MARLBOROUGH, Mass.,
May 10, 2017 /PRNewswire/ -- Hologic,
Inc. (Nasdaq: HOLX) announced today the Company's financial results
for the fiscal second quarter ended April 1,
2017. GAAP diluted earnings per share (EPS) of
$1.84 increased 666.7% compared to
the prior year period as the sale of the blood screening business
resulted in a significant gain, while non-GAAP diluted EPS of
$0.50 increased 6.4%. Revenue
of $715.4 million increased 3.2%, or
3.8% in constant currency terms. Excluding the effects of
blood screening and the acquired Cynosure business, base business
revenue increased 4.7%, or 5.4% in constant currency terms, while
non-GAAP diluted EPS grew 21.6%.
"Hologic posted good financial results in the second quarter,
with both revenues and EPS exceeding our guidance," said
Steve MacMillan, Hologic's Chairman,
President and Chief Executive Officer. "Our base business
revenue grew 5.4% on a constant currency basis, led by our
molecular diagnostics, surgical and international franchises.
And at the same time, it was a transformational quarter from a
strategic perspective, as we strengthened our portfolio of
businesses for the long-term."
Key financial results for the fiscal second quarter are shown in
the table below. Results were affected by the divestiture of
blood screening, which included a large, one-time gain on a GAAP
basis, and the acquisition of Cynosure. Because both
transactions closed in the second quarter, Hologic's financial
results contain partial-quarter contributions from both blood
screening and Cynosure.
|
GAAP
|
Non-GAAP
|
|
Q2'17
|
Q2'16
|
Change
Increase
(Decrease)
|
Q2'17
|
Q2'16
|
Change
Increase
(Decrease)
|
Revenues
|
$715.4
|
$693.3
|
3.2%
|
$715.4
|
$693.3
|
3.2%
|
Gross
Margin
|
54.3%
|
55.5%
|
(120 bps)
|
63.9%
|
65.8%
|
(190 bps)
|
Operating
Expenses
|
($611.1)
|
$248.9
|
N.M.
|
$223.0
|
$221.2
|
0.8%
|
Operating
Margin
|
139.8%
|
19.6%
|
N.M.
|
32.7%
|
33.9%
|
(120 bps)
|
Net Margin
|
73.6%
|
9.9%
|
N.M.
|
19.9%
|
19.6%
|
30 bps
|
Diluted
EPS
|
$1.84
|
$0.24
|
666.7%
|
$0.50
|
$0.47
|
6.4%
|
The table below provides Hologic's second-quarter revenue and
EPS results without the partial-quarter contributions from blood
screening and Cynosure. Blood screening results also are
excluded from the prior-year period, yielding percentage changes on
an "apples to apples" basis.
|
GAAP
|
Non-GAAP
|
|
Q2'17
|
Q2'16
|
Change
Increase
(Decrease)
|
Q2'17
|
Q2'16
|
Change
Increase
(Decrease)
|
Revenues
|
$715.4
|
$693.3
|
3.2%
|
$715.4
|
$693.3
|
3.2%
|
Less
Blood Screening Revenues
|
($38.3)
|
($62.2)
|
(38.4%)
|
($38.3)
|
($62.2)
|
(38.4%)
|
Less
Medical Aesthetics Revenues*
|
($16.0)
|
-
|
-
|
($16.0)
|
-
|
-
|
Hologic Base Business
Revenues
|
$661.0
|
$631.1
|
4.7%
|
$661.0
|
$631.1
|
4.7%
|
EPS
|
$1.84
|
$0.24
|
666.7%
|
$0.50
|
$0.47
|
6.4%
|
Less
Blood Screening EPS
|
($1.62)
|
($0.06)
|
2,600.0%
|
($0.04)
|
($0.10)
|
(30.0%)
|
Less
Medical Aesthetics EPS
|
$0.01
|
-
|
-
|
($0.01)
|
-
|
-
|
Hologic Base Business
EPS
|
$0.23
|
$0.18
|
27.8%
|
$0.45
|
$0.37
|
21.6%
|
* Represents revenue recorded by Hologic from March 22, when the Cynosure acquisition closed,
through quarter-end.
Throughout this press release, all dollar figures are in
millions, except EPS. 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
a number of cash and non-cash items as discussed under "Use of
Non-GAAP Financial Measures."
Revenue Detail
Revenue growth in the second quarter was led by molecular
diagnostics and the GYN Surgical division. As discussed
above, blood screening sales declined because Hologic owned the
business for only part of the quarter, while medical aesthetics
sales were for a partial quarter as well.
$s in
millions
|
Q2'17
|
Q2'16
|
Reported
Change
|
Foreign Currency
Effect
$
%
|
Constant Currency
Change
|
Cytology &
Perinatal
|
$115.6
|
$116.1
|
(0.4%)
|
$1.3
|
1.2%
|
0.8%
|
Molecular
Diagnostics
|
$142.1
|
$126.1
|
12.6%
|
$0.9
|
0.7%
|
13.3%
|
Blood
Screening
|
$38.3
|
$62.2
|
(38.4%)
|
-
|
-
|
(38.4%)
|
Total
Diagnostics
|
$296.0
|
$304.4
|
(2.8%)
|
$2.2
|
0.8%
|
(2.0%)
|
Breast Imaging
|
$234.0
|
$232.3
|
0.7%
|
$0.9
|
0.4%
|
1.1%
|
Interventional Breast
Solutions
|
$44.3
|
$41.5
|
6.7%
|
$0.2
|
0.5%
|
7.2%
|
Other
|
$2.2
|
$2.0
|
11.2%
|
$0.1
|
3.7%
|
15.0%
|
Total Breast
Health
|
$280.5
|
$275.8
|
1.7%
|
$1.2
|
0.4%
|
2.1%
|
Body
|
$3.6
|
-
|
-
|
-
|
-
|
-
|
Skin
|
$6.9
|
-
|
-
|
-
|
-
|
-
|
Women's
Health/Other
|
$5.5
|
-
|
-
|
-
|
-
|
-
|
Total Medical
Aesthetics
|
$16.0
|
-
|
-
|
-
|
-
|
-
|
GYN
Surgical
|
$101.1
|
$90.9
|
11.2%
|
$0.6
|
0.7%
|
11.9%
|
Skeletal
Health
|
$21.8
|
$22.2
|
(1.6%)
|
$0.1
|
0.7%
|
(0.9%)
|
Total
|
$715.4
|
$693.3
|
3.2%
|
$4.1
|
0.6%
|
3.8%
|
Other quarterly revenue highlights:
- U.S. sales of $570.1 million
increased 4.1%. Excluding blood screening and medical
aesthetics, U.S. sales also increased 4.1%.
- International sales of $145.3
million decreased (0.1%), but increased 2.8% in constant
currency, led by strong growth in molecular diagnostics, GYN
Surgical and Breast Health. Excluding blood screening and
medical aesthetics, international sales increased 7.7%, or 11.1% in
constant currency.
- GYN Surgical revenue of $101.1
million increased 11.2%, or 11.9% in constant
currency. MyoSure® system sales of $46.4 million increased 31.0%, or 31.7% in
constant currency. NovaSure® sales of $54.7 million decreased (1.0%), or (0.4%) in
constant currency.
- Breast Health revenue totaled $280.5
million, an increase of 1.7%, or 2.1% in constant
currency. Revenue in the United
States increased 1.5%, driven by increases in service
revenue and new product sales that supplemented continued adoption
of Hologic's Geniusâ„¢ 3D Mammographyâ„¢
systems.
- In Diagnostics:
-
- Molecular diagnostics sales of $142.1
million increased 12.6%, or 13.3% in constant currency,
driven primarily by continued strength across Aptima® women's
health products on the fully automated Panther® and Tigris®
platforms, both in the United
States and internationally.
- Cytology and perinatal sales of $115.6
million decreased (0.4%) on a reported basis, but increased
0.8% in constant currency.
- In Skeletal Health, revenue of $21.8
million decreased (1.6%), or (0.9%) in constant
currency.
Segment revenue highlights by geography are shown below:
|
U.S.
Change
|
International
Change
(Reported)
|
Foreign Currency
Effect
$
%
|
International
Change
(Constant
Currency)
|
|
Increase
(Decrease)
|
Diagnostics
|
2.8%
|
(19.2%)
|
$2.2
|
2.9%
|
(16.3%)
|
Diagnostics ex. Blood
|
5.0%
|
11.7%
|
$2.2
|
4.6%
|
16.3%
|
Breast
Health
|
1.5%
|
2.7%
|
$1.2
|
2.4%
|
5.1%
|
Medical
Aesthetics
|
-
|
-
|
-
|
-
|
-
|
GYN
Surgical
|
12.1%
|
6.3%
|
$0.6
|
4.2%
|
10.5%
|
Skeletal
Health
|
(9.9%)
|
14.6%
|
$0.1
|
1.8%
|
16.4%
|
Total
Revenues
|
4.1%
|
(0.1%)
|
$4.1
|
2.9%
|
2.8%
|
Total
Revenues ex. Blood and Medical Aesthetics
|
4.1%
|
7.7%
|
$4.1
|
3.4%
|
11.1%
|
Expense Detail
Gross margin was 54.3% on a GAAP basis, and 63.9% on a non-GAAP
basis. GAAP gross margin declined by 120 basis points.
Non-GAAP gross margin declined 190 basis points due to a
decrease in blood screening sales and an unfavorable product mix in
GYN Surgical. These factors were partially offset by strong
pricing trends in Breast Health and increased sales of Aptima®
women's health assays.
Operating expenses were ($611.1)
million on a GAAP basis, primarily due to a one-time gain of
$899.7 million on the sale of the
blood screening business. Operating expenses were
$223.0 million on a non-GAAP basis,
an increase of 0.8% that resulted mainly from the inclusion of
Cynosure expenses for part of the quarter.
Hologic's effective tax rate was 45.6% on a GAAP basis, and
31.0% on a non-GAAP basis.
Other Key Financial Results
GAAP net income was $526.8
million, an increase of 664.8% (inclusive of the blood
screening gain). Adjusted non-GAAP earnings before interest,
taxes, depreciation and amortization (EBITDA) were $255.9 million, an increase of 0.8%.
Operating cash flow was $83.8
million. Free cash flow, defined as operating cash
flow less capital expenditures, was $58.7
million.
Total debt outstanding at the end of the quarter was
$3.3 billion, a decrease of
($0.1) billion compared to the prior
year period.
The Company ended the quarter with cash and equivalents of
$1.1 billion.
The combination of lower net debt and EBITDA growth helped
improve Hologic's leverage ratio (net debt over adjusted EBITDA) to
2.1 times in the quarter. The company expects to pay the
majority of the taxes on the gain associated with the blood
screening sale in the fiscal third quarter. Taking this into
account, Hologic's leverage ratio would have been approximately 2.7
times for the quarter.
Strong profit growth and lower debt have continued to improve
Hologic's adjusted return on invested capital (ROIC). On a
trailing 12 months basis, adjusted ROIC of 13.2% improved 150 basis
points compared to the prior year period.
Financial Guidance for Fiscal 2017
"We are updating our 2017 financial guidance based on our good
second-quarter results and the completion of our Cynosure
acquisition," said Bob McMahon, the
Company's chief financial officer. "Underlying our forecast,
we continue to expect solid, mid-single-digit growth in our
ongoing, base business."
Hologic's financial guidance is based on a full year non-GAAP
tax rate of approximately 31%, and diluted shares outstanding of
between 287 and 289 million for the full year. Constant
currency guidance assumes that foreign exchange rates are the same
in fiscal 2017 as in fiscal 2016. Current guidance assumes
that recent foreign exchange rates persist for all of fiscal
2017.
Hologic's financial guidance for fiscal 2017 is shown in the two
tables immediately below. As a reminder, the Company's
current guidance includes partial-year contributions from both the
divested blood screening business and the acquired Cynosure
business.
|
GAAP
|
Revenue
|
EPS
|
|
Reported % Increase
(Decrease)
|
Guidance $
|
Reported % Increase
(Decrease)
|
Guidance $
|
Current Guidance
for
Fiscal 2017
|
7.7% to
8.7%
|
$3,050 to $3,080
million
|
110.3% to
113.8%
|
$2.44 to
$2.48
|
Previous Guidance
for
Fiscal 2017
|
(1.7%) to
(0.3%)
|
$2,785 to $2,825
million
|
135.3% to
138.8%
|
$2.73 to
$2.77
|
|
Non-GAAP
|
Revenue
|
EPS
|
|
Constant Currency %
Increase (Decrease)
|
Reported % Increase
(Decrease)
|
Guidance $
|
Constant Currency %
Increase (Decrease)
|
Reported % Increase
(Decrease)
|
Guidance $
|
Current Guidance
for
Fiscal 2017
|
8.4% to
9.5%
|
7.7% to
8.7%
|
$3,050 to
$3,080 million
|
2.3% to
4.4%
|
1.0% to
3.1%
|
$1.98 to
$2.02
|
Previous Guidance
for Fiscal 2017
|
(0.7%) to
0.7%
|
(1.7%) to
(0.3%)
|
$2,785 to $2,825
million
|
(1.5%) to
0.6%
|
(3.1%) to
(1.0%)
|
$1.90 to
$1.94
|
Hologic's financial guidance for the third quarter of fiscal
2017 is shown in the two tables immediately below. As a
reminder, the Company's current guidance includes a reduced
contribution from the blood screening business associated with raw
material and instrument supply, versus a full-quarter contribution
from blood screening in the prior year period. In contrast,
the current guidance includes a full-quarter contribution from
Cynosure, versus none in the prior year period.
|
GAAP
|
Revenue
|
EPS
|
|
Reported % Increase
(Decrease)
|
Guidance $
|
Reported % Increase
(Decrease)
|
Guidance $
|
Current Guidance for
the
Third Quarter of Fiscal 2017
|
10.1% to
12.2%
|
$790 to $805
million
|
(26.7%) to
(20.0%)
|
$0.22 to
$0.24
|
|
Non-GAAP
|
Revenue
|
EPS
|
|
Constant Currency %
Increase (Decrease)
|
Reported % Increase
(Decrease)
|
Guidance $
|
Constant Currency %
Increase (Decrease)
|
Reported % Increase
(Decrease)
|
Guidance $
|
Current Guidance for
the
Third Quarter of Fiscal 2017
|
11.2% to
13.3%
|
10.1% to
12.2%
|
$790 to $805
million
|
(4.1%) to
(0.2%)
|
(5.9%) to
(2.0%)
|
$0.48 to
$0.50
|
To assist with "apples to apples" analyses of Hologic's ongoing,
base business, the historical contributions of blood screening to
Hologic's quarterly revenues and EPS are shown below:
|
GAAP
|
|
2016
|
2017
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
Q1
|
Q2
|
Revenue
|
$60.7
|
$62.2
|
$55.9
|
$56.6
|
$235.4
|
$65.2
|
$38.3
|
EPS
|
$0.06
|
$0.06
|
$0.05
|
$0.05
|
$0.22
|
$0.06
|
$1.62
|
|
Non-GAAP
|
|
2016
|
2017
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Total
|
Q1
|
Q2
|
Revenue
|
$60.7
|
$62.2
|
$55.9
|
$56.6
|
$235.4
|
$65.2
|
$38.3
|
EPS
|
$0.10
|
$0.10
|
$0.09
|
$0.09
|
$0.37
|
$0.10
|
$0.04
|
Use of Non-GAAP Financial Measures
The Company has presented the following non-GAAP financial
measures in this press release: constant currency revenues;
non-GAAP gross profit; non-GAAP gross margin; non-GAAP operating
expenses; non-GAAP income from operations; non-GAAP operating
margin; non-GAAP interest expense; non-GAAP pre-tax income;
non-GAAP net margin; non-GAAP net income; non-GAAP diluted EPS;
adjusted EBITDA and return on invested capital. Constant currency
presentations show reported period operating results as if the
foreign exchange rates remain the same as those in effect in the
comparable prior year period. 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 and intangible assets; (ii) additional
depreciation expense from acquired fixed assets and accelerated
depreciation related to consolidation and closure of facilities;
(iii) additional expense resulting from the purchase accounting
adjustment to record inventory at fair value (iv) non-cash interest
expense related to amortization of the debt discount from the
equity conversion option of the convertible notes; (v)
restructuring and divestiture charges, facility closure and
consolidation charges and costs incurred to integrate acquisitions
and separate divested businesses from existing operations; (vi)
transaction related expenses for divestitures and acquisitions;
(vii) debt extinguishment losses and related transaction costs;
(viii) the unrealized (gains) losses on the mark-to-market of
forward foreign currency contracts for which the Company has not
elected hedge accounting; (ix) litigation settlement charges
(benefits) and non-income tax related charges; (x)
other-than-temporary impairment losses on investments and realized
(gains) losses resulting from the sale of investments; (xi) other
one-time, non-recurring, unusual or infrequent charges, expenses or
gains that may not be indicative of the Company's core business
results as detailed in our reconciliations of such adjustments; and
(xii) 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.
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 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.
Future Non-GAAP Adjustments
Future GAAP EPS may be affected by changes in ongoing
assumptions and judgments, and may also be affected by
non-recurring, unusual or unanticipated charges, expenses or gains,
which are excluded in the calculation of the Company's non-GAAP EPS
guidance as described in this press 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 second quarter of fiscal 2017. Approximately
10 minutes before the call, dial 888-427-9376 (U.S. and
Canada) or 719-457-2640
(international) and enter access code 7964777. A replay will
be available starting two hours after the call ends through
June 2, 2017 at 888-203-1112 (U.S.
and Canada) or 719-457-0820
(international), access code 7964777, Pin 9876. The Company
will also provide a live webcast of the call at
http://investors.hologic.com.
About Hologic, Inc.
Hologic, Inc. is a leading developer, manufacturer and supplier
of premium diagnostic products, medical imaging systems for breast
and skeletal health, GYN surgical products, and medical aesthetic
systems. With a broad range of market-leading technologies
and a robust research and development program, Hologic is dedicated
to The Science of Sure. For more information on Hologic,
visit www.hologic.com.
Hologic, Genius 3D Mammography, Aptima, ThinPrep, MyoSure,
NovaSure, Panther, Tigris, The Science of Sure, 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 included herein 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 ability of the Company to successfully
manage leadership and organizational changes, including the ability
of the Company to attract, motivate and retain key employees; U.S.,
European and general worldwide economic conditions and related
uncertainties; 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; uncertainties regarding healthcare reform
legislation, including associated tax provisions, or budget
reduction or other cost containment efforts; 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; 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 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; 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. 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.
Contact
Michael Watts
Vice President, Investor Relations and Corporate Communications
(858) 410-8588
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
|
|
Six Months
Ended
|
|
April 1,
2017
|
|
March 26,
2016
|
|
April 1,
2017
|
|
March 26,
2016
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Product
|
$
|
594.8
|
|
|
$
|
583.0
|
|
|
$
|
1,208.1
|
|
|
$
|
1,170.2
|
|
Service and
other
|
120.6
|
|
|
110.3
|
|
|
241.7
|
|
|
218.2
|
|
Total
revenues
|
715.4
|
|
|
693.3
|
|
|
1,449.8
|
|
|
1,388.4
|
|
|
|
|
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Product
|
200.6
|
|
|
182.0
|
|
|
398.8
|
|
|
370.1
|
|
Amortization of
intangible assets
|
65.2
|
|
|
70.8
|
|
|
138.7
|
|
|
144.3
|
|
Service and
other
|
60.9
|
|
|
55.5
|
|
|
118.8
|
|
|
109.9
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
388.7
|
|
|
385.0
|
|
|
793.5
|
|
|
764.1
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
55.4
|
|
|
59.1
|
|
|
109.8
|
|
|
110.8
|
|
Selling and
marketing
|
103.4
|
|
|
100.8
|
|
|
213.3
|
|
|
200.3
|
|
General and
administrative
|
117.4
|
|
|
62.4
|
|
|
187.3
|
|
|
139.5
|
|
Amortization of
intangible assets
|
10.8
|
|
|
22.8
|
|
|
32.2
|
|
|
45.4
|
|
Gain on sale of
business
|
(899.7)
|
|
|
—
|
|
|
(899.7)
|
|
|
—
|
|
Restructuring and
divestiture charges
|
1.6
|
|
|
3.8
|
|
|
4.8
|
|
|
6.0
|
|
Total operating
expenses
|
(611.1)
|
|
|
248.9
|
|
|
(352.3)
|
|
|
502.0
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
999.8
|
|
|
136.1
|
|
|
1,145.8
|
|
|
262.1
|
|
Interest
income
|
1.9
|
|
|
0.2
|
|
|
2.2
|
|
|
0.4
|
|
Interest
expense
|
(37.5)
|
|
|
(39.1)
|
|
|
(77.9)
|
|
|
(78.3)
|
|
Debt extinguishment
loss
|
—
|
|
|
(4.5)
|
|
|
—
|
|
|
(4.5)
|
|
Other income
(expense), net
|
3.4
|
|
|
(0.8)
|
|
|
13.6
|
|
|
26.9
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
967.6
|
|
|
91.9
|
|
|
1,083.7
|
|
|
206.6
|
|
Provision for income
taxes
|
440.8
|
|
|
23.0
|
|
|
470.4
|
|
|
52.8
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
526.8
|
|
|
$
|
68.9
|
|
|
$
|
613.3
|
|
|
$
|
153.8
|
|
|
|
|
|
|
|
|
|
Net income per
common share:
|
|
|
|
|
|
|
|
Basic
|
$
|
1.88
|
|
|
$
|
0.24
|
|
|
$
|
2.19
|
|
|
$
|
0.54
|
|
Diluted
|
$
|
1.84
|
|
|
$
|
0.24
|
|
|
$
|
2.15
|
|
|
$
|
0.53
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
280,215
|
|
|
282,474
|
|
|
279,439
|
|
|
282,725
|
|
Diluted
|
286,010
|
|
|
287,857
|
|
|
285,117
|
|
|
289,914
|
|
HOLOGIC,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
April 1,
2017
|
|
September 24,
2016
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,134.6
|
|
|
$
|
548.4
|
|
Short-term marketable
securities
|
5.2
|
|
|
—
|
|
Accounts receivable,
net
|
456.7
|
|
|
447.0
|
|
Inventories
|
384.0
|
|
|
274.7
|
|
Other current
assets
|
71.3
|
|
|
56.5
|
|
Total current
assets
|
2,051.8
|
|
|
1,326.6
|
|
|
|
|
|
Property, plant and
equipment, net
|
482.7
|
|
|
460.2
|
|
Goodwill and
intangible assets
|
6,079.2
|
|
|
5,446.5
|
|
Other
assets
|
92.9
|
|
|
83.7
|
|
Total
assets
|
$
|
8,706.6
|
|
|
$
|
7,317.0
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
|
1,049.4
|
|
|
$
|
296.0
|
|
Accounts payable and
accrued liabilities
|
1,167.9
|
|
|
444.5
|
|
Deferred
revenue
|
158.1
|
|
|
161.4
|
|
Total current
liabilities
|
2,375.4
|
|
|
901.9
|
|
|
|
|
|
Long-term debt, net
of current portion
|
2,233.8
|
|
|
3,049.4
|
|
Deferred income
taxes
|
1,099.3
|
|
|
982.6
|
|
Other long-term
liabilities
|
201.0
|
|
|
240.4
|
|
Total stockholders'
equity
|
2,797.1
|
|
|
2,142.7
|
|
Total liabilities
and stockholders' equity
|
$
|
8,706.6
|
|
|
$
|
7,317.0
|
|
HOLOGIC,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
(in
millions)
|
|
|
|
|
Six Months
Ended
|
|
|
April 1,
2017
|
|
March 26,
2016
|
(a)
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net income
|
$
|
613.3
|
|
|
$
|
153.8
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation
|
39.5
|
|
|
40.2
|
|
|
Amortization
|
170.9
|
|
|
189.7
|
|
|
Non-cash interest
expense
|
26.9
|
|
|
26.1
|
|
|
Stock-based
compensation expense
|
39.0
|
|
|
30.6
|
|
|
Deferred income
taxes
|
(262.6)
|
|
|
(64.7)
|
|
|
Net gains on sale of
marketable securities
|
(3.6)
|
|
|
(25.1)
|
|
|
Fair value write-up
of inventory sold
|
2.4
|
|
|
—
|
|
|
Debt extinguishment
loss
|
—
|
|
|
4.5
|
|
|
Gain on disposal of
business
|
(899.7)
|
|
|
—
|
|
|
Other adjustments and
non-cash items
|
(2.3)
|
|
|
1.0
|
|
|
Changes in operating
assets and liabilities, excluding the effect of
acquisitions:
|
|
|
|
|
Accounts
receivable
|
28.0
|
|
|
(7.0)
|
|
|
Inventories
|
(29.0)
|
|
|
(2.3)
|
|
|
Prepaid income
taxes
|
0.4
|
|
|
3.4
|
|
|
Prepaid expenses and
other assets
|
(4.0)
|
|
|
(15.0)
|
|
|
Accounts
payable
|
0.5
|
|
|
1.6
|
|
|
Accrued expenses and
other liabilities
|
551.9
|
|
|
(2.1)
|
|
|
Deferred
revenue
|
(18.2)
|
|
|
(12.4)
|
|
|
Net cash provided by
operating activities
|
253.4
|
|
|
322.3
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Acquisition of
business, net of cash acquired
|
(1,471.4)
|
|
|
—
|
|
|
Proceeds from sale of
business
|
1,865.0
|
|
|
—
|
|
|
Purchase of property
and equipment
|
(24.5)
|
|
|
(19.4)
|
|
|
Increase in equipment
under customer usage agreements
|
(25.3)
|
|
|
(22.3)
|
|
|
Proceeds from sale of
marketable securities
|
81.8
|
|
|
31.1
|
|
|
Purchases of
insurance contracts
|
—
|
|
|
(5.2)
|
|
|
Sales of mutual
funds
|
—
|
|
|
5.2
|
|
|
Purchase of
intellectual property
|
—
|
|
|
(4.0)
|
|
|
(Increase) decrease
in other assets
|
(1.8)
|
|
|
0.1
|
|
|
Net cash provided by
(used in) investing activities
|
423.8
|
|
|
(14.5)
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Repayment of
long-term debt
|
(37.5)
|
|
|
(37.5)
|
|
|
Repayment of amounts
borrowed under accounts receivable securitization
program
|
(44.0)
|
|
|
—
|
|
|
Proceeds from
accounts receivable securitization agreement
|
8.0
|
|
|
—
|
|
|
Payments to
extinguish convertible notes
|
(21.0)
|
|
|
(311.5)
|
|
|
Proceeds from amounts
borrowed under revolving credit line
|
—
|
|
|
50.0
|
|
|
Repayment of amounts
borrowed under revolving credit line
|
—
|
|
|
(50.0)
|
|
|
Repurchase of common
stock
|
—
|
|
|
(135.9)
|
|
|
Net proceeds from
issuance of common stock pursuant to employee stock
plans
|
26.6
|
|
|
19.0
|
|
|
Payment of minimum
tax withholdings on net share settlements of equity
awards
|
(17.6)
|
|
|
(15.6)
|
|
|
Net cash used in
financing activities
|
(85.5)
|
|
|
(481.5)
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(5.5)
|
|
|
(1.3)
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
586.2
|
|
|
(175.0)
|
|
|
Cash and cash
equivalents, beginning of period
|
548.4
|
|
|
491.3
|
|
|
Cash and cash
equivalents, end of period
|
$
|
1,134.6
|
|
|
$
|
316.3
|
|
|
|
|
|
|
|
|
|
|
|
(a) The statement of
cash flows from the prior period has been recasted to reflect the
adoption of ASU 2016-09 as the Company has retrospectively adopted
the presentation requirement of the excess tax benefit related to
equity awards. As a result, cash provided by operating
activities increased $7.9 million with a corresponding increase in
cash used in financing activities.
|
HOLOGIC,
INC.
|
RECONCILIATION OF
GAAP TO NON-GAAP RESULTS
|
(Unaudited)
|
(In millions, except
earnings per share and margin percentages)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
April 1,
2017
|
|
March 26,
2016
|
|
April 1,
2017
|
|
March 26,
2016
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
388.7
|
|
|
$
|
385.0
|
|
|
$
|
793.5
|
|
|
$
|
764.1
|
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
intangible assets (1)
|
65.2
|
|
|
70.8
|
|
|
138.7
|
|
|
144.3
|
|
Incremental
depreciation expense (2)
|
0.2
|
|
|
0.5
|
|
|
0.5
|
|
|
1.0
|
|
Integration/consolidation costs (3)
|
0.6
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
Fair value write-up
of acquired inventory (11)
|
2.4
|
|
|
—
|
|
|
2.4
|
|
|
|
Non-GAAP gross
profit
|
$
|
457.1
|
|
|
$
|
456.3
|
|
|
$
|
935.8
|
|
|
$
|
909.4
|
|
|
|
|
|
|
|
|
|
Gross Margin
Percentage:
|
|
|
|
|
|
|
|
GAAP gross margin
percentage
|
54.3
|
%
|
|
55.5
|
%
|
|
54.7
|
%
|
|
55.0
|
%
|
Impact of adjustments
above
|
9.6
|
%
|
|
10.3
|
%
|
|
9.8
|
%
|
|
10.5
|
%
|
Non-GAAP gross margin
percentage
|
63.9
|
%
|
|
65.8
|
%
|
|
64.5
|
%
|
|
65.5
|
%
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
|
(611.1)
|
|
|
$
|
248.9
|
|
|
$
|
(352.3)
|
|
|
$
|
502.0
|
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
intangible assets (1)
|
(10.8)
|
|
|
(22.8)
|
|
|
(32.2)
|
|
|
(45.4)
|
|
Incremental
depreciation expense (2)
|
(0.4)
|
|
|
(0.9)
|
|
|
(0.9)
|
|
|
(1.8)
|
|
Transaction expenses
(4)
|
(19.4)
|
|
|
—
|
|
|
(22.0)
|
|
|
—
|
|
Non-income tax charge
(12)
|
(28.8)
|
|
|
—
|
|
|
(28.8)
|
|
|
—
|
|
Integration/consolidation costs (3)
|
(4.6)
|
|
|
(0.2)
|
|
|
(4.6)
|
|
|
(0.4)
|
|
Restructuring and
divestiture charges (3)
|
(1.6)
|
|
|
(3.8)
|
|
|
(4.8)
|
|
|
(6.0)
|
|
Gain on sale of
business (10)
|
899.7
|
|
|
—
|
|
|
899.7
|
|
|
—
|
|
Other (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.0)
|
|
Non-GAAP operating
expenses
|
$
|
223.0
|
|
|
$
|
221.2
|
|
|
$
|
454.1
|
|
|
$
|
442.4
|
|
|
|
|
|
|
|
|
|
Operating
Margin:
|
|
|
|
|
|
|
|
GAAP income from
operations
|
999.8
|
|
|
136.1
|
|
|
1,145.8
|
|
|
262.1
|
|
Adjustments to gross
profit as detailed above
|
68.4
|
|
|
71.3
|
|
|
142.4
|
|
|
145.3
|
|
Adjustments to
operating expenses as detailed above
|
(834.1)
|
|
|
27.7
|
|
|
(806.4)
|
|
|
59.6
|
|
Non-GAAP income from
operations
|
$
|
234.1
|
|
|
$
|
235.1
|
|
|
$
|
481.8
|
|
|
$
|
467.0
|
|
|
|
|
|
|
|
|
|
Operating Margin
Percentage:
|
|
|
|
|
|
|
|
GAAP income from
operations margin percentage
|
139.8
|
%
|
|
19.6
|
%
|
|
79.0
|
%
|
|
18.9
|
%
|
Impact of adjustments
above
|
(107.1)%
|
|
|
14.3
|
%
|
|
(45.8)%
|
|
|
14.7
|
%
|
Non-GAAP operating
margin percentage
|
32.7
|
%
|
|
33.9
|
%
|
|
33.2
|
%
|
|
33.6
|
%
|
|
|
|
|
|
|
|
|
Interest
Expense:
|
|
|
|
|
|
|
|
GAAP interest
expense
|
$
|
37.5
|
|
|
$
|
39.1
|
|
|
77.9
|
|
|
78.3
|
|
Adjustments:
|
|
|
|
|
|
|
|
Non-cash interest
expense relating to convertible notes (5)
|
(4.9)
|
|
|
(5.8)
|
|
|
(10.1)
|
|
|
(12.2)
|
|
Non-GAAP interest
expense
|
$
|
32.6
|
|
|
$
|
33.3
|
|
|
$
|
67.8
|
|
|
$
|
66.1
|
|
|
|
|
|
|
|
|
|
Pre-Tax
Income:
|
|
|
|
|
|
|
|
GAAP pre-tax
earnings
|
$
|
967.6
|
|
|
$
|
91.9
|
|
|
1,083.7
|
|
|
206.6
|
|
Adjustments to
pre-tax earnings as detailed above
|
(760.8)
|
|
|
104.8
|
|
|
(653.9)
|
|
|
217.1
|
|
Debt extinguishment
loss (7)
|
—
|
|
|
4.5
|
|
|
—
|
|
|
4.5
|
|
Net gains on sale of
available-for-sale marketable securities (8)
|
(3.8)
|
|
|
—
|
|
|
(3.7)
|
|
|
(25.1)
|
|
Unrealized gains on
forward foreign currency contracts (9)
|
3.9
|
|
|
0.7
|
|
|
(4.5)
|
|
|
(0.3)
|
|
Non-GAAP pre-tax
Income
|
$
|
206.9
|
|
|
$
|
201.9
|
|
|
421.6
|
|
|
402.8
|
|
|
|
|
|
|
|
|
|
Net
income:
|
|
|
|
|
|
|
|
GAAP net
income
|
$
|
526.8
|
|
|
$
|
68.9
|
|
|
$
|
613.3
|
|
|
$
|
153.8
|
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
intangible assets (1)
|
76.0
|
|
|
93.6
|
|
|
170.9
|
|
|
189.7
|
|
Fair value write-up
of acquired inventory (11)
|
2.4
|
|
|
—
|
|
|
2.4
|
|
|
—
|
|
Non-cash interest
expense relating to convertible notes
(5)
|
4.9
|
|
|
5.8
|
|
|
10.1
|
|
|
12.2
|
|
Restructuring,
divestiture and integration/consolidation costs (3)
|
6.8
|
|
|
4.0
|
|
|
10.1
|
|
|
6.4
|
|
Non-income tax charge
(12)
|
28.8
|
|
|
—
|
|
|
28.8
|
|
|
—
|
|
Transaction expenses
(4)
|
19.4
|
|
|
—
|
|
|
22.0
|
|
|
—
|
|
Incremental
depreciation expenses (2)
|
0.6
|
|
|
1.4
|
|
|
1.4
|
|
|
2.8
|
|
Debt extinguishment
loss (7)
|
—
|
|
|
4.5
|
|
|
—
|
|
|
4.5
|
|
Gain on sale of
available-for-sale marketable securities (8)
|
(3.8)
|
|
|
—
|
|
|
(3.7)
|
|
|
(25.1)
|
|
Unrealized losses
(gains) on forward foreign currency contracts (9)
|
3.9
|
|
|
0.7
|
|
|
(4.5)
|
|
|
(0.3)
|
|
Gain on sale of
business (10)
|
(899.7)
|
|
|
—
|
|
|
(899.7)
|
|
|
—
|
|
Other charges
(5)
|
—
|
|
|
—
|
|
|
—
|
|
|
6.0
|
|
Income tax effect of
reconciling items (13)
|
376.6
|
|
|
(43.2)
|
|
|
339.7
|
|
|
(79.2)
|
|
Non-GAAP net
income
|
$
|
142.7
|
|
|
$
|
135.7
|
|
|
$
|
290.8
|
|
|
$
|
270.8
|
|
|
|
|
|
|
|
|
|
Net Income
Percentage:
|
|
|
|
|
|
|
|
GAAP net income
percentage
|
73.6
|
%
|
|
9.9
|
%
|
|
42.3
|
%
|
|
11.1
|
%
|
Impact of adjustments
above
|
(53.7)%
|
|
|
9.7
|
%
|
|
(22.2)%
|
|
|
8.4
|
%
|
Non-GAAP net income
percentage
|
19.9
|
%
|
|
19.6
|
%
|
|
20.1
|
%
|
|
19.5
|
%
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
GAAP earnings per
share - Diluted
|
$
|
1.84
|
|
|
$
|
0.24
|
|
|
$
|
2.15
|
|
|
$
|
0.53
|
|
Adjustment to net
earnings (as detailed above)
|
(1.34)
|
|
|
0.23
|
|
|
(1.13)
|
|
|
0.40
|
|
Non-GAAP earnings per
share – diluted (14)
|
$
|
0.50
|
|
|
$
|
0.47
|
|
|
$
|
1.02
|
|
|
$
|
0.93
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
Non-GAAP net
income
|
$
|
142.7
|
|
|
$
|
135.7
|
|
|
$
|
290.8
|
|
|
$
|
270.8
|
|
Interest expense,
net, not adjusted above
|
30.7
|
|
|
33.1
|
|
|
65.6
|
|
|
65.7
|
|
Provision for income
taxes
|
64.1
|
|
|
66.1
|
|
|
130.6
|
|
|
131.9
|
|
Depreciation expense,
not adjusted above
|
18.4
|
|
|
18.9
|
|
|
38.0
|
|
|
37.4
|
|
Adjusted
EBITDA
|
$
|
255.9
|
|
|
$
|
253.8
|
|
|
$
|
525.0
|
|
|
$
|
505.8
|
|
|
|
|
|
|
|
|
|
Explanatory Notes to Reconciliations:
(1) To reflect non-cash expenses attributable to the
amortization of intangible assets.
(2) To reflect non-cash fair value adjustments for
additional depreciation expense related to the fair value write-up
of fixed assets acquired in the Gen-Probe acquisition and
accelerated depreciation expense related to facility closure and
consolidation.
(3) 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 expenses incurred to separate the divested blood screening
business from the molecular diagnostics operations. These costs do
not include those incurred to provide transition services to
Grifols.
(4) To reflect expenses incurred 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.
(5) To reflect the net impact from miscellaneous
transactions during the period, including legal settlements.
(6) To reflect certain non-cash interest expense related
to the amortization of the debt discount from the equity conversion
option of the Company's convertible notes.
(7) To reflect losses for the repurchases of $90.0 million of the 2010 Convertible Notes and
$136.6 million of the 2012
Convertible Notes, and related cash transaction costs for the three
and six months ended March 26,
2016.
(8) To reflect net realized gains on the sale of
available-for-sale marketable securities.
(9) To reflect non-cash unrealized gains and losses on the
market-to market on outstanding forward foreign currency contracts,
which do not qualify for hedge accounting.
(10) To reflect the gain realized on the sale of the Blood
Screening business to Grifols.
(11) To reflect the fair value step up of inventory sold
during the period related to the acquisition of Cynosure.
(12) To reflect non-income tax charges recorded in the
second quarter of fiscal 2017 as the Company determined during the
second quarter that a loss became probable associated with a
non-income tax issue currently under audit.
(13) To reflect an estimated annual effective tax rate of 31.00%
and 32.75% for fiscal 2017 and 2016.
(14) Non-GAAP earnings per share was calculated based on 286,010
and 287,857 weighted average diluted shares outstanding for the
three and six months ended April 1, 2017 and 285,117 and
289,914 for the three and six months ended March 26, 2016.
Reconciliation of GAAP to non-GAAP EPS Guidance:
|
Guidance
Range
|
|
Guidance
Range
|
|
Quarter
Ending
July 1,
2017
|
|
Year Ending
September 30,2017
|
|
Low
|
High
|
|
Low
|
High
|
GAAP Net Income Per
Share
|
$0.22
|
$0.24
|
|
$2.44
|
$2.48
|
Amortization of Intangible Assets
|
$0.33
|
$0.33
|
|
$1.26
|
$1.26
|
Amortization of Debt Discount
|
$0.02
|
$0.02
|
|
$0.07
|
$0.07
|
Restructuring and Other Charges / (Benefit)
|
($0.01)
|
($0.01)
|
|
$0.21
|
$0.21
|
Cynosure Inventory FV Adjustments
|
$0.07
|
$0.07
|
|
$0.14
|
$0.14
|
Gain
from Sale of Blood Screening
|
$-
|
$-
|
|
$(3.12)
|
$(3.12)
|
Tax
Impact of Exclusions
|
($0.15)
|
($0.15)
|
|
$0.98
|
$0.98
|
Non-GAAP Net Income
Per Share
|
$0.48
|
$0.50
|
|
$1.98
|
$2.02
|
|
Trailing Twelve
Months ended
April 1,
2017
|
Return on Invested
Capital:
|
|
|
|
Adjusted Net
Operating Profit After Tax
|
|
Non-GAAP net
income
|
$
|
581.6
|
|
Non-GAAP provision
for income taxes
|
260.0
|
|
Non-GAAP interest
expense
|
134.7
|
|
Non-GAAP other
income
|
(10.1)
|
|
Adjusted net
operating profit before tax
|
$
|
966.2
|
|
Non-GAAP average
effective tax rate (1)
|
30.89
|
%
|
Adjusted net
operating profit after tax
|
$
|
667.7
|
|
|
|
Average Net Debt plus
Average Stockholders' Equity (2)
|
|
Average total
debt
|
$
|
3,344.4
|
|
Less: Average cash,
cash equivalents and restricted cash
|
(725.4)
|
|
Average net
debt
|
$
|
2,619.0
|
|
Average stockholders'
equity (3)
|
$
|
2,452.9
|
|
Average net debt plus
average stockholders' equity
|
$
|
5,071.9
|
|
|
|
Adjusted
ROIC
|
|
Adjusted ROIC
(adjusted net operating profit after tax above divided by average net debt plus stockholders'
equity above)
|
13.2
|
%
|
|
|
|
(1) ROIC is
presented on a TTM basis; non-GAAP effective tax rate for the three
months ended June 25, 2016 was 30.55%, the three months ended
September 24, 2016 was 31.03% and the three and six months ended
April 1, 2017 was 31.00%.
|
(2) Calculated
using the average of the balances as of April 1, 2017 and
March 26, 2016.
|
(3) Adjusted
(increased) to eliminate the effect of the impairment of intangible
assets of $32.2 million in fiscal 2014.
|
|
|
|
As
of
|
|
April 1,
2017
|
Leverage
Ratio:
|
|
|
|
Total principal
debt
|
$
|
3,332.0
|
|
Total cash
|
(1,134.6)
|
|
Net principal debt,
as adjusted
|
$
|
2,197.4
|
|
EBITDA for the last
four quarters
|
$
|
1,051.4
|
|
Leverage
Ratio
|
2.1
|
|
Other Supplemental
Information:
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
April 1,
2017
|
|
March 26,
2016
|
|
April 1,
2017
|
|
March 26,
2016
|
|
|
|
|
|
|
|
|
|
Geographic
Revenues
|
|
|
|
|
|
|
|
|
U.S.
|
|
79.7
|
%
|
|
79.0
|
%
|
|
78.9
|
%
|
|
78.7
|
%
|
Europe
|
|
9.7
|
%
|
|
10.4
|
%
|
|
10.1
|
%
|
|
10.2
|
%
|
Asia-Pacific
|
|
6.5
|
%
|
|
7.4
|
%
|
|
7.4
|
%
|
|
7.6
|
%
|
All Others
|
|
4.1
|
%
|
|
3.2
|
%
|
|
3.6
|
%
|
|
3.5
|
%
|
Total
Revenues
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
Revenue
Composition
|
|
|
|
|
Q2'17
|
|
|
|
Disposables
|
|
60.7
|
%
|
Capital
Equipment
|
|
22.3
|
%
|
Service &
Other
|
|
17.0
|
%
|
Total
Revenues
|
|
100.0
|
%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hologic-announces-financial-results-for-second-quarter-of-fiscal-2017-300455339.html
SOURCE Hologic, Inc.