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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hologic Inc | NASDAQ:HOLX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.061 | 0.08% | 75.991 | 75.99 | 76.00 | 76.48 | 75.59 | 76.28 | 510,594 | 20:44:35 |
– Revenue of $1.61 Billion Increases 89.3%, 86.5% in Constant Currency –
– Organic Revenue Increases 107.0%, 104.0% in Constant Currency –
– Company Posts GAAP Diluted EPS of $2.50, Non-GAAP Diluted EPS of $2.86 –
Hologic, Inc. (Nasdaq: HOLX) announced today the Company’s financial results for the fiscal first quarter ended December 26, 2020.
“Hologic had a strong start to fiscal 2021 across all our businesses and major geographies,” said Steve MacMillan, the Company’s Chairman, President and Chief Executive Officer. “Our Diagnostics division continued to deliver incredible performance by making a massive impact against COVID-19. Furthermore, our Breast Health and Surgical businesses continued to strengthen, with each returning to growth in the United States, Europe and Asia-Pacific.”
Recent Highlights
Key financial results for the fiscal first quarter are shown in the table below.
GAAP
Non-GAAP
Q1’21
Q1’20
Change
Increase
(Decrease)
Q1’21
Q1’20
Change
Increase
(Decrease)
Revenues
$1,609.8
$850.5
89.3%
$1,609.8
$850.5
89.3%
Gross Margin
73.3%
51.0%
2,230 bps
77.2%
61.6%
1,560 bps
Operating Expenses
$294.9
$309.0
(4.6%)
$274.5
$289.3
(5.1%)
Operating Margin
55.0%
14.7%
4,030 bps
60.2%
27.5%
3,270 bps
Net Margin
40.6%
45.4%
(480 bps)
46.6%
19.3%
2,730 bps
Diluted EPS
$2.50
$1.43
74.8%
$2.86
$0.61
368.9%
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. Organic revenue is on a constant currency basis and excludes the divested Blood Screening and Medical Aesthetics businesses, as well as the acquired Acessa business.
Revenue Detail
Increase (Decrease)
$ in millions
Q1’21
Q1’20
Global
Reported
Change
Global
Constant
Currency
Change
U.S.
Reported
Change
International
Reported
Change
International
Constant
Currency
Change
Diagnostics
Cytology & Perinatal
$124.8
$121.0
3.1%
1.1%
3.3%
2.8%
(2.9%)
Molecular Diagnostics
$995.3
$178.5
457.6%
448.7%
375.2%
779.8%
736.1%
Blood Screening
$8.1
$12.0
(32.5%)
(32.5%)
(32.5%)
N/A
N/A
Total Diagnostics
$1,128.2
$311.5
262.2%
256.3%
229.6%
356.3%
333.4%
Excluding Blood
$1,120.1
$299.5
274.0%
267.8%
243.9%
356.3%
333.4%
Breast Health
Breast Imaging
$267.7
$274.8
(2.6%)
(3.7%)
(3.1%)
(1.1%)
(5.7%)
Interventional Breast Solutions
$65.0
$56.3
15.5%
14.6%
17.2%
7.1%
0.9%
Total Breast Health
$332.7
$331.1
0.5%
(0.6%)
0.7%
(0.1%)
(4.9%)
Medical Aesthetics*
$0.0
$65.3
N/A
N/A
N/A
N/A
N/A
GYN Surgical
$124.0
$119.1
4.1%
3.3%
2.3%
13.1%
8.2%
Skeletal Health
$24.9
$23.5
6.0%
4.0%
1.2%
14.4%
8.8%
Total
$1,609.8
$850.5
89.3%
86.5%
79.8%
116.7%
106.0%
Excluding divested Blood and Aesthetics businesses
$1,601.7
$773.2
107.2%
104.1%
91.5%
157.5%
144.7%
Excluding divestitures and Acessa acquisition (organic)
$1,600.4
$773.2
107.0%
104.0%
91.3%
157.5%
144.7%
* Hologic completed the divestiture of its Medical Aesthetics business on December 30, 2019.
Other Financial Highlights
Financial Guidance for the Second Quarter of Fiscal 2021
“We expect our strong financial performance to continue in the second quarter of fiscal 2021,” said Karleen Oberton, Hologic’s Chief Financial Officer.
Hologic’s financial guidance for the second quarter of fiscal 2021 is shown in the table below. The guidance is based on a non-GAAP tax rate of approximately 21.75%, and diluted shares outstanding of 262 to 263 million for the quarter. Constant currency guidance assumes that foreign exchange rates are the same in fiscal 2021 as in fiscal 2020. Current guidance assumes that recent foreign exchange rates persist for all of the second quarter of fiscal 2021. Organic revenue guidance is on a constant currency basis and excludes the divested Blood Screening and the acquired Acessa businesses. The guidance does not include the impact of the pending Biotheranostics acquisition, which has not closed.
Guidance for the Second Quarter of Fiscal 2021
Guidance $
Reported % Increase (Decrease)
Constant Currency % Increase (Decrease)
Organic % Increase (Decrease)
Q2 2021
Revenue
$1,500 - $1,560
98.4% to 106.3%
93.9% - 101.9%
96.2% - 104.3%
GAAP EPS
$2.34 - $2.46
550.0% - 583.3%
Non-GAAP EPS
$2.56 - $2.68
349.1% - 370.2%
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; non-GAAP gross margin; non-GAAP operating expenses; non-GAAP operating margin; non-GAAP effective tax rate; non-GAAP net income; non-GAAP net margin; non-GAAP EPS; and adjusted EBITDA. 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 and impairment of goodwill, intangible assets and equipment; (ii) accelerated depreciation related to consolidation and closure of facilities; (iii) additional expenses resulting from the purchase accounting adjustment to record inventory at fair value and adjustments to contingent consideration; (iv) restructuring and divestiture charges and facility closure and consolidation charges and costs incurred to integrate acquisitions (including retention, transaction bonuses, legal and professional consulting services) and separate divested businesses from existing operations; (v) expenses related to its divested Cynosure business incurred subsequent to the disposition date primarily related to indemnification provisions for legal and tax matters; (vi) transaction related expenses for divestitures and 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 forward foreign currency contracts and foreign currency option contracts 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 restructuring 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. The Company defines adjusted EBITDA as its non-GAAP net income plus net interest expense, income taxes, and depreciation and amortization expense included in its non-GAAP net income. The Company defines organic revenue to exclude the divested Blood Screening and Medical Aesthetic businesses, and the acquired Acessa business.
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 that 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 first quarter of fiscal 2021. Approximately 10 minutes before the call, dial 888-204-4368 (in the U.S. and Canada) or +1 323-994-2093 (international) and enter access code 2632110. A replay will be available approximately two hours after the call ends through Friday, February 26, 2021. The replay numbers are 888-203-1112 (U.S.) or +1 719-457-0820 (international), access code 2632110, PIN 7018. The Company will also provide a live webcast of the call at investors.hologic.com
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 severity and duration of the COVID-19 pandemic and its impact on the U.S. healthcare system, the U.S. economy and worldwide economy; the timing, scope and effect of further U.S. and international governmental, regulatory, fiscal, monetary and public health responses to the COVID-19 pandemic; continued demand for the Company’s COVID-19 TMA assay; the Company’s ability to manufacture, on a scale necessary to meet demand, its COVID-19 TMA assay as well as the Panther systems on which the assay runs; U.S., European and general worldwide economic conditions, trade relations, and related uncertainties; manufacturing risks, including the Company’s reliance on a single or limited source of supply for key components, the need to comply with especially high standards for the manufacture of many of its products and risks associated with utilizing third party manufacturers; the Company’s ability to predict accurately the demand for its products, and products under development, and to develop strategies to address its markets successfully; 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 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; risks associated with acquisitions, including, without limitation, the Company’s ability to successfully integrate acquired businesses, the risks that the acquired businesses may not operate as effectively and efficiently as expected even if otherwise successfully integrated, and the risks that acquisitions may involve unexpected costs or unexpected liabilities; 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; cybersecurity risks; 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; technical innovations that could render products marketed or under development by the Company obsolete; and competition.
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
December 26,
2020
December 28,
2019
Revenues:
Product
$
1,455.4
$
699.3
Service and other
154.4
151.2
Total revenues
1,609.8
850.5
Cost of revenues:
Product
284.5
237.5
Amortization of acquired intangible assets
61.6
63.6
Impairment of intangible assets and equipment
—
25.8
Service and other
83.3
89.8
Gross profit
1,180.4
433.8
Operating expenses:
Research and development
59.3
61.2
Selling and marketing
128.0
144.9
General and administrative
91.5
87.6
Amortization of acquired intangible assets
10.1
9.1
Impairment of intangible assets and equipment
—
4.4
Contingent consideration fair value adjustments
4.6
0.9
Restructuring and divestiture charges
1.4
0.9
Total operating expenses
294.9
309.0
Income from operations
885.5
124.8
Interest income
0.4
2.1
Interest expense
(28.1
)
(32.8
)
Debt extinguishment loss
(21.6
)
—
Other income (expense), net
(3.8
)
3.3
Income before income taxes
832.4
97.4
Provision (benefit) for income taxes
179.0
(288.4
)
Net income
$
653.4
$
385.8
Net loss attributable to noncontrolling interest
(1.0
)
(0.3
)
Net income attributable to Hologic
654.4
386.1
Net income per common share attributable to Hologic:
Basic
$
2.53
$
1.44
Diluted
$
2.50
$
1.43
Weighted average number of shares outstanding:
Basic
258,605
267,893
Diluted
261,785
269,721
HOLOGIC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)
December 26, 2020
September 26, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
868.7
$
701.0
Accounts receivable, net
1,216.1
1,028.9
Inventories
420.2
395.1
Other current assets
91.3
97.3
Total current assets
2,596.3
2,222.3
Property, plant and equipment, net
514.5
491.5
Goodwill and intangible assets, net
3,908.1
3,965.4
Other assets
531.8
516.6
Total assets
$
7,550.7
$
7,195.8
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
$
74.9
$
324.9
Accounts payable and accrued liabilities
798.2
728.3
Deferred revenue
182.9
186.1
Total current liabilities
1,056.0
1,239.3
Long-term debt, net of current portion
2,689.5
2,713.9
Deferred income taxes
189.4
201.8
Other long-term liabilities
346.8
333.5
Total Hologic stockholders' equity
3,267.9
2,705.2
Noncontrolling interest
1.1
2.1
Total liabilities and stockholders’ equity
$
7,550.7
$
7,195.8
HOLOGIC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
Three Months Ended
December 26,
2020
December 28,
2019
OPERATING ACTIVITIES
Net income
$
653.4
$
385.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
21.1
21.6
Amortization of acquired intangibles
71.7
72.8
Stock-based compensation expense
18.6
18.1
Deferred income taxes
(12.0
)
(327.9
)
Intangible asset and equipment impairment charges
—
30.2
Debt extinguishment loss
21.6
—
Other adjustments and non-cash items
29.5
0.5
Changes in operating assets and liabilities, excluding the effect of acquisitions:
Accounts receivable
(175.5
)
17.6
Inventories
(21.2
)
(14.9
)
Prepaid income taxes
8.9
1.0
Prepaid expenses and other assets
(18.3
)
(2.6
)
Accounts payable
4.6
(55.4
)
Accrued expenses and other liabilities
58.1
(22.6
)
Deferred revenue
(10.5
)
(10.3
)
Net cash provided by operating activities
650.0
113.9
INVESTING ACTIVITIES
Acquisition of businesses, net of cash acquired
(4.9
)
(11.8
)
Capital expenditures
(32.4
)
(11.4
)
Increase in equipment under customer usage agreements
(12.4
)
(20.1
)
Purchase of insurance contracts
—
(2.4
)
Other activity
(0.2
)
—
Net cash used in investing activities
(49.9
)
(45.7
)
FINANCING ACTIVITIES
Repayments of long-term debt
(18.8
)
(9.4
)
Proceeds from senior notes
950.0
—
Repayment of senior notes
(970.8
)
—
Repayment under revolving credit line
(250.0
)
—
Proceeds from accounts receivable securitization agreement
—
16.0
Purchase of non-controlling interest
—
(1.4
)
Payment of deferred acquisition consideration
—
(16.6
)
Payment of debt issuance costs
(13.7
)
—
Repurchase of common stock
(101.3
)
(285.9
)
Proceeds from issuance of common stock pursuant to employee stock plans
23.3
18.7
Payment of minimum tax withholdings on net share settlements of equity awards
(46.4
)
(10.9
)
Payments under finance lease obligations
(0.5
)
(0.4
)
Net cash used in financing activities
(428.2
)
(289.9
)
Effect of exchange rate changes on cash and cash equivalents
(4.2
)
1.4
Net increase (decrease) in cash and cash equivalents
167.7
(220.3
)
Cash and cash equivalents, beginning of period
701.0
601.8
Cash and cash equivalents, end of period
$
868.7
$
381.5
HOLOGIC, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In millions, except earnings per share and margin percentages)
Three Months Ended
December 26,
2020
December 28,
2019
Gross Profit:
GAAP gross profit
$
1,180.4
$
433.8
Adjustments:
Amortization of acquired intangible assets (1)
61.6
63.6
Impairment of intangible assets and equipment (2)
—
25.8
Integration/consolidation costs (8)
0.3
—
Fair value write-up of acquired inventory sold (11)
0.9
0.3
Non-GAAP gross profit
$
1,243.2
$
523.5
Gross Margin Percentage:
GAAP gross margin percentage
73.3
%
51.0
%
Impact of adjustments above
3.9
%
10.6
%
Non-GAAP gross margin percentage
77.2
%
61.6
%
Operating Expenses:
GAAP operating expenses
$
294.9
$
309.0
Adjustments:
Amortization of acquired intangible assets (1)
(10.1
)
(9.1
)
Impairment of intangible assets and equipment (2)
—
(4.4
)
Transaction expenses (3)
(0.5
)
(2.0
)
Acquisition related adjustment (4)
—
3.8
MDR expenses (9)
(2.0
)
—
Contingent consideration adjustments (6)
(4.6
)
(0.9
)
Litigation settlements (7)
—
(0.7
)
Integration/consolidation costs (8)
(1.8
)
(5.5
)
Restructuring and divestiture charges (8)
(1.4
)
(0.9
)
Non-GAAP operating expenses
$
274.5
$
289.3
Operating Margin:
GAAP income from operations
$
885.5
$
124.8
Adjustments to gross profit as detailed above
62.8
89.7
Adjustments to operating expenses as detailed above
20.4
19.7
Non-GAAP income from operations
$
968.7
$
234.2
Operating Margin Percentage:
GAAP income from operations margin percentage
55.0
%
14.7
%
Impact of adjustments above
5.2
%
12.8
%
Non-GAAP operating margin percentage
60.2
%
27.5
%
Pre-Tax Income:
GAAP pre-tax income
$
832.4
$
97.4
Adjustments to pre-tax earnings as detailed above
83.2
109.4
Debt extinguishment loss (5)
21.6
—
Debt transaction costs (15)
5.8
—
Gain from SSI (14)
—
(1.5
)
Unrealized losses on forward foreign currency contracts (10)
14.0
3.0
Other (17)
—
1.1
Non-GAAP pre-tax income
$
957.0
$
209.4
Net Income Attributable to Hologic:
GAAP net income
$
653.4
$
385.8
Adjustments:
Amortization of acquired intangible assets (1)
71.7
72.7
Restructuring and integration/consolidation costs (8)
3.5
8.4
MDR expenses (9)
2.0
—
Impairment of intangible assets and equipment (2)
—
30.2
Acquisition related expenses and adjustments (3) (4) (11)
1.4
(3.5
)
Contingent consideration adjustment (6)
4.6
0.9
Litigation settlements (7)
—
0.7
Debt extinguishment loss and transaction costs (5) (15)
27.4
—
Gain from SSI (14)
—
(1.5
)
Non-operating charges (17) (10)
14.0
4.0
Discrete tax benefit from sale of Cynosure (16)
—
(312.2
)
Income tax effect of reconciling items (12)
(29.1
)
(21.6
)
Non-GAAP net income
$
748.9
$
163.9
Net loss attributable to non-controlling interest
(0.7
)
(0.2
)
Net income attributable to Hologic
$
749.6
$
164.1
Net Income Percentage:
GAAP net income percentage
40.6
%
45.4
%
Impact of adjustments above
6.0
%
(26.1
)
%
Non-GAAP net income attributable to Hologic percentage
46.6
%
19.3
%
Earnings Per Share Attributable to Hologic:
GAAP earnings per share - Diluted
$
2.50
$
1.43
Adjustment to net income (as detailed above)
0.36
(0.82
)
Non-GAAP earnings per share – diluted (13)
$
2.86
$
0.61
Adjusted EBITDA:
Non-GAAP net income
$
749.6
$
164.1
Interest expense, net, not adjusted above
21.9
30.7
Provision for income taxes
208.1
45.6
Depreciation expense, not adjusted above
21.1
21.5
Adjusted EBITDA
$
1,000.7
$
261.9
Explanatory Notes to Reconciliations:
(1)
To reflect non-cash expenses attributable to the amortization of acquired intangible assets.
(2)
To reflect recording the Cynosure business to fair value based upon meeting the assets-held-for-sale criteria in the first quarter of fiscal 2020 due to executing an agreement to sell the business.
(3)
To reflect expenses with third parties related to acquisitions and divestitures prior to when such transactions are completed. These expenses primarily comprise broker fees, legal fees, and consulting and due diligence fees.
(4)
To reflect an adjustment for the final Faxitron hold-back payment and an adjustment to reduce certain acquired accruals in fiscal 2020.
(5)
To reflect a debt extinguishment loss from refinancing the 2025 Senior Notes.
(6)
To reflect adjustments to the estimated contingent consideration liabilities related to the Acessa Health and Faxitron acquisitions in fiscal 2021 and 2020, respectively, which are payable upon meeting defined revenue growth metrics.
(7)
To reflect the Company's settlements of litigation.
(8)
To reflect restructuring and divestiture charges, and certain costs associated with the Company’s integration and facility consolidation plans, which primarily include retention and transfer costs, as well as costs incurred to integrate acquisitions and dispose businesses, including consulting, legal, tax and accounting fees. In addition, this category includes additional expenses incurred related to the Cynosure disposition and indemnification provisions for legal and tax matters that existed as of the date of disposition.
(9)
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 has FDA approval and/or CE mark.
(10)
To reflect non-cash unrealized gains and losses on the mark-to market on outstanding forward foreign currency and option contracts, which do not qualify for hedge accounting.
(11)
To reflect the fair value step up of inventory sold during the period related to the Acessa Health acquisition in fiscal 2021 and the SuperSonic Imagine and Health Beacons acquisitions in fiscal 2020, respectively.
(12)
To reflect an estimated annual effective tax rate of 21.75% for fiscal 2021 and fiscal 2020.
(13)
Non-GAAP earnings per share was calculated based on 261,785 and 269,721 weighted average diluted shares outstanding for the three months ended December 26, 2020 and December 28, 2019, respectively.
(14)
To reflect an adjustment to remeasure the Company's initial investment in SuperSonic Imagine pursuant to U.S. GAAP for purchase accounting.
(15)
To reflect the amount of debt issuance costs recorded directly to interest expense as a result of refinancing the 2025 Senior Notes.
(16)
To reflect a discrete tax benefit for the sale of Cynosure.
(17)
To reflect other non-operating activity.
Reconciliation of GAAP to non-GAAP EPS Guidance:
Guidance Range
Quarter Ending March 27, 2021
Low
High
GAAP Net Income Per Share
$
2.34
$
2.46
Amortization of acquired intangible assets
0.27
0.27
Other charges
0.02
0.02
Tax Impact of Exclusions
(0.07
)
(0.07
)
Non-GAAP Net Income Per Share
$
2.56
$
2.68
Trailing Twelve
Months ended
December 26, 2020
Return on Invested Capital:
Adjusted Net Operating Profit After Tax
Non-GAAP net income attributable to Hologic
$
1,638.8
Non-GAAP provision for income taxes
471.8
Non-GAAP interest expense
106.0
Non-GAAP other income
(11.4
)
Adjusted net operating profit before tax
$
2,205.2
Non-GAAP average effective tax rate (1)
22.4
%
Adjusted net operating profit after tax
$
1,710.7
Average Net Debt plus Average Stockholders’ Equity (2)
Average total debt
$
2,918.0
Less: Average cash and cash equivalents
(625.1
)
Average net debt
$
2,292.9
Average stockholders’ equity (3)
$
4,114.1
Average net debt plus average stockholders’ equity
$
6,407.0
Adjusted ROIC
Adjusted ROIC (adjusted net operating profit after tax above divided by average net debt plus average stockholders’ equity)
26.7
%
(1)ROIC is presented on a TTM basis; non-GAAP effective tax rate for the three months ended March 28, 2020 was 23.8%, the three months ended June 27, 2020 was 22.75%, the three months ended September 26, 2020 was 22.75% and the three months ended December 26, 2020 was 21.75%.
(2)
Calculated using the average of the balances as of December 26, 2020 and December 28, 2019.
(3)
Adjusted (increased) to eliminate the effect of the impairment of intangible assets of $32.2 million in fiscal 2014, the impairment of goodwill of $685.7 million and an IPR&D asset of $46.0 million in fiscal 2018, the impairment of intangible assets and equipment of $685.4 million in fiscal 2019 and the impairment of intangible assets and equipment of $30.2 million in fiscal 2020. The impact of the intangible asset impairment charges is reflected net of tax.
As of
December 26, 2020
Net Leverage Ratio:
Total principal debt
$
2,793.9
Total cash
(868.7
)
Net principal debt, as adjusted
$
1,925.2
EBITDA for the last four quarters
$
2,296.5
Net Leverage Ratio
0.8
Other Supplemental Information:
Three Months Ended
December 26,
2020
December 28,
2019
Geographic Revenues
U.S.
70.7
%
74.4
%
Europe
21.0
%
12.9
%
Asia-Pacific
5.5
%
8.3
%
Rest of World
2.8
%
4.4
%
Total Revenues
100.0
%
100.0
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005843/en/
Michael Watts Vice President, Investor Relations and Corporate Communications (858) 410-8588 Michael.watts@hologic.com
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