Free Research Report as Hologic’s Revenues Jumped 10.3% and Adjusted EPS Climbed 6%
Stock Monitor: BIOLASE Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free earnings report on Hologic, Inc. (NASDAQ: HOLX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HOLX. The Company reported its second quarter fiscal 2018 operating and financial results on May 02, 2018. The medical device maker beat revenue estimates, while its earnings were in-line with market expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the second quarter of the fiscal year 2018, Hologic's revenues increased 10.3% to $789.3 million compared to $715.4 million in Q2 FY17. Excluding the acquired medical aesthetics and divested blood screening businesses, the Company's revenues increased 4.8%, or 2.6% in constant currency. Hologic's revenue numbers exceeded analysts' estimates of $780.1 million.
During Q2 FY18, Hologic's gross margin was 52.6% on a GAAP basis, and 62.7% on a non-GAAP basis. The Company's GAAP gross margin declined by 170 basis points, while its non-GAAP gross margin declined by 120 basis points, primarily due to geographic and product sales mix.
For Q2 FY18, Hologic's operating expenses were $1.02 billion on a GAAP basis compared to negative $611.1 million in Q2 FY17; increasing primarily due to the Cynosure impairment charges compared to a gain of $899.7 million from the sale of the Company's blood screening business in the prior year's same period. On a non-GAAP basis, Hologic's operating expenses increased 19.7% to $266.9 million.
Hologic's GAAP net loss was $681.4 million, or $2.46 per diluted share, in Q2 FY18 compared to a net income of $526.8 million, or $1.84 per diluted share, in Q2 FY17, declining primarily due to non-cash impairment charges for goodwill and in-process research and development (R&D) of $685.7 million and $46.0 million, respectively, related to Hologic's Cynosure business, and the gain on the sale of the Company's blood screening business in the prior year's comparable period.
Hologic's non-GAAP earnings jumped 6.0% to $0.53 per diluted share in Q2 FY18 compared to $0.50 per diluted share in Q2 FY17. The Company's earnings were in-line with Wall Street's estimates of $0.53 per share.
Revenue Details
During Q2 FY18, Hologic's US revenues rose 3.3% to $588.5 million on a y-o-y basis. Excluding the acquired medical aesthetics and divested blood screening businesses, the Company's US revenues decreased slightly. The Company's International revenues surged 37.8% to $200.8 million on a y-o-y basis in the reported quarter. Excluding the acquired medical aesthetics and divested blood screening businesses, the Company's International revenues increased 26.4% in the reported quarter.
For Q2 FY18, Hologic's Breast Health revenues totaled $300.1 million, reflecting an increase of 7.0% on a y-o-y basis, driven by strong international sales, new products, and service revenues.
In its Diagnostics segment, Hologic's GYN Surgical revenues fell 1.7% to $99.4 million on a y-o-y basis. The Company's MyoSure® revenues jumped 13.5% to $52.7 million compared to the year ago corresponding period, while NovaSure® revenues declined 14.5% to $46.7 million on a y-o-y basis.
Hologic's Medical Aesthetics segment generated revenues of $85.5 million in Q2 FY18, reflecting an increase of 11.5% compared to pro-forma net sales of $76.7 million in Q2 FY17, during the majority of which Cynosure was an independent Company.
For Q2 FY18, Hologic's Skeletal Health revenues increased 12.6% to $24.6 million compared to $21.8 million in Q2 FY17.
Financial Position
During Q2 FY18, Hologic repurchased 2.8 million shares of its common stock for $106.5 million.
Hologic's total debt outstanding was $3.4 billion at the end of Q2 FY18. As of March 31, 2018, the Company had cash and equivalents of $0.6 billion, and a net leverage ratio of 2.7 times.
On a trailing 12-month basis, the Company's adjusted return on invested capital (ROIC) declined 60 basis points to 12.6% versus the prior year's comparable period.
Outlook
For the full fiscal year 2018, Hologic is forecasting revenues to range from $3.18 billion to $3.21 billion, with reported growth rates between 4.0% and 4.9%. The Company re-affirmed its earnings per diluted share to be in the band of $2.22 to $2.27, which represents a reported growth of between 9.4% and 11.8%.
For the third quarter of the fiscal year 2018, Hologic is projecting revenues between $795 million and $810 million, which reflects a decline of 2.8% to a decline of 1% on a constant currency basis. On the bottom-line, the Company expect earnings per share of $0.55 to $0.57 for Q3 FY18, which implies growth rates of between 10% and 14%.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, Hologic's stock climbed 1.14%, ending the trading session at $39.02.
Volume traded for the day: 1.39 million shares.
Stock performance in the last month – up 0.59%; and previous three-month period – up 0.49%
After yesterday's close, Hologic's market cap was at $10.81 billion.
The stock is part of the Healthcare sector, categorized under the Medical Instruments & Supplies industry. This sector was up 1.4% at the end of the session.
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