MARLBOROUGH, Mass.,
Jan. 8, 2018 /PRNewswire/
-- Hologic, Inc. (Nasdaq: HOLX) announced today preliminary
revenue results for its first fiscal quarter ended December 30, 2017.
The Company expects to report total revenues of approximately
$791 million, an increase of almost
8% compared to the prior year period, and a 7% increase in constant
currency. These preliminary results compare to the Company's
prior guidance range of $775 to
$790 million. Revenues by
division are expected to be:
$s in
millions
|
Preliminary
Q1'18*
|
Q1'17
|
Diagnostics
|
$285
|
$325
|
Diagnostics ex.
Blood
|
$272
|
$260
|
Breast
Health
|
$288
|
$273
|
Medical
Aesthetics
|
$91
|
-
|
GYN
Surgical
|
$108
|
$115
|
Skeletal
Health
|
$20
|
$21
|
Total
|
$791
|
$734
|
* Numbers in column do not foot due to rounding.
As a reminder, revenue changes compared to the prior year period
are affected by the divestiture of the blood screening business,
which closed in January of 2017, and the acquisition of Cynosure,
which closed in March of 2017. Hologic also had four fewer
selling days in the first quarter of fiscal 2018 than in the prior
year period.
In addition, primarily as a result of the recent passage of
comprehensive U.S. tax reform legislation, the Company expects its
non-GAAP effective tax rate to be approximately 23% to 24% in
fiscal 2018, lower than its prior guidance of approximately
31%. The Company expects its GAAP effective tax rate to be
negative for the year, largely based on the revaluation of its
deferred taxes, but this analysis is ongoing.
"We expect to post solid first quarter revenue just above our
guidance range, driven by strength in our breast health, molecular
diagnostics and international businesses," said Steve MacMillan, Hologic's Chairman, President
and Chief Executive Officer. "In addition, U.S. tax reform
will allow us to achieve a lower effective tax rate in fiscal 2018,
increasing our profitability while simultaneously providing
opportunities to re-invest in the business to drive future
growth."
Hologic is providing these updates in advance of the Company's
participation in the 36th Annual J.P. Morgan Healthcare
Conference, which begins today. The Company will post its
conference presentation to the investors section of its website at
http://investors.hologic.com/. Live webcasts of the Company's
presentation and question and answer session, which begin
at 11 a.m. Pacific Time on January
9, may be accessed on the investors section of Hologic's
website at http://investors.hologic.com. The webcasts
will be available for 30 days following the events.
The preliminary revenue results described in this press release
are estimates only and are subject to revision until the Company
reports its full financial results for the first quarter of fiscal
2018 on February 8, 2018.
Actual results may differ materially from those estimated.
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in
this press release: constant currency percentage change in
revenues, and tax rate. Constant currency calculations show
reported current period revenues as if the foreign exchange rates
remain the same as those in effect in the comparable prior year
period. These non-GAAP financial measure 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 and comparison to competitors' operating results.
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 (when they become available), may provide a more
complete understanding of factors and trends affecting Hologic's
business.
Because non-GAAP financial measures exclude the effect of items
that increase or decrease the company's reported results of
operations, management strongly encourages investors to review,
when they become available, the Company's consolidated financial
statements and publicly filed reports in their entirety.
About Hologic, Inc.
Hologic, Inc. is an innovative medical technology company
primarily focused on improving women's health and well-being
through early detection and treatment. For more information on
Hologic, visit www.hologic.com.
Hologic and associated logos are trademarks and/or registered
trademarks of Hologic, Inc. and/or its subsidiaries in the United States and/or other countries.
Forward-Looking Statements
This news release contains forward-looking information that
involves risks and uncertainties, including statements relating to
the Company's anticipated revenue results and non-GAAP tax rate for
fiscal 2018. 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: 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 recently passed U.S. tax
reform legislation and 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; 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; the risks of
conducting business internationally; the risk of adverse exchange
rate fluctuations on the Company's international activities and
businesses; the Company's ability to predict accurately the demand
for its products, and to develop strategies to address its markets
successfully; and competition.
The risks included above are not exhaustive. Other factors that
could adversely affect the Company's revenue results and tax rate
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
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SOURCE Hologic, Inc.