NEW YORK (GenomeWeb News) – Quest Diagnostics this week said that it intends to sell its HemoCue point-of-care diagnostics business and will report results associated with that business, as well as the OralDNA business that it sold last month, as discontinued operations in its fourth-quarter financials. Quest said that it expects to take a charge of $89.5 million, or $.56 per share, related to the discontinued operations for the quarter.
The Madison, NJ-based clinical lab firm said that its 2012 revenues would be reduced by $117 million and its 2011 revenues reduced by $119 million as a result of listing the two businesses as discontinued operations. Its net income will be reduced by $15 million, or $.09 per share, in 2012 and $13 million, or $.08 per share, in 2011.
In addition, Quest said that the impact of Hurricane Sandy will reduce its Q4 revenues by an estimated $21 million and EPS by an estimated $.06. Quest will report its Q4 and FY 2012 results on Jan. 23.
Pacific Biosciences this week registered around 4.5 million shares of its common stock tied to its equity incentive plan, employee stock purchase plan, and outside director equity incentive plan.
GeneNews said that it will ask its shareholders to vote in favor of a plan to extend the expiry date of certain warrants the firm has issued. Under the plan, nearly 3 million warrants amended and restated on Jan. 16, exercisable into 521,161 common shares, with an exercise price of C$1.44, and expiring on Feb. 1, 2013 would be extended to Feb. 1, 2015; around 12.8 million warrants dated June 8, 2011, exercisable into 2,231,636 common shares, with an exercise price of C$1.44, and expiring on Feb. 1, 2013 would also be extended to Feb. 1, 2015; more than 4.2 million warrants dated Nov. 12, 2010, exercisable into 743,908 common shares, with an exercise price of C$1.44 per share, and expiring on June 1 , 2013 would be extended to June 1, 2015.
The firm's shareholders are scheduled to vote on the plan on Feb. 22.
Australian firm Genea Stem Cells said this week that 25 of its disease-specific embryonic pluripotent stem cell lines have been placed on the US National Institutes of Health's human stem cell registry. The lines are now commercially available for use in medical research in the US.
The Analytical & Life Science Systems Association, a trade group for life science tools and diagnostics firms, has changed its name to the Analytical, Life Science & Diagnostics Association. The change was based on "expansion of the association's scope to include diagnostics and the decision to invite molecular and emerging diagnostics companies to join its membership," the association said in a statement.
In Brief This Week is a Friday column containing news items that our readers may have missed during the week.