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The following information updates, and should be read in conjunction with, Part I - Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
−Removed: Our business has been, and is expected to continue to be, adversely affected by the recent COVID-19 outbreak.
+Added: Our business has been, and is expected to continue to be, adversely affected by the recent COVID-19 pandemic.
The COVID-19 (also referred to as “coronavirus”) outbreak, which was first reported in China in the beginning of 2020, developed into a global pandemic in March 2020.
The COVID-19 outbreak had a modest adverse impact on our business in the first quarter of 2020, primarily near the end of the quarter.
−Removed: This impact has expanded and accelerated into the second quarter, as we have noted lower demand for our products in certain industries, additional disruptions to our supply chain, longer customer delivery times, higher delivery costs, and further shutdowns of customer facilities.
+Added: This impact expanded and accelerated into the second quarter, as we noted lower demand for our products in certain industries, additional disruptions to our supply chain, longer customer delivery times, higher delivery costs, and further shutdowns of customer facilities.
We face several risks and uncertainties related to the impact of COVID-19 on our business.
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• our customers may further delay or cancel orders for our products,
−Removed: additional customer facilities may be shutdown for extended periods of time , resulting in our inability to deliver products, perform on-site services, or make on-site sales visits,
+Added: • additional customer facilities may be shut down for extended periods of time , resulting in our inability to deliver products, perform on-site services, or make on-site sales visits,
• our customers may not have sufficient cash flow or access to financing to purchase our products,
5 unchanged sentences
• our distribution centers in Natick, Massachusetts and Cork, Ireland may be forced to operate with a significantly reduced workforce or be forced to shut down altogether due to government regulations or health concerns,
−Removed: our online sales and marketing efforts may be less effective than face-to-face activities, resulting in less customer acquisition and lower sales from new products,
+Added: • our online sales and marketing efforts may be less effective than face-to-face activities, resulting in fewer customer acquisitions and lower sales from new products,
• challenges involved in working from home may delay certain of our new product introductions ,
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This situation is continuously changing and additional impacts on our business may arise of which we are not currently aware.
+Added: Our restructuring activities may result in disruption to our business and may not generate the anticipated cost savings.
+Added: In May 2020, our Board of Directors approved a restructuring plan intended to reduce our operating costs, optimize our business model, and address the impact of the COVID-19 pandemic.
+Added: These actions, which include workforce reductions and office closures, were designed to generate an aggregate annualized cost savings of approximately $25,000,000 versus our original planned cost structure.
+Added: Our ability to achieve the anticipated cost savings and other benefits from these actions within the expected timeframe is subject to many estimates and assumptions.
+Added: These estimates and assumptions are subject to significant economic, competitive and other uncertainties, many of which are beyond our control.
+Added: If these estimates and assumptions are incorrect, if we experience delays, or if other unforeseen events occur, our business and results of operations could be adversely affected.
+Added: In addition, although we currently expect to continue to make investments in strategic areas, these restructuring actions may nevertheless negatively impact programs we believe are important to the long-term success of our company, such as the ability to accelerate time to market for new products.
+Added: In addition, our ability to provide a high level of service to our customers may be negatively impacted by these actions, particularly in regions where we have downsized our operations.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.