Hologic Inc. (NSDQ:HOLX) put some black ink in the ledger book during the second quarter, posting a profit of $20.6 million, or 8 cents per diluted share, during the three months ended March 27.
That tidy sum compares with a net loss of $2.3 billion, or $9.01 per diluted share, during Q2 2009. Revenues were $418.1 million during the just-ended quarter, up 4 percent compared with $402.0 million during the same period last year and ahead of the top-end of the guidance of $415 million it put out at the end of the first quarter.
Hologic cited a whopping $2.34 billion write-down of goodwill and intangible assets on its acquisitions of and Third Wave Technologies posted during the second quarter of 2009 for the bottom-line disparity. The revenue growth came from boosted sales for its breast health (up 5.2 percent or $9.4 million), diagnostics (up 3.7 percent or $4.9 million) and gynecological surgery (up 3.7 percent or $3.3 million) divisions.
A $70 million infusion in January from the sale of its Gestiva assets to KV Pharmaceutical Co. also helped the top line, somewhat offset by a $12.5 payment to Johnson & Johnson (NYSE:JNJ) subsidiary Ethicon Endo-Surgery Inc. to settle a pair of patent infringement cases involving breast biopsy technology. Lower sales for Hologic’s skeletal health segment, which slipped by $1.6 million, and the loss of $6.5 million in revenues from phased-out products also offset revenues.
Hologic also said it paid off the last installment of a loan it took out to finance the Third Wave acquisition, putting in the last $47 million payment this month, a year ahead of schedule. That leaves $1.4 billion left on the convertible debt it took on for the Cytyc deal, which comes due in December 2013.
Hologic said it expects to post about $415 million to $420 million in sales during the third quarter, but lowered its full-year sales guidance to $1.64 billion to $1.67 billion, “reflecting the current level of capital equipment stabilization as experienced during the first half of fiscal 2010 and the outlook for flat-to-slightly increased revenues for the remainder of the year,” according to a press release.