Hologic(US:HOLX)2024-11-04 21:26Revenue Performance - Revenue for Q4 2024 was $987.9 million, representing a growth of 4.5% compared to Q4 2023[1] - Diagnostics revenue increased by 6.5% to $443.3 million, driven by higher Molecular Diagnostics sales[3] - Excluding COVID-19 revenues, organic revenue grew by 5.3% to $933.0 million[3] - Total revenues for the three months ended September 28, 2024, were $987.9 million, a 4.0% increase from $945.3 million for the same period in 2023[21] - Consolidated GAAP revenue for the three months ended September 28, 2024, was $987.9 million, compared to $945.3 million for the same period in 2023, indicating a year-over-year increase of about 4.3%[26] - Organic revenue for the year ended September 28, 2024, was $3,990.3 million, slightly up from $3,973.8 million in the previous year, showing a growth of approximately 0.4%[26] - Organic revenue excluding COVID-19 related revenue was $933.0 million for the three months ended September 28, 2024, compared to $886.2 million in the same period last year, marking an increase of about 5.3%[26] Profitability Metrics - GAAP gross margin improved to 56.5%, an increase of 360 basis points from the prior year[6] - Gross profit for the three months ended September 28, 2024, was $557.7 million, compared to $500.3 million for the same period in 2023, reflecting a gross margin increase[21] - GAAP net income for Q4 2024 was $178.6 million, a 97.1% increase year-over-year[7] - Net income for the three months ended September 28, 2024, was $178.6 million, significantly up from $90.6 million in the same period last year, representing a 96.9% increase[21] - Non-GAAP net income rose to $237.5 million from $219.3 million year-over-year, an increase of 8.9%[28] - GAAP operating margin percentage improved to 23.3% from 14.0% year-over-year, indicating enhanced operational efficiency[27] - Non-GAAP operating margin percentage remained stable at 30.0% for both periods, demonstrating consistent performance[27] - Adjusted EBITDA for the three months ended September 28, 2024, was $323.7 million, compared to $288.3 million in the previous year, reflecting an increase of 12.3%[28] - GAAP net income for the twelve months ended September 28, 2024, was $789.5 million, with adjustments leading to a non-GAAP net income of $968.7 million[31] Cash and Investments - The company ended Q4 2024 with cash and cash equivalents of $2.16 billion[8] - Cash and cash equivalents decreased to $2,160.2 million as of September 28, 2024, down from $2,722.5 million as of September 30, 2023[22] - The company reported a net cash used in investing activities of $781.0 million for the year ended September 28, 2024, compared to $152.1 million in the previous year, indicating a significant increase in investment activities[25] - Repurchases of common stock amounted to $835.1 million for the year ended September 28, 2024, compared to $474.8 million in the previous year, reflecting a substantial increase in stock buybacks[25] - The company experienced a decrease in cash and cash equivalents, ending the period with $2,160.2 million, down from $2,755.7 million at the beginning of the period[25] Guidance and Future Outlook - Financial guidance for fiscal 2025 indicates expected sustainable revenue growth and faster EPS growth[9] - Fiscal 2025 revenue guidance is projected between $4,150 million and $4,200 million, representing a 3.0% to 4.2% increase[11] - GAAP EPS guidance for Fiscal 2025 is estimated to be between $3.53 and $3.63, reflecting a 6.3% to 9.3% increase[11] - Q1 2025 revenue is expected to be between $1,025 million and $1,035 million, indicating a 1.2% to 2.2% increase[11] - Q1 2025 GAAP EPS is projected to be between $0.81 and $0.84, showing a decrease of (21.4%) to (18.4%)[11] - Non-GAAP EPS for Q1 2025 is expected to be between $1.00 and $1.03, reflecting a 2.0% to 5.1% increase[11] - Organic revenue growth for Fiscal 2025 is projected to be between 1.7% and 3.0%[11] Acquisitions and Share Repurchases - Hologic completed the acquisition of Endomagnetics for approximately $310 million and announced an agreement to acquire Gynesonics for about $350 million[3] - The company repurchased 11.2 million shares for $808 million in fiscal 2024, including a $500 million accelerated share repurchase[3] Tax and Compliance - Non-GAAP provision for income taxes was $238.4 million, reflecting the effective tax rate of 19.75% for the trailing twelve months[31] - Forward-looking statements include risks related to macroeconomic uncertainties and regulatory compliance[19] Research and Development - Research and development expenses decreased to $67.3 million for the three months ended September 28, 2024, from $72.9 million in the same period in 2023[21] Balance Sheet and Equity - Total current assets decreased to $3,823.3 million as of September 28, 2024, compared to $4,184.5 million as of September 30, 2023[22] - Total assets increased slightly to $9,156.0 million as of September 28, 2024, from $9,139.3 million as of September 30, 2023[23] - Total stockholders' equity increased to $5,130.0 million as of September 28, 2024, compared to $5,016.9 million as of September 30, 2023[24] - The adjusted net leverage ratio was reported at 0.3, indicating a strong balance sheet position[32] Miscellaneous - The company is focused on improving women's health through innovative medical technologies[17] - The company defines non-GAAP measures to exclude various items, including amortization of intangible assets and restructuring charges[12] - The company emphasizes the importance of reviewing consolidated financial statements alongside non-GAAP measures for a complete understanding[15] - The company incurred restructuring and integration charges amounting to $0.01 per share for the quarter ending September 28, 2024[30] - The company experienced an impairment charge related to intangible assets acquired in the Mobidiag acquisition during the first quarter of fiscal 2024[31]