The LGC CDx Finance Team has been focused on developments in three primary areas this past year. Read on for financial updates from each of the following focal points: Platforms, People and Processes.
Platforms
The Finance team has been involved in three key ELT-sponsored projects with regard to platforms. The first of these was the MSC and SeraCare SAP integration and the legal name change of SeraCare Life Sciences, Inc. to LGC Clinical Diagnostics, Inc (LGC CDx), which was put into effect on October 1st.
The second project was implementing the Vertex sales tax system, which facilitates automated tax and tax-exemption for order entry and invoicing in SAP. The system was successfully implemented at the end of December.
The third project is the migration to a new reporting structure to reflect the New Product Hierarchy for LGC CDx. This necessitates a complete revision for financial reporting, budgeting, forecasting and long-term strategic analysis of the business unit.
All three projects required several months of preparation, testing, and coordination with our colleagues in CDx, our LGC affiliates and external parties.
People
We have hired new talent to support our continued growth and to align resources towards our evolving organizational structure in the areas of FP&A in Milford and Controllership in Oxford. In addition, we are reorganizing our Accounting team in Milford to better serve our internal customers, establish a results-based focus, and enable growth within our team’s career paths.
The Finance team has been working on a more comprehensive internal controls framework through a Group-initiated project utilizing an outside consultant to design and implement a more effective internal controls structure. The new structure will make processes more consistent and leverageable across the organization. This project will progress into FY23.
With the recent acquisition of the remaining portion of the Technopath U.S.A. joint venture, the team built out consolidated business unit reporting to include new acquisitions and better leverage reporting through Business Objects. The Finance team is currently working on developing a transition and integration plan for the merger of the Technopath U.S.A. business into the LGC CDx legal entity, including the transfer of all accounting and financial reporting beginning in FY23.
The migration of API servers, databases, and devices is also in progress. With a custom-written suite of programs and databases that need to maintain a connection to API online services for PT customers, the operation has been delicate, but the end is in sight. The team hopes to complete a big portion of the project in the first few months of 2022 and clean up loose ends by mid-2022.