Hologic announces financial results for fourth quarter of fiscal 2023

Hologic, Inc. announced the Company’s financial results for the fiscal fourth quarter ended September 30, 2023.

“Hologic delivered remarkable fiscal 2023 results extending our track record of strong performance with another solid quarter of growth in our fourth quarter,” said Steve MacMillan, the Company’s chairman, president and chief executive officer. “Each one of our divisions grew double digits organically in the quarter and for the full year excluding the impact of Covid. We are a new Hologic, with more growth drivers, a durable and industry leading margin profile, and an exceptional balance sheet. For fiscal 2024, we are excited to continue to showcase our standout performance, even against strong 2023 comps.”

Recent highlights

• Revenue of $945.3 million decreased (0.8%) for the quarter, or (1.5%) in constant currency, primarily driven by lower sales of Covid-19 assays compared to the prior year period, as expected.
  • Excluding Covid-19 revenues, total organic revenue grew 17.5%, or 16.7% on a constant currency basis.
• Diagnostics revenue decreased (20.1%), or (20.6%) in constant currency, primarily driven by lower sales of Covid-19 assays compared to the prior year period.
  • Excluding Covid-19 revenues, Diagnostics revenue grew 10.2% on an organic, constant currency basis.
  • Molecular Diagnostics revenue declined (27.1%), or (27.5%) in constant currency, primarily driven by lower sales of Covid-19 assays compared to the prior year period.
  • Excluding Covid-19 revenues, Molecular Diagnostics revenue grew 15.0% on an organic, constant currency basis.
• Breast Health revenue increased 28.2%, or 27.4% in constant currency, primarily due to higher capital equipment revenue compared to the prior year period as supply chain headwinds impacted fiscal Q4 2022.
• Surgical revenue grew 11.0%, or 10.6% in constant currency, primarily driven by strong results from MyoSure and Fluent Fluid Management.
• Cash flow from operations remained strong in the fourth quarter at $258.7 million.
• The Company intends to enter into an accelerated share repurchase (ASR) agreement for $500 million of the Company’s common stock. The Company expects the ASR will become effective later in the month and the final settlement of the ASR is expected to be completed in the second quarter of fiscal 2024. The ASR will be completed pursuant to a new $500 million share repurchase authorization recently approved by Hologic’s board of directors. The new authorization is in addition to the Company’s prior share repurchase authorization, of which $499 million remained as of September 30, 2023.
• The Company repurchased 3.2 million shares of its stock for $238 million in the fourth quarter of fiscal 2023.
• On October 27, 2023, the Company paid down $250 million of outstanding floating rate debt under its Credit Agreement.

For full fourth quarter financial results of fiscal 2023 click.
MB Bureau