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Strategic Diagnostics to Take Q4 After-Tax Charge of up to $13M

NEW YORK (GenomeWeb News) – Strategic Diagnostics said after the close of the market on Thursday that it expects to take a non-cash after-tax charge to its fourth-quarter earnings of $11.5 million to $13 million for impairment of goodwill and recordation of a valuation allowance against deferred tax assets.

The Newark, Del.-based molecular diagnostic firm said that the estimated impairment charge is due to adverse equity market conditions that caused a decrease in current market multiples and the firm's stock price as of the end of the year. The firm said that the valuation allowance against deferred tax assets is primarily due to "uncertainty in overall economic conditions, which may not allow the company to utilize the deferred tax assets prior to their expiration."

Strategic Diagnostics is scheduled to release its fourth-quarter and fiscal-year 2008 financial results on Feb. 26. It said that the estimated charges are subject to finalization, which will occur before it releases its results.

The firm expects to report Q4 revenue growth of around 2 percent.

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