Hologic Announces Financial Results for Fourth Quarter of Fiscal 2024
Hologic (HOLX) reported strong Q4 2024 financial results with revenue of $987.9 million, up 4.5% year-over-year. The company achieved GAAP EPS of $0.76 and Non-GAAP EPS of $1.01. Organic revenue excluding COVID-19 grew 5.0% in constant currency. Key segment performance included Diagnostics revenue increasing 6.5%, Breast Health revenue rising 6.4%, and Surgical revenue growing 5.7%. The company maintained strong cash flow from operations at $367.1 million and announced plans for a $250 million accelerated share repurchase program. Hologic completed the acquisition of Endomagnetics for $310 million and announced an agreement to acquire Gynesonics for approximately $350 million.
Hologic (HOLX) ha riportato risultati finanziari solidi per il Q4 2024 con un fatturato di $987,9 milioni, in aumento del 4,5% rispetto all'anno precedente. L'azienda ha raggiunto un EPS GAAP di $0,76 e un EPS Non-GAAP di $1,01. Il fatturato organico, escludendo il COVID-19, è cresciuto del 5,0% in valuta costante. Le performance chiave dei segmenti hanno incluso un aumento del fatturato Diagnostico del 6,5%, una crescita del fatturato per la Salute del Seno del 6,4% e un incremento del fatturato Chirurgico del 5,7%. L'azienda ha mantenuto un forte flusso di cassa dalle operazioni di $367,1 milioni e ha annunciato un programma accelerato di riacquisto di azioni del valore di $250 milioni. Hologic ha completato l'acquisizione di Endomagnetics per $310 milioni e ha annunciato un accordo per acquisire Gynesonics per circa $350 milioni.
Hologic (HOLX) reportó sólidos resultados financieros para el cuarto trimestre de 2024 con ingresos de $987.9 millones, un aumento del 4.5% en comparación con el año anterior. La compañía logró un EPS GAAP de $0.76 y un EPS No GAAP de $1.01. Los ingresos orgánicos, excluyendo el COVID-19, crecieron un 5.0% en moneda constante. El rendimiento de los segmentos clave incluyó un aumento del 6.5% en ingresos por Diagnósticos, un crecimiento del 6.4% en ingresos por Salud de Mama y un aumento del 5.7% en ingresos Quirúrgicos. La empresa mantuvo un sólido flujo de efectivo de operaciones de $367.1 millones y anunció planes para un programa acelerado de recompra de acciones de $250 millones. Hologic completó la adquisición de Endomagnetics por $310 millones y anunció un acuerdo para adquirir Gynesonics por aproximadamente $350 millones.
Hologic (HOLX)는 2024년 4분기 재무 결과를 발표하며 $987.9백만의 수익을 기록했으며, 이는 전년 대비 4.5% 증가한 수치입니다. 회사는 GAAP EPS $0.76과 비GAAP EPS $1.01을 달성했습니다. COVID-19를 제외한 유기적 수익은 고정 환율에서 5.0% 성장했습니다. 주요 세그먼트 성과로는 진단 수익이 6.5% 증가하고, 유방 건강 수익이 6.4% 상승하며, 외과 수익이 5.7% 성장했습니다. 회사는 운영에서 $367.1백만의 강력한 현금 흐름을 유지하며 $250백만의 가속화된 자사주 매입 프로그램 계획을 발표했습니다. Hologic은 $310백만에 Endomagnetics를 인수 완료했으며, 약 $350백만에 Gynesonics 인수 계약을 발표했습니다.
Hologic (HOLX) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec des revenus de $987,9 millions, en hausse de 4,5% par rapport à l'année dernière. L'entreprise a réalisé un EPS GAAP de $0,76 et un EPS Non-GAAP de $1,01. Les revenus organiques, hors COVID-19, ont augmenté de 5,0% en monnaie constante. Les performances clés des segments incluent une augmentation des revenus du diagnostic de 6,5%, une hausse des revenus de la santé des seins de 6,4%, et une croissance des revenus chirurgicaux de 5,7%. L'entreprise a maintenu un solide flux de trésorerie provenant des opérations de $367,1 millions et a annoncé des plans pour un programme de rachat accéléré d'actions d'un montant de $250 millions. Hologic a complété l'acquisition d'Endomagnetics pour $310 millions et a annoncé un accord pour acquérir Gynesonics pour environ $350 millions.
Hologic (HOLX) berichtete über starke Finanzzahlen für das 4. Quartal 2024 mit einem Umsatz von $987,9 Millionen, was einem Anstieg von 4,5% im Jahresvergleich entspricht. Das Unternehmen erzielte ein GAAP EPS von $0,76 und ein Non-GAAP EPS von $1,01. Der organische Umsatz ohne COVID-19 wuchs um 5,0% in konstanten Währungen. Die Leistung der wichtigsten Segmente umfasste einen Anstieg des Diagnostikumsatzes um 6,5%, des Umsatzes im Bereich Brustgesundheit um 6,4% und des chirurgischen Umsatzes um 5,7%. Das Unternehmen hielt einen starken Cashflow aus den Betrieben von $367,1 Millionen aufrecht und kündigte Pläne für ein $250 Millionen beschleunigtes Aktienrückkaufsprogramm an. Hologic schloss die Akquisition von Endomagnetics für $310 Millionen ab und kündigte eine Vereinbarung zur Übernahme von Gynesonics für etwa $350 Millionen an.
- Revenue increased 4.5% to $987.9 million
- Non-GAAP EPS grew 13.5% to $1.01
- Strong cash flow from operations at $367.1 million
- Gross margin improved 360 basis points to 56.5%
- Operating margin increased 930 basis points to 23.3%
- Blood Screening revenue declined 19.4%
- Skeletal Health revenue decreased 54.6%
- COVID-19 related revenues decreased 12.4%
- Adjusted ROIC decreased 30 basis points
Insights
The Q4 results demonstrate robust performance with
The company's diversified revenue streams show healthy growth across segments: Diagnostics up
The FY2025 guidance of
The diagnostics segment shows particularly strong performance with
The planned
– Revenue of
– Total Company Revenue Growth of
– Company Expects Strong Execution of its Broad-Based Growth Strategy in Fiscal 2025 –
"We delivered strong fiscal 2024 results, reinforcing our track record of durable performance with another solid quarter of growth," said Steve MacMillan, Hologic’s chairman, president, and chief executive officer. "Each year we grow stronger, leveraging our leading brands to drive diverse revenue growth and industry leading margins, while generating exceptional cash flow. We are excited for 2025, as we continue to drive market creation with our intense focus on workflow efficiency and automation, ultimately making a difference for our customers and patients worldwide."
Recent Highlights
-
Revenue of
increased$987.9 million 4.5% for the quarter, or4.2% in constant currency.-
Excluding COVID-19 revenues, total organic revenue, which excludes the divested Blood Screening and SSI businesses and the newly acquired Endomagnetics business, grew
5.3% , or5.0% on a constant currency basis.
-
Excluding COVID-19 revenues, total organic revenue, which excludes the divested Blood Screening and SSI businesses and the newly acquired Endomagnetics business, grew
-
Diagnostics revenue increased
6.5% , or6.2% in constant currency, primarily driven by higher Molecular Diagnostics sales, partially offset by lower sales of COVID-19 assays compared to the prior year period.-
Excluding COVID-19 revenues, organic Diagnostics revenue grew
9.5% , or9.2% on a constant currency basis. -
Molecular Diagnostics revenue increased
9.4% , or9.1% in constant currency compared to the prior year period, primarily driven by higher sales of the Company’s BV CV/TV and non-COVID-19 respiratory assays, as well as Biotheranostics lab testing. -
Excluding COVID-19 revenues, Molecular Diagnostics revenue grew
13.4% , or13.2% on a constant currency basis.
-
Excluding COVID-19 revenues, organic Diagnostics revenue grew
-
Breast Health revenue increased
6.4% , or6.2% in constant currency, primarily driven by strong Breast Imaging Service revenue and the addition of Endomagnetics.-
Organic Breast Health revenue, which excludes SSI and Endomagnetics, increased
5.6% , or5.3% in constant currency.
-
Organic Breast Health revenue, which excludes SSI and Endomagnetics, increased
-
Surgical revenue grew
5.7% , or5.4% in constant currency, primarily driven by strong International performance. -
Cash flow from operations remained strong in the fourth quarter at
.$367.1 million -
The Company repurchased 0.7 million shares for
in the fourth quarter of fiscal 2024. For the full year of fiscal 2024, the Company repurchased 11.2 million shares of its common stock for$58 million , which includes the$808 million accelerated share repurchase (ASR) completed in the second quarter of fiscal 2024.$500 million -
The Company intends to enter into an accelerated share repurchase (ASR) agreement for
of the Company’s common stock. The Company expects the ASR will become effective in the Company’s first quarter of fiscal 2025 and the final settlement of the ASR is expected to be completed in the second quarter of fiscal 2025. The ASR will be completed pursuant to the existing announced share repurchase authorizations approved by Hologic’s board of directors.$250 million -
On July 25, 2024, the Company completed the acquisition of Endomagnetics Ltd, a privately held
UK -based developer of breast cancer surgery technologies, for approximately , as the Company expands and diversifies its interventional breast business.$310 million -
On October 14, 2024, the Company announced its agreement to acquire Gynesonics, Inc., a privately held medical device company focused on the development of minimally invasive solutions for women’s health for approximately
, subject to adjustment, as the Company seeks to broaden its surgical portfolio. The Company anticipates closing this acquisition in the first half of calendar year 2025. Completion of the acquisition is subject to customary closing conditions, including receipt of required regulatory approvals.$350 million
Key financial results for the fiscal fourth quarter are shown in the table below.
|
GAAP |
|
Non-GAAP |
||||||||
|
Q4’24 |
Q4’23 |
Change
|
Q4’24 |
Q4’23 |
Change
|
|||||
Revenues |
|
|
|
|
|
|
|
||||
Gross Margin |
|
|
360 bps |
|
|
|
110 bps |
||||
Operating Expenses |
|
|
( |
|
|
|
|
||||
Operating Margin |
|
|
930 bps |
|
|
|
170 bps |
||||
Net Margin |
|
|
850 bps |
|
|
|
80 bps |
||||
Diluted EPS |
|
|
|
|
|
|
|
Throughout this press release, all dollar figures are in millions, except EPS, unless otherwise noted. Some totals may not foot due to rounding. Unless otherwise noted, all results are compared to the corresponding prior year period. Non-GAAP results exclude certain cash and non-cash items as discussed under “Use of Non-GAAP Financial Measures.” Constant currency percentage changes show current period revenue results as if the foreign exchange rates were the same as those in the prior year period. Our fiscal fourth quarter organic revenue results exclude the divested Blood Screening and SSI ultrasound imaging businesses, as well as the acquired Endomagnetics business. Revenue from acquired businesses is generally included in organic revenue starting a year after the acquisition.
Revenue Detail
|
|
|
Increase (Decrease) |
||||||||||
$ in millions |
Q4’24 |
Q4’23 |
Global
|
Global
|
|
International
|
International
|
||||||
Diagnostics |
|
|
|
|
|
|
|
||||||
Cytology and Perinatal |
|
|
|
|
|
|
|
|
( |
|
|
|
|
Molecular Diagnostics |
|
|
|
|
|
|
|
|
|
|
|
|
|
Blood Screening |
|
|
|
|
( |
|
( |
|
( |
|
N/A |
|
N/A |
Total Diagnostics |
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Diagnostics ex. COVID-19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Breast Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
Breast Imaging |
|
|
|
|
|
|
|
|
|
|
( |
|
( |
Interventional Breast Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Breast Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Breast Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GYN Surgical |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Skeletal Health |
|
|
|
|
( |
|
( |
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Revenue (definition above) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Revenue excluding COVID-19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Highlights
-
U.S. revenue of increased$745.6 million 4.2% . International revenue of increased$242.3 million 5.4% , or4.3% in constant currency. -
GAAP gross margin of
56.5% increased 360 basis points primarily due to inventory write-offs related to a discontinued product line in the prior year period. Non-GAAP gross margin of61.5% increased 110 basis points primarily due to an increase in sales compared to the prior year period. -
GAAP operating margin of
23.3% increased 930 basis points primarily due to the prior year period including a loss of to record the SSI ultrasound imaging business as assets held-for-sale. Non-GAAP operating margin of$51.7 million 30.0% increased 170 basis points, primarily due to higher revenue and improved operating leverage compared to the prior year period. -
GAAP net income of
increased$178.6 million 97.1% and Non-GAAP net income of increased$237.5 million 8.3% . Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was , an increase of$323.7 million 12.3% . -
COVID-19 revenues, which consist of COVID-19 assay revenue of
, and other COVID-19 related revenue plus revenue from discontinued products of$15.2 million , decreased ($24.8 million 12.4% ), or (12.5% ) in constant currency. -
The Company ended the quarter with cash and cash equivalents of
, and an adjusted net leverage ratio (net debt over adjusted EBITDA) of 0.3 times.$2.16 billion -
Adjusted Return on Invested Capital (ROIC) was
14.1% , a decrease of (30) basis points compared to the prior year period.
Financial Guidance for the First Quarter and Full-Year Fiscal 2025
“In our fiscal fourth quarter of 2024, Hologic delivered strong financial performance, capping off another solid year of growth,” said Karleen Oberton, Hologic’s chief financial officer. “Looking ahead to fiscal 2025, our robust balance sheet and projected strong cash flows provide exceptional operational flexibility, positioning us well to achieve sustainable revenue growth and even faster EPS growth over the long term.”
Hologic’s financial guidance for the first quarter and full year 2025 is shown in the table below. The guidance is based on a full year non-GAAP tax rate of approximately
The guidance below includes the financial results of the closed Endomagnetics acquisition for the full year, which will become organic in the fourth quarter of fiscal 2025, but does not include any contribution from the Gynesonics acquisition, which has not closed. There is no year over year net selling day impact comparing 2025 to 2024. First quarter and full year fiscal 2025 guidance incorporates the expected impact from the ongoing temporary stop-ship of Horizon DXA systems (Skeletal).
|
Current Guidance |
|
|||
|
Guidance $ |
Reported %
|
Constant Currency
|
Organic % Increase
|
Organic excluding
|
Fiscal 2025 |
|
|
|
|
|
Revenue |
|
|
|
|
|
GAAP EPS |
|
|
|
|
|
Non-GAAP EPS |
|
|
|
|
|
|
|
|
|
|
|
Q1 2025 |
|
|
|
|
|
Revenue |
|
|
|
( |
|
GAAP EPS |
|
( |
|
|
|
Non-GAAP EPS |
|
|
|
|
|
Use of Non-GAAP Financial Measures
The Company has presented the following non-GAAP financial measures in this press release: constant currency revenues; organic revenues; organic revenues excluding COVID-19; non-GAAP gross margin; non-GAAP operating expenses; non-GAAP operating margin; non-GAAP effective tax rate; non-GAAP net income; non-GAAP net income margin; non-GAAP EPS; adjusted EBITDA; adjusted net leverage ratio and adjusted ROIC. Organic revenue for the fiscal fourth quarter of 2024 excludes the divested Blood Screening and SSI ultrasound imaging businesses and the acquired Endomagnetics business. Revenue from acquired businesses is generally included in organic revenue starting a year after the acquisition. Organic revenue excluding COVID-19 revenues is organic revenue less COVID-19 assay revenue, COVID-19 related sales of instruments, collection kits and ancillaries, COVID-19 related revenue from Diagenode and Mobidiag, as well as COVID-19 related license revenue, and revenues from discontinued products in Diagnostics. The Company defines its non-GAAP net income, EPS, and other non-GAAP financial measures to exclude, as applicable: (i) the amortization of intangible assets; (ii) the impairment of goodwill and intangible assets and equipment and the loss to record assets held-for-sale to fair value less costs to sell; (iii) adjustments to record contingent consideration at fair value; (iv) charges to write-off inventory for a product line discontinuance; (v) the fair value write-up of acquired inventory sold during the period (vi) restructuring charges, facility closure and consolidation charges (including accelerated depreciation), and costs incurred to integrate acquisitions (including retention, transaction bonuses, legal and professional consulting services); (vii) transaction related expenses for acquisitions and dispositions; (viii) third-party expenses incurred related to the implementation of the European MDR/IVDR requirements and obtaining the appropriate approvals for its existing products; (ix) debt extinguishment losses and related transaction costs; (x) unrealized (gains) losses on the mark-to-market of foreign currency contracts to hedge operating results for which the Company has not elected hedge accounting; (xi) litigation settlement charges (benefits) and non-income tax related charges (benefits); (xii) other-than-temporary impairment losses on investments and realized gains and losses resulting from the sale of investments; (xiii) the impacts related to internal restructurings and non-operational items; (xiv) other one-time, non-recurring, unusual or infrequent charges, expenses or gains that may not be indicative of the Company's core business results; and (xv) income taxes related to such adjustments. The Company defines adjusted EBITDA as its non-GAAP net income plus net interest income/expense, income taxes, and depreciation and amortization expense included in its non-GAAP net income. The Company defines its adjusted net leverage ratio as the principal amount of its debt net of cash and cash equivalents, divided by its adjusted EBITDA for the last four quarters. The Company defines its adjusted ROIC as its non-GAAP operating income for a trailing twelve months tax effected by its non-GAAP effective tax rate divided by the sum of its average net debt and stockholders’ equity, which is adjusted to exclude the after-tax effects of goodwill and intangible assets and equipment impairment charges.
These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The Company's definition of these non-GAAP measures may differ from similarly titled measures used by others.
The non-GAAP financial measures used in this press release adjust for specified items many of which can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of Hologic's historical operating results, comparison to competitors' operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting Hologic's business.
Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.
Conference Call and Webcast
Hologic’s management will host a conference call at 4:30 p.m. ET today to discuss its financial results for the fourth quarter of fiscal 2024. Interested participants may listen to the call by dialing 888-394-8218 (in the
About Hologic, Inc.
Hologic, Inc. is an innovative medical technology company primarily focused on improving women's health and well-being through early detection and treatment. For more information on Hologic, visit www.hologic.com.
Hologic and associated logos are trademarks and/or registered trademarks of Hologic, Inc. and/or its subsidiaries in
Forward-Looking Statements
This news release contains forward-looking information that involves risks and uncertainties, including statements about the Company’s plans, objectives, expectations and intentions. Such statements include, without limitation: financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; the Company’s strategies, positioning, resources, capabilities, and expectations for future performance; the ASR program, which is subject to the finalization and execution of a definitive agreement on terms and conditions satisfactory to Hologic; and the Company's outlook and financial and other guidance. These forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated.
Risks and uncertainties that could adversely affect the Company’s business and prospects, and otherwise cause actual results to differ materially from those anticipated, include, without limitation: the ongoing and possible future effects of global challenges, including macroeconomic uncertainties, such as inflation, bank failures, rising interest rates and availability of capital markets, geopolitical conflicts, wars, other economic disruptions and
The risks included above are not exhaustive. Other factors that could adversely affect the Company's business and prospects are described in the filings made by the Company with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements presented herein to reflect any change in expectations or any change in events, conditions or circumstances on which any such statements are based.
SOURCE: Hologic, Inc.
HOLOGIC, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per share data) |
|||||||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
September 28, 2024 |
|
September 30, 2023 |
|
September 28, 2024 |
|
September 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Product |
$ |
787.8 |
|
|
$ |
757.0 |
|
|
$ |
3,255.1 |
|
|
$ |
3,279.9 |
|
Service and other |
|
200.1 |
|
|
|
188.3 |
|
|
|
775.2 |
|
|
|
750.5 |
|
Total revenues |
|
987.9 |
|
|
|
945.3 |
|
|
|
4,030.3 |
|
|
|
4,030.4 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues: |
|
|
|
|
|
|
|
||||||||
Product |
|
292.3 |
|
|
|
305.0 |
|
|
|
1,206.2 |
|
|
|
1,184.3 |
|
Amortization of acquired intangible assets |
|
45.5 |
|
|
|
46.4 |
|
|
|
180.5 |
|
|
|
205.7 |
|
Impairment of intangible assets and equipment |
|
— |
|
|
|
— |
|
|
|
39.2 |
|
|
|
179.5 |
|
Service and other |
|
92.4 |
|
|
|
93.6 |
|
|
|
376.6 |
|
|
|
389.4 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
557.7 |
|
|
|
500.3 |
|
|
|
2,227.8 |
|
|
|
2,071.5 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
67.3 |
|
|
|
72.9 |
|
|
|
272.8 |
|
|
|
294.3 |
|
Selling and marketing |
|
146.0 |
|
|
|
139.5 |
|
|
|
585.4 |
|
|
|
595.2 |
|
General and administrative |
|
103.2 |
|
|
|
92.9 |
|
|
|
409.4 |
|
|
|
392.4 |
|
Amortization of acquired intangible assets |
|
4.9 |
|
|
|
6.2 |
|
|
|
29.2 |
|
|
|
28.1 |
|
Impairment of intangible assets and equipment |
|
— |
|
|
|
— |
|
|
|
5.6 |
|
|
|
44.3 |
|
Contingent consideration fair value adjustments |
|
— |
|
|
|
(2.5 |
) |
|
|
1.7 |
|
|
|
(14.9 |
) |
Loss on assets held-for-sale |
|
— |
|
|
|
51.7 |
|
|
|
— |
|
|
|
51.7 |
|
Restructuring charges |
|
6.2 |
|
|
|
7.1 |
|
|
|
41.1 |
|
|
|
12.0 |
|
Total operating expenses |
|
327.6 |
|
|
|
367.8 |
|
|
|
1,345.2 |
|
|
|
1,403.1 |
|
|
|
|
|
|
|
|
|
||||||||
Income from operations |
|
230.1 |
|
|
|
132.5 |
|
|
|
882.6 |
|
|
|
668.4 |
|
Interest income |
|
28.4 |
|
|
|
35.9 |
|
|
|
108.7 |
|
|
|
120.5 |
|
Interest expense |
|
(32.0 |
) |
|
|
(28.1 |
) |
|
|
(122.1 |
) |
|
|
(111.1 |
) |
Other income (expense), net |
|
(4.9 |
) |
|
|
5.3 |
|
|
|
(4.1 |
) |
|
|
(1.7 |
) |
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
|
221.6 |
|
|
|
145.6 |
|
|
|
865.1 |
|
|
|
676.1 |
|
Provision for income taxes |
|
43.0 |
|
|
|
55.0 |
|
|
|
75.6 |
|
|
|
220.1 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
178.6 |
|
|
$ |
90.6 |
|
|
$ |
789.5 |
|
|
$ |
456.0 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.76 |
|
|
$ |
0.37 |
|
|
$ |
3.35 |
|
|
$ |
1.85 |
|
Diluted |
$ |
0.76 |
|
|
$ |
0.37 |
|
|
$ |
3.32 |
|
|
$ |
1.83 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
233,772 |
|
|
|
245,130 |
|
|
|
235,723 |
|
|
|
246,772 |
|
Diluted |
|
235,971 |
|
|
|
247,142 |
|
|
|
237,553 |
|
|
|
248,831 |
|
HOLOGIC, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) |
|||||||
|
September 28, 2024 |
|
September 30, 2023 |
||||
ASSETS |
|
|
|
||||
|
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
2,160.2 |
|
$ |
2,722.5 |
||
Short-term investments |
|
173.4 |
|
|
|
— |
|
Accounts receivable, net |
|
600.4 |
|
|
|
625.6 |
|
Inventory |
|
679.8 |
|
|
|
617.6 |
|
Other current assets |
|
209.5 |
|
|
|
206.9 |
|
Assets held-for-sale - current assets |
|
— |
|
|
|
11.9 |
|
Total current assets |
|
3,823.3 |
|
|
|
4,184.5 |
|
|
|
|
|
||||
Property, plant and equipment, net |
|
537.8 |
|
|
|
517.0 |
|
Goodwill and intangible assets |
|
4,287.7 |
|
|
|
4,169.9 |
|
Long-term investments |
|
96.4 |
|
|
|
— |
|
Other assets |
|
410.8 |
|
|
|
267.9 |
|
Total assets |
$ |
9,156.0 |
|
|
$ |
9,139.3 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
|
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
37.5 |
|
|
$ |
287.0 |
|
Accounts payable and accrued liabilities |
|
786.8 |
|
|
|
712.9 |
|
Deferred revenue |
|
212.9 |
|
|
|
199.2 |
|
Assets held-for-sale - current liabilities |
|
— |
|
|
|
8.2 |
|
Total current liabilities |
|
1,037.2 |
|
|
|
1,207.3 |
|
|
|
|
|
||||
Long-term debt, net of current portion |
|
2,497.1 |
|
|
|
2,531.2 |
|
Deferred income taxes |
|
59.4 |
|
|
|
20.2 |
|
Other long-term liabilities |
|
432.3 |
|
|
|
363.7 |
|
Total stockholders' equity |
|
5,130.0 |
|
|
|
5,016.9 |
|
Total liabilities and stockholders’ equity |
$ |
9,156.0 |
|
|
$ |
9,139.3 |
|
HOLOGIC, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) |
|||||||
|
Years Ended |
||||||
|
September 28, 2024 |
|
September 30, 2023 |
||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
789.5 |
|
|
$ |
456.0 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
99.3 |
|
|
|
89.6 |
|
Amortization of acquired intangible assets |
|
209.7 |
|
|
|
233.8 |
|
Stock-based compensation expense |
|
82.3 |
|
|
|
79.6 |
|
Deferred income taxes and other non-cash taxes |
|
(72.1 |
) |
|
|
(109.1 |
) |
Intangible assets and equipment impairment charges |
|
44.8 |
|
|
|
223.8 |
|
Loss on assets held-for-sale |
|
— |
|
|
|
51.7 |
|
Contingent consideration fair value adjustments |
|
— |
|
|
|
(14.9 |
) |
Other adjustments and non-cash items |
|
47.6 |
|
|
|
28.9 |
|
Changes in operating assets and liabilities, excluding the effect of acquisitions and dispositions: |
|
|
|
||||
Accounts receivable |
|
41.0 |
|
|
|
(1.5 |
) |
Inventory |
|
(47.4 |
) |
|
|
(4.9 |
) |
Prepaid income taxes |
|
(21.7 |
) |
|
|
17.4 |
|
Prepaid expenses and other assets |
|
7.3 |
|
|
|
23.6 |
|
Accounts payable |
|
22.2 |
|
|
|
(23.0 |
) |
Accrued expenses and other liabilities |
|
73.4 |
|
|
|
(14.2 |
) |
Deferred revenue |
|
9.3 |
|
|
|
14.4 |
|
Net cash provided by operating activities |
|
1,285.2 |
|
|
|
1,051.2 |
|
INVESTING ACTIVITIES |
|
|
|
||||
Acquisition of businesses, net of cash acquired |
|
(297.3 |
) |
|
|
(5.0 |
) |
Sale of business, net of cash disposed |
|
(31.3 |
) |
|
|
— |
|
Purchases of available-for-sale securities |
|
(267.7 |
) |
|
|
— |
|
Capital expenditures |
|
(72.4 |
) |
|
|
(91.8 |
) |
Proceeds from the Department of Defense |
|
— |
|
|
|
20.5 |
|
Increase in equipment under customer usage agreements |
|
(57.8 |
) |
|
|
(58.4 |
) |
Strategic investments |
|
(42.5 |
) |
|
|
(10.0 |
) |
Purchase of intellectual property |
|
(10.0 |
) |
|
|
— |
|
Other activity |
|
(2.0 |
) |
|
|
(7.4 |
) |
Net cash used in investing activities |
|
(781.0 |
) |
|
|
(152.1 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Repayment of long-term debt |
|
(287.5 |
) |
|
|
(15.0 |
) |
Payment of contingent consideration |
|
(2.6 |
) |
|
|
(7.6 |
) |
Payment of deferred acquisition consideration |
|
— |
|
|
|
(0.8 |
) |
Repurchases of common stock |
|
(835.1 |
) |
|
|
(474.8 |
) |
Net proceeds from issuance of common stock under employee stock plans |
|
37.8 |
|
|
|
43.0 |
|
Payment of minimum tax withholdings on net share settlements of equity awards |
|
(17.4 |
) |
|
|
(24.0 |
) |
Payments under finance lease obligations |
|
(3.8 |
) |
|
|
(4.0 |
) |
Net cash used in financing activities |
|
(1,108.6 |
) |
|
|
(483.2 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
8.9 |
|
|
|
0.3 |
|
Net (decrease) increase in cash and cash equivalents |
|
(595.5 |
) |
|
|
416.2 |
|
Cash and cash equivalents, beginning of period* |
|
2,755.7 |
|
|
|
2,339.5 |
|
Cash and cash equivalents, end of period* |
$ |
2,160.2 |
|
|
$ |
2,755.7 |
|
*Includes |
HOLOGIC, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (Unaudited) (In millions, except earnings per share) |
|||||||||||||||
Reconciliation of GAAP Revenue to Organic Revenue |
|||||||||||||||
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
September 28, 2024 |
|
September 30, 2023 |
|
September 28, 2024 |
|
September 30, 2023 |
||||||||
Consolidated GAAP Revenue |
$ |
987.9 |
|
|
$ |
945.3 |
|
|
$ |
4,030.3 |
|
|
$ |
4,030.4 |
|
Less: Blood Screening Revenue |
|
(7.5 |
) |
|
|
(9.3 |
) |
|
|
(30.3 |
) |
|
|
(37.8 |
) |
Less: SSI Revenue |
|
(0.3 |
) |
|
|
(4.1 |
) |
|
|
(2.6 |
) |
|
|
(18.8 |
) |
Less: Endomagnetics Revenue |
|
(7.1 |
) |
|
|
— |
|
|
|
(7.1 |
) |
|
|
— |
|
Organic Revenue |
$ |
973.0 |
|
|
$ |
931.9 |
|
|
$ |
3,990.3 |
|
|
$ |
3,973.8 |
|
Less: COVID-19 Assay Revenue |
|
(15.2 |
) |
|
|
(21.4 |
) |
|
|
(78.6 |
) |
|
|
(248.2 |
) |
Less: COVID-19 Related Revenue* |
|
(24.8 |
) |
|
|
(24.2 |
) |
|
|
(104.0 |
) |
|
|
(112.8 |
) |
Less: Discontinued Product Revenue |
|
— |
|
|
|
(0.1 |
) |
|
|
(0.4 |
) |
|
|
(3.0 |
) |
Organic Revenue excluding COVID-19 |
$ |
933.0 |
|
|
$ |
886.2 |
|
|
$ |
3,807.3 |
|
|
$ |
3,609.8 |
|
*Revenues estimated to be related to COVID assay sales for instruments, collection kits and ancillaries. |
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
September 28, 2024 |
|
September 30, 2023 |
|
September 28, 2024 |
|
September 30, 2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Gross Profit: |
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
$ |
557.7 |
|
|
$ |
500.3 |
|
|
$ |
2,227.8 |
|
|
$ |
2,071.5 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization of acquired intangible assets (1) |
|
45.5 |
|
|
|
46.4 |
|
|
|
180.5 |
|
|
|
205.7 |
|
Impairment of intangible assets and equipment (14) |
|
— |
|
|
|
— |
|
|
|
39.2 |
|
|
|
179.5 |
|
Product line discontinuance (13) |
|
— |
|
|
|
24.7 |
|
|
|
7.1 |
|
|
|
24.7 |
|
Integration/consolidation costs (3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
Fair value write-up of acquired inventory sold (17) |
|
4.3 |
|
|
|
— |
|
|
|
4.3 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
607.5 |
|
|
$ |
571.4 |
|
|
$ |
2,458.9 |
|
|
$ |
2,481.3 |
|
|
|
|
|
|
|
|
|
||||||||
Gross Margin Percentage: |
|
|
|
|
|
|
|
||||||||
GAAP gross margin percentage |
|
56.5 |
% |
|
|
52.9 |
% |
|
|
55.3 |
% |
|
|
51.4 |
% |
Impact of adjustments above |
|
5.0 |
% |
|
|
7.5 |
% |
|
|
5.7 |
% |
|
|
10.2 |
% |
Non-GAAP gross margin percentage |
|
61.5 |
% |
|
|
60.4 |
% |
|
|
61.0 |
% |
|
|
61.6 |
% |
|
|
|
|
|
|
|
|
||||||||
Operating Expenses: |
|
|
|
|
|
|
|
||||||||
GAAP operating expenses |
$ |
327.6 |
|
|
$ |
367.8 |
|
|
$ |
1,345.2 |
|
|
$ |
1,403.1 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization of acquired intangible assets (1) |
|
(4.9 |
) |
|
|
(6.2 |
) |
|
|
(29.2 |
) |
|
|
(28.1 |
) |
Impairment of intangible assets and equipment (14) |
|
— |
|
|
|
— |
|
|
|
(5.6 |
) |
|
|
(44.3 |
) |
Transaction expenses (4) |
|
(4.2 |
) |
|
|
(1.1 |
) |
|
|
(7.6 |
) |
|
|
(1.4 |
) |
Contingent consideration adjustments (7) |
|
— |
|
|
|
2.5 |
|
|
|
(1.7 |
) |
|
|
14.9 |
|
Integration/consolidation costs (3) |
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.8 |
) |
Purchased R&D asset charge (16) |
|
— |
|
|
|
— |
|
|
|
(10.0 |
) |
|
|
— |
|
MDR expenses (2) |
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(1.5 |
) |
Legal related settlement charges (11) |
|
(1.0 |
) |
|
|
— |
|
|
|
(1.0 |
) |
|
|
(1.3 |
) |
Loss on assets held-for-sale (19) |
|
— |
|
|
|
(51.7 |
) |
|
|
— |
|
|
|
(51.7 |
) |
Restructuring charges (3) |
|
(6.2 |
) |
|
|
(7.1 |
) |
|
|
(41.1 |
) |
|
|
(12.0 |
) |
Non-income tax charges (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2.9 |
) |
Non-GAAP operating expenses |
$ |
311.0 |
|
|
$ |
303.7 |
|
|
$ |
1,248.7 |
|
|
$ |
1,274.0 |
|
Operating Margin: |
|
|
|
|
|
|
|
||||||||
GAAP income from operations |
$ |
230.1 |
|
|
$ |
132.5 |
|
|
$ |
882.6 |
|
|
$ |
668.4 |
|
Adjustments to gross profit as detailed above |
|
49.8 |
|
|
|
71.1 |
|
|
|
231.1 |
|
|
|
409.8 |
|
Adjustments to operating expenses as detailed above |
|
16.6 |
|
|
|
64.1 |
|
|
|
96.5 |
|
|
|
129.1 |
|
Non-GAAP income from operations |
$ |
296.5 |
|
|
$ |
267.7 |
|
|
$ |
1,210.2 |
|
|
$ |
1,207.3 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Margin Percentage: |
|
|
|
|
|
|
|
||||||||
GAAP income from operations margin percentage |
|
23.3 |
% |
|
|
14.0 |
% |
|
|
21.9 |
% |
|
|
16.6 |
% |
Impact of adjustments above |
|
6.7 |
% |
|
|
14.3 |
% |
|
|
8.1 |
% |
|
|
13.4 |
% |
Non-GAAP operating margin percentage |
|
30.0 |
% |
|
|
28.3 |
% |
|
|
30.0 |
% |
|
|
30.0 |
% |
Pre-Tax Income: |
|
|
|
|
|
|
|
||||||||
GAAP pre-tax earnings |
$ |
221.6 |
|
|
$ |
145.6 |
|
|
$ |
865.1 |
|
|
$ |
676.1 |
|
Adjustments to pre-tax earnings as detailed above |
|
66.4 |
|
|
|
135.2 |
|
|
|
327.6 |
|
|
|
538.9 |
|
Debt extinguishment loss (6) |
|
— |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
Other income (18) |
|
(6.3 |
) |
|
|
— |
|
|
|
(6.3 |
) |
|
|
— |
|
Unrealized losses (gains) on forward foreign currency contracts (8) |
|
14.1 |
|
|
|
(7.5 |
) |
|
|
20.1 |
|
|
|
11.4 |
|
Non-GAAP pre-tax income |
$ |
295.8 |
|
|
$ |
273.3 |
|
|
$ |
1,206.9 |
|
|
$ |
1,226.4 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income: |
|
|
|
|
|
|
|
||||||||
GAAP net income |
$ |
178.6 |
|
|
$ |
90.6 |
|
|
$ |
789.5 |
|
|
$ |
456.0 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization of acquired intangible assets (1) |
|
50.4 |
|
|
|
52.6 |
|
|
|
209.7 |
|
|
|
233.8 |
|
Impairment of intangible assets and equipment (14) |
|
— |
|
|
|
— |
|
|
|
44.8 |
|
|
|
223.8 |
|
Restructuring and integration/consolidation costs (3) |
|
6.5 |
|
|
|
7.4 |
|
|
|
41.4 |
|
|
|
12.7 |
|
Fair value write-up of acquired inventory sold (17) |
|
4.3 |
|
|
|
— |
|
|
|
4.3 |
|
|
|
— |
|
Purchased R&D asset charge (16) |
|
— |
|
|
|
— |
|
|
|
10.0 |
|
|
|
— |
|
Product line discontinuance (13) |
|
— |
|
|
|
24.7 |
|
|
|
7.1 |
|
|
|
24.7 |
|
MDR expenses (2) |
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
1.5 |
|
Debt extinguishment loss (6) |
|
— |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
Legal related settlement charges (11) |
|
1.0 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
1.3 |
|
Transaction expenses (4) |
|
4.2 |
|
|
|
1.1 |
|
|
|
7.6 |
|
|
|
1.4 |
|
Contingent consideration adjustments (7) |
|
— |
|
|
|
(2.5 |
) |
|
|
1.7 |
|
|
|
(14.9 |
) |
Loss on assets held-for-sale (19) |
|
— |
|
|
|
51.7 |
|
|
|
— |
|
|
|
51.7 |
|
Other income (18) |
|
(6.3 |
) |
|
|
— |
|
|
|
(6.3 |
) |
|
|
— |
|
Unrealized losses (gains) on forward foreign currency contracts (8) |
|
14.1 |
|
|
|
(7.5 |
) |
|
|
20.1 |
|
|
|
11.4 |
|
Non-income tax charges (5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.9 |
|
Worthless stock deduction (15) |
|
— |
|
|
|
— |
|
|
|
(107.2 |
) |
|
|
— |
|
Income tax related items (9) |
|
(0.9 |
) |
|
|
19.5 |
|
|
|
14.7 |
|
|
|
82.1 |
|
Income tax effect of reconciling items (12) |
|
(14.4 |
) |
|
|
(18.5 |
) |
|
|
(70.1 |
) |
|
|
(104.2 |
) |
Non-GAAP net income |
$ |
237.5 |
|
|
$ |
219.3 |
|
|
$ |
968.7 |
|
|
$ |
984.2 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income Margin Percentage: |
|
|
|
|
|
|
|
||||||||
GAAP net income margin percentage |
|
18.1 |
% |
|
|
9.6 |
% |
|
|
19.6 |
% |
|
|
11.3 |
% |
Impact of adjustments above |
|
5.9 |
% |
|
|
13.6 |
% |
|
|
4.4 |
% |
|
|
13.1 |
% |
Non-GAAP net income margin percentage |
|
24.0 |
% |
|
|
23.2 |
% |
|
|
24.0 |
% |
|
|
24.4 |
% |
Earnings per Share: |
|
|
|
|
|
|
|
||||||||
GAAP income per share - Diluted |
$ |
0.76 |
|
|
$ |
0.37 |
|
|
$ |
3.32 |
|
|
$ |
1.83 |
|
Adjustment to net income (as detailed above) |
|
0.25 |
|
|
|
0.52 |
|
|
|
0.76 |
|
|
2.13 |
|
|
Non-GAAP earnings per share – diluted (10) |
$ |
1.01 |
|
|
$ |
0.89 |
|
|
$ |
4.08 |
|
|
$ |
3.96 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
Non-GAAP net income |
$ |
237.5 |
|
|
$ |
219.3 |
|
|
$ |
968.7 |
|
|
$ |
984.2 |
|
Interest expense (income), net |
|
3.6 |
|
|
|
(7.8 |
) |
|
|
13.4 |
|
|
(9.4 |
) |
|
Provision for income taxes |
|
58.5 |
|
|
|
54.0 |
|
|
|
238.4 |
|
|
|
242.2 |
|
Depreciation expense, not adjusted above |
|
24.1 |
|
|
|
22.8 |
|
|
|
92.2 |
|
|
89.6 |
|
|
Adjusted EBITDA |
$ |
323.7 |
|
|
$ |
288.3 |
|
$ |
1,312.7 |
|
$ |
1,306.6 |
|
Explanatory Notes to Reconciliations: |
||
(1) |
To reflect non-cash expenses attributable to the amortization of acquired intangible assets. |
|
(2) |
To reflect the exclusion of third-party expenses incurred to obtain compliance with the European Medical Device Regulation requirement for the Company's existing products for which it already had FDA approval and/or CE mark. |
|
(3) |
To reflect restructuring charges, and certain costs associated with the Company’s integration and facility consolidation plans, which primarily include severance, retention and transfer costs, as well as costs incurred to integrate acquisitions, including consulting, legal and tax fees. In addition, this category includes additional expenses, primarily accelerated depreciation and an impairment on a lease asset incurred in fiscal 2024 related to closing certain facilities in the Diagnostics business. |
|
(4) |
To reflect expenses with third parties related to acquisitions prior to when such transactions are completed. These expenses primarily comprise legal, consulting and due diligence fees. |
|
(5) |
To reflect the net impact of establishing a non-income tax loss contingency related to prior years and the settlement of a prior year non-income tax audit. |
|
(6) |
To reflect a debt extinguishment loss for the prepayment of debt under the Credit Agreement in first quarter of fiscal 2024. |
|
(7) |
To reflect an adjustment to the estimated contingent consideration liability related to the Acessa Health acquisition, which was payable upon meeting defined revenue growth metrics. |
|
(8) |
To reflect non-cash unrealized gains and losses on the mark-to-market on outstanding forward foreign currency contracts, which have not been designated for hedge accounting. |
|
(9) |
To reflect the net impact of income tax reserves from the expiration of the statute of limitations, and non-recurring income tax charges and benefits. |
|
(10) |
Non-GAAP earnings per share were calculated based on 235,971 and 237,553 weighted average diluted shares outstanding for the three and twelve months ended September 28, 2024, respectively, and 247,142 and 248,831 for the three and twelve months ended September 30, 2023, respectively. |
|
(11) |
To reflect net charges and benefits from legal related settlements. |
|
(12) |
To reflect the tax effects of Non-GAAP reconciling items, excluding specific income tax related items separately stated in Note 9 and the worthless stock deduction in Note 15. Amounts are calculated using the effective tax rate in the jurisdiction to which the adjustment relates. |
|
(13) |
To reflect the write-off of inventory and charges for non-cancellable purchase orders related to a product line discontinuance in the Diagnostics division. |
|
(14) |
To reflect an impairment charge for an in-process research and development intangible asset acquired in the Mobidiag acquisition during the first quarter of fiscal 2024 and impairment charges related to intangible assets from the Focal acquisition recorded during the second and third quarters of fiscal 2024. To reflect impairment charges for intangible assets and equipment acquired in the Mobidiag acquisition and impairment of our SSI ultrasound imaging assets recorded during the third quarter of fiscal 2023. |
|
(15) |
To reflect the discrete tax benefit related to a worthless stock deduction on the investment in one of the Company's international subsidiaries. |
|
(16) |
To reflect the purchase of an intangible asset to be used in a research and development project that has no future alternative use. |
|
(17) |
To reflect the fair value write-up of inventory sold during the period related to the Endomagnetics acquisition during the fourth quarter of fiscal 2024. |
|
(18) |
To reflect amounts owed to the Company for a change in control provision related to a license agreement. |
|
(19) |
To reflect the loss to record the SSI ultrasound imaging business to fair value as the business was designated as assets held-for-sale during the fourth quarter of fiscal 2023. |
Reconciliation of GAAP to non-GAAP EPS Guidance: |
|||||||||||||||
|
Guidance Range |
|
Guidance Range |
||||||||||||
|
Quarter Ending
|
|
Year Ending
|
||||||||||||
|
Low |
High |
|
Low |
High |
||||||||||
GAAP Net Income Per Share |
$ |
0.81 |
|
$ |
0.84 |
|
|
$ |
3.53 |
|
$ |
3.63 |
|
||
Amortization of acquired intangible assets |
$ |
0.21 |
|
$ |
0.21 |
|
|
$ |
0.85 |
|
$ |
0.85 |
|
||
Step-up of acquired inventory |
$ |
0.01 |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
$ |
0.01 |
|
||
Restructuring, Integration and Other charges |
$ |
0.01 |
|
$ |
0.01 |
|
|
$ |
0.03 |
|
$ |
0.03 |
|
||
Tax Impact of Exclusions |
$ |
(0.04 |
) |
$ |
(0.04 |
) |
|
$ |
(0.17 |
) |
$ |
(0.17 |
) |
||
Non-GAAP Net Income Per Share |
$ |
1.00 |
|
$ |
1.03 |
|
|
$ |
4.25 |
|
$ |
4.35 |
|
Return on Invested Capital (ROIC) Reconciliation of Net Income to ROIC: |
||||
|
Trailing Twelve
|
|||
Adjusted Net Operating Profit After Tax |
|
|||
GAAP net income |
$ |
789.5 |
|
|
Adjustments to GAAP net income |
|
179.2 |
|
|
Non-GAAP net income |
$ |
968.7 |
|
|
Non-GAAP provision for income taxes |
|
238.4 |
|
|
GAAP interest expense |
|
122.1 |
|
|
Non-GAAP other income |
|
(118.9 |
) |
|
Adjusted net operating profit before tax |
$ |
1,210.3 |
|
|
Non-GAAP average effective tax rate (1) |
|
19.75 |
% |
|
Adjusted net operating profit after tax |
$ |
971.2 |
|
|
|
|
|||
Average Net Debt plus Average Stockholders' Equity (2) |
|
|||
Average total debt |
$ |
2,676.4 |
|
|
Less: Average cash and cash equivalents |
|
(2,457.9 |
) |
|
Average net debt |
$ |
218.5 |
|
|
Average stockholders' equity (3) |
|
6,652.9 |
|
|
Average net debt plus average stockholders' equity |
$ |
6,871.4 |
|
|
|
|
|||
Adjusted Return on Invested Capital |
|
14.1 |
% |
(1) |
ROIC is presented on a TTM basis; non-GAAP effective tax rate for the trailing twelve month period was |
|
(2) |
Calculated using the average of the balances as of September 28, 2024 and September 30, 2023. |
|
(3) |
For Adjusted ROIC, stockholder's equity is adjusted (increased) to eliminate the effect of the impairment of intangible assets of |
|
As of September 28, 2024 |
||
|
Adjusted Net
|
||
Total principal debt |
$ |
2,547.5 |
|
Total cash and cash equivalents |
$ |
(2,160.2 |
) |
Net principal debt |
$ |
387.3 |
|
Adjusted EBITDA for the last four quarters |
$ |
1,312.6 |
|
Adjusted Net Leverage Ratio |
|
0.3 |
|
Other Supplemental Information: |
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
September 28, 2024 |
|
September 30, 2023 |
|
September 28, 2024 |
|
September 30, 2023 |
||||
|
|
|
|
|
|
|
|
||||
Geographic Revenues |
|
|
|
|
|
|
|
||||
|
75.5 |
% |
|
75.8 |
% |
|
75.0 |
% |
|
75.9 |
% |
|
12.7 |
% |
|
12.6 |
% |
|
13.2 |
% |
|
12.9 |
% |
|
6.7 |
% |
|
6.7 |
% |
|
6.5 |
% |
|
6.3 |
% |
All Others |
5.1 |
% |
|
4.9 |
% |
|
5.3 |
% |
|
4.9 |
% |
Total Revenues |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104335442/en/
Ryan Simon
Vice President, Investor Relations
ryan.simon@hologic.com
(858) 410-8514
Source: Hologic, Inc.
FAQ
What was Hologic's (HOLX) revenue in Q4 2024?
What was Hologic's (HOLX) EPS for Q4 2024?
How much did Hologic (HOLX) spend on share repurchases in fiscal 2024?