Hologic's fiscal Q1 profits dive on Gen-Probe acquisition costs

February 4, 2013 by MassDevice staff

Profits for Hologic during its fiscal 1st quarter plunge some 85% as it digests its $4 billion merger with Gen-Probe and raises its earnings outlook for the full fiscal year.

Hologic

Hologic (NSDQ:HOLX) saw its fiscal 1st-quarter profits plunge 85% on costs related to its $4 billion buyout of diagnostics giant Gen-Probe, despite nearly 34% top-line growth.

The Bedford, Mass.-based women's health company reported profits of $3.1 million, or 1¢ per share, on sales of $631.4 million during the 3 months ended Dec. 29, 2012, for a bottom-line slide of 85.0% but top-line growth of 33.6% compared with its fiscal 1st quarter last year.

Adjusted to exclude some $101.8 million in 1-time items, largely associated with the Gen-Probe acquisition, earnings per share were 38¢, a penny ahead of Wall Street's expectations.

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"We began fiscal 2013 with great promise and we are confident our combination with Gen-Probe positions us to continue creating significant value for all of our stakeholders," president & CEO Rob Cascella said in prepared remarks. "During the quarter, we leveraged our expanded product portfolio to drive year-over-year growth in our diagnostics, breast health and GYN surgical segments. We are executing the strategy we outlined at the beginning of the year and we believe we are well positioned to build on our momentum for the remainder of fiscal 2013 and beyond."

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