UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                  SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                              (AMENDMENT NO. 3)*

                                       
                      Inverness Medical Innovations, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                 Common Stock
--------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                  46126P-10-6
            --------------------------------------------------------
                                (CUSIP Number)

                                 May 31, 2005
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)
                                          

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

   /X/       Rule 13d-1(b)
   / /       Rule 13d-1(c)
   / /       Rule 13d-1(d) 

*The remainder of this cover page shall be filled out for a reporting 
person's initial filing on this form with respect to the subject class of 
securities, and for any subsequent amendment containing information which 
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be 
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange 
Act of 1934 ("Act") or otherwise subject to the liabilities of that section 
of the Act but shall be subject to all other provisions of the Act (however, 
see the Notes).


                                      Page 1
                                    of 8 Pages




                                     SCHEDULE 13G

CUSIP NO. 46126P-10-6                                         Page 2 of 8 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Financial Products Inc.*
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              Delaware



-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES                                                                 
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                      555,219

       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING                                                                
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER                 555,219

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        555,219




-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    2.4%



-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             CO


-------------------------------------------------------------------------------
*  This filing does not reflect any securities beneficially owned by the 
   Citigroup Asset Management business unit ("CAM").


                                     SCHEDULE 13G

CUSIP NO. 46126P-10-6                                         Page 3 of 8 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Global Markets Holdings Inc.*
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              New York



-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES                                                                
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                      555,219

       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING                                                                
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER                 555,219

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        555,219




-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    2.4%



-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             HC


-------------------------------------------------------------------------------
*  This filing does not reflect any securities beneficially owned by CAM.


                                     SCHEDULE 13G

CUSIP NO. 46126P-10-6                                         Page 4 of 8 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Inc.*
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              Delaware


                                                                       
-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES                                                                 
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                    555,219**
                                                                               
       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING                                                                
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER               555,219**
                                                                               
        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON      555,219**



-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                   2.4%**



-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             HC



-------------------------------------------------------------------------------
 * This filing does not reflect any securities beneficially owned by CAM.
** Includes shares held by the other reporting persons.



Item 1(a).     Name of Issuer:

               Inverness Medical Innovations, Inc.

Item 1(b).     Address of Issuer's Principal Executive Offices:

               51 Sawyer Road, Suite 200
               Waltham, MA 02453

Item 2(a)*.    Name of Person Filing:

               Citigroup Financial Products Inc. ("CFP")
               Citigroup Global Markets Holdings Inc. ("CGM Holdings")
               Citigroup Inc. ("Citigroup")

             * In accordance with Securities and Exchange Commission Release 
               No. 34-39538 (January 12, 1998), this filing reflects securities 
               beneficially owned by Citigroup, a holding company for a global 
               financial services group, on behalf of itself and its 
               subsidiaries, excluding CAM. CAM, its executive officers and 
               directors and its direct and indirect subsidiaries may 
               beneficially own securities of the issuer, and such securities 
               are not reported in this filing. Citigroup disclaims beneficial 
               ownership of securities beneficially owned by CAM, and CAM 
               disclaims beneficial ownership of the securities reported herein.

Item 2(b).     Address of Principal Office or, if none, Residence:

               The address of the principal office of each of
               CFP and CGM Holdings is:

               388 Greenwich Street
               New York, NY 10013

               The address of the principal office of Citigroup is:

               399 Park Avenue
               New York, NY 10043

Item 2(c).     Citizenship or Place of Organization:

               CGM Holdings is a New York corporation.

               CFP and Citigroup are Delaware corporations.

Item 2(d).     Title of Class of Securities:

               Common Stock

Item 2(e).     CUSIP Number:

               46126P-10-6

                                       Page 5
                                     of 8 Pages


Item 3.*     If This Statement Is Filed Pursuant to Sections 240.13d-1(b) or
             240.13d-2(b) or (c), Check Whether the Person Filing Is a(n):

             (a)  [ ] Broker or dealer registered under Section 15 of the 
                      Act (15 U.S.C. 78o);

             (b)  [ ] Bank as defined in Section 3(a)(6) of the Act 
                      (15 U.S.C. 78c);

             (c)  [ ] Insurance company as defined in Section 3(a)(19) of 
                      the Act (15 U.S.C. 78c);

             (d)  [ ] Investment company registered under Section 8 of the 
                      Investment Company Act of 1940 (15 U.S.C. 80a-8);

             (e)  [ ] Investment adviser in accordance with Section
                      240.13d-1(b)(1)(ii)(E);

             (f)  [ ] Employee benefit plan or endowment fund in accordance 
                      with Section 240.13d-1(b)(1)(ii)(F);

             (g)  [X] Parent holding company or control person in accordance
                      with Section 240.13d-1(b)(1)(ii)(G): See Exhibit 2;

             (h)  [ ] Savings association as defined in Section 3(b) of the 
                      Federal Deposit Insurance Act (12 U.S.C. 1813);

             (i)  [ ] Church plan that is excluded from the definition of an 
                      investment company under Section 3(c)(14) of the 
                      Investment Company Act of 1940 (15 U.S.C. 80a-3);

             (j)  [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).

          * CGML is filing this Schedule 13G under Rule 13d-1(b) pursuant to 
          the No-Action relief granted by the Securities and Exchange 
          Commission in a letter dated May 27, 2004.


Item 4.   Ownership. (as of May 31, 2005)

          (a)  Amount beneficially owned: See item 9 of cover pages

          (b)  Percent of class: See item 11 of cover pages

          (c)  Number of shares as to which the person has:

                  (i)   Sole power to vote or to direct the vote:

                  (ii)  Shared power to vote or to direct the vote:

                  (iii) Sole power to dispose or to direct the disposition of:

                  (iv)  Shared power to dispose or to direct the disposition of:


                  See Items 5-8 of cover pages


                                       Page 6
                                     of 8 Pages


Item 5.   Ownership of Five Percent or Less of a Class.

          If this statement is being filed to report the fact that as of the 
          date hereof the reporting person has ceased to be the beneficial owner
          of more than five percent of the class of securities, check the
          following [X].

Item 6.   Ownership of More Than Five Percent on Behalf of Another Person.

          Not Applicable.

Item 7.   Identification and Classification of the Subsidiary Which Acquired 
          the Security Being Reported on by the Parent Holding Company.

          See Exhibit 2 for the identity of the subsidiary which acquired the 
          securities being reported on by the Parent Holding Company.

Item 8.   Identification and Classification of Members of the Group.

          Not Applicable.

Item 9.   Notice of Dissolution of Group. 

          Not Applicable.



                                       Page 7
                                     of 8 Pages


Item 10.  Certification.

          By signing below I certify that, to the best of my knowledge and 
belief, the securities referred to above were acquired and are held in the 
ordinary course of business and were not acquired and are not held for the 
purpose of or with the effect of changing or influencing the control of the 
issuer of the securities and were not acquired and are not held in connection 
with or as a participant in any transaction having that purpose or effect.

SIGNATURE.

          After reasonable inquiry and to the best of my knowledge and 
belief, I certify that the information set forth in this statement is true, 
complete and correct.

Dated:  June 9, 2005



                      CITIGROUP FINANCIAL PRODUCTS INC.



                      By: /s/ Serena D. Moe
                         --------------------------------------------
                         Name:  Serena D. Moe
                         Title: Assistant Secretary



                      CITIGROUP GLOBAL MARKETS HOLDINGS INC.



                      By: /s/ Serena D. Moe
                         --------------------------------------------
                         Name:  Serena D. Moe
                         Title: Assistant Secretary



                      CITIGROUP INC.



                      By: /s/ Serena D. Moe
                         --------------------------------------------
                         Name:   Serena D. Moe
                         Title:  Assistant Secretary




                                 Page 8
                               of 8 Pages




                          EXHIBIT INDEX TO SCHEDULE 13G
                          -----------------------------



EXHIBIT 1
---------

Agreement among CFP, CGM Holdings and Citigroup as to joint filing of
Schedule 13G

EXHIBIT 2
---------

Identification of the subsidiary which acquired the securities being reported 
by the parent holding company.