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Q1 2026 Earnings Press Release — Hologic (HOLX) — Tellvest

HOLX2026-01-29

Q1 2026 Earnings Press Release

Hologic

Not a standard earnings call · Press release only

Hologic did not hold a Q1 FY2026 earnings call due to the pending Blackstone/TPG acquisition. Results were communicated via press release only. There is no analyst Q&A for this quarter.

Hologic Announces Financial Results for First Quarter of Fiscal 2026

Revenue of $1,047.8 Million Grows 2.5%

GAAP Diluted EPS of $0.79 Decreases (9.2%), Non-GAAP Diluted EPS of $1.04 Up 1.0%

MARLBOROUGH, Mass. (January 29, 2026) - Hologic, Inc. (Nasdaq: HOLX) announced today the Company's financial results for the fiscal first quarter ended December 27, 2025. The Company reported revenue of $1,047.8 million, GAAP diluted EPS of $0.79, and non-GAAP diluted EPS of $1.04.

Highlights

Revenue of $1,047.8 million increased 2.5% for the quarter, or 1.3% on a constant currency basis.

Total organic revenue excluding COVID-19 and related revenue, the divested blood screening and SSI businesses, and the acquired Gynesonics business increased 2.9%, or 1.6% in constant currency.

GAAP diluted EPS of $0.79 for the quarter decreased (9.2%), mainly due to favorable foreign exchange gains in the prior year period. Non-GAAP EPS of $1.04 increased 1.0%.

Diagnostics revenue of $464.4 million decreased (1.3%), or (2.7%) in constant currency.

Excluding COVID-19 and related revenue, organic diagnostics sales grew 1.2%, but decreased (0.3%) on a constant currency basis.

Molecular diagnostics revenue decreased (3.5%), or (4.6%) in constant currency, driven primarily by lower sales of COVID-19 tests and legacy assays for sexually transmitted infections, partially offset by stronger sales of BV CV/TV and Panther Fusion assays.

Excluding COVID-19 and related revenue, molecular diagnostics revenue grew 1.2%, or 0.0% in constant currency.

Breast Health revenue of $375.9 million increased 1.8%, or 0.8% in constant currency, driven primarily by strong sales of Endomagnetics products.

Surgical revenue of $180.8 million grew 8.7%, or 7.5% in constant currency, driven primarily by increased sales of the acquired Gynesonics business, MyoSure and Fluent.

Organic surgical revenue, which excludes sales from Gynesonics, increased 3.2%, or 2.0% in constant currency.

Cash flow from operations was $229.9 million in the first quarter, and increased 21.4%.

Revenue Detail

Diagnostics

Cytology and perinatal

$126.8 million, increased 1.1%

Molecular diagnostics

$329.2 million, decreased (3.5%)

Blood screening

$8.4 million, increased 104.9%

Total diagnostics

$464.4 million, decreased (1.3%)

Organic diagnostics ex. COVID19: $428.0 million, increased 1.2%

Organic molecular ex. COVID19: $301.2 million, increased 1.2%

Breast Health

Breast imaging

$280.0 million, decreased (0.6%)

Interventional breast solutions

$95.9 million, increased 9.6%

Total breast health

$375.9 million, increased 1.8%

Organic breast health

$375.8 million, increased 1.9%

GYN surgical

$180.8 million, grew 8.7%

Organic surgical

$171.7 million, increased 3.2%

Skeletal health

$26.7 million, increased 69.0%

Total

$1,047.8 million, increased 2.5%

Organic revenue

$1,030.2 million, increased 1.3%

Organic revenue excluding COVID19: $1,002.2 million, increased 2.9%

Other Financial Highlights

U.S. revenue of $773.5 million increased 2.0%. International revenue of $274.3 million increased 4.0%, but decreased (1.0%) on a constant currency basis.

GAAP gross margin of 56.0% decreased (80) basis points and non-GAAP margin of 60.1% decreased (150) basis points, primarily due to increased tariff expenses of $15.3 million.

GAAP operating margin of 22.6% increased 10 basis points but non-GAAP operating margin of 29.0% decreased (40) basis points, primarily due to higher tariff expenses that were partially offset by lower operating expenses.

GAAP net income of $179.1 million decreased (10.9%), while non-GAAP net income of $235.5 million decreased (1.3%). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $330.4 million, an increase of 1.3%.

COVID-19 revenue, which consisted of COVID-19 assay revenue of $4.4 million and other COVID-19 related revenue of $23.6 million, decreased (35.8%), or (36.3%) in constant currency.

The Company ended the quarter with cash and cash equivalents of $2.17 billion, and an adjusted net leverage ratio (net debt over adjusted EBITDA) of 0.3 times. In addition, the Company had short-term investments of $197 million.

Adjusted Return on Invested Capital (ROIC) was 13.9%, a decrease of (20) basis points compared to the prior year period.

As previously announced, given Hologic's agreement to be acquired by Blackstone and TPG, the Company is not providing annual or quarterly financial guidance for fiscal 2026, and will not host a conference call to discuss its first quarter 2026 financial results.

Condensed Consolidated Statements of Income (Q1)

Total revenues

$1,047.8 million vs $1,021.8 million prior year

Product revenues

$831.4 million vs $817.9 million

Service and other revenues

$216.4 million vs $203.9 million

Cost of revenuesProduct: $321.9 million vs $301.1 million

Cost of revenuesAmortization of acquired intangible assets: $41.0 million vs $46.0 million

Cost of revenuesService and other: $98.5 million vs $94.2 million

Gross profit

$586.4 million vs $580.5 million

Operating expenses

Research and development

$60.5 million vs $60.3 million

Selling and marketing

$154.9 million vs $166.1 million

General and administrative

$127.8 million vs $115.7 million

Amortization of acquired intangible assets

$2.3 million vs $4.7 million

Restructuring charges

$3.9 million vs $3.9 million

Total operating expenses

$349.4 million vs $350.7 million

Income from operations

$237.0 million vs $229.8 million

Interest income

$19.7 million vs $24.2 million

Interest expense

($27.6) million vs ($30.5) million

Other income

$0.6 million vs $24.0 million

Income before income taxes

$229.7 million vs $247.5 million

Provision for income taxes

$50.6 million vs $46.5 million

Net income

$179.1 million vs $201.0 million

Diluted EPS

$0.79 vs $0.87

Diluted shares

225,879 thousand vs 232,107 thousand

NonGAAP Reconciliation

Q1 GAAP gross profit: $586.4 million

Add back

Amortization of acquired intangible assets: $41.0 million

Add back

Manufacturing facility closure costs: $1.3 million

Add back

Integration/consolidation costs: $1.5 million

NonGAAP gross profit: $630.2 million

NonGAAP gross margin: 60.1%

Q1 GAAP income from operations: $237.0 million

NonGAAP income from operations: $303.6 million

NonGAAP operating margin: 29.0%

Q1 GAAP net income: $179.1 million

NonGAAP net income: $235.5 million

NonGAAP diluted EPS: $1.04 vs $1.03 prior year

Adjusted EBITDA

$330.4 million vs $326.0 million prior year

Prior year Q1 included unrealized gain on forward foreign currency contracts of $22.0 million excluded from non-GAAP results.

Balance Sheet (December 27, 2025)

Cash and cash equivalents

$2,168.0 million

Shortterm investments: $196.7 million

Accounts receivable, net: $584.2 million

Inventory

$688.5 million

Total current assets

$3,843.4 million

Goodwill and intangible assets

$4,192.5 million

Total assets

$9,180.7 million

Longterm debt, net: $2,502.9 million

Total stockholders' equity

$5,245.1 million

Cash Flow (Q1)

Net cash provided by operating activities

$229.9 million vs $189.3 million prior year

Capital expenditures

($14.7) million

Strategic investments

($24.0) million

Repurchases of common stock

$0 vs ($517.3) million prior year

Net Leverage Ratio

0.3 times

Adjusted ROIC

13.9%

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