Hologic Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 26, 2015; Revised Earnings Guidance for the Full Year of Fiscal 2016; Provides Earnings Guidance for the Second Quarter of Fiscal 2016
January 27, 2016 at 04:01 pm
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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.
Hologic, Inc. is the world leader in the design, manufacturing and marketing of diagnostic products, medical imaging systems and surgical products dedicated to women's health. Net sales break down by area of application as follows:
- molecular diagnostics (46.7%): rapid diagnostic tests for human diseases detection (sexually transmitted infections, respiratory diseases, viral diseases, infectious diseases, cancers of the cervix and prostate, etc.) and fetal fibronectin;
- breast health (35.5%): digital mammography and breast biopsy solutions and systems;
- gynecological surgery (15%): endometrial ablation devices, minimally invasive intervention systems for the hysteroscopic elimination of targeted intrauterine diseases (including fibroids and polyps). The group also offers fluid management systems for use in hysteroscopic procedures;
- bone health (2.8%): bone imaging systems, bone sonometers and osteodensitometers for bone structure and density, and osteoporotic fractures risk assessment.
Net sales break down by source of revenue between sales of products (81.4%) and services (18.6%).
Net sales are distributed geographically as follows: the United States (75.9%), Europe (12.9%), Asia/Pacific (6.3%) and other (4.9%).
Hologic Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 26, 2015; Revised Earnings Guidance for the Full Year of Fiscal 2016; Provides Earnings Guidance for the Second Quarter of Fiscal 2016