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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 26, 2022
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 21, 2022, 249,380,946 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 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 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Revenues:
Product$1,268.2 $1,378.8 $2,571.6 $2,834.2 
Service and other167.5 158.8 335.3 313.2 
1,435.7 1,537.6 2,906.9 3,147.4 
Costs of revenues:
Product322.6 300.7 640.7 585.2 
Amortization of acquired intangible assets72.3 64.5 147.2 126.1 
Service and other94.2 86.6 186.1 170.0 
Gross profit946.6 1,085.8 1,932.9 2,266.1 
Operating expenses:
Research and development69.5 71.5 142.3 130.7 
Selling and marketing171.4 131.5 318.7 259.5 
General and administrative100.5 88.9 218.5 180.4 
Amortization of acquired intangible assets11.3 10.2 22.1 20.4 
Contingent consideration fair value adjustments (14.7)(4.1)(10.1)
Restructuring and divestiture charges(0.2)1.6  3.0 
352.5 289.0 697.5 583.9 
Income from operations594.1 796.8 1,235.4 1,682.2 
Interest income0.8 0.3 1.2 0.7 
Interest expense(22.6)(21.3)(48.3)(49.3)
Debt extinguishment loss  (0.7)(21.6)
Other income, net2.1 4.7 8.7 0.9 
Income before income taxes574.4 780.5 1,196.3 1,612.9 
Provision for income taxes118.7 161.1 241.4 340.1 
Net income$455.7 $619.4 $954.9 $1,272.8 
Net loss attributable to noncontrolling interest (0.5) (1.5)
Net income attributable to Hologic$455.7 $619.9 $954.9 $1,274.3 
Net income per common share attributable to Hologic:
Basic$1.81 $2.40 $3.78 $4.93 
Diluted$1.80 $2.38 $3.75 $4.88 
Weighted average number of shares outstanding:
Basic251,574 258,473 252,537 258,539 
Diluted253,658 260,749 254,864 261,267 
See accompanying notes.
3

HOLOGIC, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In millions)
 Three Months EndedSix Months Ended
 March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Net income$455.7 $619.4 $954.9 $1,272.8 
Changes in foreign currency translation adjustment(34.5)(9.4)(72.3)8.4 
Changes in value of hedged interest rate swaps and interest rate caps, net of tax of $6.5 and $9.1 for the three and six months ended March 26, 2022 and $1.4 and $1.2 for the three and six months ended March 27, 2021.
Gain recognized in other comprehensive income, net19.4 4.3 27.3 5.0 
Loss reclassified from accumulated other comprehensive loss to the statements of income   0.5 
Other comprehensive (loss) income(15.1)(5.1)(45.0)13.9 
Comprehensive income$440.6 $614.3 $909.9 $1,286.7 
Components of comprehensive income attributable to noncontrolling interest:
Net loss attributable to noncontrolling interest 0.5  1.5 
Comprehensive loss attributable to noncontrolling interest 0.5  1.5 
Comprehensive income attributable to Hologic$440.6 $614.8 $909.9 $1,288.2 
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 26,
2022
September 25,
2021
ASSETS
Current assets:
Cash and cash equivalents$2,290.8 $1,170.3 
Accounts receivable, less reserves813.0 942.7 
Inventories526.1 501.2 
Prepaid expenses and other current assets219.3 528.8 
Prepaid income taxes32.2 25.7 
Total current assets3,881.4 3,168.7 
Property, plant and equipment, net506.9 564.7 
Intangible assets, net1,552.6 1,659.2 
Goodwill3,316.6 3,281.6 
Other assets257.0 245.7 
Total assets$9,514.5 $8,919.9 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt$256.2 $313.0 
Accounts payable224.8 215.9 
Accrued expenses615.6 596.2 
Deferred revenue205.0 198.0 
Finance lease obligations3.5 3.7 
Total current liabilities1,305.1 1,326.8 
Long-term debt, net of current portion2,813.4 2,712.2 
Finance lease obligations, net of current portion20.0 22.8 
Deferred income tax liabilities232.1 250.5 
Deferred revenue, net of current portion18.1 20.3 
Other long-term liabilities333.1 368.7 
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; 298,203 and 297,306 shares issued, respectively
3.0 3.0 
Additional paid-in-capital5,997.0 5,965.8 
Retained earnings1,253.2 298.3 
Treasury stock, at cost – 48,851 and 43,653 shares, respectively
(2,356.4)(1,989.4)
Accumulated other comprehensive loss(104.1)(59.1)
Total stockholders’ equity4,792.7 4,218.6 
Total liabilities and stockholders’ equity$9,514.5 $8,919.9 
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 Deficit)
Accumulated
Other
Comprehensive
Loss
Treasury StockTotal
Stockholders’
Equity
 Number of
Shares
Par ValueNumber of
Shares
AmountNoncontrolling Interest
Balance at September 26, 2020295,107 $2.9 $5,904.8 $(1,573.2)$(49.7)37,609 $(1,579.6)$2.1 $2,707.3 
Exercise of stock options490 — 18.4 — — — — — 18.4 
Vesting of restricted stock units, net936 0.1 (46.5)— — — — — (46.4)
Stock-based compensation— — 18.6 — — — — — 18.6 
Net income (loss)— — — 654.4 — — — (1.0)653.4 
Other comprehensive income activity— — — — 19.0 — — — 19.0 
Repurchase of common stock— — — — — 1,469 (101.3)— (101.3)
Balance at December 26, 2020296,533 $3.0 $5,895.3 $(918.8)$(30.7)39,078 $(1,680.9)$1.1 $3,269.0 
Exercise of stock options146 — 5.8 — — — — — 5.8 
Vesting of restricted stock units, net17 — (0.3)— — — — — (0.3)
Common stock issued under the employee stock purchase plan191 — 9.2 — — — — — 9.2 
Stock-based compensation— — 17.1 — — — — — 17.1 
Net income (loss)— — — 619.9 — — — (0.5)619.4 
Other comprehensive income activity— — — — (5.1)— — — (5.1)
Repurchase of common stock— — — — — 1,604 (120.1)— (120.1)
Balance at March 27, 2021296,887 $3.0 $5,927.1 $(298.9)$(35.8)40,682 $(1,801.0)$0.6 $3,795.0 
Exercise of stock options53 — 2.1 — — — — — 2.1 
Vesting of restricted stock units, net5 — (0.2)— — — — — (0.2)
Stock-based compensation— — 15.4 — — — — — 15.4 
Net income (loss)— — — 268.4 — — — (0.3)268.1 
Other comprehensive income activity— — — — (6.4)— — — (6.4)
Repurchase of common stock— — — — — 2,971 (188.4)— (188.4)
Purchase of non-controlling interest— — (8.2)— — — — (0.3)(8.5)
Balance at June 26, 2021296,945 $3.0 $5,936.2 $(30.5)$(42.2)43,653 $(1,989.4)$ $3,877.1 
Exercise of stock options168 — 6.6 — — — — — 6.6 
Vesting of restricted stock units, net22 — (0.6)— — — — — (0.6)
Common stock issued under the employee stock purchase plan171 — 9.7 — — — — — 9.7 
6

Stock-based compensation— — 13.9 — — — — — 13.9 
Net income— — — 328.8 — — — — 328.8 
Other comprehensive income activity— — — — (16.9)— — — (16.9)
Balance at September 25, 2021297,306 $3.0 $5,965.8 $298.3 $(59.1)43,653 $(1,989.4)$ $4,218.6 
Exercise of stock options45 — 1.9 — — — — — 1.9 
Vesting of restricted stock units, net534 — (22.4)— — — — — (22.4)
Stock-based compensation— — 18.7 — — — — — 18.7 
Net income— — — 499.2 — — — — 499.2 
Other comprehensive income activity— — — — (29.9)— — — (29.9)
Repurchase of common stock— — — — — 2,335 (167.0)— (167.0)
Balance at December 25, 2021297,885 $3.0 $5,964.0 $797.5 $(89.0)45,988 $(2,156.4)$— $4,519.1 
Exercise of stock options140 — 5.8 — — — — — 5.8 
Vesting of restricted stock units, net14 — (0.1)— — — — — (0.1)
Common stock issued under the employee stock purchase plan164 — 9.5 — — — — — 9.5 
Stock-based compensation— — 17.8 — — — — — 17.8 
Net income— — — 455.7 — — — — 455.7 
Other comprehensive income activity— — — — (15.1)— — — (15.1)
Repurchase of common stock— — — — — 2,863 (200.0)— (200.0)
Balance at March 26, 2022298,203 $3.0 $5,997.0 $1,253.2 $(104.1)48,851 $(2,356.4)$— $4,792.7 


7

HOLOGIC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Six Months Ended
 March 26,
2022
March 27,
2021
OPERATING ACTIVITIES
Net income $954.9 $1,272.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation44.9 41.5 
Amortization of acquired intangibles169.2 146.5 
Stock-based compensation expense36.5 35.6 
Deferred income taxes(41.5)(23.5)
Debt extinguishment loss