Hologic loses $680 million in Q2
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Hologic's Marlborough location
Marlborough women’s health technology company Hologic lost more than $680 million in the company’s second quarter, the firm said in an earnings report released Wednesday.
The big loss, according to the company, was primarily due to non-cash impairment charges of more than $730 million for goodwill and in-process research and development related to the company’s medical aesthetics systems business Cynosure.
Hologic acquired Cynosure for $1.6 billion last spring.
The company’s second quarter revenues increased 10.3 percent to $789 million, largely due to a 38 percent increase in the company’s international revenue to $200.8 million.
Breast health revenue, the company’s biggest money maker, totaled just a tick over $300 million, an increase of 7 percent over the same period last year.
Chairman, President and CEO Steve MacMilan in a statement said the breast health and international sales drove total revenue above the company’s expectations.
"And while we are disappointed with the Cynosure write-down, we remain confident that the many changes we have made in that business are leading to a much stronger future,” he said.
Blood screening revenue, however, decreased by more than 70 percent to just $11.3 million, as the company’s blood screening subsidiary Grifols was divested last year.
Hologic, however, continues to supply products and servicers under collaboration and manufacturing supply agreements, the company said.
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