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    Hologic Inc (HOLX)

    Board Change

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    Hologic, Inc. is a medical technology company dedicated to advancing women's health through early detection and treatment solutions. The company operates in four main segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health, offering a range of products that contribute significantly to its revenue . Hologic's offerings include advanced diagnostic assays, breast cancer care solutions, gynecological surgical products, and bone health assessment tools . In fiscal year 2023, the company reported total revenue of $4.03 billion, with each division achieving double-digit organic growth, excluding the impact of COVID-19 .

    1. Diagnostics - Offers a wide range of diagnostic products, including molecular diagnostic assays on systems like Panther and Panther Fusion, detecting infectious microorganisms, high-risk HPV strains, and other viruses. Includes the ThinPrep cytology system for cervical cancer screening and the Rapid Fetal Fibronectin Test for pre-term birth risk assessment .
    2. Breast Health - Provides solutions for breast cancer care, including 3D digital mammography systems, image analysis software, and minimally invasive breast biopsy systems, with strong revenue growth driven by increased gantry shipments and robust service revenue .
    3. GYN Surgical - Includes products like the MyoSure hysteroscopic tissue removal system and the NovaSure endometrial ablation system, with significant growth driven by MyoSure and Fluent systems .
    4. Skeletal Health - Offers products for bone health assessment, being the smallest contributor to overall revenue compared to the other segments .
    NamePositionStart DateShort Bio
    Stephen P. MacMillanChairman, President, and CEODecember 2013Stephen P. MacMillan has been serving as the Chairman, President, and Chief Executive Officer of Hologic, Inc. since December 2013. He was elected Chairman of the Board in June 2015. Prior to Hologic, he held leadership roles at sBioMed, Stryker Corporation, Pharmacia Corporation, and Johnson & Johnson .
    Karleen M. ObertonChief Financial OfficerAugust 2018Karleen M. Oberton became the Chief Financial Officer in August 2018. She joined Hologic in 2006 as a corporate controller and was promoted to Chief Accounting Officer in 2015. Before Hologic, she worked at Immunogen and Ernst & Young .
    Essex D. MitchellChief Operating OfficerJanuary 1, 2024Essex D. Mitchell is the Chief Operating Officer at Hologic, Inc., a position he will assume on January 1, 2024. He joined Hologic in September 2017 and has held various roles, including Division President, GYN Surgical Solutions .
    Erik S. AndersonDivision President, Breast and Skeletal Health SolutionsSeptember 2022Erik S. Anderson was promoted to Division President, Breast and Skeletal Health Solutions in September 2022. He joined Hologic in 2014 and has held various roles, including Vice President of Sales for Hologic's Medical Aesthetics business .
    Peter P. DunneSenior Vice President, Human ResourcesNovember 2023Peter P. Dunne was promoted to Senior Vice President, Human Resources in November 2023. He joined Hologic in August 2014 as Vice President, Finance and Accounting for the Diagnostics Division .
    John M. GriffinGeneral CounselFebruary 2015John M. Griffin joined Hologic, Inc. as General Counsel in February 2015. He has nearly 30 years of legal experience and previously worked at Covidien and as an Assistant United States Attorney in Boston .
    Jennifer M. SchneidersPresident, Diagnostic SolutionsApril 2023Jennifer M. Schneiders, Ph.D., was promoted to President, Diagnostic Solutions in April 2023. She joined Hologic in 2008 and has held various roles, including Vice President, Diagnostic Laboratory Solutions .
    Brandon SchnittkerDivision President, GYN Surgical SolutionsJanuary 1, 2024Brandon Schnittker was promoted to Division President, GYN Surgical Solutions effective January 1, 2024. He joined Hologic in May 2022 and previously worked at Stryker .
    Jan VerstrekenGroup President, InternationalOctober 2020Jan Verstreken has been serving as the Group President, International since October 2020. He joined Hologic in January 2017 and has over 25 years of experience, primarily at Teleflex .
    1. With the slowing of Panther placements after the pandemic , how do you plan to sustain growth in molecular diagnostics revenue, and can you provide more details on strategies to drive assay adoption without new instrument placements?

    2. Given the upcoming launch of the new gantry in Breast Health and the potential impact on revenue in fiscal '25 , how are you addressing the risk of customers delaying purchases, and what steps are you taking to ensure revenue stability in this segment?

    3. Regarding your recent acquisition of Gynasonix , can you elaborate on how the Sonata system complements your existing GYN Surgical portfolio without cannibalizing products like MyoSure, and what specific synergies do you expect to achieve?

    4. With the reported transitory headwinds such as supply chain shortages and IV fluid issues , can you quantify the expected financial impact on fiscal '25, and what strategies are you implementing to mitigate these challenges?

    5. In terms of capital allocation, given your recent M&A activities and share repurchase programs , how are you balancing investments in organic growth versus returning capital to shareholders, and what should investors expect in terms of future capital deployment?

    Program DetailsProgram 1Program 2
    Approval DateSeptember 22, 2022 September 12, 2024
    End Date/DurationFive-year term Five-year term
    Total additional amount$1.0 billion $1.5 billion
    Remaining authorization$190.3 million $1.5 billion
    DetailsN/AEntire authorization unused
    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2025$37.5Term Loan5.96%1.5% = (37.5 / 2,547.5) * 100
    2026$1,160.02021 Term Loan5.96%45.5% = (1,160.0 / 2,547.5) * 100
    2028$400.02028 Senior Notes4.625%15.7% = (400.0 / 2,547.5) * 100
    2029$950.02029 Senior Notes3.250%37.3% = (950.0 / 2,547.5) * 100

    Competitors mentioned in the company's latest 10K filing.

    • Roche Diagnostics: Primary competitor in the Diagnostics business .
    • Becton Dickinson: Primary competitor in the Diagnostics business .
    • Siemens Healthineers: Primary competitor in the Breast & Skeletal Health business .
    • GE Healthcare: Primary competitor in the Breast & Skeletal Health business .
    • Johnson & Johnson: Primary competitor in the GYN Surgical business .
    • Medtronic: Primary competitor in the GYN Surgical business .
    • F. Hoffmann-LaRoche Ltd: Parent company of Roche, a supplier and competitor in the Diagnostics business .
    • GE Healthcare Bio-Sciences Corp.: Supplies membranes for ThinPrep product line and is a competitor in the Breast Health and Skeletal Health businesses .
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2002 PresentCurrent auditor

    Recent developments and announcements about HOLX.

    Financial Reporting

      Earnings Report

      ·
      Jan 13, 2025, 2:45 PM

      Hologic, Inc. (HOLX) Preliminary Earnings Results for Q1 Fiscal 2025

      Hologic, Inc. has announced its preliminary revenue results for the first quarter of fiscal 2025, which ended on December 28, 2024. Below are the key highlights:

      • Total Revenue: $1,021.8 million, representing a 0.9% increase compared to the prior year period. On a constant currency basis, revenue grew by 1.0%, aligning with the company's guidance.

      • Divisional Performance:

        • Diagnostics: Revenue of $470.6 million, up 5.1% (5.2% on a constant currency basis).
        • Breast Health: Revenue of $369.1 million, down 2.3% (-2.1% on a constant currency basis).
        • GYN Surgical: Revenue of $166.3 million, up 2.5%.
        • Skeletal Health: Revenue of $15.8 million, down 37.8% (-37.4% on a constant currency basis).
      • Earnings Per Share (EPS): Both GAAP and non-GAAP EPS are expected to be near the high end of the guidance ranges provided in November 2024.

      • Currency Impact: The strengthening of the U.S. dollar reduced revenue by approximately $9 million compared to earlier guidance.

      • Upcoming Full Results: Hologic plans to release its finalized Q1 fiscal 2025 results on February 5, 2025, along with updated financial guidance for Q2 and the full fiscal year.

      These results reflect Hologic's resilience despite currency headwinds and a challenging macroeconomic environment. The company will also present at the 43rd Annual J.P. Morgan Healthcare Conference on January 14, 2025, where further insights may be shared.

    Corporate Leadership

      Leadership Change

      ·
      Jan 10, 2025, 9:43 PM

      Who is leaving:

      • Sally W. Crawford: Retiring from the Board after 17 years of service. Her decision is unrelated to any disagreements with management or the Board.
      • Scott T. Garrett: Reaching the retirement age as per the company's Corporate Governance Guidelines and will not be re-nominated.

      Why:

      • Sally W. Crawford is retiring voluntarily after long service.
      • Scott T. Garrett is stepping down due to reaching the mandatory retirement age.

      Who is stepping up:

      • The Board size will be reduced to eight directors following these departures.

      Board Change

      ·
      Dec 9, 2024, 9:29 PM

      Martin Madaus has been appointed to the Board of Directors of Hologic, Inc., effective December 6, 2024. He will also serve on the Compensation Committee and the Nominating and Corporate Governance Committee .