Hologic Inc. (HOLX, Financial) filed Quarterly Report for the period ended 2010-06-26.
Hologic Inc. has a market cap of $4.12 billion; its shares were traded at around $15.9 with a P/E ratio of 13.8 and P/S ratio of 2.5. HOLX is in the portfolios of Irving Kahn of Kahn Brothers & Company Inc., Ronald Muhlenkamp of Muhlenkamp Fund, Richard Aster Jr of Meridian Fund, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Diagnostics product sales decreased 2% in the current quarter compared to the corresponding period in the prior year primarily due to a reduction in the number of ThinPrep pap tests sold worldwide as procedure volume has declined driven by a decrease in doctor visits, which we believe is attributable to the lagging effects of unemployment, continuing economic uncertainty and recent changes in cervical cancer screening guidelines. While the volume of ThinPrep pap tests declined in the current quarter compared to the corresponding period in the prior year, revenues attributable to our imager, which is a complementary piece of capital equipment to the ThinPrep processor, indicated increased adoption. In addition, product sales in 2009 included $1.9 million from the sale of certain molecular tests we sold as analyte specific reagents (ASRs) that we no longer market. These decreases were partially offset by an increase in sales of our Cervista HPV tests, for which we received FDA approval in the second quarter of fiscal 2009, due to obtaining new customer accounts earlier in fiscal 2010. In the current nine month period, Diagnostic product sales increased 2% compared to the corresponding period in the prior year primarily due to an increase in sales of our Cervista HPV tests, and to a lesser extent other molecular tests, partially offset by a decrease in ThinPrep pap test volume due to the decline in doctor visits described above and the discontinuance of certain ASRs which contributed $3.5 million of revenue in 2009.
GYN Surgical product sales increased 9% and 6% in the current three and nine month periods, respectively, compared to the corresponding periods in the prior year primarily due to growing sales of the Adiana System, which was approved by the FDA in the fourth quarter of fiscal 2009, and to a lesser extent, an increase in the number of NovaSure products sold and a slight increase in NovaSure average selling prices.
Skeletal Health product sales decreased 4% in the current quarter compared to the corresponding period in the prior year primarily due to a $1.1 million decline in mini C-arm sales primarily due to a reduction in the number of units sold. Skeletal Health product sales decreased 16% in the current nine month period compared to the corresponding period in the prior year primarily due to a $4.3 million decrease in osteoporosis assessment product sales principally due to a decrease in the number of bone densitometry systems sold worldwide. This product line has experienced a difficult capital equipment environment worldwide and the ongoing effects of the reduction in reimbursement for osteoporosis exams in the U.S. Recently the reimbursement situation improved which may benefit future demand for this product line. In addition, there was a decrease in mini C-arms sales of $4.5 million in the current nine month period compared to the corresponding period in the prior year due to a reduction in the number of units sold.
In the first nine months of fiscal 2010, approximately 78% of product sales were generated in the United States, 12% in Europe, 6% in Asia, and 4% in other international markets. In the first nine months of fiscal 2009, approximately 79% of product sales were generated in the United States, 12% in Europe, 4% in Asia, and 5% in other international markets.
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Hologic Inc. has a market cap of $4.12 billion; its shares were traded at around $15.9 with a P/E ratio of 13.8 and P/S ratio of 2.5. HOLX is in the portfolios of Irving Kahn of Kahn Brothers & Company Inc., Ronald Muhlenkamp of Muhlenkamp Fund, Richard Aster Jr of Meridian Fund, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Highlight of Business Operations:
In March 2010, significant reforms to the healthcare system were adopted as law in the United States. The law includes provisions that, among other things, reduce and/or limit Medicare reimbursement, require all individuals to have health insurance (with limited exceptions) and imposes new and/or increased taxes. Specifically, the law requires the medical device industry to subsidize healthcare reform in the form of a 2.3% excise tax on U.S. sales of certain medical devices beginning in 2013. We expect that our products will fall under the government classification requiring the excise tax. U.S. net product sales represented 80% of our worldwide net product sales in fiscal 2009 and 78% in the first nine months of fiscal 2010.Diagnostics product sales decreased 2% in the current quarter compared to the corresponding period in the prior year primarily due to a reduction in the number of ThinPrep pap tests sold worldwide as procedure volume has declined driven by a decrease in doctor visits, which we believe is attributable to the lagging effects of unemployment, continuing economic uncertainty and recent changes in cervical cancer screening guidelines. While the volume of ThinPrep pap tests declined in the current quarter compared to the corresponding period in the prior year, revenues attributable to our imager, which is a complementary piece of capital equipment to the ThinPrep processor, indicated increased adoption. In addition, product sales in 2009 included $1.9 million from the sale of certain molecular tests we sold as analyte specific reagents (ASRs) that we no longer market. These decreases were partially offset by an increase in sales of our Cervista HPV tests, for which we received FDA approval in the second quarter of fiscal 2009, due to obtaining new customer accounts earlier in fiscal 2010. In the current nine month period, Diagnostic product sales increased 2% compared to the corresponding period in the prior year primarily due to an increase in sales of our Cervista HPV tests, and to a lesser extent other molecular tests, partially offset by a decrease in ThinPrep pap test volume due to the decline in doctor visits described above and the discontinuance of certain ASRs which contributed $3.5 million of revenue in 2009.
GYN Surgical product sales increased 9% and 6% in the current three and nine month periods, respectively, compared to the corresponding periods in the prior year primarily due to growing sales of the Adiana System, which was approved by the FDA in the fourth quarter of fiscal 2009, and to a lesser extent, an increase in the number of NovaSure products sold and a slight increase in NovaSure average selling prices.
Skeletal Health product sales decreased 4% in the current quarter compared to the corresponding period in the prior year primarily due to a $1.1 million decline in mini C-arm sales primarily due to a reduction in the number of units sold. Skeletal Health product sales decreased 16% in the current nine month period compared to the corresponding period in the prior year primarily due to a $4.3 million decrease in osteoporosis assessment product sales principally due to a decrease in the number of bone densitometry systems sold worldwide. This product line has experienced a difficult capital equipment environment worldwide and the ongoing effects of the reduction in reimbursement for osteoporosis exams in the U.S. Recently the reimbursement situation improved which may benefit future demand for this product line. In addition, there was a decrease in mini C-arms sales of $4.5 million in the current nine month period compared to the corresponding period in the prior year due to a reduction in the number of units sold.
In the first nine months of fiscal 2010, approximately 78% of product sales were generated in the United States, 12% in Europe, 6% in Asia, and 4% in other international markets. In the first nine months of fiscal 2009, approximately 79% of product sales were generated in the United States, 12% in Europe, 4% in Asia, and 5% in other international markets.
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