Oct. 1, 2014, 2:00 PM
- Activist investor Relational Investors "plans to wind down its operations and dissolve its current funds by the end of next year," the WSJ reports. A new fund with the same name is expected to be be eventually launched, but founders Ralph Whitworth and David Batchelder "will cede day-to-day control."
- The report comes after Whitworth took a leave of absence in July to focus on his health. Relational has $6B in assets under management.
- Many of the companies Relational holds positions in have added to their Wedenesday losses following the report: MHR -6.8%. CLH -5.9%. MTW -4.3%. SPW -3.7%. BEAV -3.5%. TKR -3%. HOLX -2.8%. PMCS -3.6%.
Apr. 30, 2014, 4:03 PM
Feb. 3, 2014, 5:21 PM
- Hologic (HOLX) expects FQ2 revenue of $605M-$615M; the $610M midpoint is favorable to a $606.5M consensus. The company is only reaffirming its FY14 (ends Sep. '14) revenue guidance, but has slightly raised its EPS guidance to $1.34-$1.38 from $1.32-$1.38 (consensus is at $1.36).
- FQ1 Diagnostics sales -6.6% Y/Y to $285.8M, Breast Health +2.6% to $226.5M, GYN Surgical -2.5% to $78.9M, Skeletal Health -10.1% to $21.3M.
- Sales/marketing spend fell 12% Y/Y to $83.3M and R&D spend fell 5% to $48.7M, but G&A spend rose 25% to $67.8M.
- CEO Stephen MacMillan says Hologic will be focused on improving its "operating performance and growth profile" in 2014, as well as paying down debt; the company had $4.3B in debt at the end of 2013, and $449M in cash/equivalents.
- FQ1 results, PR
Feb. 3, 2014, 4:10 PM
Nov. 21, 2013, 11:18 AM
- "To be fair, this isn't a typical activist scenario," Needham's Mike Matson says, regarding Carl Icahn's move into Hologic (HOLX +2.9%).
- Essentially, Matson says Icahn may simply speed up what the company is already considering: "Since management is already undergoing a strategic review and has indicated it is willing to take steps to enhance shareholder value, we think ... Icahn's involvement could accelerate management's existing efforts to sell assets."
- Matson also says Icahn's involvement may increase the chances of "more dramatic moves," such as a sale of the whole company.
- Buy rating and $26 price target maintained.
Nov. 21, 2013, 8:23 AM
- Hologic (HOLX) jumps 7% premarket as investors react to a filing which shows Carl Icahn has taken a 12.6% active stake. (13D)
- The purchases were made "on the belief that [the shares] are undervalued."
- Meanwhile, the company has promptly adopted a rights plan. (PR)
- According the RBC, Icahn's breakeven price for the shares is ~$21.50-22.50.
Nov. 12, 2013, 12:45 PM
Nov. 12, 2013, 11:03 AM
- Hologic (HOLX -14.2%) slides after reporting FQ4 results.
- Although the company reported adjusted net income of $0.39/share, it put up a GAAP loss of $1.1B or $4.11/share thanks to a goodwill impairment charge of $1.1B.
- HOLX notes that it "has significant goodwill on its balance sheet as a result of its acquisitions" and during an annual review, it determined that "that a portion of its goodwill within its Diagnostics business segment was impaired." The diagnostics business had revenues of $290M for Q4, $147.9M of which came from Gen-Probe, which was acquired last year in a $3.7B deal.
- Revenue growth/contraction in other segments: Breast Health, +1.7%; GYN Surgical, -3.8%; Skeletal Health, -15.3%.
- The company announces a $250M buyback authorization.
- FQ1 guidance: Adjusted EPS of $0.30-0.31 on revenue of $600-610M — that's down 5-7% Y/Y and well below consensus of $0.40/share on sales of $642.4M.
- FY14 guidance: Adjusted EPS of $1.32-1.38 on revenue of $2.425-2.475B. Consensus is $1.63/share on sales of $2.59B. (PR)
Nov. 12, 2013, 9:15 AM| Comment!
Nov. 11, 2013, 5:39 PM
Nov. 11, 2013, 4:10 PM
Aug. 5, 2013, 8:50 PM
- Hologic (HOLX) FQ3 beats slightly on the the bottom line but comes up a bit short on top.
- Net earnings swung to a loss on higher charges restructuring and acquisition-related costs as well as other one-time items.
- Looking forward, the company forecast FQ4 EPS of $0.36 to $0.37 on revenue of $615M to $625M, below Street estimates of $0.44 on $651M in revenue.
- For the year, it lowers its per-share earnings estimate to $1.46 to $ 1.47, from its previous estimate for $1.54 to $1.56, but affirms its revenue outlook. Shares -2.7% AH.
Jul. 18, 2013, 6:27 PMHologic (HOLX) says that it expects preliminary Q3 EPS to come in at $0.38, slightly above its previous guidance of $0.36. - $0.37 Street estimates of $0.37. Revenues are projected to be around $626M, which is in line with previous guidance of $625M - $630M. Analysts are looking for revenues of $626.72M. Additionally, the company names Jack W. Cumming as president and CEO, effective immediately. Cumming, who had previously served as CEO from 2001 to 2009, succeeds Robert A. Cascella, who has stepped down for personal reasons. Shares +5.2% AH. | Comment!
Jul. 18, 2013, 5:38 PM
Jun. 6, 2013, 2:19 PM
May 6, 2013, 7:28 PMMore on Hologic (HOLX): Company posts a mixed FQ2 report, beating on its EPS but missing on revenue. Net losses widened amid acquisition-related charges and other items which masked strong revenue growth. For the year, the company lowered its EPS estimate to between $1.54 to $1.56 on revenue of around $2.53B to $2.55B. For the current quarter, it now sees earnings of $0.36 to $0.37 on revenue of between $625M to $630M, below Street estimates for $0.41 on $655M, respectively. Shares -3% AH. | Comment!
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