Write-downs largely related to its acquisition of Cytyc led to a $2.3 billion net loss for women's imaging vendor Hologic in its fiscal second quarter.
For the period (end-March 28), the Bedford, MA-based vendor had $402 million in revenue, down 6.7% compared to revenue of $431 million in the second quarter of fiscal 2008. The decrease was primarily attributable to a decline in sales of Hologic's Selenia full-field digital mammography systems.
The second quarter included $2.34 billion of charges for the impairment of goodwill relating to businesses acquired from Cytyc, $4.1 million for the write-off of certain intangible assets acquired from Third Wave, and $44.7 million for the amortization of intangibles relating to the Cytyc and Third Wave acquisitions, Hologic said. Hologic had net income of $56 million in the second quarter of fiscal 2008.
In other Hologic news, the company said it will postpone its planned U.S. Food and Drug Administration (FDA) panel review of its tomosynthesis technology. After meeting with FDA officials in mid-April, Hologic said it elected to postpone the panel date until both the company and the FDA are better prepared to review the technology.
The delay will allow Hologic to complete additional clinical studies to enhance the positioning of its technological approach, allow the new administration at the FDA to stabilize internal issues, give time for the economy to show positive signs of recovery, and allow Hologic to avoid prematurely revealing its tomosynthesis strategies, the company said.
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