– Revenue of $1,013.1 Million Exceeds Guidance
–
– 5.2% Organic Constant Currency Revenue Growth
ex. COVID-19, also Exceeding Guidance –
Hologic, Inc. (Nasdaq: HOLX) announced today preliminary revenue
results for its first fiscal quarter ended December 30, 2023.
The Company expects to report total revenues of approximately
$1,013.1 million, a decrease of (5.7%) compared to the prior year
period, or (6.4%) in constant currency. These preliminary results
exceed the Company’s most recent revenue guidance range of $960 to
$985 million, provided on November 9, 2023.
“Once again we delivered strong organic revenue performance ex.
COVID-19 to start our fiscal year 2024,” said Steve MacMillan, the
Company’s Chairman, President and Chief Executive Officer.
“Adjusted for the impact of four fewer selling days compared to the
prior year, we estimate that we grew total company organic revenue
ex. COVID-19 over 9% in our fiscal first quarter. Each division
continues to execute and our preliminary revenue results reinforce
that we are a new Hologic; a bigger, faster, stronger company than
prior to the pandemic.”
Global revenues by division are expected to be:
$s in millions
Preliminary
Q1’24
Q1’23
Reported Change
Constant Currency Change
Diagnostics
$447.8
$559.3
(19.9%)
(20.6%)
Organic Diagnostics excluding
COVID-191
$388.1
$387.7
0.1%
(0.9%)
Organic Molecular Diagnostics excluding
COVID-19
$268.1
$260.9
2.8%
1.9%
Breast Health
$377.7
$334.2
13.0%
12.2%
Organic Breast Health excluding SSI
$377.0
$329.6
14.4%
13.6%
GYN Surgical
$162.2
$154.1
5.3%
4.6%
Skeletal Health
$25.4
$26.6
(4.5%)
(5.6%)
Total
$1,013.1
$1,074.2
(5.7%)
(6.4%)
Organic revenue
$1,004.4
$1,062.4
(5.5%)
(6.2%)
Organic revenue excluding COVID-192
$952.7
$898.0
6.1%
5.2%
1Preliminary Q1’24 organic Diagnostics ex. COVID-19 revenues
exclude COVID-19 assay revenue of $27 million, COVID-19 related
revenue of $25 million, and Blood Screening revenue of $8
million.
2 Preliminary Q1’24 constant currency organic ex. COVID-19
revenue exceeds the Company’s most recent guidance of 1.0% to 3.7%,
provided on November 9, 2023. The Company’s fiscal Q1’24 had four
fewer selling days compared to the prior year period.
Hologic has not yet completed its financial close processes for
the first quarter of fiscal 2024, therefore GAAP financial results
for the quarter have not yet been finalized. However, the Company
expects non-GAAP diluted earnings per share (EPS) to be towards the
high-end of the guidance range of $0.92 to $0.97 provided on
November 9, 2023.
Hologic intends to provide its full financial results for the
first quarter on February 1, 2024. Until that time, the preliminary
revenue results described in this press release are estimates only
and are subject to revisions that could differ materially. When the
Company reports its first quarter results, it also expects to
provide updated financial guidance for the second quarter and full
year of fiscal 2024, following the completion of its quarterly
forecasting process.
J.P. Morgan Healthcare
Conference
Hologic is providing these updates in advance of its
participation in the 42nd Annual J.P. Morgan Healthcare Conference,
which begins tomorrow. The Company will post its conference
presentation to the investors section of its website at
http://investors.hologic.com/. A live webcast of the Company’s
presentation and question and answer session, which begins at 4:30
p.m. Eastern Time on Tuesday, January 9, 2024, also may be accessed
there. The webcast will be available for 30 days.
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, and non-GAAP EPS.
Organic revenue for the fiscal first quarter of 2024 excludes the
divested Blood Screening and SSI ultrasound imaging businesses.
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, COVID-19 related
revenue from Diagenode and Mobidiag, collection kits and
ancillaries, as well as license revenue, and revenues from
discontinued products. The Company defines its non-GAAP 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) 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); (vi) transaction
related expenses for acquisitions; (vii) third-party expenses
incurred related to implementing the European MDR/IVDR requirements
and obtaining the appropriate approvals for its existing products;
(viii) debt extinguishment losses and related transaction costs;
(ix) the unrealized (gains) losses on the mark-to-market of foreign
currency contracts to hedge revenue and operating results for which
the Company has not elected hedge accounting; (x) litigation
settlement charges (benefits) and non-income tax related charges
(benefits); (xi) other-than-temporary impairment losses on
investments and realized gains and losses resulting from the sale
of investments; (xii) the one-time discrete impacts related to
internal restructurings and non-operational items; (xiii) 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 (xiv) income taxes related to such adjustments.
Because the quarterly financial information contained in this
press release is preliminary, it is deemed to be forward-looking.
The Company has not provided a reconciliation of preliminary
organic revenue and preliminary organic revenue excluding COVID-19
to preliminary or projected GAAP revenue because of the
unreasonable efforts it would take to provide such reconciliations
at this time. The Company is also unable to provide GAAP EPS in
this press release because certain significant items have not yet
been finalized. Such items depend on various factors and could have
a material impact on reported GAAP EPS. GAAP results and a
reconciliation of each non-GAAP financial measure to the most
directly comparable GAAP financial measure will be presented in
connection with the Company’s press release reporting full
financial results for the first quarter of fiscal 2024 scheduled to
be released after the close of the market on February 1, 2024.
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 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 that can be highly variable or difficult
to predict. The Company generally uses non-GAAP financial measures
to facilitate management's financial and operational
decision-making, including evaluation of Hologic's historical
operating results and comparison to competitors' operating results.
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 (when they become available), 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 increase or decrease the company's reported results of
operations, management strongly encourages investors to review,
when they become available, the Company's consolidated financial
statements and publicly filed reports in their entirety.
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 the United
States and/or other countries.
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; 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 U.S. and global recession concerns, on the
Company’s customers and suppliers and on the Company’s business,
financial condition, results of operations and cash flows and the
Company’s ability to draw down its revolver; the effect of the
worldwide political and social uncertainty and divisions, including
the impact on trade regulation and tariffs, that may adversely
impact the cost and sale of the Company’s products in certain
countries, or increase the costs the Company may incur to purchase
materials, parts and equipment from its suppliers; the ability to
execute acquisitions and the impact and anticipated benefits of
completed acquisitions and acquisitions the Company may complete in
the future; the development of new competitive technologies and
products and competition; the Company’s ability to predict
accurately the demand for its products, and products under
development and to develop strategies to address markets
successfully; continued demand for the Company’s COVID-19 assays;
potential cybersecurity threats and targeted computer crime; the
ongoing and possible future effects of supply chain constraints,
including the availability of critical raw materials and
components, including semiconductor chips, as well as cost
inflation in materials, packaging and transportation; the
possibility of interruptions or delays at the Company’s
manufacturing facilities, or the failure to secure alternative
suppliers if any of the Company’s sole source third-party
manufacturers fail to supply the Company; the ability to
consolidate certain of the Company’s manufacturing and other
operations on a timely basis and within budget, without disrupting
its business and to achieve anticipated cost synergies related to
such actions; the ability of the Company to successfully manage
leadership and organizational changes, including the ability of the
Company to attract, motivate and retain key employees and maintain
engagement and efficiency in remote work environments; the ability
to obtain regulatory approvals and clearances for the Company’s
products, including the implementation of the European Union
Medical Device Regulations, and to maintain compliance with complex
and evolving regulations; the Company’s reliance on third-party
reimbursement policies to support the sales and market acceptance
of its products, including the possible adverse impact of
government regulation and changes in the availability and amount of
reimbursement and uncertainties for new products or product
enhancements; changes to applicable laws and regulations, including
tax laws, global health care reform, and import/export trade laws;
changes in guidelines, recommendations and studies published by
various organizations that could affect the use of the Company’s
products; uncertainties inherent in the development of new products
and the enhancement of existing products, including FDA approval
and/or clearance and other regulatory risks, technical risks, cost
overruns and delays; the risk that products may contain undetected
errors or defects or otherwise not perform as anticipated; risks
associated with strategic alliances and the ability of the Company
to realize anticipated benefits of those alliances; the risks of
conducting business internationally; the risk of adverse exchange
rate fluctuations on the Company’s international activities and
businesses; the early stage of market development for certain of
the Company’s products; the Company’s leverage risks, including the
Company’s obligation to meet payment obligations and financial
covenants associated with its debt; the effect of any future public
health crises, including the timing, scope and effect of U.S. and
international governmental, regulatory, fiscal, monetary and public
health responses to such crises; risks related to the use and
protection of intellectual property; expenses, uncertainties and
potential liabilities relating to litigation, including, without
limitation, commercial, intellectual property, employment and
product liability litigation; and technical innovations that could
render products marketed or under development by the Company
obsolete.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240107245505/en/
Ryan Simon Vice President, Investor Relations
ryan.simon@hologic.com (858) 410-8514
Francis Pruell Senior Director, Investor Relations
francis.pruell@hologic.com (508) 364-7554
Hologic (NASDAQ:HOLX)
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