HOLOGIC, INC. MARLBOROUGH, Mass., Jan. 27, 2016 /PRNewswire/ -- Hologic, Inc. (Nasdaq: HOLX) announced today the Company's financial results for the fiscal first quarter ended December 26, 2015. Revenue of $695.2 million increased 6.5% on a reported basis, and 8.1% on a constant currency basis. GAAP diluted EPS of $0.29 increased 190%, and non-GAAP diluted EPS of $0.46 increased 17.9%.
"We are pleased with our first quarter financial results overall," said Steve MacMillan, Hologic's Chairman, President and Chief Executive Officer. "Our U.S. businesses again performed exceptionally well, with double-digit revenue growth. This contributed to improvement in our already strong operating margin, and earnings per share growth at nearly three times the rate of revenue."
Key financial results for the fiscal first quarter are shown below. Throughout this press release, all dollar figures are in millions, except EPS. Unless otherwise noted, all results are on a reported basis, and are compared to the prior year period.
GAAP Non-GAAP
---- --------
Q1'16 Q1'15 Change Q1'16 Q1'15 Change
(Reported) (Reported)
--------- ---------
Revenues $695.2 $652.8 6.5% $695.2 $652.8 6.5%
-------- ------ ------ --- ------ ------ ---
Gross Margin 54.5% 51.9% 260 bps 65.2% 63.3% 190 bps
------------ ---- ---- ------- ---- ---- -------
Operating
Expenses $253.0 $235.1 7.6% $221.0 $198.5 11.3%
--------- ------ ------ --- ------ ------ ----
Operating
Margin 18.1% 15.9% 220 bps 33.4% 32.9% 50 bps
--------- ---- ---- ------- ---- ---- ------
Net Income $84.9 $29.2 190.5% $135.1 $111.6 21.0%
---------- ----- ----- ----- ------ ------ ----
Diluted EPS $0.29 $0.10 190.0% $0.46 $0.39 17.9%
----------- ----- ----- ----- ----- ----- ----
Revenue Detail
Revenues grew in all four business segments globally:
$s in millions Q1'16 Q1'15 Change Change
(Reported) (Constant
Currency)
--- --------
Cytology
&
Perinatal $120.4 $120.1 0.3% 3.1%
Molecular
Diagnostics 129.6 119.1 8.8% 9.9%
Blood
Screening 60.7 64.9 (6.5%) (6.5%)
--------- ---- ---- ----- -----
Total
Diagnostics $310.7 $304.1 2.2% 3.7%
----------- ------ ------ --- ---
Breast
Imaging 218.1 197.5 10.4% 12.0%
Interventional
Breast
Solutions 42.1 41.9 0.3% 1.4%
Other 2.0 2.6 (23.5%) (12.8%)
----- --- --- ------ ------
Total
Breast
Health $262.2 $242.0 8.3% 9.9%
------ ------ ------ --- ---
GYN
Surgical $98.8 $84.4 17.1% 18.8%
--------- ----- ----- ---- ----
Skeletal
Health $23.5 $22.3 5.4% 7.7%
-------- ----- ----- --- ---
Total $695.2 $652.8 6.5% 8.1%
----- ------ ------ --- ---
Other revenue highlights:
-- U.S. sales of $545.1 million increased 12.8%, while international sales
of $150.1 million decreased (11.5%) on a reported basis, or (5.4%) in
constant currency.
-- In Breast Health, revenue from breast imaging products and service
totaled $218.1 million, an increase of 10.4% on a reported basis, or
12.0% in constant currency. In the United States, Breast Health revenue
of $214.8 million increased 15.3%, as adoption of Hologic's Genius(TM)
3D Mammography(TM) systems continued to grow. Internationally, Breast
Health sales of $47.4 million declined (15.1%), or (8.4%) in constant
currency.
-- In Diagnostics:
-- Molecular diagnostics sales of $129.6 million increased 8.8% on a
reported basis, or 9.9% in constant currency. Growth was primarily
driven by continued strength across Aptima® women's health products
on the fully automated Panther® and Tigris® platforms.
-- Cytology and perinatal sales of $120.4 million increased 0.3% on a
reported basis, or 3.1% in constant currency. International sales
declined (0.2%) on a reported basis, but grew 8.7% on a constant
currency basis, while domestic sales increased 0.5%.
-- Blood screening revenue totaled $60.7 million, a decrease of (6.5%)
that was driven primarily by ordering patterns by Hologic's partner
Grifols.
-- In GYN Surgical, MyoSure® sales of $36.9 million increased 45.0% on a
reported basis, or 46.1% in constant currency. NovaSure® sales of
$61.7 million increased 5.5% on a reported basis, or 7.5% in constant
currency.
-- In Skeletal Health, revenue of $23.5 million grew 5.4% on a reported
basis, or 7.7% in constant currency.
Segment revenue highlights by geography are shown below:
Q1'16 Q1'15 International
Change
International
Change (Constant
(Reported) Currency)
U.S. Change
-----------
Diagnostics $310.7 $304.1 8.5% (12.0%) (7.0%)
----------- ------ ------ --- ------ -----
Breast Health 262.2 242.0 15.3% (15.1%) (8.4%)
------------- ----- ----- ---- ------ -----
GYN Surgical 98.8 84.4 19.6% 2.6% 14.3%
------------ ---- ---- ---- --- ----
Skeletal Health 23.5 22.3 9.2% (2.0%) 4.7%
--------------- ---- ---- --- ----- ---
Total Revenues $695.2 $652.8 12.8% (11.5%) (5.4%)
-------------- ------ ------ ---- ------ -----
Expense Detail
Gross margin was 54.5% on a GAAP basis, and 65.2% on a non-GAAP basis. Gross margin improved mainly due to strong domestic sales growth, favorable product mix, and operational improvements. These benefits were partially offset by a stronger U.S. dollar.
Operating expenses were $253.0 million on a GAAP basis, and $221.0 million on a non-GAAP basis. Operating expenses increased mainly due to marketing investments in the Breast Health and Diagnostics divisions, as well as higher variable compensation and benefits expense.
Other Key Financial Results
Operating cash flow was $164.3 million, an increase of 7.0% compared to the prior year period. Free cash flow, defined as operating cash flow less capital expenditures, was $144.6 million.
Adjusted non-GAAP earnings before interest, taxes, depreciation and amortization (EBITDA) were $252.0 million, an increase of 8.1% compared to the prior year period.
Total debt outstanding at the end of the fiscal first quarter was $3,632.4 million, a decrease of $322.4 million compared to the prior year period. The combination of lower debt and EBITDA growth has helped improve Hologic's leverage ratio (net debt over EBITDA) to 3.1 times.
Similarly, strong profit growth and lower debt have improved Hologic's return on invested capital (ROIC), which was 11.3% on a trailing 12 months basis, a 160 basis point increase compared to the prior year period.
The Company ended the quarter with cash and cash equivalents of $650.3 million.
Financial Guidance for Fiscal 2016
"Building on our solid performance in the first quarter, we are updating our fiscal 2016 revenue guidance based on a stronger U.S. dollar, but increasing our EPS guidance to reflect greater-than-expected earnings power," said Bob McMahon, the Company's Chief Financial Officer.
The guidance below is based on recent foreign exchange rates, an improved full-year tax rate of approximately 33%, and diluted shares outstanding of between 296 and 298 million for the full year.
Current Guidance Previous Guidance Current Guidance vs. Current Guidance vs.
Prior Year Prior Year
(As Reported) (Constant Currency)
------------ ------------------
Revenues $2,800 to $2,830 $2,810 to $2,840 3.5% to 4.6% 4.4% to 5.5%
million million
--- ------- -------
Non-GAAP EPS $1.86 to $1.90 $1.80 to $1.84 11.4% to 13.8% 13.1% to 15.5%
------------ -------------- -------------- ------------- -------------
For the second quarter of fiscal 2016, Hologic expects:
Current Guidance Current Guidance vs. Prior Year Current Guidance vs. Prior
Period (As Reported) Year Period (Constant Currency)
-------------------- ------------------------------
Revenues $680 to $690 million 3.7% to 5.3% 4.5% to 6.0%
-------- -------------------- ----------- -----------
Non-GAAP EPS $0.45 to $0.46 9.8% to 12.2% 11.2% to 13.6%
------------ -------------- ------------ -------------
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 margin; non-GAAP operating expenses; non-GAAP operating margin; non-GAAP net income; 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 and intangible assets; (ii) additional depreciation expense from acquired fixed assets and accelerated depreciation related to consolidation and closure of facilities; (iii) non-cash interest expense related to amortization of the debt discount from the equity conversion option of the convertible notes; (iv) restructuring and divestiture charges and facility and consolidation charges; (v) debt extinguishment losses and related transaction costs; (vi) litigation settlement charges (benefits); (vii) other-than-temporary impairment losses on investments and realized gains resulting from the sale of investments; (viii) 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 (ix) 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 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.
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. It is therefore not practicable to reconcile non-GAAP EPS guidance to the most comparable GAAP measure.
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 2016. Approximately 10 minutes before the call, dial 877-719-9786 (U.S. and Canada) or 719-325-4908 (international) and enter access code 7932634. A replay will be available starting two hours after the call ends through February 26, 2016 at 888-203-1112 (U.S. and Canada) or 719-457-0820 (international), access code 7932634. 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 and surgical products. The Company's core business units focus on diagnostics, breast health, GYN surgical, and skeletal health. With a unified suite of 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
December 26, December 27,
2015 2014
---- ----
Revenues:
Product $587.2 $546.6
Service and other 108.0 106.2
----- -----
Total revenues 695.2 652.8
----- -----
Cost of revenues:
Product 188.2 186.7
Amortization of intangible
assets 73.4 73.9
Service and other 54.5 53.6
---- ----
Gross profit 379.1 338.6
----- -----
Operating expenses:
Research and development 51.7 52.0
Selling and marketing 99.4 86.0
General and administrative 77.0 61.3
Amortization of intangible
assets 22.6 27.8
Restructuring and divestiture
charges 2.3 8.0
Total operating expenses 253.0 235.1
----- -----
Income from operations 126.1 103.5
Interest income 0.2 0.4
Interest expense (39.2) (52.5)
Debt extinguishment loss - (6.7)
Other income (expense), net 27.6 (0.6)
---- ----
Income before income taxes 114.7 44.1
Provision for income taxes 29.8 14.9
---- ----
Net income $84.9 $29.2
===== =====
Net income per common share:
Basic $0.30 $0.10
===== =====
Diluted $0.29 $0.10
===== =====
Weighted average number of shares
outstanding:
Basic 282,976 278,671
======= =======
Diluted 291,971 283,176
======= =======
HOLOGIC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)
December 26, September 26,
2015 2015
---- ----
ASSETS
Current assets:
Cash and cash
equivalents $650.3 $492.7
Accounts
receivable,
net 410.5 416.1
Inventories 286.4 283.1
Deferred
income taxes - 19.0
Other current
assets 40.5 55.5
Total current
assets 1,387.7 1,266.4
------- -------
Property,
plant and
equipment,
net 454.5 457.1
Goodwill and
intangible
assets 5,733.6 5,831.4
Other assets 103.7 115.2
Total assets $7,679.5 $7,670.1
======== ========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Current
portion of
long-term
debt $393.3 $391.8
Accounts
payable and
accrued
liabilities 365.2 389.1
Deferred
revenue 156.9 163.1
----- -----
Total current
liabilities 915.4 944.0
----- -----
Long-term
debt, net of
current
portion 3,239.1 3,248.0
Deferred
income taxes 1,131.6 1,178.4
Other long-
term
liabilities 227.1 220.5
----- -----
Total
liabilities 5,513.2 5,590.9
Total
stockholders'
equity 2,166.3 2,079.2
Total
liabilities
and
stockholders'
equity $7,679.5 $7,670.1
======== ========
HOLOGIC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
Three Months Ended
December 26, December 27,
2015 2014
------------- -------------
OPERATING ACTIVITIES
Net
income $84.9 $29.2
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation 19.9 20.3
Amortization 96.0 101.7
Non-cash
interest
expense 13.2 16.7
Stock-
based
compensation
expense 15.9 12.1
Excess
tax
benefit
related
to
equity
awards (7.1) (3.0)
Deferred
income
taxes (28.0) (30.5)
Gain on
sale of
available-
for-
sale
marketable
security (25.1) -
Debt
extinguishment
loss - 6.7
Loss on
disposal
of
property
and
equipment 1.3 1.7
Other
adjustments
and non-
cash
items (1.5) 1.2
Changes in operating
assets and liabilities:
Accounts
receivable 4.3 (9.7)
Inventories (3.6) 18.7
Prepaid
income
taxes 21.7 22.4
Prepaid
expenses
and
other
assets (7.7) (3.0)
Accounts
payable (4.9) (24.8)
Accrued
expenses
and
other
liabilities (9.8) (5.0)
Deferred
revenue (5.2) (1.2)
Net cash
provided
by
operating
activities 164.3 153.5
----- -----
INVESTING ACTIVITIES
Purchase
of
property
and
equipment (9.1) (10.8)
Increase
in
equipment
under
customer
usage
agreements (10.6) (10.3)
Proceeds
from
sale of
available-
for-
sale
marketable
security 31.1 -
Purchases
of
insurance
contracts - (6.4)
Sales of
mutual
funds - 6.4
Increase
in other
assets 0.9 (0.9)
Net cash
provided
by (used
in)
investing
activities 12.3 (22.0)
---- -----
FINANCING ACTIVITIES
Repayment
of long-
term debt (18.8) (328.8)
Repurchase
of
convertible
notes (0.1) -
Net
proceeds plans
from
issuance
of
common
stock
pursuant
to
employee
stock 11.1 15.2
Excess
tax
benefit
related
to
equity
awards 7.1 3.0
Payment
of
minimum
tax
withholdings
on net
share
settlements
of
equity
awards (14.9) (10.6)
Net cash
used in
financing
activities (15.6) (321.2)
Effect of
exchange
rate
changes
on cash
and cash
equivalents (2.0) (2.4)
Net
increase
(decrease)
in cash
and cash
equivalents 159.0 (192.1)
Cash and
cash
equivalents,
beginning
of
period 491.3 736.1
Cash and
cash
equivalents,
end of
period $650.3 $544.0
====== ======
HOLOGIC, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In millions, except earnings per share and margin percentages)
Three Months Ended
------------------
December 26, 2015 December 27, 2014
----------------- -----------------
Gross Profit:
GAAP gross profit $379.1 $338.6
Adjustments:
Amortization of intangible assets (1) 73.4 73.9
Incremental depreciation expense (2) 0.5 0.8
Integration/consolidation costs (3) - 0.2
Non-GAAP gross profit $453.0 $413.5
====== ======
Gross Margin Percentage:
GAAP gross margin percentage 54.5% 51.9%
Impact of adjustments above 10.7% 11.4%
Non-GAAP gross margin percentage 65.2% 63.3%
==== ====
Operating Expenses:
GAAP operating expenses $253.0 $235.1
Adjustments:
Amortization of intangible assets (1) (22.6) (27.8)
Incremental depreciation expense (2) (0.9) (0.6)
Integration/consolidation costs (3) (0.2) -
Restructuring and divestiture charges (3) (2.3) (8.0)
Other (4) (6.0) (0.2)
Non-GAAP operating expenses $221.0 $198.5
====== ======
Operating Margin:
GAAP income from operations 126.1 103.5
Adjustments to gross profit as detailed above 73.9 74.9
Adjustments to operating expenses as detailed above 32.0 36.6
Non-GAAP income from operations $232.0 $215.0
====== ======
Operating Margin Percentage:
GAAP income from operations margin percentage 18.1% 15.9%
Impact of adjustments above 15.3% 17.0%
Non-GAAP operating margin percentage 33.4% 32.9%
==== ====
Interest Expense:
GAAP interest expense $39.2 $52.5
Adjustments:
Non-cash interest expense relating to convertible notes (5) (6.4) (8.8)
Non-GAAP interest expense $32.8 $43.7
===== =====
Pre-Tax Income:
GAAP pre-tax earnings $114.7 $44.1
Adjustments to pre-tax earnings as detailed above 112.3 120.3
Debt extinguishment loss (6) - 6.7
Gain on sale of available-for-sale marketable security (7) (25.1) -
Unrealized gains on forward foreign currency contracts (8) (1.0) -
Non-GAAP pre-tax Income $200.9 $171.1
====== ======
Net income:
GAAP net income $84.9 $29.2
Adjustments:
Amortization of intangible assets (1) 96.0 101.7
Non-cash interest expense relating to convertible notes (5) 6.4 8.8
Restructuring, divestiture and integration/consolidation costs (3) 2.5 8.2
Incremental depreciation expenses (2) 1.4 1.4
Debt extinguishment loss (6) - 6.7
Gain on sale of available-for-sale marketable security (7) (25.1) -
Unrealized gains on forward foreign currency contracts (8) (1.0) -
Other charges (4) 6.0 0.2
Income tax effect of reconciling items (9) (36.0) (44.6)
----- -----
Non-GAAP net income $135.1 $111.6
====== ======
Earnings per share:
GAAP earnings per share - Diluted $0.29 $0.10
Adjustment to net earnings (as detailed above) 0.17 0.29
---- ----
Non-GAAP earnings per share - diluted (10) $0.46 $0.39
===== =====
Adjusted EBITDA:
Non-GAAP net income $135.1 $111.6
Interest expense, net, not adjusted above 32.6 43.2
Provision for income taxes 65.8 59.5
Depreciation expense, not adjusted above 18.5 18.8
---- ----
Adjusted EBITDA $252.0 $233.1
====== ======
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.
(4) To reflect the net impact from
miscellaneous transactions during
the relevant period, including
legal settlements.
(5) 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.
(6) To reflect losses for partial
extinguishment related to voluntary
prepayments under the Prior Credit
Agreement.
(7) To reflect realized gain on sale of
available-for-sale marketable
security.
(8) To reflect non-cash unrealized
gains on the market-to market on
outstanding forward foreign
currency contracts.
(9) To reflect an estimated annual
effective tax rate of 32.75% and
34.75% for fiscal 2016 and 2015.
(10) Non-GAAP earnings per share was
calculated based on 291,971 and
283,176 weighted average diluted
shares outstanding for the three
months ended December 26, 2015 and
December 27, 2014, respectively.
Trailing Twelve Months
ended
December 26, 2015
-----------------
Return on Invested Capital:
Adjusted Net Operating Profit After Tax
Net income 508.1
Provision for income taxes 258.8
Interest expense 150.6
Adjusted net operating profit before tax 917.5
Non-GAAP average effective tax rate (1) 33.76%
Adjusted net operating profit after tax 607.8
=====
Average Net Debt plus Average Stockholders'
Equity (2)
Average total debt 3,793.6
Less: Average cash, cash equivalents and
restricted cash (599.7)
Average net debt 3,193.9
Average stockholders' equity (3) 2,166.6
Average net debt plus average stockholders'
equity 5,360.5
=======
Adjusted ROIC
Adjusted ROIC (adjusted net operating profit
after tax 11.34%
above divided by average net debt plus
stockholders' equity above)
(1) ROIC is presented on a TTM basis;
non-GAAP effective tax rate for
the three months ended March 28,
2015 was 33.77%; the three months
ended June 27, 2015 and September
26, 2015 was 34.25%; and the
three months ended December 26,
2015 was 32.75%.
(2) Calculated using the average of
the balances as of December 26,
2015 and December 27, 2014.
(3) Adjusted (increased) to eliminate
the effect of the impairment of
intangible assets of $32.2
million in fiscal 2014.
Three Months Ended
December 26, 2015
-----------------
Leverage Ratio:
Total principal debt 3,702.0
Total cash (650.3)
Net principal debt, as adjusted 3,051.7
EBITDA for the last four quarters 991.2
Leverage Ratio 3.08
====
Other Supplemental Information:
Geographic Revenues Q1'16 Q1'15
------------------- ----- -----
U.S. 78.4% 74.0%
---- ---- ----
Europe 10.0% 13.6%
------ ---- ----
Asia-Pacific 7.9% 8.7%
------------ --- ---
All others 3.7% 3.7%
---------- --- ---
Total Revenues 100.0% 100.0%
-------------- ----- -----
Revenue Composition Q1'16
------------------- -----
Disposables 62%
----------- ---
Capital Equipment 22%
----------------- ---
Service & Other 16%
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Total Revenues 100%
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hologic-announces-financial-results-for-first-quarter-of-fiscal-2016-300210683.html
SOURCE Hologic, Inc.
