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Third Wave Contributes $8.9M in Revenue to Hologic's Q2 Results

NEW YORK (GenomeWeb News) – Hologic yesterday reported that its second-quarter revenues decreased around 7 percent to $402 million from $431 million year over year.

The Bedford, Mass.-based firm said that revenues from Third Wave Technologies, the molecular diagnostics maker it acquired last summer for $580 million, contributed $8.9 million in revenues for the quarter and $17.4 million for the first six months of its fiscal 2009.

During the quarter, Hologic received Food and Drug Administration clearance for its Cervista HPV HR (high risk) and Cervista HPV 16/18 tests, which were developed by Third Wave. The HR test is designed to detect the 14 high-risk types of HPV known to cause cervical cancer, while the 16/18 test is the first HPV test approved for genotyping for HPV types 16 and 18, known to be associated with approximately 70% of all cervical cancers in the United States.

Hologic's net loss for the quarter was $2.3 billion, or $8.97 per share, compared to a profit of $56 million, or $.22 per share, for the second quarter of 2008. The massive loss was due primarily to charges of $2.34 billion related to impairment of goodwill from units that the firm acquired from Cytyc. It also wrote off $4.1 million in intangible assets acquired from Third Wave.

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