Hologic to initiate $500M stock repurchase, as revenues rise
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Hologic CEO Stephen MacMillan
Marlborough medical device manufacturer Hologic Inc. saw its first quarter year-over-year revenues increase by 2.4%, according to the company’s latest filing with the U.S. Securities and Exchange Commission on Sunday.
In the preliminary earnings report, the company said its board of directors approved a new $500-million share repurchase authorization to go into effect at the start of the third quarter, when the company’s existing authorization will expire.
The company reported total revenues of $850.5 million for the period that ended on Dec. 28. That’s up from $830.7 for the same period one year ago.
Hologic did not provide the full financial results for the quarter -- including its profits and earnings per share -- as they were not available yet.
Stephen MacMillan, Hologic’s president and CEO, said one of the factors for the rise in revenues stems from the purchase of SuperSonic Imagine last year. Hologic bought 46% of SuperSonic Imagine shares, with an estimated value of $85 million. The French company specializes in ultrasound imaging.
With the acquisition, the MetroWest company said it is seeking entry into a global market for breast ultrasound technology, used to screen women with dense breast tissue, a market Hologic estimates is worth $450 million.
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