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Hologic, Inc. of Beford, MA, a developer, manufacturer and supplier of diagnostics, medical imaging systems and surgical products dedicated to the health care needs of women, has reported a loss for the 12 months ending in September of this year of $2.28 billion, or $8.48 per diluted share. This is in comparison to the net loss of $385 million (or $1.57 per diluted share) for the same period fiscal 2008. Hologic's revenues totaled $1.64 billion, this being a 2.2% decrease compared to the revenues of $1.67 billion in the 2008 period. Hologic's products include those for mammography, breast biopsy, radiation treatment for early-stage breast cancer, cervical cancer screening, mini C-arm for extremity imaging and molecular diagnostic products.

The fourth quarter fiscal 2009 revenues totaled $402.8 million, a decrease of 9.0% from the fourth quarter of fiscal 2008. Hologic says the revenue difference was primarily attributable to the year-over-year decline in sales of Selenia full-field digital mammography systems.

New CEO Named

The financial report comes in conjunction with the announcement that the Board of Directors has promoted Robert Cascella to Chief Executive Officer effective November 5. Cascella was previously President and Chief Operating Officer. He succeeds Jack Cumming, who will continue as Chairman of the Board and member of the executive management team.

"Although my decision to end my tenure as Hologic's Chief Executive Officer did not come lightly, the transition of my role to Rob has been a work-in-process for quite some time," Cumming stated in the company's financial news on its webpage. "Over the years Rob has been an active leader in setting the strategic direction of the Company and has played an integral role for product, market and resource integration following each of our many acquisitions. Rob's extensive expertise, coupled with his strong leadership qualities, make him an ideal choice to take over my role and he has my wholehearted confidence and support. I am very excited to continue to work with Rob and the executive team and continue my focus on international growth and new business opportunities."

A Legal Victory

Meanwhile, a U.S. District Court Judge in the Northern District of California has given Hologic a legal victory in denying a request for preliminary junction for Conceptus, Inc. Conceptus had claimed in a lawsuit filed earlier this year alleging that Hologic's Adiana permanent contraception system infringed upon several Conceptus U.S. patents. The U.S. Food and Drug Administration (FDA) had approved the Adiana permanent contraception system in July 2009. Conceptus then filed its motion for a preliminary injunction.

Continue reading Good News, Bad News for Hologic on the Financial, Legal Front...

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