital
Corporation, as Agent and Lender ("Agent"), Inverness Medical Innovations, Inc.
("Innovations"), Wampole Laboratories, LLC, Inverness Medical (UK) Holdings
Limited, as borrowers ("Borrowers"), the other Credit Parties signatory thereto,
Merrill Lynch Capital, a division of Merrill Lynch Business Financial
Services Inc., as documentation agent and co-syndication agent, UBS Securities
LLC, as co-syndication agent, and the lenders signatory thereto from time to
time (collectively, the "Lenders") and Consent to the Intercreditor Agreement
(as amended, supplemented or otherwise modified from time to time, the
"Intercreditor Agreement"), dated as of November 14, 2002, among General
Electric Capital Corporation, as agent for the lenders from time to time party
to the Senior Credit Agreement (as defined in the Intercreditor Agreement) (in
such capacity, "Senior Agent"), the holders of Subordinated Obligations (as
defined in the Intercreditor Agreement) and the credit parties signatory
thereto.

W I T N E S S E T H

        WHEREAS, Borrowers have notified Agent that Innovations intends to
consummate the Subordinated Bond Issuance and issue senior subordinated notes in
an aggregate principal amount not to exceed $165,000,000 and to use a portion of
the proceeds thereof to, inter alia, repay in full the 9% Subordinated Notes due
on or before September 20, 2008, in the original aggregate principal amount of
$9,000,000 (the "9% Subordinated Notes") issued by Innovations to Perry Partners
L.P., Perry Partners International, Inc. and The Ron Zwanziger 2001 Charitable
Remainder Trust, including all accrued and unpaid interest thereon and any
prepayment premium with respect thereto (the "9% Subordinated Notes Repayment"
and, together with the Subordinated Bond Issuance, the "Subordinated Bond
Transaction");

        WHEREAS, Borrowers have notified Agent that the terms of the
Subordinated Bond Issuance shall be on substantially the terms set forth in the
Description of the Notes attached hereto as Exhibit A (the "Description of the
Notes");

        WHEREAS, Borrowers have requested that, (i) Agent and each Lender
consent to the Subordinated Bond Issuance, (ii) notwithstanding the restrictions
in Sections 6.3(b) and 6.14 of the Credit Agreement, which would otherwise
prohibit the 9% Subordinated Notes Repayment absent the consent of Agent and the
Requisite Lenders, Agent and the Requisite Lenders consent to the 9%
Subordinated Notes Repayment and (iii) notwithstanding the restrictions in
Sections 3.1 and 3.4 of the Intercreditor Agreement, which would otherwise
prohibit the 9% Subordinated Notes Repayment absent the consent of Senior Agent,
Senior Agent consents to the 9% Subordinated Notes Repayment; and

        WHEREAS, in connection with the consent granted herein, the Borrowers,
Agent and Lenders have agreed to amend the Credit Agreement on the terms and
conditions set forth herein.

        NOW THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

        1.    Definitions.    Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the Credit Agreement.

        2.    Amendment to Subordinated Bond Transaction.    As of the Amendment
Effective Date (as hereinafter defined), (i) Agent and each Lender hereby
approves the terms of the Subordinated Bond Issuance on substantially the terms
set forth in the Description of Notes; provided, that the Company

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may increase the aggregate principal amount of the senior subordinated notes
issued in the Subordinated Bond Issuance to an amount not to exceed
$165,000,000; (ii) notwithstanding the restrictions in Sections 6.3(b) and 6.14
of the Credit Agreement, which would otherwise prohibit the 9% Subordinated
Notes Repayment absent the consent of Agent and the Requisite Lenders, Agent and
the Requisite Lenders hereby consent to the 9% Subordinated Notes Repayment with
a portion of the proceeds of the Subordinated Bond Issuance;
(iii) notwithstanding the restrictions in Sections 3.1 and 3.4 of the
Intercreditor Agreement, which would otherwise prohibit the 9% Subordinated
Notes Repayment absent the consent of Senior Agent, Senior Agent consents to the
9% Subordinated Notes Repayment; provided, in each case, that (x) the
Subordinated Bond Transaction is consummated on or prior to February 27, 2004,
(y) the proceeds of the Subordinated Bond Issuance (other than those expressly
permitted hereunder to be and are used for the 9% Subordinated Notes Repayment)
are applied as required pursuant to Section 1.3(b)(v) of the Credit Agreement
until the balance of the Loans are reduced to zero (0), all interest on the
Loans have been paid in full and all fees owing to Agent and Lenders have been
paid in full, and (z) the application of proceeds described in clause (y) are in
an amount sufficient to, and do, reduce the outstanding amount of the Loans to
zero (0), repay all interest on the Loans, and pay all fees owing to Agent and
Lenders.

        3.    Amendment to Credit Agreement.    

        (a)   Section 1.3(c)(i) of the Credit Agreement is amended by deleting
the last sentence therein and inserting in lieu thereof, the sentence "To the
extent the Subordinated Debt Documents governing the Subordinated Bond Issuance
require that proceeds of Asset Sales (as such term is defined in the
Subordinated Debt Documents governing the notes issued under the Subordinated
Bond Issuance) be used to repay the Revolving Loans and permanently reduce the
availability of the Revolving Loan Commitments, the European Revolving Loan
Commitment shall be so reduced to the extent the Asset Sale was made by an
European Credit Party and the US Revolving Loan Commitment shall be so reduced
to the extent the Asset Sale was made by a US Credit Party."

        (b)   Section 5.4(d) of the Credit Agreement is amended by inserting at
the end thereof, the sentence "Notwithstanding anything herein to the contrary,
key man life insurance policy shall not be required if either the Subordinated
Bond Issuance or a Successful Syndication is consummated on or prior to
March 31, 2004. In the event neither the Subordinated Bond Issuance nor the
Successful Syndication is consummated on or prior to March 31, 2004, US Borrower
shall obtained such key man life insurance policy on or before May 15, 2004."

        (c)   Clause (f) of Section 6.14 of the Credit Agreement is deleted in
its entirety and the following clause (f) is inserted in lieu thereof: "(f) the
Credit Parties may make cash distributions to Innovations to enable Innovations
to pay, and Innovations may pay, regularly scheduled interest payments on
Indebtedness incurred pursuant to the Subordinated Bond Issuance to the extent
permitted by Subordinated Debt Documents (including any subordination agreements
with respect thereto) governing the Subordinated Bond Issuance."

        (d)   Section 8.1(l) is amended by inserting the words "or, for so long
as any of the notes issued under the Subordinated Bond Issuance remain
outstanding, any "Change of Control" (as such term is defined in the
Subordinated Debt Documents governing the notes issued under the Subordinated
Bond Issuance)" immediately after the term "occurs" appearing therein.

        4.    Representations and Warranties.    To induce Agent, Senior Agent
and the Lenders to enter into this Amendment, the Credit Parties hereby, jointly
and severally, represent and warrant that:

        (a)   The execution, delivery and performance by each Credit Party of
the Loan Documents to which it is a party and the creation of all Liens provided
for therein: (a) are within such Person's corporate, company or partnership
power; (b) have been duly authorized by all necessary corporate, limited
liability company or limited partnership action; (c) do not contravene any
provision of such Person's charter, bylaws or equivalent constitutive documents
or partnership or operating agreement, as applicable; (d) do not violate any law
or regulation, or any order or decree of any court or Governmental Authority;
(e) do not conflict with or result in the breach or

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termination of, constitute a default under or accelerate or permit the
acceleration of any performance required by, any indenture, mortgage, deed of
trust, lease, agreement or other instrument to which such Person is a party or
by which such Person or any of its property is bound; (f) do not result in the
creation or imposition of any Lien upon any of the property of such Person; and
(g) do not require the Amendment or approval of any Governmental Authority or
any other Person.

        (b)   This Amendment has been duly executed and delivered by or on
behalf of each of the Credit Parties.

        (c)   This Amendment constitutes a legal, valid and binding obligation
of each of the Credit Parties, enforceable against each of them in accordance
with its terms.

        (d)   No Default or Event of Default has occurred and is continuing
after giving effect to this Amendment.

        (e)   No action, claim or proceeding is now pending or, to the knowledge
of any Credit Party, threatened against such Credit Party, at law, in equity or
otherwise, before any court, board, commission, agency or instrumentality of any
foreign, federal, state, or local government or of any agency or subdivision
thereof, or before any arbitrator or panel of arbitrators, which (a) challenges
any Credit Party's right or power to enter into or perform any of its
obligations under this Amendment, the Credit Agreement and the other Loan
Documents to which it is a party, or the validity or enforceability of this
Amendment, the Credit Agreement or any Loan Document or any action taken
thereunder, or (b) has a reasonable risk of being determined adversely to any
Credit Party and that, if so determined, could be reasonably be expected to have
a Material Adverse Effect after giving effect to this Amendment.

        (f)    The representations and warranties of the Credit Parties
contained in the Credit Agreement and each other Loan Document shall be true and
correct on and as of the Amendment Effective Date with the same effect as if
such representations and warranties had been made on and as of such date, except
that any such representation or warranty which is expressly made only as of a
specified date need be true only as of such date.

        5.    No Other Amendments/Waivers.    Except as expressly provided
herein, (i) the Credit Agreement shall be unmodified and shall continue to be in
full force and effect in accordance with its terms and (ii) this Amendment shall
not be deemed a waiver of any term or condition of any Loan Document and shall
not be deemed to prejudice any right or rights which Agent or any Lender may now
have or may have in the future under or in connection with any Loan Document or
any of the instruments or agreements referred to therein, as the same may be
amended from time to time.

        6.    Outstanding Indebtedness; Waiver of Claims.    Each of Borrowers
and other Credit Parties hereby acknowledges and agrees that as of December 22,
2003, (a) the aggregate outstanding principal amount of the European Revolving
Loan is $22,960,000, (b) the aggregate outstanding principal amount of the US
Revolver Loan is $16,898,797.30, (c) the aggregate outstanding principal amount
of the US Term A Loan is $35,075,000, and (d) the aggregate outstanding
principal amount of the US Term B Loan is $40,000,000, and (e) the aggregate
outstanding principal amount of the European Term Loan is $9,900,000, and that
such principal amount is payable pursuant to the Credit Agreement without
defense, offset, withholding, counterclaim or deduction of any kind. Each
Borrower and other Credit Party hereby waives, releases, remises and forever
discharges Agent, Lenders and each other Indemnified Person from any and all
claims, suits, actions, investigations, proceedings or demands arising out of or
in connection with the Credit Agreement (collectively, "Claims"), whether based
in contract, tort, implied or express warranty, strict liability, criminal or
civil statute or common law of any kind or character, known or unknown, which
any Borrower or any other Credit Party ever had, now has or might hereafter have
against Agent or Lenders which relates, directly or indirectly, to any acts or
omissions of Agent, Lenders or any other Indemnified Person on or prior to the
Amendment Effective Date, provided, that no Borrower nor any other Credit Party
waives any Claim solely to the extent such Claim relates to Agent's or any
Lender's gross negligence or willful misconduct.

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        7.    Expenses.    Borrowers hereby reconfirm their obligations pursuant
to Section 11.3 of the Credit Agreement to pay and reimburse Agent for all
reasonable costs and expenses (including, without limitation, reasonable fees of
counsel) incurred in connection with the negotiation, preparation, execution and
delivery of this Amendment and all other documents and instruments delivered in
connection herewith.

        8.    Effectiveness.    This Amendment shall become effective as of
January 20, 2004 (the "Amendment Effective Date") only upon satisfaction in full
in the judgment of Agent of each of the following conditions:

        (a)    Amendment.    Agent shall have received four (4) original
signature pages to this Amendment, duly executed and delivered by Agent, Senior
Agent, and each Lender and each of the Credit Parties.

        (b)    Payment of Expenses.    Borrowers shall have paid to Agent all
costs, fees and expenses owing and billed as of the date hereof in connection
with this Amendment and the other Loan Documents and due to Agent (including,
without limitation, reasonable legal fees and expenses).

        (c)    Representations and Warranties.    The representations and
warranties of or on behalf of each Credit Party in this Amendment shall be true
and correct on and as of the Amendment Effective Date.

        9.    GOVERNING LAW.    THIS AMENDMENT SHALL BE GOVERNED BY, AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

        10.    Counterparts.    This Amendment may be executed by the parties
hereto on any number of separate counterparts and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

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        IN WITNESS WHEREOF, this Amendment has been duly executed as of the date
first written above.

    WAMPOLE LABORATORIES, LLC.
INVERNESS MEDICAL (UK) HOLDINGS LIMITED
 
 
By:
/s/  ANTHONY J. BERNARDO      

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Name: Anthony J. Bernardo
Title: Duly Authorized Signatory

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    AGENT AND LENDERS
 
 
GENERAL ELECTRIC CAPITAL
CORPORATION, as Agent and Lender
 
 
By:
/s/  ILLEGIBLE      

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Duly Authorized Signatory
 
 
GENERAL ELECTRIC CAPITAL
CORPORATION, as Senior Agent
 
 
By:
/s/  ILLEGIBLE      

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Duly Authorized Signatory
 
 
MERRILL LYNCH CAPITAL, a division of Merrill Lynch Business Financial
Services Inc., as Co-Syndication Agent, Documentation Agent and Lender
 
 
By:
/s/  ILLEGIBLE      

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Duly Authorized Signatory
 
 
UBS SECURITIES LLC, as Co-Syndication Agent
 
 
By:
/s/  DAVID A. JUGE, MANAGING DIRECTOR      

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Duly Authorized Signatory
 
 
By:
/s/  OLIVER O. TRUMBO II, DIRECTOR      

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Duly Authorized Signatory
 
 
UBS AG, CAYMAN ISLANDS BRANCH, as a Lender
 
 
By:
/s/  WILFRED V. SAINT, ASSOCIATE DIRECTOR      

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Banking Products Services, US
Duly Authorized Signatory
 
 
By:
/s/  THOMAS R. SALZANO, DIRECTOR      

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Banking Products Services, US
Duly Authorized Signatory

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        The following Persons are signatories to this Amendment in their
capacity as Credit Parties, Grantors, Guarantors, Pledgors and not as Borrowers.

    INVERNESS MEDICAL INNOVATIONS, INC.
INVERNESS MEDICAL, INC.
UNIPATH DIAGNOSTICS, INC.
UNIPATH ONLINE, INC.
OSTEX INTERNATIONAL, INC.
INVERNESS MEDICAL INTERNATIONAL
HOLDING CORP.
INVERNESS MEDICAL INTERNATIONAL
HOLDING CORP. II
UNIPATH LIMITED
APPLIED BIOTECH, INC.
FOREFRONT DIAGNOSTICS, INC.
MORPHEUS ACQUISITION CORP.
MORPHEUS ACQUISITION LLC
INVERNESS MEDICAL CANADA INC.—
MEDICALE INVERNESS CANADA INC.
INNOVATIONS RESEARCH LLC
 
 
By:
/s/  ANTHONY J. BERNARDO      

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Name: Anthony J. Bernardo
Title: Duly Authorized Signatory
 
 
ORGENICS INTERNATIONAL HOLDINGS BV
INVERNESS MEDICAL SWITZERLAND GMBH
UNIPATH DIAGNOSTICS GMBH
CAMBRIDGE DIAGNOSTICS IRELAND LIMITED
PREGYMED GMBH
SCANDINAVIAN MICRO BIODEVICES APS
 
 
By:
/s/  PAUL T. HEMPEL      

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Name: Paul T. Hempel
Title: Duly Authorized Signatory
 
 
SELFCARE TECHNOLOGY, INC.
 
 
By:
/s/  DUANE L. JAMES      

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Name: Duane L. James
Title: Duly Authorized Signatory

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Exhibit 10.1