Hologic Inc. (NSDQ:HOLX) saw significant revenue gains during its fourth quarter, but a write-down related to its MammoSite products hit its bottom line hard.
The Bedford, Mass.-based company recorded a loss of $137.0 million, or 53 cents per diluted share, on revenues of $428.3 million during the three months ended Sept. 25. That compares with net earnings of $24.6 million, or 10 cents per diluted share, on revenue of $402.8 million during the same period last year.
Hologic said the bottom-line swing was due primarily to $220.2 million in charges for the goodwill and intangible asset impairment for the MammoSite unit and $5.0 million from its acquisition of Sentinelle Medical Inc.
For the full 2010 fiscal year, Hologic recorded a loss of $62.8 million, or 24 cents per diluted share, on revenues of $1.68 billion. That compares with a loss of 2.22 $billion, or $8.64 per share, on revenues of $1.64 billion during fiscal 2009.
The company attributed the revenue growth to services related to its increased installed base of Selenia systems, GYN Surgical and diagnostics products sales.
“We are pleased with our fourth quarter and fiscal year 2010 performance. However, we also believe the numbers do not tell the entire story. Naturally, we are extremely pleased with the outcome of the FDA Panel review in late September of our PMA submission for our Dimensions 3-D system," CEO Rob Cascella said in prepared remarks.
The company’s shares closed at $16.28 apiece, up 2.84 percent for the day.