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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
__________________________________________________________ 
FORM 10-Q
 
 __________________________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 30, 2024
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 1-36214
__________________________________________________________ 
HOLOGIC, INC.
(Exact name of registrant as specified in its charter)
 __________________________________________________________
Delaware 04-2902449
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
250 Campus Drive, 
Marlborough,
Massachusetts
01752
(Address of principal executive offices) (Zip Code)
(508) 263-2900
(Registrant’s telephone number, including area code)
 __________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueHOLXNASDAQ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer 
  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of April 25, 2024, 233,376,948 shares of the registrant’s Common Stock, $0.01 par value, were outstanding.


HOLOGIC, INC.
INDEX
 
 Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
EXHIBITS


2

PART I – FINANCIAL INFORMATION
 
Item 1.    Financial Statements (unaudited)
HOLOGIC, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per share data)
 Three Months EndedSix Months Ended
 March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Revenues:
Product$828.0 $837.4 $1,656.0 $1,723.8 
Service and other189.8 189.1 374.9 376.9 
1,017.8 1,026.5 2,030.9 2,100.7 
Costs of revenues:
Product308.6 292.1 615.7 588.3 
Amortization of acquired intangible assets44.9 52.1 90.5 107.7 
Impairment of intangible asset
25.9  25.9  
Service and other96.1 96.5 189.0 201.0 
Gross profit542.3 585.8 1,109.8 1,203.7 
Operating expenses:
Research and development74.6 74.0 141.4 148.8 
Selling and marketing144.2 142.4 293.1 305.9 
General and administrative100.4 100.8 212.2 209.3 
Amortization of acquired intangible assets5.7 7.1 19.0 14.7 
Impairment of intangible assets
0.9  5.2  
Contingent consideration - fair value adjustments
 (12.4)1.7 (12.4)
Restructuring charges6.1 1.8 28.6 2.9 
331.9 313.7 701.2 669.2 
Income from operations210.4 272.1 408.6 534.5 
Interest income24.0 31.5 51.9 52.1 
Interest expense(32.3)(27.2)(58.3)(55.3)
Other income (expense), net
9.4 2.9 0.6 (12.9)
Income before income taxes211.5 279.3 402.8 518.4 
Provision (benefit) for income taxes
41.6 60.8 (13.6)112.5 
Net income
$169.9 $218.5 $416.4 $405.9 
Net income per common share:
Basic$0.72 $0.88 $1.76 $1.64 
Diluted$0.72 $0.87 $1.74 $1.63 
Weighted average number of shares outstanding:
Basic235,890 247,730 237,258 247,524 
Diluted237,562 249,793 238,888 249,537 
See accompanying notes.

3

HOLOGIC, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In millions)
 Three Months EndedSix Months Ended
 March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Net income
$169.9 $218.5 $416.4 $405.9 
Changes in foreign currency translation adjustment(22.8)15.3 20.2 129.1 
Changes in value of hedged interest rate swaps, net of tax of $1.4 and $(3.0) for the three and six months ended March 30, 2024 and $(2.0) and $(2.9) for the three and six months ended April 1, 2023.
Gain (loss) recognized in other comprehensive income (loss), net
4.6 (6.4)(9.6)(9.3)
Other comprehensive income (loss)
(18.2)8.9 10.6 119.8 
Comprehensive income
$151.7 $227.4 $427.0 $525.7 
See accompanying notes.



4

HOLOGIC, INC.

CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
 
March 30,
2024
September 30,
2023
ASSETS
Current assets:
Cash and cash equivalents$2,180.0 $2,722.5 
Accounts receivable, less reserves647.1 625.6 
Inventory
649.2 617.6 
Prepaid expenses and other current assets165.5 175.3 
Prepaid income taxes146.9 31.6 
Assets held-for-sale - current assets 11.9 
Total current assets3,788.7 4,184.5 
Property, plant and equipment, net524.8 517.0 
Intangible assets, net751.9 888.6 
Goodwill3,292.4 3,281.3 
Other assets356.6 267.9 
Total assets$8,714.4 $9,139.3 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt$37.4 $287.0 
Accounts payable202.5 175.2 
Accrued expenses503.5 534.6 
Deferred revenue208.0 199.2 
Finance lease obligations3.2 3.1 
Assets held-for-sale - current liabilities 8.2 
Total current liabilities954.6 1,207.3 
Long-term debt, net of current portion2,514.1 2,531.2 
Finance lease obligations, net of current portion13.8 15.3 
Deferred income tax liabilities18.4 20.2 
Deferred revenue, net of current portion14.8 13.8 
Other long-term liabilities354.3 334.6 
Stockholders’ equity:
Preferred stock, $0.01 par value – 1,623 shares authorized; 0 shares issued
  
Common stock, $0.01 par value – 750,000 shares authorized; 300,756 and 299,940 shares issued, respectively
3.0 3.0 
Additional paid-in-capital6,197.6 6,141.2 
Retained earnings2,472.7 2,056.3 
Treasury stock, at cost – 67,380 and 58,231 shares, respectively
(3,691.9)(3,036.0)
Accumulated other comprehensive loss(137.0)(147.6)
Total stockholders’ equity4,844.4 5,016.9 
Total liabilities and stockholders’ equity$8,714.4 $9,139.3 
See accompanying notes.

5

Hologic, Inc.
Consolidated Statements of Stockholders’ Equity
(In millions, except number of shares, which are reflected in thousands)
 Common StockAdditional
Paid-in-
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury StockTotal
Stockholders’
Equity
 Number of
Shares
Par ValueNumber of
Shares
Amount
Balance at September 24, 2022298,533 $3.0 $6,042.6 $1,600.3 $(238.2)51,401 $(2,531.5)$4,876.2 
Exercise of stock options267 — 10.3 — — — — 10.3 
Vesting of restricted stock units, net514 — (23.0)— — — — (23.0)
Common stock issued under the employee stock purchase plan171 — 10.2 — — — — 10.2 
Stock-based compensation— — 20.5 — — — — 20.5 
Net income— — — 187.4 — — — 187.4 
Other comprehensive income activity— — — — 110.9 — — 110.9 
Repurchase of common stock— — — — — 1,539 (100.0)(100.0)
Balance at December 31, 2022299,485 $3.0 $6,060.6 $1,787.7 $(127.3)52,940 $(2,631.5)$5,092.5 
Exercise of stock options173 — 7.9 — — — — 7.9 
Vesting of restricted stock units, net18 — (0.2)— — — — (0.2)
Stock-based compensation— — 23.2 — — — — 23.2 
Net income— — — 218.5 — — — 218.5 
Other comprehensive income activity— — — — 8.9 — — 8.9 
Repurchase of common stock— — — — — 626 (50.0)(50.0)
Balance at April 1, 2023299,676 $3.0 $6,091.5 $2,006.2 $(118.4)53,566 $(2,681.5)$5,300.8 
Exercise of stock options64 — 3.3 — — — — 3.3 
Vesting of restricted stock units, net15 — (0.5)— — — — (0.5)
Common stock issued under the employee stock purchase plan177 11.3 11.3 
Stock-based compensation— — 16.9 — — — — 16.9 
Net loss— — — (40.5)— — — (40.5)
Other comprehensive income activity— — — — 4.8 — — 4.8 
Repurchase of common stock(1)
— — — — — 1,424 (114.1)(114.1)
Balance at July 1, 2023299,932 $3.0 $6,122.5 $1,965.7 $(113.6)54,990 $(2,795.6)$5,182.0 
Vesting of restricted stock units, net8 — (0.3)— — — — (0.3)
Stock-based compensation— — 19.0 — — — — 19.0 
Net income
— — — 90.6 — — — 90.6 
Other comprehensive income activity— — — — (34.0)— — (34.0)
Repurchase of common stock(1)
— — — — — 3,241 (240.4)(240.4)
September 30, 2023
299,940 $3.0 $6,141.2 $2,056.3 $(147.6)58,231 $(3,036.0)$5,016.9 
Exercise of stock options124 — 5.0 — — — — 5.0 
Vesting of restricted stock units, net432 — (16.2)— — — — (16.2)
Stock-based compensation— — 28.7 — — — — 28.7 
Net income
— — — 246.5 — — — 246.5 
Other comprehensive income activity— — — — 28.8 — — 28.8 
Repurchase of common stock(1)
— — — — — 2,161 (155.9)(155.9)
Accelerated share repurchase agreement
(100.0)5,560 (400.0)(500.0)
December 30, 2023
300,496 $3.0 $6,058.7 $2,302.8 $(118.8)65,952 $(3,591.9)$4,653.8 
Exercise of stock options79 — 3.2 — — — — 3.2 
Vesting of restricted stock units, net16 — (0.1)— — — — (0.1)

6

Common stock issued under the employee stock purchase plan165 — 10.0 — — — — 10.0 
Stock-based compensation— — 25.8 — — — — 25.8 
Net income
— — — 169.9 — — — 169.9 
Other comprehensive income activity— — — — (18.2)— — (18.2)
Accelerated share repurchase agreement
— — 100.0 — — 1,428 (100.0) 
March 30, 2024
300,756 $3.0 $6,197.6 $2,472.7 $(137.0)67,380 $(3,691.9)$4,844.4 
(1) Includes excise tax on share repurchases
See accompanying notes.

7


HOLOGIC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Six Months Ended
 March 30,
2024
April 1,
2023
OPERATING ACTIVITIES
Net income $416.4 $405.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation52.6 44.3 
Amortization of acquired intangible assets109.5 122.4 
Stock-based compensation expense54.5 43.7 
Deferred income taxes(46.8)(61.6)
Intangible asset impairment charges
31.1  
Contingent consideration - fair value adjustment
1.7 (12.4)
Other adjustments and non-cash items23.0 29.6 
Changes in operating assets and liabilities, excluding the effect of acquisitions and dispositions:
Accounts receivable(20.1)(81.8)
Inventories(30.4)(56.1)
Prepaid income taxes(115.3)8.3 
Prepaid expenses and other assets(12.5)10.5 
Accounts payable26.7 (13.2)
Accrued expenses and other liabilities13.3 (22.4)
Deferred revenue8.7 42.5 
Net cash provided by operating activities512.4 459.7 
INVESTING ACTIVITIES
Sale of business, net of cash disposed
(31.3) 
Capital expenditures(35.5)(34.5)
Proceeds from the Department of Defense 20.5 
Increase in equipment under customer usage agreements(30.5)(26.7)
Strategic investments
(39.5)(10.0)
Other activity(5.9)(6.7)
Net cash used in investing activities(142.7)(57.4)
FINANCING ACTIVITIES
Repayment of long-term debt(268.8)(7.5)
Payment of contingent consideration(2.6)(7.6)
Payment of deferred acquisition consideration (0.8)
Repurchases of common stock(676.8)(150.0)
Proceeds from issuance of common stock pursuant to employee stock plans18.4 28.4 
Payment of minimum tax withholdings on net share settlements of equity awards(16.3)(23.2)
Payments under finance lease obligations(1.9)(2.3)
Net cash used in financing activities(948.0)(163.0)
Effect of exchange rate changes on cash and cash equivalents2.6 3.4 
Net (decrease) increase in cash and cash equivalents
(575.7)242.7 
Cash and cash equivalents, beginning of period*
2,755.7 2,339.5 
Cash and cash equivalents, end of period$2,180.0 $2,582.2 
*Includes $33.2 million of cash recorded in assets held-for-sale - current assets as of September 30, 2023.
See accompanying notes.

8

HOLOGIC, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(All tabular amounts in millions, except number of shares, which are reflected in thousands, and per share data)

(1) Basis of Presentation

The unaudited consolidated financial statements of Hologic, Inc. (“Hologic” or the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”) for quarterly reports on Form 10-Q and do not include all of the information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for annual financial statements. These unaudited financial statements should be read in conjunction with the consolidated financial statements and related notes for the fiscal year ended September 30, 2023 included in the Company’s annual report on Form 10-K filed with the SEC on November 21, 2023. In the opinion of management, the unaudited financial statements and notes contain all adjustments (consisting of normal recurring accruals and all other necessary adjustments) considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented.

The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

The preparation of financial statements in conformity with GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from management’s estimates if past experience or other assumptions do not turn out to be substantially accurate. Operating results for the three and six months ended March 30, 2024 are not necessarily indicative of the results to be expected for any other interim period or the entire fiscal year ending September 28, 2024. Fiscal 2023 was a 53-week fiscal year, and the additional week was included in the first quarter of fiscal 2023 consistent with the Company’s historical fiscal calendar.

Subsequent Events Consideration

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that may require additional disclosure. Subsequent events have been evaluated as required. There were no material recognized or unrecognized subsequent events, except as described below, affecting the unaudited consolidated financial statements as of and for the three and six months ended March 30, 2024.

On April 26, 2024, the Company executed an agreement to acquire Endomagnetics Ltd (“Endomag”) for a purchase price of approximately $310.0 million, subject to working capital and other customary adjustments. The closing is subject to certain regulatory approvals. Endomag, located in the UK, develops and sells breast surgery localization and lymphatic tracing technologies.


9

(2) Revenue

The Company accounts for revenue pursuant to ASC 606, Revenue from Contracts with Customer (ASC 606) and generates revenue from the sale of its products, primarily medical imaging systems and related components and software, diagnostic tests and assays and surgical disposable products, and related services, which are primarily support and maintenance services on its medical imaging systems, and to a lesser extent installation, training and repairs. In addition, the Company generates service revenue from performing laboratory testing services through its Biotheranostics CLIA laboratory, which is included in its Molecular Diagnostics business. The Company’s products are sold primarily through a direct sales force, and within international markets, there is more reliance on distributors and resellers. Revenue is recorded net of sales tax. The following tables provide revenue from contracts with customers by business and geographic region on a disaggregated basis:    

Three Months Ended March 30, 2024Three Months Ended April 1, 2023
Business (in millions)
United StatesInternationalTotalUnited StatesInternationalTotal
Diagnostics:
Cytology & Perinatal$70.7 $49.8 $120.5 $69.0 $42.9 $111.9 
Molecular Diagnostics255.4 67.3 322.7 263.0 79.2 342.2 
Blood Screening6.9  6.9 10.6  10.6 
Total$333.0 $117.1 $450.1 $342.6 $122.1 $464.7 
Breast Health:
Breast Imaging$234.9 $71.8 $306.7 $233.5 $78.0 $311.5 
Interventional Breast Solutions60.4 17.5 77.9 59.8 14.1 73.9 
Total$295.3 $89.3 $384.6 $293.3 $92.1 $385.4 
GYN Surgical$115.6 $40.4 $156.0 $113.6 $31.2 $144.8 
Skeletal Health$15.5 $11.6 $27.1 $19.2 $12.4 $31.6 
$759.4 $258.4 $1,017.8 $768.7 $257.8 $1,026.5 


Six Months Ended March 30, 2024Six Months Ended April 1, 2023
Business (in millions)
United StatesInternationalTotalUnited StatesInternationalTotal
Diagnostics:
Cytology & Perinatal$140.5 $100.0 $240.5 $147.1 $91.5 $238.6 
Molecular Diagnostics502.9 139.6 642.5 591.3 176.2 767.5 
Blood Screening14.9  14.9 17.9  17.9 
Total$658.3 $239.6 $897.9 $756.3 $267.7 $1,024.0 
Breast Health:
Breast Imaging$463.3 $144.8 $608.1 $445.8 $130.1 $575.9 
Interventional Breast Solutions121.5 32.7 154.2 117.5 26.1 143.6 
Total$584.8 $177.5 $762.3 $563.3 $156.2 $719.5 
GYN Surgical$240.8 $77.4 $318.2 $236.7 $62.2 $298.9 
Skeletal Health$29.2 $23.3 $52.5 $36.0 $22.3 $58.3 
$1,513.1 $517.8 $2,030.9 $1,592.3 $508.4 $2,100.7 


10

Three Months EndedSix Months Ended
Geographic Regions (in millions)
March 30, 2024April 1, 2023March 30, 2024April 1, 2023
United States$759.4 $768.7 $1,513.1 $1,592.3 
Europe137.0 151.5 279.8 298.8 
Asia-Pacific64.4 65.2 128.2 129.1 
Rest of World57.0 41.1 109.8 80.5 
$1,017.8 $1,026.5 $2,030.9 $2,100.7 

The following table provides revenue recognized by source:

Three Months EndedSix Months Ended
Revenue by type (in millions)
March 30, 2024April 1, 2023March 30, 2024April 1, 2023
Disposables$618.9 $626.5 $1,247.8 $1,354.3 
Capital equipment, components and software209.1 210.9