Iris expects to take a third quarter write-off of about $6 million, as well as record restructuring costs of up to $1.8 million. An estimated 37 people, about 10 percent of the work force, are expected to be laid off.
Chief Executive Cesar M. Garcia said that while he’s disappointed Arista did not develop as anticipated, there is still potential in its technology.
“The simplification of our business model should allow us to concentrate our resources on our new product pipeline,” he said in a statement.
Steven Crowley, an analyst for Craig-Hallum Capital Group LP in Minneapolis, said the consolidation removes a “big, heavy anchor” from Iris’ financial performance.
“Its core businesses, automated urinalysis and test sample processing, have been doing rather well but that’s been masked by their substantial investment in the pathology lab,” said Crowley, who upgraded the stock to “buy” with a 12-month price target of $12.
The stock, which has risen 7 percent since the restructuring was announced Sept. 7, closed at $8.62 on Sept. 15. Shares are down 20 percent from the beginning of the year.
Hospital Seeks Friends
Glendale Adventist Medical Center is harnessing the power of employees’ social networks to find potential applicants for hard-to-fill openings.
The hospital contracted with CareerBuilder.com, an online recruitment service that recently launched a Work@Employee Referral App. The application can tap into a person’s Facebook network and send queries to people whose profiles potentially have the right qualifications.
Incentives to participate in the program include the hospital’s existing referral bonus, which has been doubled for certain positions until the end of the year to help launch the Facebook program. If an applicant first identified by the app is hired, the referring employee could earn $3,000 to $6,000.
Registered nurses, physical therapists, occupational therapists, respiratory therapists and speech language pathologists are among the biggest needs at the hospital, which is opening a patient tower in December.
“We have new generations coming into the work force and we need to be where they are in order to appeal to them,” said Sally Munoz, the hospital senior human resources recruiter who helped set up the program.
Staff reporter Deborah Crowe can be reached email@example.com or at (323) 549-5225, ext. 232.
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