Celera (CRA) Cuts Guidance, Workforce
Celera Corporation (NYSE: CRA) said it expects to report revenue for the second quarter of 2009 in the range of $40 million to $42 million, below the consensus of $47.5 million.
Celera said revenues relative to the prior year quarter are expected to show a reduction for the Company’s Lab Services business, conducted by Berkeley HeartLab (BHL), mid-single digit percentage growth for the Products business, and a decline in licensing revenue in the Corporate segment.
Celera said Lab Services revenues were adversely affected by lower than anticipated sample volume due to broad economic pressures, lost business as a result of the Company’s efforts to collect aged receivables, and the denial of reimbursement on a number of legacy BHL tests by certain payors in some regions.
Celera also announced it is implementing an immediate restructuring program, which includes the elimination of approximately 80 full-time positions nationally, or 13% of the workforce.
Celera expects to have 2009 revenues significantly below its present guidance for the year and hereby withdraws its 2009 guidance.
Celera said revenues relative to the prior year quarter are expected to show a reduction for the Company’s Lab Services business, conducted by Berkeley HeartLab (BHL), mid-single digit percentage growth for the Products business, and a decline in licensing revenue in the Corporate segment.
Celera said Lab Services revenues were adversely affected by lower than anticipated sample volume due to broad economic pressures, lost business as a result of the Company’s efforts to collect aged receivables, and the denial of reimbursement on a number of legacy BHL tests by certain payors in some regions.
Celera also announced it is implementing an immediate restructuring program, which includes the elimination of approximately 80 full-time positions nationally, or 13% of the workforce.
Celera expects to have 2009 revenues significantly below its present guidance for the year and hereby withdraws its 2009 guidance.
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