Hologic Inc. announced unaudited consolidated earnings results for the first quarter ended December 26, 2015. For the quarter, on GAAP basis, the company reported revenues of $695.2 million against $652.8 million a year ago. Net income was $84.9 million or $0.29 per diluted share against $29.2 million or $0.10 per diluted share a year ago. Income from operations was $126.1 million against $103.5 million a year ago. Income before income taxes was $114.7 million against $44.1 million a year ago. Net cash provided by operating activities was $12.3 million against net cash used in operating activities of $22.0 million a year ago. Adjusted EBITDA was $252.0 million against $233.1 million a year ago. Net principal debt, as adjusted was $3,051.7 million. Free cash flow, defined as operating cash flow less capital expenditures, was $144.6 million.

For the quarter, on non-GAAP basis, the company reported revenues of $695.2 million against $652.8 million a year ago. Net income was $135.1 million or $0.46 per diluted share against $111.6 million or $0.39 per diluted share a year ago. Non-GAAP income from operations was $232.0 million against $215.0 million a year ago. Non-GAAP pre-tax income was $200.9 million against $171.1 million a year ago.

The company is updating its fiscal 2016 revenue guidance based on a stronger U.S. dollar, but increasing its EPS guidance to reflect greater-than-expected earnings power. The guidance is based on recent foreign exchange rates, an improved full-year tax rate of approximately 33%, and diluted shares outstanding of between 296 and 298 million for the full year. For the full year, the company currently expects revenues in the range of $2,800 million to $2,830 million and non-GAAP EPS in the range of $1.86 to $1.90 compared to previously expected revenues in the range of $2,810 million to $2,840 million and non-GAAP EPS in the range of $1.80 to $1.84. Continuing with its full year guidance, the company now expects its effective tax rate to improve to approximately 33% for the year, and believe diluted shares outstanding will total between $296 million and $298 million for the full year.

For the second quarter of fiscal 2016, the company currently expects revenues in the range of $680 million to $690 million and non-GAAP EPS in the range of $0.45 to $0.46.