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HBIO to Divest Capital Equipment Business; Postpones Q2 Earnings Report

NEW YORK, July 28 (GenomeWeb News) - Harvard Bioscience plans to divest its capital equipment business, which includes the Genomic Solutions product line, the company said yesterday.

 

HBIO also said it has postponed its second-quarter earnings report, originally scheduled for today, until Aug. 8. This will allow the company to complete a review of whether the capital equipment business segment met the criteria for "held for sale" accounting treatment as of June 30 under GAAP financial statement rules.

 

HBIO said that second-quarter results for the capital equipment business, which includes the COPAS and Genomic Solution product lines, "fell short of the company's expectations." As a result, HBIO expects to record "significant impairment charges related to goodwill and other intangible assets" as well as "significant charges related to the previously announced restructuring activities."

 

The way in which these charges will be presented in the second-quarter earnings will depend on the outcome of the review, according to the company.

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