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May 3, 2018

Hologic loses $680 million in Q2

Photo | Google 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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