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April 28, 2022

Hologic to close Connecticut breast health facility

Photo | Grant Welker Hologic's Marlborough headquarters

Hologic, the Marlborough-based medical technology company that primarily focuses on women’s health, will close its Danbury, Conn. location, the company announced in its first-quarter earnings report.

The Danbury facility primarily manufactured products for breast health. Those manufacturing services will be moved to its locations in Marlborough and Delaware, with the transition expected to be complete by 2025.

The company offered the majority of the facility's employees the option to relocate to different facility, but Hologic acknowledged that most of the workers at the Danbury location will likely not relocate and face unemployment as a result of the closure. The company said it expected to pay out about $10 million in severance and benefit charges. 

The announcement was released in Hologic's first quarterly report of the 2022 fiscal year on Wednesday. 

The company posted net income of $455 million for the first quarter, which is lower than the $619 million from the same quarter the previous year. The company attributed losses in revenue to the fall in demand of COVID-19 diagnostics as well as supply chain constraints in the company’s breast health products. 

In the report, Hologic reported its acquisition of Bolder Surgical, a Colorado-based company that develops and manufactures energy vessel sealing surgical devices, in the first quarter of 2022. The price of the acquisition was $160 million. 

In its risk factor segment of its report, the company stated continued worldwide supply chain disruptions, arising from both the COVID-19 pandemic and the war in Ukraine, would continue to affect Hologic’s ability to acquire raw materials and components needed for its products. 

“Continued delays or disruptions experienced by our suppliers and manufacturers are preventing us from obtaining raw materials and components, including semiconductor chips, for our products in a timely manner,” the report stated. “Obtaining alternative sources of raw materials and components could involve significant costs and regulatory challenges and may not be available to us on reasonable terms, if at all.”

Hologic stock was trading at $71.06 a share on the Nasdaq as of 2:45 p.m. Thursday, roughly the same as the $70.49 per share it was trading at when the report came out Wednesday.

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