NEW YORK (GenomeWeb News) – Celera today said that it will file an extension to delay filing its Form 10-K with the US Securities and Exchange Commission, and it has postponed its fourth-quarter and fiscal-year 2010 conference call, which was scheduled for later today.
The Alameda, Calif.-based molecular diagnostics firm said that it will seek a 15-day calendar extension to file the annual report. The delay has been caused by an analysis of certain accounting issues that impact bad debt expense, primarily in its financial statements for 2008 and 2009.
The firm said these bad debt expenses include the impact of applying FASB ASC Topic 954, Health Care Entities — accounting standards that apply specifically health care firms. Celera said application of this standard will result in certain costs that were included in selling, general, and administrative expenses being reflected as a reduction in its revenues.
Celera added, however, that the application of this standard will not have any significant impact on its financial statements for the year ended Dec. 25, 2010, and it doesn't expect any impact on its 2010 net loss as a result of these issues.
As a result of the delay, Celera said that it has postponed its Q4 and FY 2010 earnings release and conference call until it files its Form 10-K.