Revenue from its Cytyc acquisition helped women's imaging vendor Hologic of Bedford, MA, reach record numbers in its third fiscal quarter (end-June 28).
Revenues increased to $429.5 million, a 124% hike compared with $191.5 million in the third quarter of fiscal 2007. Third-quarter results included revenues from the installation of 429 Selenia full-field digital mammography systems.
Net income rose to $61.4 million, compared with a net income of $24.7 million in the same quarter a year ago. Included in the third-quarter results were charges related to the Cytyc merger of $25.1 million attributable to the amortization of intangibles and a restructuring charge of $6.4 million in connection with the resignation of Hologic chairman Patrick Sullivan in May.
For the nine-month period, revenues increased 130% to $1.23 billion, compared with $535.8 million in the same period of fiscal 2007. Hologic also posted a net loss of $241.2 million for the nine months, compared with a net income of $62.5 million in the same period a year ago.
Nine-month 2008 results include charges related to the Cytyc merger of $370 million for acquired in-process R&D costs, $42.3 million due to the increase in cost of revenues related to the write-up of inventory to fair market value, and $70.6 million attributable to the amortization of intangibles.
Related Reading
Hologic completes tender offer for Third Wave, July 24, 2008
Hologic closer to Third Wave acquisition, July 17, 2008
Kubtec signs specimen x-ray deal with Hologic, July 14, 2008
Antitrust period ends for Hologic/Third Wave deal, June 25, 2008
Hologic to buy Third Wave, June 9, 2008
Copyright © 2008 AuntMinnie.com
