HOLOGIC, INC. 2023
Sustainability Report
Our Commitment Knows No Bounds
Table of Contents
Hologic | 2 |
A Letter from | |
Stephen P. MacMillan | 3 |
Hologic Overview | 6 |
Hologic at a Glance | 7 |
Hologic Growth Drivers | 10 |
Diversity in Innovation | 13 |
Product Spotlight | 14 |
S. P. MacMillan | |
Innovation Center | 15 |
Materiality Assessment | 17 |
Women's Health | 18 |
Hologic Global Women's | |
Health Index | 19 |
Commitment to U.N. Sustainable | |
Development Goals | 21 |
Women's Tennis Association | 23 |
Kelee Ringo Partnership | 26 |
Know Your Lemons | 27 |
Dr. Jana Pittman Partnership | 28 |
Corporate Citizenship | 29 |
Global Access Initiative | 30 |
Giving Back | 32 |
Future Pandemic | |
Preparedness | 34 |
Environmental Goals | 35 |
Engineering and Logistics | |
Sustainability Efforts | 39 |
ISO Certifications Costa Rica | 40 |
Innovating Sustainably | 4 1 |
Climate Risk Management | 42 |
Costa Rica Zero | |
Waste Substantiation | 43 |
Our People | 44 |
Employee Engagement | 45 |
Stories From the | |
#WhyHologic Campaign | 48 |
A Competitive Edge | 5 1 |
Pay Equity Policies | 56 |
Workforce Composition | 57 |
Governance | 62 |
Governance and | |
Shareholder Engagement | 63 |
Appendix | 68 |
Clinical Trial Governance | 69 |
Supplier Chain Management | 71 |
Supplier Risk Management | 72 |
Quality Management Systems | 73 |
Workplace Health and Safety | 74 |
Information Security | |
Governance | 75 |
Governance Policies | |
and Procedures | 77 |
Reporting Frameworks: SASB | 81 |
Reporting Frameworks: TCFD | 85 |
References | 89 |
Safe Harbor Statement | 93 |
2023 Sustainability Report | 1 |
HOLOGIC | WOMEN'S HEALTH | CORPORATE CITIZENSHIP | OUR PEOPLE | GOVERNANCE | APPENDIX | ||
HOLOGIC
Our Purpose
As a company, we live our purpose - to enable healthier lives everywhere, every day - through our virtuous circle. Our innovative, life-changing technologies lead to continuous business growth and enduring financial success. These gains allow us to reinvest in programs and initiatives designed to nurture and support women's health globally.
A Letter from Stephen P. MacMillan | 3 |
Hologic Overview | 6 |
Hologic at a Glance | 7 |
Hologic Growth Drivers | 10 |
Diversity in Innovation | 13 |
Product Spotlight | 14 |
S. P. MacMillan Innovation Center | 15 |
Materiality Assessment | 17 |
2023 Sustainability Report | 2 |
HOLOGIC | WOMEN'S HEALTH | CORPORATE CITIZENSHIP | OUR PEOPLE | GOVERNANCE | APPENDIX |
A Message From
Our Chairman, President
and CEO Stephen P. MacMillan
Dear Hologic Stakeholders,
Thank you for taking an interest in Hologic's sustainability progress. As you will see in our 2023 Sustainability Report, we continue to build on our foundational social initiatives with an unwavering commitment to elevate women's health around the world.
Hologic - above all else - is guided by our purpose, our passion and our promise. Our purpose is to enable healthier lives everywhere, every day. Our passion is to champion women's health globally. Our promise is The Science of Sure®, a commitment to provide healthcare professionals with clinically differentiated, high-quality products.
As a company, we strive to exemplify the societal benefits private enterprise can drive with a thoughtful, courageous and unconventional approach to everything we do. Because these words are embedded into the very fiber of our culture, it's worth taking a moment to explain their importance with a few examples.
2023 Sustainability Report | 3 |
HOLOGIC | WOMEN'S HEALTH | CORPORATE CITIZENSHIP | OUR PEOPLE | GOVERNANCE | APPENDIX |
Thoughtful. Courageous. Unconventional.
We are thoughtful with the initiatives we have developed and those
we support. Each program outlined in this report is intimately connected to our business. For example, with our Women's Tennis Association (WTA) partnership, we've reached 88.5 million people to advocate that they make their health a greater priority through preventive care. Further, through Project Health Equity, we support medically underserved communities to facilitate the delivery of culturally competent care and accessible testing for breast health, fibroids and cervical cancer.
We are courageous in the problems we seek to address. The Hologic Global Women's Health Index, in partnership with Gallup, gathers data on the state of women's health worldwide. As an organization rooted in science, we understand that issues must be measured before they can be resolved. We use the country-level data from this Index to inspire policy change and break down barriers that prevent women from receiving the care they need.
We are unconventional in the way we operate. When much of the world
shut down during the worst days of the pandemic, our teams worked to ensure millions of COVID tests reached people around the globe. We are proud of how our culture shined and how our teams cleared countless hurdles to scale up production, delivering highly accurate molecular COVID assays to meet the world's testing needs.
2023 Sustainability Report Highlights
Simply put, we focus on the best talent for each role. We believe that
by casting a wider net, making a deeper, richer commitment to developing people of all backgrounds, we are creating a true merit-based culture where everyone believes and is given the opportunity to grow. This mindset differentiates us and creates a strong competitive advantage. When done well, this approach creates a broader, more diverse group of leaders, which we continue to cultivate.
Moving to the Hologic Global Women's Health Index, highlighted on pages 19-20: While the scope of the Index grew from 122 to 143 countries this year, accounting for 97% of women worldwide, the findings show that women's health is just as much at risk as it was three years ago when we conducted the inaugural study. This third year of the Index is being published at a critical time: The world is halfway to the 2030 deadline for achieving the United Nations' Sustainable Development Goals, but progress is far behind where it should be. World leaders must take a bolder stand to protect and preserve the health of women and girls around the world.
Hologic's title sponsorship with the WTA also continues to be a winning combination for women's health. As evidenced on page 23, in 2023, Hologic and the WTA partnered to introduce a Women's Health Taskforce. This important initiative seeks to address a broad range of health issues impacting women by setting a standard to support healthy lifecycles for female athletes and women at large.
.
2023 Sustainability Report | 4 |
HOLOGIC | WOMEN'S HEALTH | CORPORATE CITIZENSHIP | OUR PEOPLE | GOVERNANCE | APPENDIX |
In addition, readers will notice on page 35 that we have added detail describing how we intend to meet our environmental targets. Although we still have considerable work ahead to achieve these goals, we have started to put real investment into our strategic planning process to make them a reality. As with everything we do, these goals are thoughtful and measurable. You can count on us to deliver on our commitments.
Finally, on page 56, for the first time, we are publicly disclosing data pertaining to gender pay equity. As a women's health company, we strongly advocate for equal pay for equal work. We hope that our results, which show no significant pay gap throughout our workforce, are a small step to support this critical issue.
Purpose Driven. Results Driven.
In closing, our virtuous circle illustrates how delivering better patient outcomes with industry-leading technology generates sustainable business growth. We are a company that does well by doing good. We do not have to choose between our purpose and our financial results.
We are steadfast on our course to improve women's health while driving benefits for all our stakeholders.
Stephen P. MacMillan
Chairman, President and Chief Executive Officer
2023 Sustainability Report | 5 |
HOLOGIC | WOMEN'S HEALTH | CORPORATE CITIZENSHIP | OUR PEOPLE | GOVERNANCE | APPENDIX |
Hologic Overview - The Science of Sure®
Hologic focuses on improving the health and well-being of women, their families and their communities through early detection and treatment. Our life-changing advances in breast, cervical, gynecologic, skeletal and sexual health are rooted in science and clinically proven to deliver greater certainty and peace of mind for patients everywhere.
From the day we opened our doors, Hologic has consistently introduced clinical advances that transform the delivery of healthcare:
We developed the first | Our ThinPrep® Pap test, |
dual-energyX-ray | the first FDA-approved liquid |
absorptiometry system for | cytology option for cervical |
evaluating osteoporosis.1 | disease screening, is used |
to detect abnormal cells on | |
the cervix. Our Aptima HPV | |
assays identify high-risk | |
HPV mRNA indicative of the | |
HPV infections most likely | |
to lead to cervical disease.2-5 |
Only the Genius® 3D | Our treatment options | Key assays in our Aptima® |
Mammography™ exam | for uterine fibroids and | portfolio, which run on |
finds 20-65% more invasive | abnormal uterine bleeding | our Panther® molecular |
breast cancers compared | provide minimally invasive | diagnostics system, have |
to 2D alone.6 It is also | experience for patients. | a proven record for accurate |
the only exam approved | detection of sexually | |
by the FDA as superior to | transmitted infections (STIs), | |
2D mammography alone for | and other viruses, infections | |
women with dense breasts.7,8 | and disease states. |
2023 Sustainability Report | 6 |
HOLOGIC | WOMEN'S HEALTH | CORPORATE CITIZENSHIP | OUR PEOPLE | GOVERNANCE | APPENDIX |
Hologic at a Glance
Hologic is a fundamentally different company than we were just a few years ago. We are stronger, larger and have diversified our recurring revenue streams. Driven by a culture that has been thoughtfully and courageously curated over many years, we were able to capitalize on opportunities presented by a global health crisis and, through unconventional thinking, make purposeful investments to strengthen our future growth outlook. Looking ahead, we are excited to continue advancing women's health while delivering strong financial results and creating value for all our stakeholders.
Founded in 1985 by | Fiscal 2023 Revenue | Employees | Estimated Number of Lives Impacted | Global Reach |
Jay Stein and | $4.03 billion | 7,000 worldwide | 250+ million in fiscal 2023 | Locations in |
David Ellenbogen | 36+ countries | |||
and a market | ||||
presence in | ||||
Chairman, President and CEO | NASDAQ Stock Exchange | Global Patents | Global Headquarters | more than |
Stephen P. MacMillan | HOLX | 4,500+ | Marlborough, Massachusetts, USA | 100 countries |
Awards & Recognition Earned in 20231
• | Gallup Exceptional Workplace Award | • Fast Company World Changing Ideas Finalist | • | Great Place to Work certification |
• | Fortune Best Workplaces in Healthcare | • Drucker Institute's Best-Managed Companies | • | The Boston Globe Top Places to Work |
• Newsweek America's Most Responsible Companies | • IMV ServiceTrak awards in Mammography | in Massachusetts | ||
• | Forbes America's Best Midsize Employers | for Best Customer Satisfaction, Best System | • The San Diego Union-Tribune Best Large Companies | |
• Barron's The 100 Most Sustainable U.S. Companies | Performance and Best Service | • | Laureus Sport for Good Index | |
2023 Sustainability Report | 7 |
HOLOGIC | WOMEN'S HEALTH | CORPORATE CITIZENSHIP | OUR PEOPLE | GOVERNANCE | APPENDIX |
Hologic at a Glance (continued)
2023 Revenue
BY DIVISIONBY T YPEBY GEOGR APHY
15% | 19% | 24% | |
Surgical | Service | Intl. | |
Solutions | |||
38% | 18% | ||
47% | Capital | ||
Breast & | |||
Diagnostics | 63% | 76% | |
Skeletal Health | |||
Solutions | Solutions | Consumables | U.S. |
Total Revenue*
$6,000 | 46.5% | |||||||||
$5,632 | -12.3% | |||||||||
$5,000 | 5.7% | 12.1% | $2,160 | $4,863 | -16.3% | |||||
4.3% | $1,431 | $4,030 | ||||||||
$4,000 | 8.3% | $3,776 | ||||||||
$3,367 | $248 | |||||||||
9.9% | 5.4% | $3,059 | $3,218 | $929 | ||||||
0.4% | ||||||||||
$3,000 | ||||||||||
$2,000 | ||||||||||
$1,000 | ||||||||||
$2,511 | $2,705 | $2,833 | $2,851 | $2,879 | $3,052 | $2,782 | $3,473 | $3,433** | $3,782 | |
$0 | ||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Base Business ex. COVID Assays | COVID Assays | Medical Aesthetics | ||
- Total non-GAAP revenue growth in millions. Growth rates in constant currency. As reported except FY14, which excludes ~$20 million one-time revenue from amending Roka license. Results include contributions from the Blood Screening business that was divested in 2017, the Medical Aesthetics business that was acquired in 2017 and divested in 2020, and other smaller acquisitions. Numbers may not foot due to rounding.
**Decline in Total Revenue excluding COVID Assays is driven by lower capital sales in our Breast & Skeletal Health Solutions business, as a result of semiconductor supply chain shortages.
2023 Sustainability Report | 8 |
HOLOGIC | WOMEN'S HEALTH | CORPORATE CITIZENSHIP | OUR PEOPLE | GOVERNANCE | APPENDIX |
Hologic at a Glance (continued)
Non-GAAP EPS*
$9.00 | 111.3% | |||||||||
$8.00 | ||||||||||
$7.00 | -28.4%** | |||||||||
$6.00 | ||||||||||
$5.00 | 63.8% | - 34.2% | ||||||||
$4.00 | ||||||||||
$3.00 | 14.4% | 17.4% | 3.6% | 9.9% | 9.0% | |||||
$2.00 | -2.7% | |||||||||
$1.00 | $1.46 | $1.67 | $1.96 | $2.03 | $2.23 | $2.43 | $3.98 | $8.41 | $6.02 | $3.96 |
$0.00 | ||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
Numbers may not foot due to rounding.
- Non-GAAPEPS as presented in our earnings releases except FY14, which excludes ~$0.05 one-time contribution from amending Roka license. Results include contributions from the Blood Screening business divested in 2017, the Medical Aesthetics business acquired in 2017 and divested in 2020, and other smaller acquisitions.
**Decline in Non-GAAP EPS is driven by less COVID testing revenue and lower capital sales in our Breast & Skeletal Health Solutions business, as a result of semiconductor supply chain shortages.
GAAP to Non-GAAP Reconciliation
YEAR ENDED | |||||||||||
Earnings per share (EPS) | 9/27/14 | 9/26/15 | 9/24/16 | 9/30/17 | 9/29/18 | 9/28/19 | 9/26/20 | 9/25/21 | 9/24/22 | 9/30/23 | |
GAAP earnings (loss) per share | 0.06 | 0.45 | 1.16 | 2.64 | (0.40) | (0.76) | 4.21 | 7.21 | 5.13 | 1.83 | |
Non-GAAP adjustments | 1.45 | 1.22 | 0.80 | (0.61) | 2.632 | 3.191 | (0.23) | 1.20 | 0.89 | 2.13 | |
Adjusted EPS | 1.51 | 1.67 | 1.96 | 2.03 | 2.23 | 2.43 | 3.98 | 8.41 | 6.02 | 3.96 | |
5-year average adjusted EPS growth | 24% | ||||||||||
Numbers may not foot due to rounding.
1. Assumes dilution of 1.9 million shares for the year ended September 28, 2019. 2. Assumes dilution of 2.8 million shares for the year ended September 29, 2018.
2023 Sustainability Report | 9 |
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Disclaimer
Hologic Inc. published this content on 13 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 16:57:08 UTC.
