MARLBOROUGH, Mass., Feb. 8, 2018 /PRNewswire/ -- Hologic, Inc. (Nasdaq: HOLX) announced today the Company's financial results for the fiscal first quarter ended December 30, 2017.

Revenue of $791.1 million increased 7.7%, or 6.7% in constant currency, compared to the prior year period. Excluding the acquired medical aesthetics and divested blood screening businesses, revenue increased 2.7%, or 1.5% in constant currency. Revenue growth rates in the first quarter were negatively affected by four extra selling days in the prior year period, which Hologic estimates added more than $20 million to revenue a year ago.

GAAP diluted earnings per share (EPS) of $1.45 increased 383.3% compared to the prior year period. GAAP results include a one-time tax provision net benefit of $329.2 million associated with the recent enactment of tax reform legislation in the U.S. Non-GAAP diluted EPS of $0.55 increased 5.8% compared to the prior year period.
"We are pleased with our first quarter results," said Steve MacMillan, Hologic's Chairman, President and Chief Executive Officer. "We posted solid revenue just above our guidance range, driven by strength in our breast health, molecular diagnostics and international businesses. In addition, U.S. tax reform is helping us increase our earnings guidance for the year, while simultaneously re-investing in the business to drive future growth."

Key financial results for the fiscal first quarter were:


GAAP

Non-GAAP


Q1'18

Q1'17

Change

Increase
(Decrease)

Q1'18

Q1'17

Change

Increase
(Decrease)

Revenues

$791.1

$734.4

7.7%

$791.1

$734.4

7.7%

Gross Margin

53.7%

55.1%

(140 bps)

63.8%

65.2%

(140 bps)

Operating Expenses

$290.4

$258.8

12.2%

$271.8

$231.1

17.6%

Operating Margin

17.0%

19.9%

(290 bps)

29.4%

33.7%

(430 bps)

Net Margin

51.4%

11.8%

3,960 bps

19.4%

20.2%

(80 bps)

Diluted EPS

$1.45

$0.30

383.3%

$0.55

$0.52

5.8%

Throughout this press release, all dollar figures are in millions, except EPS. Some totals may not foot due to rounding. Unless otherwise noted, all results are compared to the corresponding prior year period. Non-GAAP results exclude certain cash and non-cash items as discussed under "Use of Non-GAAP Financial Measures."

Revenue Detail

As previously mentioned, revenue growth rates in the first quarter were negatively affected by four extra selling days in the prior year period, which Hologic estimates added more than $20 million to revenue a year ago, primarily in the U.S.

$s in millions

Q1'18

Q1'17

Reported
Change

Constant Currency
Change

Cytology & Perinatal

$123.4

$120.3

2.6%

0.9%

Molecular Diagnostics

$148.6

$139.9

6.2%

5.3%

Blood Screening

$12.6

$65.2

(80.7%)

(80.7%)

Total Diagnostics

$284.6

$325.4

(12.5%)

(13.5%)

Total Diagnostics ex. Blood

$272.0

$260.2

4.5%

3.3%

Breast Imaging

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