Tax changes net Hologic 370% profit increase
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Hologic's Marlborough location.
Marlborough medical device firm Hologic is reporting a net income increase of 370 percent in its first quarter earnings, largley due to the impacts of the new federal tax law.
The company’s net income of $406 million includes a one-time tax benefit of $329 million. Net income for last year’s first quarter was $86.5 million.
“This discrete net tax benefit primarily results from the re-measurement of U.S. net deferred tax liabilities at a lower corporate income tax rate, partially offset by tax expense from deemed repatriated earnings of foreign subsidiaries,” the company said.
Diluted earnings per share increased 383-percent over last year’s first quarter to $1.45, the company said.
Revenues of $791 million increased by nearly 8 percent from last year’s first quarter.
Hologic reported its U.S. revenue of $597 million increased by 4.1 percent from last year’s first quarter, and international revenue of $194 million increased by 20.6 percent over the same period.
Despite the overall revenue increases, the company reported some losses, including a $40.8-million loss in diagnostics sales, largely due to a $52.6-million decline in revenues from blood screening sales.
Excluding blood screening, diagnostic sales increased by almost $12 million.
The company's revenue from breast health rose by 5.4 percent to $288 million and has become the company’s largest revenue source.
Hologic reported a $7.3-million revenue decline in gynecology surgical equipment and a $1.2-million decline in skeletal health sales.
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