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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.205 | -0.27% | 75.565 | 75.55 | 75.58 | 76.17 | 75.54 | 75.77 | 100,085 | 15:34:44 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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04-2902449
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(State of incorporation)
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(I.R.S. Employer Identification No.)
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250 Campus Drive,
Marlborough, Massachusetts
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01752
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Page
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 6.
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EXHIBITS
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Item 1.
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Financial Statements (unaudited)
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|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
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June 25,
2016 |
|
June 27,
2015 |
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Product
|
$
|
601.3
|
|
|
$
|
583.0
|
|
|
$
|
1,771.5
|
|
|
$
|
1,676.0
|
|
Service and other
|
116.1
|
|
|
110.9
|
|
|
334.3
|
|
|
326.2
|
|
||||
|
717.4
|
|
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693.9
|
|
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2,105.8
|
|
|
2,002.2
|
|
||||
Costs of revenues:
|
|
|
|
|
|
|
|
||||||||
Product
|
191.1
|
|
|
186.2
|
|
|
561.2
|
|
|
559.6
|
|
||||
Amortization of intangible assets
|
77.9
|
|
|
73.1
|
|
|
222.2
|
|
|
225.6
|
|
||||
Service and other
|
55.3
|
|
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55.9
|
|
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165.2
|
|
|
163.7
|
|
||||
Gross Profit
|
393.1
|
|
|
378.7
|
|
|
1,157.2
|
|
|
1,053.3
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
58.8
|
|
|
56.0
|
|
|
169.6
|
|
|
161.2
|
|
||||
Selling and marketing
|
109.0
|
|
|
94.3
|
|
|
309.2
|
|
|
263.3
|
|
||||
General and administrative
|
62.5
|
|
|
73.1
|
|
|
202.0
|
|
|
194.7
|
|
||||
Amortization of intangible assets
|
21.9
|
|
|
27.4
|
|
|
67.3
|
|
|
82.8
|
|
||||
Restructuring and divestiture charges
|
1.5
|
|
|
11.9
|
|
|
7.5
|
|
|
21.9
|
|
||||
Total operating expenses
|
253.7
|
|
|
262.7
|
|
|
755.6
|
|
|
723.9
|
|
||||
Income from operations
|
139.4
|
|
|
116.0
|
|
|
401.6
|
|
|
329.4
|
|
||||
Interest income
|
0.2
|
|
|
0.3
|
|
|
0.6
|
|
|
1.0
|
|
||||
Interest expense
|
(39.1
|
)
|
|
(52.4
|
)
|
|
(117.4
|
)
|
|
(154.3
|
)
|
||||
Debt extinguishment loss
|
—
|
|
|
(18.2
|
)
|
|
(4.5
|
)
|
|
(24.9
|
)
|
||||
Other income, net
|
0.6
|
|
|
1.0
|
|
|
27.5
|
|
|
0.6
|
|
||||
Income before income taxes
|
101.1
|
|
|
46.7
|
|
|
307.8
|
|
|
151.8
|
|
||||
Provision for income taxes
|
16.3
|
|
|
17.3
|
|
|
69.1
|
|
|
45.3
|
|
||||
Net income
|
$
|
84.8
|
|
|
$
|
29.4
|
|
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$
|
238.7
|
|
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$
|
106.5
|
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Net income per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
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$
|
0.31
|
|
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$
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0.10
|
|
|
$
|
0.85
|
|
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$
|
0.38
|
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Diluted
|
$
|
0.30
|
|
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$
|
0.10
|
|
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$
|
0.83
|
|
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$
|
0.37
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
277,853
|
|
|
281,184
|
|
|
281,101
|
|
|
280,064
|
|
||||
Diluted
|
282,302
|
|
|
292,612
|
|
|
287,377
|
|
|
287,790
|
|
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Three Months Ended
|
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Nine Months Ended
|
||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 27,
2015 |
||||||||
Net income
|
$
|
84.8
|
|
|
$
|
29.4
|
|
|
$
|
238.7
|
|
|
$
|
106.5
|
|
Changes in foreign currency translation adjustment
|
(3.8
|
)
|
|
4.5
|
|
|
(9.2
|
)
|
|
(14.0
|
)
|
||||
Changes in unrealized holding gains and losses on available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
Loss recognized in other comprehensive income (loss)
|
—
|
|
|
(0.7
|
)
|
|
(1.2
|
)
|
|
(3.9
|
)
|
||||
Gain reclassified from accumulated other comprehensive loss to the statement of income
|
—
|
|
|
—
|
|
|
(7.2
|
)
|
|
—
|
|
||||
Changes in pension plans, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Changes in value of hedged interest rate caps, net of tax
of
$0.9 and $2.1
for the three and nine months ended June 25, 2016 and $0.5 and $1.4 for the three and nine months ended June 27, 2015
:
|
|
|
|
|
|
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|
||||||||
Loss recognized in other comprehensive loss, net
|
(1.5
|
)
|
|
(0.7
|
)
|
|
(3.4
|
)
|
|
(2.3
|
)
|
||||
Loss reclassified from accumulated other comprehensive loss to the statement of income
|
1.2
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
||||
Other comprehensive income (loss)
|
(4.1
|
)
|
|
3.1
|
|
|
(18.8
|
)
|
|
(20.1
|
)
|
||||
Comprehensive income
|
$
|
80.7
|
|
|
$
|
32.5
|
|
|
$
|
219.9
|
|
|
$
|
86.4
|
|
|
June 25,
2016 |
|
September 26,
2015 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
441.5
|
|
|
$
|
491.3
|
|
Restricted cash
|
—
|
|
|
1.4
|
|
||
Accounts receivable, l
ess reserves of $11.4 and $11.1, respe
ctively
|
426.2
|
|
|
416.1
|
|
||
Inventories
|
280.5
|
|
|
283.1
|
|
||
Deferred income tax assets
|
—
|
|
|
19.0
|
|
||
Prepaid income taxes
|
19.7
|
|
|
21.7
|
|
||
Prepaid expenses and other current assets
|
52.1
|
|
|
33.8
|
|
||
Total current assets
|
1,220.0
|
|
|
1,266.4
|
|
||
Property, plant and equipment, net
|
451.5
|
|
|
457.1
|
|
||
Intangible assets, net
|
2,737.2
|
|
|
3,023.2
|
|
||
Goodwill
|
2,804.7
|
|
|
2,808.2
|
|
||
Other assets
|
93.3
|
|
|
115.2
|
|
||
Total assets
|
$
|
7,306.7
|
|
|
$
|
7,670.1
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
333.4
|
|
|
$
|
391.8
|
|
Accounts payable
|
131.2
|
|
|
117.0
|
|
||
Accrued expenses
|
287.7
|
|
|
272.1
|
|
||
Deferred revenue
|
158.5
|
|
|
163.1
|
|
||
Total current liabilities
|
910.8
|
|
|
944.0
|
|
||
Long-term debt, net of current portion
|
3,088.8
|
|
|
3,248.0
|
|
||
Deferred income tax liabilities
|
1,030.5
|
|
|
1,178.4
|
|
||
Deferred revenue
|
17.4
|
|
|
19.6
|
|
||
Other long-term liabilities
|
216.5
|
|
|
200.9
|
|
||
Commitments and contingencies (Note 6)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value – 1,623 shares authorized; 0 shares issued
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value – 750,000 shares authorized; 284,361 and 282,495 shares issued, respectively
|
2.8
|
|
|
2.8
|
|
||
Additional paid-in-capital
|
5,553.5
|
|
|
5,559.9
|
|
||
Accumulated deficit
|
(3,230.3
|
)
|
|
(3,469.0
|
)
|
||
Treasury stock, at cost – 7,289 shares at June 25, 2016
|
(250.0
|
)
|
|
—
|
|
||
Accumulated other comprehensive loss
|
(33.3
|
)
|
|
(14.5
|
)
|
||
Total stockholders’ equity
|
2,042.7
|
|
|
2,079.2
|
|
||
Total liabilities and stockholders’ equity
|
$
|
7,306.7
|
|
|
$
|
7,670.1
|
|
|
Nine Months Ended
|
||||||
|
June 25,
2016 |
|
June 27,
2015 |
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
238.7
|
|
|
$
|
106.5
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
61.3
|
|
|
60.8
|
|
||
Amortization
|
289.5
|
|
|
308.3
|
|
||
Non-cash interest expense
|
38.8
|
|
|
49.5
|
|
||
Stock-based compensation expense
|
45.1
|
|
|
42.2
|
|
||
Excess tax benefit related to equity awards
|
(9.2
|
)
|
|
(8.0
|
)
|
||
Deferred income taxes
|
(104.2
|
)
|
|
(110.9
|
)
|
||
Gain on sale of available-for-sale marketable security
|
(25.1
|
)
|
|
—
|
|
||
Debt extinguishment loss
|
4.5
|
|
|
24.9
|
|
||
Loss on sale of business
|
—
|
|
|
9.6
|
|
||
Other adjustments and non-cash items
|
1.2
|
|
|
5.0
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(10.8
|
)
|
|
3.5
|
|
||
Inventories
|
2.1
|
|
|
32.9
|
|
||
Prepaid income taxes
|
1.9
|
|
|
(1.3
|
)
|
||
Prepaid expenses and other assets
|
(16.2
|
)
|
|
4.7
|
|
||
Accounts payable
|
14.4
|
|
|
(1.8
|
)
|
||
Accrued expenses and other liabilities
|
34.7
|
|
|
25.3
|
|
||
Deferred revenue
|
(6.2
|
)
|
|
2.4
|
|
||
Net cash provided by operating activities
|
560.5
|
|
|
553.6
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Purchase of property and equipment
|
(27.0
|
)
|
|
(27.9
|
)
|
||
Increase in equipment under customer usage agreements
|
(35.8
|
)
|
|
(30.2
|
)
|
||
Proceeds from sale of available-for-sale marketable security
|
31.1
|
|
|
—
|
|
||
Purchases of insurance contracts
|
(5.2
|
)
|
|
(6.4
|
)
|
||
Sales of mutual funds
|
5.2
|
|
|
7.7
|
|
||
Purchase of intellectual property
|
(4.0
|
)
|
|
—
|
|
||
Increase in other assets
|
(0.4
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(36.1
|
)
|
|
(56.8
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Proceeds from long-term debt
|
—
|
|
|
1,495.1
|
|
||
Repayment of long-term debt
|
(56.2
|
)
|
|
(2,045.0
|
)
|
||
Payments to extinguish convertible notes
|
(311.5
|
)
|
|
—
|
|
||
Proceeds from amounts borrowed under revolving credit line
|
50.0
|
|
|
175.0
|
|
||
Repayment of amounts borrowed under revolving credit line
|
(225.0
|
)
|
|
—
|
|
||
Proceeds from accounts receivable securitization agreement
|
200.0
|
|
|
—
|
|
||
Repurchase of common stock
|
(250.0
|
)
|
|
—
|
|
||
Payment of debt issuance costs
|
—
|
|
|
(8.3
|
)
|
||
Purchase of interest rate caps
|
—
|
|
|
(6.1
|
)
|
||
Net proceeds from issuance of common stock pursuant to employee stock plans
|
27.4
|
|
|
50.4
|
|
||
Excess tax benefit related to equity awards
|
9.2
|
|
|
8.0
|
|
||
Payment of minimum tax withholdings on net share settlements of equity awards
|
(16.1
|
)
|
|
(12.6
|
)
|
||
Net cash used in financing activities
|
(572.2
|
)
|
|
(343.5
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(2.0
|
)
|
|
(4.4
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(49.8
|
)
|
|
148.9
|
|
||
Cash and cash equivalents, beginning of period
|
491.3
|
|
|
736.1
|
|
||
Cash and cash equivalents, end of period
|
$
|
441.5
|
|
|
$
|
885.0
|
|
|
|
|
Fair Value at Reporting Date Using
|
||||||||||||
|
Balance as of June 25, 2016
|
|
Quoted Prices in
Active Market for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs (Level 2)
|
|
Significant
Unobservable
Inputs (Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
0.9
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate cap - derivative
|
1.2
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
||||
Forward foreign currency contracts
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
||||
Total
|
$
|
3.1
|
|
|
$
|
0.9
|
|
|
$
|
2.2
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Deferred compensation liabilities
|
$
|
35.6
|
|
|
$
|
35.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Forward foreign currency contracts
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||
Total
|
$
|
36.0
|
|
|
$
|
35.6
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
2010 Notes
|
$
|
88.2
|
|
2012 Notes
|
475.6
|
|
|
2013 Notes
|
451.4
|
|
|
|
$
|
1,015.2
|
|
|
|
Fiscal 2016 Actions
|
|
Fiscal 2015 Actions
|
|
Fiscal 2014 Actions
|
|
Other Operating Cost Reductions
|
|
Total
|
||||||||||
Restructuring and Divestiture Charges
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fiscal 2015 charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce reductions
|
|
$
|
—
|
|
|
$
|
10.0
|
|
|
$
|
6.0
|
|
|
$
|
0.3
|
|
|
$
|
16.3
|
|
Facility closure costs
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
0.6
|
|
|
2.6
|
|
|||||
Fiscal 2015 restructuring charges
|
|
$
|
—
|
|
|
$
|
10.0
|
|
|
$
|
8.0
|
|
|
$
|
0.9
|
|
|
$
|
18.9
|
|
Divestiture net charges
|
|
|
|
|
|
|
|
|
|
9.6
|
|
|||||||||
Fiscal 2015 restructuring and divestiture charges
|
|
|
|
|
|
|
|
|
|
$
|
28.5
|
|
||||||||
Fiscal 2016 charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Workforce reductions
|
|
$
|
7.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.5
|
|
Fiscal 2016 restructuring charges
|
|
$
|
7.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.5
|
|
|
|
Fiscal 2016 Actions
|
|
Fiscal 2015 Actions
|
|
Fiscal 2014 Actions
|
|
Other Operating Cost Reductions
|
|
Total
|
||||||||||
Rollforward of Accrued Restructuring
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of September 26, 2015
|
|
$
|
—
|
|
|
$
|
3.1
|
|
|
$
|
2.5
|
|
|
$
|
0.1
|
|
|
$
|
5.7
|
|
Fiscal 2016 restructuring charges
|
|
7.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.5
|
|
|||||
Severance payments
|
|
(3.3
|
)
|
|
(2.6
|
)
|
|
(1.4
|
)
|
|
(0.1
|
)
|
|
(7.4
|
)
|
|||||
Other payments
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|||||
Balance as of June 25, 2016
|
|
$
|
4.2
|
|
|
$
|
0.5
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
5.4
|
|
|
June 25,
2016 |
|
September 26,
2015 |
||||
Current debt obligations, net of debt discount:
|
|
|
|
||||
Term Loan
|
$
|
74.7
|
|
|
$
|
74.6
|
|
Revolver
|
—
|
|
|
175.0
|
|
||
Securitization Program
|
200.0
|
|
|
—
|
|
||
Convertible Notes
|
58.7
|
|
|
142.2
|
|
||
Total current debt obligations
|
$
|
333.4
|
|
|
$
|
391.8
|
|
Long-term debt obligations, net of debt discount:
|
|
|
|
||||
Term Loan
|
1,344.7
|
|
|
1,399.8
|
|
||
2022 Senior Notes
|
988.2
|
|
|
986.7
|
|
||
Convertible Notes
|
755.9
|
|
|
861.5
|
|
||
Total long-term debt obligations
|
$
|
3,088.8
|
|
|
$
|
3,248.0
|
|
Total debt obligations
|
$
|
3,422.2
|
|
|
$
|
3,639.8
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 27,
2015 |
||||||||
Amortization of debt discount
|
$
|
5.2
|
|
|
$
|
9.2
|
|
|
$
|
17.3
|
|
|
$
|
27.0
|
|
Amortization of deferred financing costs
|
0.2
|
|
|
0.4
|
|
|
0.9
|
|
|
1.3
|
|
||||
Principal accretion
|
4.2
|
|
|
4.0
|
|
|
12.4
|
|
|
11.9
|
|
||||
Non-cash interest expense
|
9.6
|
|
|
13.6
|
|
|
30.6
|
|
|
40.2
|
|
||||
2.00% accrued interest (cash)
|
2.1
|
|
|
4.7
|
|
|
8.0
|
|
|
14.2
|
|
||||
|
$
|
11.7
|
|
|
$
|
18.3
|
|
|
$
|
38.6
|
|
|
$
|
54.4
|
|
|
Balance Sheet Location
|
|
June 25, 2016
|
|
September 26, 2015
|
||||
Assets:
|
|
|
|
|
|
||||
Derivative instruments designated as a cash flow hedge:
|
|
|
|
|
|
||||
Interest rate cap agreements
|
Prepaid expenses and other current assets
|
|
$
|
0.4
|
|
|
$
|
0.7
|
|
Interest rate cap agreements
|
Other assets
|
|
0.8
|
|
|
6.2
|
|
||
|
|
|
$
|
1.2
|
|
|
$
|
6.9
|
|
|
|
|
|
|
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Forward foreign currency contracts
|
Prepaid expenses and other current assets
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Forward foreign currency contracts
|
Accrued expenses
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||||||
Amount of loss recognized in other comprehensive income, net of taxes:
|
|
|
|
|
|
|
|
||||||||
Interest rate cap agreements
|
$
|
(1.5
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
(2.3
|
)
|
Derivatives not classified as hedging instruments
|
|
Amount of Gain (Loss) Recognized in Income
|
|
Location of Gain (Loss) Recognized in Income
|
||||||
|
|
Three Months Ended June 25, 2016
|
|
Nine Months Ended June 25, 2016
|
|
|
||||
Forward foreign currency contracts
|
|
$
|
0.1
|
|
|
$
|
1.4
|
|
|
Other income, net
|
Period Ended:
|
Cost
|
|
Gross Unrealized
Gains
|
|
Gross Unrealized
Losses
|
|
Other Than Temporary Impairment
|
|
Fair Value
|
||||||||||
Nine Months Ended June 25, 2016
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
(1.5
|
)
|
|
$
|
—
|
|
|
$
|
0.9
|
|
Year Ended September 26, 2015
|
$
|
16.1
|
|
|
$
|
7.2
|
|
|
$
|
(0.3
|
)
|
|
$
|
(7.8
|
)
|
|
$
|
15.2
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 27,
2015 |
||||
Basic weighted average common shares outstanding
|
277,853
|
|
|
281,184
|
|
|
281,101
|
|
|
280,064
|
|
Weighted average common stock equivalents from assumed exercise of stock options and stock units
|
2,399
|
|
|
3,108
|
|
|
2,603
|
|
|
2,688
|
|
Incremental shares from Convertible Notes premium
|
2,050
|
|
|
8,320
|
|
|
3,673
|
|
|
5,038
|
|
Diluted weighted average common shares outstanding
|
282,302
|
|
|
292,612
|
|
|
287,377
|
|
|
287,790
|
|
Weighted-average anti-dilutive shares related to:
|
|
|
|
|
|
|
|
||||
Outstanding stock options
|
1,149
|
|
|
168
|
|
|
996
|
|
|
1,939
|
|
Stock units
|
15
|
|
|
4
|
|
|
77
|
|
|
63
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 27,
2015 |
||||||||
Cost of revenues
|
$
|
2.2
|
|
|
$
|
2.3
|
|
|
$
|
6.9
|
|
|
$
|
6.5
|
|
Research and development
|
2.4
|
|
|
2.0
|
|
|
7.3
|
|
|
6.1
|
|
||||
Selling and marketing
|
2.5
|
|
|
2.1
|
|
|
7.8
|
|
|
6.4
|
|
||||
General and administrative
|
7.4
|
|
|
9.4
|
|
|
23.1
|
|
|
22.5
|
|
||||
Restructuring and divestiture
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.7
|
|
||||
|
$
|
14.5
|
|
|
$
|
16.4
|
|
|
$
|
45.1
|
|
|
$
|
42.2
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 27,
2015 |
||||||||
Risk-free interest rate
|
1.6
|
%
|
|
1.7
|
%
|
|
1.6
|
%
|
|
1.7
|
%
|
||||
Expected volatility
|
37.8
|
%
|
|
38.6
|
%
|
|
37.8
|
%
|
|
38.6
|
%
|
||||
Expected life (in years)
|
4.7
|
|
|
5.3
|
|
|
4.7
|
|
|
5.3
|
|
||||
Dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average fair value of options granted
|
$
|
11.36
|
|
|
$
|
12.07
|
|
|
$
|
12.95
|
|
|
$
|
9.73
|
|
|
June 25,
2016 |
|
September 26,
2015 |
||||
Inventories
|
|
|
|
||||
Raw materials
|
$
|
100.8
|
|
|
$
|
98.3
|
|
Work-in-process
|
55.4
|
|
|
58.7
|
|
||
Finished goods
|
124.3
|
|
|
126.1
|
|
||
|
$
|
280.5
|
|
|
$
|
283.1
|
|
Property, plant and equipment
|
|
|
|
||||
Equipment and software
|
$
|
381.4
|
|
|
$
|
365.9
|
|
Equipment under customer usage agreements
|
328.9
|
|
|
305.7
|
|
||
Building and improvements
|
183.2
|
|
|
182.1
|
|
||
Leasehold improvements
|
59.7
|
|
|
59.2
|
|
||
Land
|
51.4
|
|
|
51.4
|
|
||
Furniture and fixtures
|
18.4
|
|
|
17.3
|
|
||
|
1,023.0
|
|
|
981.6
|
|
||
Less – accumulated depreciation and amortization
|
(571.5
|
)
|
|
(524.5
|
)
|
||
|
$
|
451.5
|
|
|
$
|
457.1
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 27,
2015 |
||||||||
Total revenues:
|
|
|
|
|
|
|
|
||||||||
Diagnostics
|
$
|
309.9
|
|
|
$
|
306.9
|
|
|
$
|
925.0
|
|
|
$
|
907.7
|
|
Breast Health
|
282.5
|
|
|
279.5
|
|
|
820.5
|
|
|
777.1
|
|
||||
GYN Surgical
|
102.0
|
|
|
85.5
|
|
|
291.6
|
|
|
248.9
|
|
||||
Skeletal Health
|
23.0
|
|
|
22.0
|
|
|
68.7
|
|
|
68.5
|
|
||||
|
$
|
717.4
|
|
|
$
|
693.9
|
|
|
$
|
2,105.8
|
|
|
$
|
2,002.2
|
|
Income from operations:
|
|
|
|
|
|
|
|
||||||||
Diagnostics
|
$
|
31.7
|
|
|
$
|
30.0
|
|
|
$
|
97.6
|
|
|
$
|
85.3
|
|
Breast Health
|
90.8
|
|
|
74.7
|
|
|
250.7
|
|
|
210.7
|
|
||||
GYN Surgical
|
16.8
|
|
|
9.5
|
|
|
49.2
|
|
|
27.2
|
|
||||
Skeletal Health
|
0.1
|
|
|
1.8
|
|
|
4.1
|
|
|
6.2
|
|
||||
|
$
|
139.4
|
|
|
$
|
116.0
|
|
|
$
|
401.6
|
|
|
$
|
329.4
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Diagnostics
|
$
|
90.6
|
|
|
$
|
88.8
|
|
|
$
|
258.0
|
|
|
$
|
269.2
|
|
Breast Health
|
5.1
|
|
|
5.9
|
|
|
17.5
|
|
|
21.8
|
|
||||
GYN Surgical
|
24.9
|
|
|
25.6
|
|
|
74.4
|
|
|
77.0
|
|
||||
Skeletal Health
|
0.3
|
|
|
0.3
|
|
|
0.9
|
|
|
1.1
|
|
||||
|
$
|
120.9
|
|
|
$
|
120.6
|
|
|
$
|
350.8
|
|
|
$
|
369.1
|
|
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
Diagnostics
|
$
|
12.7
|
|
|
$
|
12.4
|
|
|
$
|
37.6
|
|
|
$
|
38.6
|
|
Breast Health
|
2.4
|
|
|
2.8
|
|
|
7.7
|
|
|
8.4
|
|
||||
GYN Surgical
|
4.1
|
|
|
2.2
|
|
|
10.9
|
|
|
6.6
|
|
||||
Skeletal Health
|
0.1
|
|
|
0.1
|
|
|
0.4
|
|
|
0.3
|
|
||||
Corporate
|
1.8
|
|
|
0.9
|
|
|
6.2
|
|
|
4.2
|
|
||||
|
$
|
21.1
|
|
|
$
|
18.4
|
|
|
$
|
62.8
|
|
|
$
|
58.1
|
|
|
June 25,
2016 |
|
September 26,
2015 |
||||
Identifiable assets:
|
|
|
|
||||
Diagnostics
|
$
|
3,824.9
|
|
|
$
|
4,055.8
|
|
Breast Health
|
808.5
|
|
|
815.4
|
|
||
GYN Surgical
|
1,591.5
|
|
|
1,658.1
|
|
||
Skeletal Health
|
32.9
|
|
|
25.3
|
|
||
Corporate
|
1,048.9
|
|
|
1,115.5
|
|
||
|
$
|
7,306.7
|
|
|
$
|
7,670.1
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
June 25,
2016 |
|
June 27,
2015 |
||||
United States
|
78.7
|
%
|
|
77.8
|
%
|
|
78.7
|
%
|
|
75.8
|
%
|
Europe
|
10.6
|
%
|
|
11.3
|
%
|
|
10.3
|
%
|
|
12.2
|
%
|
Asia-Pacific
|
7.5
|
%
|
|
7.9
|
%
|
|
7.6
|
%
|
|
8.5
|
%
|
All others
|
3.2
|
%
|
|
3.0
|
%
|
|
3.4
|
%
|
|
3.5
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Description
|
As of June 25, 2016
|
|
As of September 26, 2015
|
||||||||||||
Gross
Carrying
Value
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Value
|
|
Accumulated
Amortization
|
|||||||||
Developed technology
|
$
|
3,983.7
|
|
|
$
|
1,920.4
|
|
|
$
|
3,979.1
|
|
|
$
|
1,698.5
|
|
In-process research and development
|
3.7
|
|
|
—
|
|
|
3.7
|
|
|
—
|
|
||||
Customer relationships and contracts
|
1,099.3
|
|
|
526.6
|
|
|
1,101.1
|
|
|
467.5
|
|
||||
Trade names
|
236.3
|
|
|
139.1
|
|
|
236.4
|
|
|
131.5
|
|
||||
Business licenses
|
2.4
|
|
|
2.1
|
|
|
2.5
|
|
|
2.1
|
|
||||
|
$
|
5,325.4
|
|
|
$
|
2,588.2
|
|
|
$
|
5,322.8
|
|
|
$
|
2,299.6
|
|
Remainder of Fiscal 2016
|
$
|
93.6
|
|
Fiscal 2017
|
$
|
365.2
|
|
Fiscal 2018
|
$
|
354.7
|
|
Fiscal 2019
|
$
|
343.0
|
|
Fiscal 2020
|
$
|
332.0
|
|
|
Balance at
Beginning of
Period
|
|
Provisions
|
|
Settlements/
Adjustments
|
|
Balance at
End of Period
|
||||||||
Nine Months Ended:
|
|
|
|
|
|
|
|
||||||||
June 25, 2016
|
$
|
5.4
|
|
|
$
|
8.5
|
|
|
$
|
(4.8
|
)
|
|
$
|
9.1
|
|
June 27, 2015
|
$
|
6.3
|
|
|
$
|
4.4
|
|
|
$
|
(5.1
|
)
|
|
$
|
5.6
|
|
|
Three Months Ended June 25, 2016
|
|
Nine Months Ended June 25, 2016
|
||||||||||||||||||||||||||||||||||||
|
Foreign Currency Translation
|
|
Marketable Securities
|
|
Pension Plans
|
|
Hedged Interest Rate Caps
|
|
Total
|
|
Foreign Currency Translation
|
|
Marketable Securities
|
|
Pension Plans
|
|
Hedged Interest Rate Caps
|
|
Total
|
||||||||||||||||||||
Beginning Balance
|
$
|
(21.1
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(1.8
|
)
|
|
$
|
(4.8
|
)
|
|
$
|
(29.2
|
)
|
|
$
|
(15.7
|
)
|
|
$
|
6.9
|
|
|
$
|
(1.8
|
)
|
|
$
|
(3.9
|
)
|
|
$
|
(14.5
|
)
|
Other comprehensive income (loss) before reclassifications
|
(3.8
|
)
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|
(5.3
|
)
|
|
(9.2
|
)
|
|
(1.2
|
)
|
|
—
|
|
|
(3.4
|
)
|
|
(13.8
|
)
|
||||||||||
Amounts reclassified to statement of income
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
1.2
|
|
|
—
|
|
|
(7.2
|
)
|
|
—
|
|
|
2.2
|
|
|
(5.0
|
)
|
||||||||||
Ending Balance
|
$
|
(24.9
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(1.8
|
)
|
|
$
|
(5.1
|
)
|
|
$
|
(33.3
|
)
|
|
$
|
(24.9
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(1.8
|
)
|
|
$
|
(5.1
|
)
|
|
$
|
(33.3
|
)
|
|
Three Months Ended June 27, 2015
|
|
Nine Months Ended June 27, 2015
|
||||||||||||||||||||||||||||||||||||
|
Foreign Currency Translation
|
|
Marketable Securities
|
|
Pension Plans
|
|
Hedged Interest Rate Caps
|
|
Total
|
|
Foreign Currency Translation
|
|
Marketable Securities
|
|
Pension Plans
|
|
Hedged Interest Rate Caps
|
|
Total
|
||||||||||||||||||||
Beginning Balance
|
$
|
(23.2
|
)
|
|
$
|
5.7
|
|
|
$
|
(1.5
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
(20.6
|
)
|
|
$
|
(4.7
|
)
|
|
$
|
8.9
|
|
|
$
|
(1.6
|
)
|
|
$
|
—
|
|
|
$
|
2.6
|
|
Other comprehensive income (loss) before reclassifications
|
4.5
|
|
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
|
3.1
|
|
|
(14.0
|
)
|
|
(3.9
|
)
|
|
0.1
|
|
|
(2.3
|
)
|
|
(20.1
|
)
|
||||||||||
Amounts reclassified to statement of income
|
9.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.6
|
|
|
9.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.6
|
|
||||||||||
Ending Balance
|
$
|
(9.1
|
)
|
|
$
|
5.0
|
|
|
$
|
(1.5
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(7.9
|
)
|
|
$
|
(9.1
|
)
|
|
$
|
5.0
|
|
|
$
|
(1.5
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(7.9
|
)
|
•
|
the effect of the continuing worldwide macroeconomic uncertainty, including the UK's decision to leave the European Union, on our business and results of operations;
|
•
|
the coverage and reimbursement decisions of third-party payors and the guidelines, recommendations, and studies published by various organizations relating to the use of our products and treatments;
|
•
|
the uncertainty of the impact of cost containment efforts and federal healthcare reform legislation on our business and results of operations;
|
•
|
the ability to successfully manage ongoing organizational and strategic changes, including our ability to attract, motivate and retain key employees;
|
•
|
the impact and anticipated benefits of completed acquisitions and acquisitions we may complete in the future;
|
•
|
the ability to consolidate certain of our manufacturing and other operations on a timely basis and within budget, without disrupting our business and to achieve anticipated cost synergies related to such actions;
|
•
|
our goal of expanding our market positions;
|
•
|
the development of new competitive technologies and products;
|
•
|
regulatory approvals and clearances for our products;
|
•
|
production schedules for our products;
|
•
|
the anticipated development of markets we sell our products into and the success of our products in these markets;
|
•
|
the anticipated performance and benefits of our products;
|
•
|
business strategies;
|
•
|
estimated asset and liability values;
|
•
|
the impact and costs and expenses of any litigation we may be subject to now or in the future;
|
•
|
our compliance with covenants contained in our debt agreements;
|
•
|
anticipated trends relating to our financial condition or results of operations, including the impact of interest rate and foreign currency exchange fluctuations; and
|
•
|
our capital resources and the adequacy thereof.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
||||||||||||||||||||||||||||||
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
%
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
%
|
||||||||||||||||||
Product Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Diagnostics
|
$
|
301.4
|
|
|
42.0
|
%
|
|
$
|
299.5
|
|
|
43.2
|
%
|
|
$
|
1.9
|
|
|
0.6
|
%
|
|
$
|
903.0
|
|
|
42.9
|
%
|
|
$
|
886.1
|
|
|
44.3
|
%
|
|
$
|
16.9
|
|
|
1.9
|
%
|
Breast Health
|
182.2
|
|
|
25.4
|
%
|
|
183.1
|
|
|
26.4
|
%
|
|
(0.9
|
)
|
|
(0.4
|
)%
|
|
529.7
|
|
|
25.1
|
%
|
|
493.8
|
|
|
24.7
|
%
|
|
35.9
|
|
|
7.3
|
%
|
||||||
GYN Surgical
|
101.7
|
|
|
14.2
|
%
|
|
85.2
|
|
|
12.3
|
%
|
|
16.5
|
|
|
19.3
|
%
|
|
290.7
|
|
|
13.8
|
%
|
|
248.1
|
|
|
12.4
|
%
|
|
42.6
|
|
|
17.2
|
%
|
||||||
Skeletal Health
|
16.0
|
|
|
2.2
|
%
|
|
15.2
|
|
|
2.2
|
%
|
|
0.8
|
|
|
4.8
|
%
|
|
48.1
|
|
|
2.3
|
%
|
|
48.0
|
|
|
2.4
|
%
|
|
0.1
|
|
|
0.2
|
%
|
||||||
|
$
|
601.3
|
|
|
83.8
|
%
|
|
$
|
583.0
|
|
|
84.1
|
%
|
|
$
|
18.3
|
|
|
3.1
|
%
|
|
$
|
1,771.5
|
|
|
84.1
|
%
|
|
$
|
1,676.0
|
|
|
83.8
|
%
|
|
$
|
95.5
|
|
|
5.7
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
June 25, 2016
|
|
June 27, 2015
|
||||
United States
|
77.8
|
%
|
|
76.6
|
%
|
|
77.6
|
%
|
|
74.4
|
%
|
Europe
|
10.9
|
%
|
|
11.9
|
%
|
|
10.7
|
%
|
|
12.8
|
%
|
Asia-Pacific
|
8.1
|
%
|
|
8.6
|
%
|
|
8.3
|
%
|
|
9.3
|
%
|
All others
|
3.2
|
%
|
|
2.9
|
%
|
|
3.4
|
%
|
|
3.5
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
||||||||||||||||||||||||||||||
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
%
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
%
|
||||||||||||||||||
Service and Other Revenues
|
$
|
116.1
|
|
|
16.2
|
%
|
|
$
|
110.9
|
|
|
16.0
|
%
|
|
$
|
5.2
|
|
|
4.7
|
%
|
|
$
|
334.3
|
|
|
15.9
|
%
|
|
$
|
326.2
|
|
|
16.3
|
%
|
|
$
|
8.1
|
|
|
2.5
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
||||||||||||||||||||||||||||||
|
Amount
|
|
% of
Product
Revenue
|
|
Amount
|
|
% of
Product
Revenue
|
|
Amount
|
|
%
|
|
Amount
|
|
% of
Product
Revenue
|
|
Amount
|
|
% of
Product
Revenue
|
|
Amount
|
|
%
|
||||||||||||||||||
Cost of Product Revenues
|
$
|
191.1
|
|
|
31.8
|
%
|
|
$
|
186.2
|
|
|
31.9
|
%
|
|
$
|
4.9
|
|
|
2.7
|
%
|
|
$
|
561.2
|
|
|
31.7
|
%
|
|
$
|
559.6
|
|
|
33.4
|
%
|
|
$
|
1.6
|
|
|
0.3
|
%
|
Amortization of Intangible Assets
|
77.9
|
|
|
13.0
|
%
|
|
73.1
|
|
|
12.5
|
%
|
|
4.8
|
|
|
6.5
|
%
|
|
222.2
|
|
|
12.5
|
%
|
|
225.6
|
|
|
13.5
|
%
|
|
(3.4
|
)
|
|
(1.5
|
)%
|
||||||
|
$
|
269.0
|
|
|
44.8
|
%
|
|
$
|
259.3
|
|
|
44.4
|
%
|
|
$
|
9.7
|
|
|
3.7
|
%
|
|
$
|
783.4
|
|
|
44.2
|
%
|
|
$
|
785.2
|
|
|
46.9
|
%
|
|
$
|
(1.8
|
)
|
|
(0.2
|
)%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
||||||||||||||||||||||||||||||
|
Amount
|
|
% of
Service
Revenue
|
|
Amount
|
|
% of
Service
Revenue
|
|
Amount
|
|
%
|
|
Amount
|
|
% of
Service
Revenue
|
|
Amount
|
|
% of
Service
Revenue
|
|
Amount
|
|
%
|
||||||||||||||||||
Cost of Service and Other Revenue
|
$
|
55.3
|
|
|
47.6
|
%
|
|
$
|
55.9
|
|
|
50.4
|
%
|
|
$
|
(0.6
|
)
|
|
(1.2
|
)%
|
|
$
|
165.2
|
|
|
49.4
|
%
|
|
$
|
163.7
|
|
|
50.2
|
%
|
|
$
|
1.5
|
|
|
0.9
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||||||||||
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
|
June 25, 2016
|
|
June 27, 2015
|
|
Change
|
||||||||||||||||||||||||||||||
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
%
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
% of
Total
Revenue
|
|
Amount
|
|
%
|
||||||||||||||||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Research and development
|
$
|
58.8
|
|
|
8.2
|
%
|
|
$
|
56.0
|
|
|
8.1
|
%
|
|
$
|
2.8
|
|
|
5.0
|
%
|
|
$
|
169.6
|
|
|
8.1
|
%
|
|
$
|
161.2
|
|
|
8.1
|
%
|
|
$
|
8.4
|
|
|
5.2
|
%
|
Selling and marketing
|
109.0
|
|
|
15.2
|
%
|
|
94.3
|
|
|
13.6
|
%
|
|
14.7
|
|
|
15.6
|
%
|
|
309.2
|
|
|
14.7
|
%
|
|
263.3
|
|
|
13.2
|
%
|
|
45.9
|
|
|
17.4
|
%
|
||||||
General and administrative
|
62.5
|
|
|
8.7
|
%
|
|
73.1
|
|
|
10.5
|
%
|
|
(10.6
|
)
|
|
(14.5
|
)%
|
|
202.0
|
|
|
9.6
|
%
|
|
194.7
|
|
|
9.7
|
%
|
|
7.3
|
|
|
3.7
|
%
|
||||||
Amortization of intangible assets
|
21.9
|
|
|
3.1
|
%
|
|
27.4
|
|
|
3.9
|
%
|
|
(5.5
|
)
|
|
(20.1
|
)%
|
|
67.3
|
|
|
3.2
|
%
|
|
82.8
|
|
|
4.1
|
%
|
|
(15.5
|
)
|
|
(18.6
|
)%
|
||||||
Restructuring and divestiture charges
|
1.5
|
|
|
0.2
|
%
|
|
11.9
|
|
|
1.7
|
%
|
|
(10.4
|
)
|
|
(87.4
|
)%
|
|
7.5
|
|
|
0.4
|
%
|
|
21.9
|
|
|
1.1
|
%
|
|
(14.4
|
)
|
|
(65.8
|
)%
|
||||||
|
$
|
253.7
|
|
|
35.4
|
%
|
|
$
|
262.7
|
|
|
37.8
|
%
|
|
$
|
(9.0
|
)
|
|
(3.4
|
)%
|
|
$
|
755.6
|
|
|
36.0
|
%
|
|
$
|
723.9
|
|
|
36.2
|
%
|
|
$
|
31.7
|
|
|
4.4
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
||||||||||||||||||
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
||||||||||||||
Debt Extinguishment Loss
|
$
|
—
|
|
|
$
|
(18.2
|
)
|
|
$
|
18.2
|
|
|
(100.0
|
)%
|
|
$
|
(4.5
|
)
|
|
$
|
(24.9
|
)
|
|
$
|
20.4
|
|
|
(81.9
|
)%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
||||||||||||||||||
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
||||||||||||||
Provision for Income Taxes
|
$
|
16.3
|
|
|
$
|
17.3
|
|
|
$
|
(1.0
|
)
|
|
(5.8
|
)%
|
|
$
|
69.1
|
|
|
$
|
45.3
|
|
|
$
|
23.8
|
|
|
52.5
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
||||||||||||||||||
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
||||||||||||||
Total Revenues
|
$
|
309.9
|
|
|
$
|
306.9
|
|
|
$
|
3.0
|
|
|
1.0
|
%
|
|
$
|
925.0
|
|
|
$
|
907.7
|
|
|
$
|
17.3
|
|
|
1.9
|
%
|
Operating Income
|
$
|
31.7
|
|
|
$
|
30.0
|
|
|
$
|
1.7
|
|
|
5.7
|
%
|
|
$
|
97.6
|
|
|
$
|
85.3
|
|
|
$
|
12.3
|
|
|
14.4
|
%
|
Operating Income as a % of Segment Revenue
|
10.2
|
%
|
|
9.8
|
%
|
|
|
|
|
|
10.5
|
%
|
|
9.4
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
||||||||||||||||||
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
||||||||||||||
Total Revenues
|
$
|
282.5
|
|
|
$
|
279.5
|
|
|
$
|
3.0
|
|
|
1.1
|
%
|
|
$
|
820.5
|
|
|
$
|
777.1
|
|
|
$
|
43.4
|
|
|
5.6
|
%
|
Operating Income
|
$
|
90.8
|
|
|
$
|
74.7
|
|
|
$
|
16.1
|
|
|
21.4
|
%
|
|
$
|
250.7
|
|
|
$
|
210.7
|
|
|
$
|
40.0
|
|
|
19.0
|
%
|
Operating Income as a % of Segment Revenue
|
32.1
|
%
|
|
26.7
|
%
|
|
|
|
|
|
30.6
|
%
|
|
27.1
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
||||||||||||||||||
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
||||||||||||||
Total Revenues
|
$
|
102.0
|
|
|
$
|
85.5
|
|
|
$
|
16.5
|
|
|
19.3
|
%
|
|
$
|
291.6
|
|
|
$
|
248.9
|
|
|
$
|
42.7
|
|
|
17.1
|
%
|
Operating Income
|
$
|
16.8
|
|
|
$
|
9.5
|
|
|
$
|
7.3
|
|
|
76.9
|
%
|
|
$
|
49.2
|
|
|
$
|
27.2
|
|
|
$
|
22.0
|
|
|
80.9
|
%
|
Operating Income as a % of Segment Revenue
|
16.5
|
%
|
|
11.1
|
%
|
|
|
|
|
|
16.9
|
%
|
|
10.9
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
|
June 25,
2016 |
|
June 27,
2015 |
|
Change
|
||||||||||||||||||
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
|
Amount
|
|
Amount
|
|
Amount
|
|
%
|
||||||||||||||
Total Revenues
|
$
|
23.0
|
|
|
$
|
22.0
|
|
|
$
|
1.0
|
|
|
4.5
|
%
|
|
$
|
68.7
|
|
|
$
|
68.5
|
|
|
$
|
0.2
|
|
|
0.3
|
%
|
Operating Income
|
$
|
0.1
|
|
|
$
|
1.8
|
|
|
$
|
(1.7
|
)
|
|
(94.4
|
)%
|
|
$
|
4.1
|
|
|
$
|
6.2
|
|
|
$
|
(2.1
|
)
|
|
(33.9
|
)%
|
Operating Income as a % of Segment Revenue
|
0.5
|
%
|
|
8.2
|
%
|
|
|
|
|
|
6.0
|
%
|
|
9.1
|
%
|
|
|
|
|
•
|
$59.9 million
of our 2.00% Convertible Exchange Senior Notes due 2037 issued in November 2010 ("2010 Notes");
|
•
|
$363.4 million
of our 2.00% Convertible Senior Notes due 2042 issued in March 2012 ("2012 Notes"); and
|
•
|
$370.0 million
of our 2.00% Convertible Senior Notes due 2043 issued in February 2013 ("2013 Notes").
|
Period of Repurchase
|
Total Number of
Shares Purchased
(#) (1)
|
|
Average Price
Paid Per Share
($) (1)
|
|
Total Number of
Shares Purchased As Part of Publicly
Announced Plans or Programs
(#) (2) (3)
|
|
Average Price Paid Per Share As Part of Publicly Announced Plans or Programs($) (2) (3)
|
|
Maximum
Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under Our
Programs
(in millions) ($) (2) (3)
|
||||||||
March 27, 2016 – April 23, 2016
|
5,325
|
|
|
$
|
35.22
|
|
|
990,729
|
|
|
$
|
34.68
|
|
|
$
|
66.9
|
|
April 24, 2016 – May 21, 2016
|
1,753
|
|
|
33.75
|
|
|
1,967,577
|
|
|
33.98
|
|
|
—
|
|
|||
May 22, 2016 – June 25, 2016
|
7,027
|
|
|
34.30
|
|
|
—
|
|
|
—
|
|
|
500.0
|
|
|||
Total
|
14,105
|
|
|
$
|
—
|
|
|
2,958,306
|
|
|
$
|
—
|
|
|
$
|
500.0
|
|
(1)
|
For the majority of restricted stock units granted, the number of shares issued on the date that the restricted stock units vest is net of the minimum statutory tax withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. These repurchases of our common stock were to cover employee income tax withholding obligations in connection with the vesting of restricted stock units under our equity incentive plans.
|
(2)
|
On November 11, 2013, we announced that our Board of Directors authorized the repurchase of up to
$250.0 million
of our outstanding common stock over a three year period. Through
June 25, 2016
, we repurchased
7.3 million
shares of our common stock for total consideration of
$250.0 million
in cash with a weighted average per share price of
$34.29
. This authorization is now fully utilized.
|
(3)
|
On June 21, 2016, the Board of Directors authorized the repurchase of up to an additional
$500.0 million
of our outstanding common stock over the next five years. There were no repurchases of common stock made under this authorization during the three and
nine
months ended
June 25, 2016
.
|
|
|
|
|
Incorporated by
Reference
|
||
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End
Date
|
|
|
|
|
|
|
|
31.1*
|
|
Certification of Hologic’s CEO pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
|
|
31.2*
|
|
Certification of Hologic’s CFO pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
|
|
32.1**
|
|
Certification of Hologic’s CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
|
|
32.2**
|
|
Certification of Hologic’s CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition
|
|
|
|
|
|
|
|
Hologic, Inc.
|
|
|
|
(Registrant)
|
|
|
|
|
Date:
|
July 27, 2016
|
|
/s/ Stephen P. MacMillan
|
|
|
|
|
|
|
|
Stephen P. MacMillan
Chairman, President and Chief Executive Officer
|
|
|
|
|
Date:
|
July 27, 2016
|
|
/s/ Robert W. McMahon
|
|
|
|
|
|
|
|
Robert W. McMahon
|
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
1 Year Hologic Chart |
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