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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 December 26, 2020
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, 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 January 21, 2021, 257,661,792 shares of the registrant’s Common Stock, $0.01 par value, were outstanding.


Table of Contents
HOLOGIC, INC.
INDEX
 
 Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
EXHIBITS

2

Table of Contents
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 Ended
 December 26,
2020
December 28,
2019
Revenues:
Product$1,455.4 $699.3 
Service and other154.4 151.2 
1,609.8 850.5 
Costs of revenues:
Product284.5 237.5 
Amortization of acquired intangible assets61.6 63.6 
Impairment of intangible assets and equipment 25.8 
Service and other83.3 89.8 
Gross profit1,180.4 433.8 
Operating expenses:
Research and development59.3 61.2 
Selling and marketing128.0 144.9 
General and administrative91.5 87.6 
Amortization of acquired intangible assets10.1 9.1 
Impairment of intangible assets and equipment 4.4 
Contingent consideration fair value adjustments4.6 0.9 
Restructuring and divestiture charges1.4 0.9 
294.9 309.0 
Income from operations885.5 124.8 
Interest income0.4 2.1 
Interest expense(28.1)(32.8)
Debt extinguishment loss(21.6) 
Other income (expense), net(3.8)3.3 
Income before income taxes832.4 97.4 
Provision (benefit) for income taxes179.0 (288.4)
Net income$653.4 $385.8 
Net loss attributable to noncontrolling interest(1.0)(0.3)
Net income attributable to Hologic$654.4 $386.1 
Net income per common share attributable to Hologic:
Basic$2.53 $1.44 
Diluted$2.50 $1.43 
Weighted average number of shares outstanding:
Basic258,605 267,893 
Diluted261,785 269,721 

See accompanying notes.
3

Table of Contents
HOLOGIC, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In millions)
 Three Months Ended
 December 26,
2020
December 28,
2019
Net income$653.4 $385.8 
Changes in foreign currency translation adjustment17.8 8.3 
Changes in value of hedged interest rate swaps and interest rate caps, net of tax of $(0.2) for the three months ended December 26, 2020 and $1.7 for the three months ended December 28,2019.
Gain recognized in other comprehensive income, net0.7 4.0 
Loss reclassified from accumulated other comprehensive loss to the statements of income0.5 1.3 
Other comprehensive income19.0 13.6 
Comprehensive income$672.4 $399.4 
Components of comprehensive income attributable to noncontrolling interest:
Net loss attributable to noncontrolling interest1.0 0.3 
Comprehensive loss attributable to noncontrolling interest1.0 0.3 
Comprehensive income attributable to Hologic$673.4 $399.7 
See accompanying notes.


4

Table of Contents
HOLOGIC, INC.

CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
 
December 26,
2020
September 26,
2020
ASSETS
Current assets:
Cash and cash equivalents$868.7 $701.0 
Accounts receivable, less reserves of $39.4 and $31.6, respectively
1,216.1 1,028.9 
Inventories420.2 395.1 
Prepaid income taxes29.9 38.8 
Prepaid expenses and other current assets61.4 58.5 
Total current assets2,596.3 2,222.3 
Property, plant and equipment, net514.5 491.5 
Intangible assets, net1,244.8 1,307.5 
Goodwill2,663.3 2,657.9 
Other assets531.8 516.6 
Total assets$7,550.7 $7,195.8 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt$74.9 $324.9 
Accounts payable184.3 178.8 
Accrued expenses611.9 547.6 
Deferred revenue182.9 186.1 
Finance lease obligation2.0 1.9 
Total current liabilities1,056.0 1,239.3 
Long-term debt, net of current portion2,689.5 2,713.9 
Finance lease obligation - long term16.8 17.4 
Deferred income tax liabilities189.4 201.8 
Deferred revenue12.5 12.9 
Other long-term liabilities317.5 303.2 
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; 296,533 and 295,107 shares issued, respectively
3.0 2.9 
Additional paid-in-capital5,895.3 5,904.8 
Accumulated deficit(918.8)(1,573.2)
Treasury stock, at cost – 39,078 and 37,609 shares, respectively
(1,680.9)(1,579.6)
Accumulated other comprehensive loss(30.7)(49.7)
Total Hologic's stockholders’ equity3,267.9 2,705.2 
Noncontrolling interest1.1 2.1 
Total stockholders’ equity3,269.0 2,707.3 
Total liabilities and stockholders’ equity$7,550.7 $7,195.8 
See accompanying notes.
5

Table of Contents
Hologic, Inc.
Consolidated Statements of Stockholders' Equity
(In millions, except number of shares, which are reflected in thousands)
 Common StockAdditional
Paid-in-
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Treasury StockTotal
Stockholders’
Equity
 Number of
Shares
Par ValueNumber of
Shares
AmountNoncontrolling Interest
Balance at September 28, 2019292,323 $2.9 $5,769.8 $(2,688.7)$(42.3)24,638 $(926.0)$ $2,115.7 
Noncontrolling interest created in acquisition— — — — — — — 8.6 8.6 
Accounting standard transition adjustment - ASC 842— — — 0.3 — — — — 0.3 
Exercise of stock options540 — 13.8 — — — — — 13.8 
Vesting of restricted stock units, net of shares withheld for employee taxes476 — (10.9)— — — — — (10.9)
Stock-based compensation— — 18.1 — — — — — 18.1 
Net income (loss)— — — 386.1 — — — (0.3)385.8 
Other comprehensive income activity— — — — 13.6 — — — 13.6 
Repurchase of common stock— — — — — 1,545 (80.9)— (80.9)
Accelerated share repurchase agreement— — (41.0)— — 3,279 (164.0)— (205.0)
Purchase of non-controlling interest— — — — — — — (1.4)(1.4)
Balance at December 28, 2019293,339 $2.9 $5,749.8 $(2,302.3)$(28.7)29,462 $(1,170.9)$6.9 $2,257.7 
Exercise of stock options503 — 13.9 — — — — — 13.9 
Vesting of restricted stock units, net of shares withheld for employee taxes86 — (1.6)— — — — — (1.6)
Common stock issued under the employee stock purchase plan214 — 8.8 — — — — — 8.8 
Stock-based compensation— — 15.7 — — — — — 15.7 
Net income (loss)— — — 96.3 — — — (1.5)94.8 
Other comprehensive income activity— — — — (30.2)— — — (30.2)
Repurchase of common stock— — — — — 5,851 (267.6)— (267.6)
Completion of Accelerated share repurchase agreement— — 41.0 — — 628 (41.0)—  
Purchase of non-controlling interest— — — — — — — (0.3)(0.3)
Balance at March 28, 2020294,142 $2.9 $5,827.6 $(2,206.0)$(58.9)35,941 $(1,479.5)$5.1 $2,091.2 
Exercise of stock options533 — 14.4 — — — — — 14.4 
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Vesting of restricted stock units, net of shares withheld for employee taxes9 — (0.2)— — — — — (0.2)
Stock-based compensation— — 19.9 — — — — — 19.9 
Net income (loss)— — — 137.9 — — — (1.5)136.4 
Other comprehensive income activity— — — — (3.0)— — — (3.0)
Purchase of non-controlling interest— — — — — — — (0.1)(0.1)
Balance at June 27, 2020294,684 $2.9 $5,861.7 $(2,068.1)$(61.9)35,941 $(1,479.5)$3.5 $2,258.6 
Exercise of stock options185 — 6.2 — — — — — 6.2 
Vesting of restricted stock units, net of shares withheld for employee taxes40 — (1.5)— — — — — (1.5)
Common stock issued under the employee stock purchase plan198 — 8.8 — — — — — 8.8 
Stock-based compensation— — 29.6 — — — — — 29.6 
Net income (loss)— — — 494.9 — — — (1.4)493.5 
Other comprehensive income activity— — — — 12.2 — — — 12.2 
Repurchase of common stock— — — — — 1,668 (100.1)— (100.1)
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, net of shares withheld for employee taxes936 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 


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HOLOGIC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Three Months Ended
 December 26,
2020
December 28,
2019
OPERATING ACTIVITIES
Net income $653.4 $385.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation21.1 21.6 
Amortization of acquired intangibles71.7 72.8 
Stock-based compensation expense18.6 18.1 
Deferred income taxes(12.0)(327.9)
Intangible asset and equipment impairment charges 30.2 
Debt extinguishment loss21.6  
Other adjustments and non-cash items29.5 0.5 
Changes in operating assets and liabilities, excluding the effect of acquisitions:
Accounts receivable(175.5)17.6 
Inventories(21.2)(14.9)
Prepaid income taxes8.9 1.0 
Prepaid expenses and other assets(18.3)(2.6)
Accounts payable4.6 (55.4)
Accrued expenses and other liabilities58.1 (22.6)
Deferred revenue(10.5)(10.3)
Net cash provided by operating activities650.0 113.9 
INVESTING ACTIVITIES
Acquisition of businesses, net of cash acquired(4.9)(11.8)
Capital expenditures(32.4)(11.4)
Increase in equipment under customer usage agreements(12.4)(20.1)
Purchase of insurance contracts (2.4)
Other activity(0.2) 
Net cash used in investing activities(49.9)(45.7)
FINANCING ACTIVITIES
Repayment of long-term debt(18.8)(9.4)
Proceeds from senior notes950.0  
Repayment of senior notes(970.8) 
Repayment under revolving credit line(250.0) 
Proceeds from accounts receivable securitization agreement 16.0 
Purchase of non-controlling interest (1.4)
Payment of deferred acquisition consideration (16.6)
Payment of debt issuance costs(13.7) 
Repurchase of common stock(101.3)(285.9)
Proceeds from issuance of common stock pursuant to employee stock plans23.3 18.7 
Payment of minimum tax withholdings on net share settlements of equity awards(46.4)(10.9)
Payments under finance lease obligations(0.5)(0.4)
Net cash used in financing activities(428.2)(289.9)
Effect of exchange rate changes on cash and cash equivalents(4.2)1.4 
Net increase (decrease) in cash and cash equivalents167.7 (220.3)
Cash and cash equivalents, beginning of period701.0 601.8 
Cash and cash equivalents, end of period$868.7 $381.5 
See accompanying notes.
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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 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 financial statements should be read in conjunction with the consolidated financial statements and related notes for the fiscal year ended September 26, 2020 included in the Company’s Form 10-K filed with the SEC on November 17, 2020. In the opinion of management, the 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 consolidated financial statements include the accounts of the Company and its wholly-owned and majority-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 months ended December 26, 2020 are not necessarily indicative of the results to be expected for any other interim period or the entire fiscal year ending September 25, 2021.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326). The purpose of ASU 2016-13 is to replace the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses over the lifetime of the financial asset. As a result, credit losses are recorded when financial assets are established if credit losses are expected over the asset's contractual life. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted the standard during the first quarter of fiscal 2021. The adoption of ASU 2016-13 did not have a material effect on the Company's consolidated financial statements. See Note 5 for additional information.
In November 2019, the FASB issued ASU No. 2019-08, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). The guidance identifies, evaluates, and improves areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided. The amendments in that Update expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The Company adopted the standard in the first quarter of fiscal 2021. The adoption of ASU 2019-08 did not have a material effect on the Company's financial statements.
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 subsequent events affecting the unaudited consolidated financial statements as of and for the three months ended December 26, 2020.
There were two unrecognized subsequent events related to the acquisitions of Somatex Medical Technologies GmbH ("Somatex") and Biotheranostics, Inc. ("Biotheranostics"). On December 30, 2020, the Company completed the acquisition of Somatex for a purchase price of approximately $64.0 million. Somatex, located in Germany, is a manufacturer of biopsy site markers, including the Tumark product line of tissue markers, which were distributed by the Company in the U.S. prior to the acquisition. On January 5, 2021, the Company announced that it had entered into an agreement to acquire Biotheranostics for a purchase price of approximately $230.0 million. The closing is subject to certain regulatory approvals. Biotheranostics, located in San Diego, California, manufactures molecular diagnostic tests for breast and metastatic cancers.
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(2) Revenue
The Company accounts for revenue pursuant to ASC Update No. 2014-09, 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. Prior to the Cynosure divestiture, the Company also generated revenue from the sale and service of medical aesthetic treatment systems. 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 December 26, 2020
Business (in millions)
United StatesInternationalTotal
Diagnostics:
Cytology & Perinatal$80.1 $44.7 $124.8 
Molecular Diagnostics675.3 320.0 995.3 
Blood Screening8.1  8.1 
Total$763.5 $364.7 $1,128.2 
Breast Health:
Breast Imaging$203.0 $64.7 $267.7 
Interventional Breast Solutions55.2 9.8 65.0 
Total$258.2 $74.5 $332.7 
GYN Surgical$101.0 $23.0 $124.0 
Skeletal Health$15.1 $9.8 $24.9 
$1,137.8 $472.0 $1,609.8 


Three Months Ended December 28, 2019
Business (in millions)
United StatesInternationalTotal
Diagnostics:
Cytology & Perinatal$77.5 $43.5 $121.0 
Molecular Diagnostics142.1 36.4 178.5 
Blood Screening12.0  12.0 
Total$231.6 $79.9 $311.5 
Breast Health:
Breast Imaging$209.4 $65.4 $274.8 
Interventional Breast Solutions47.1 9.2 56.3 
Total$256.5 $74.6 $331.1 
GYN Surgical$98.8 $20.3 $119.1 
Medical Aesthetics$30.9 $34.4 $65.3 
Skeletal Health$14.9 $8.6 $23.5 
$632.7 $217.8 $850.5 
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Three Months Ended
Geographic Regions (in millions)
December 26, 2020December 29, 2019
United States$1,137.8 $632.7 
Europe338.2 109.4 
Asia-Pacific88.3 70.2 
Rest of World45.5 38.2 
$1,609.8 $850.5 

The following table provides revenue recognized by source: