UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 26, 1998
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number: 0-18281
Hologic, Inc.
(Exact name of registrant as specified in its charter)
Delaware 04-2902449
(State of incorporation) (I.R.S. Employer Identification No.)
35 Crosby Drive, Bedford, Massachusetts 01730
(Address of principal executive offices)
(Zip Code)
(781) 999-7300
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No __
As of January 30, 1999 13,411,670 shares of the registrant's
Common Stock, $.01 par value, were outstanding.
HOLOGIC, INC. AND SUBSIDIARIES
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
December 26, 1998 and September 26, 1998 3
Consolidated Statements of Income
Three Months Ended December 26, 1998
and December 27, 1997 4
Consolidated Statements of Cash Flows
Three Months Ended December 26, 1998
and December 27, 1997 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
Item 3. Quantitative and Qualitative Disclosure
About Market Risk 13
PART II - OTHER INFORMATION 14
SIGNATURES 15
HOLOGIC, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except per share data)
ASSETS
<TABLE>
<CAPTION>
December 26, September 26,
1998 1998
----------- -------------
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents............... $48,436 $48,423
Short-term investments.................. 24,637 27,479
Accounts receivable,
less reserves of $2,100................ 33,216 29,287
Inventories............................. 20,478 20,438
Prepaid expenses and
other current assets.................. 6,160 6,221
------- -------
Total current assets................. 132,927 131,848
------- -------
PROPERTY AND EQUIPMENT, at cost:
Equipment.............................. 9,080 8,633
Furniture and fixtures................. 1,814 1,910
Leasehold improvements................. 1,667 1,729
Construction in progress............... 22,649 20,066
------ ------
35,210 32,338
Less- Accumulated depreciation
and amortization..................... 6,621 6,440
------ ------
28,589 25,898
------ ------
Other assets, net....................... 16,047 14,851
------ ------
$177,563 $172,597
======== ========
</TABLE>
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
December 26, September 26,
1998 1998
------------ ------------
<S> <C> <C>
CURRENT LIABILITIES:
Line of credit......................... $ 2,821 $ 3,799
Accounts payable....................... 9,570 5,497
Accrued expenses....................... 10,381 12,453
Deferred revenue....................... 12,204 10,466
-------- ---------
Total current liabilities............ 34,976 32,215
-------- --------
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value-
Authorized - 1,623
Issued and outstanding - none ....... -- --
Common stock, $.01 par value-
Authorized - 30,000 shares
Issued - 13,395 and 13,378 shares,
respectively...................... 134 134
Capital in excess of par value....... 95,277 95,100
Retained earnings.................... 48,224 46,187
Cumulative translation adjustment.... (584) (575)
Treasury stock, at cost, 45 shares... (464) (464)
------- -------
Total stockholders' equity......... 142,587 140,382
------- --------
$177,563 $172,597
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
HOLOGIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
December 26, December 27,
1998 1997
---------- -----------
<S> <C> <C>
REVENUES:
Product sales...................... $23,914 $25,139
Other revenue...................... 718 982
------- -------
24,632 26,121
------- -------
COSTS AND EXPENSES:
Cost of product sales............. 1 12,791 12,740
Research and development.......... 2,458 2,339
Selling and marketing............. 5,259 6,749
General and administrative........ 2,169 2,295
------- ------
22,677 24,123
------- ------
Income from operations...... 1,955 1,998
Interest income.................. 1,253 1,304
Other expense.................... (31) (89)
------- -------
Income before provision
for income taxes........ 3,177 3,213
PROVISION FOR INCOME TAXES........ 1,140 1,150
------- ------
Net income................... $2,037 $2,063
======= ======
NET INCOME PER COMMON AND
COMMON EQUIVALENT SHARE:
Basic........................ $.15 $.16
==== ====
Diluted...................... $.15 $.15
==== ====
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING........ 13,340 13,132
====== ======
WEIGHTED AVERAGE NUMBER OF
COMMON AND DILUTIVE POTENTIAL
COMMON SHARES OUTSTANDING........ 13,638 13,790
====== ======
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
HOLOGIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
December 26, December 27,
1998 1997
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income.................................... $2,037 $2,063
Adjustments to reconcile net income to
net cash provided by operating activities-
Depreciation and amortization........... 357 388
Compensation expense related to
issuance of stock option............... 60 60
Changes in assets and liabilities-
Accounts receivable................... (3,526) 1,700
Inventories........................... (40) (3,669)
Prepaid expenses and
other current assets................ 145 580
Accounts payable...................... 4,073 1,338
Accrued expenses...................... (2,070) 194
Deferred revenue...................... 1,737 2,602
------ ------
Net cash provided by
operating activities.............. 2,773 5,256
------ ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of held-to-maturity investments...... (7,242) (45,553)
Sales of held-to-maturity investments......... 8,083 57,968
Purchases of property and equipment........... (2,873) (531)
Increase (decrease) in other assets........... 234 (37)
------- -------
Net cash (used in) provided by
investing activities................ (1,798) 11,847
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in line of credit................ (978) (83)
Issuance of common stock pursuant to
options, stock grants and employee
stock purchase plans......................... 22 97
Tax benefit from stock options exercised...... 10 --
------ ------
Net cash (used in) provided by
financing activities................. (946) 14
------- ------
EFFECT OF EXCHANGE RATE CHANGES ON CASH......... (16) (42)
------ ------
NET INCREASE IN CASH AND CASH EQUIVALENTS....... 13 17,075
CASH AND CASH EQUIVALENTS, beginning of period.. 48,423 28,092
------- -------
CASH AND CASH EQUIVALENTS, end of period........ $48,436 $45,167
======= =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for
income taxes.............................. $ 326 $ 846
======== ========
Cash paid during the period for interest..... $ 100 --
======== ========
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:
Issuance of common stock under 401(k) plan.. $ -- $ 292
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
HOLOGIC, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except share and per share data)
(1) Basis of Presentation
The consolidated financial statements of Hologic, Inc. (the
Company) presented herein have been prepared pursuant to the
rules of the Securities and Exchange Commission for quarterly
reports on Form 10-Q and do not include all of the information
and note disclosures required by generally accepted accounting
principles. These statements should be read in conjunction with
the consolidated financial statements and notes thereto for the
year ended September 26, 1998, included in the Company's Form 10-
K as filed with the Securities and Exchange Commission on
December 23, 1998.
The consolidated balance sheet as of December 26, 1998, the
consolidated statements of income for the three months ended
December 26, 1998 and December 27, 1997 and the consolidated
statements of cash flows for the three months ended December 26,
1998 and December 27, 1997, are unaudited but, in the opinion of
management, include all adjustments (consisting of normal,
recurring adjustments) necessary for a fair presentation of
results for these interim periods.
The results of operations for the three months ended
December 26, 1998 are not necessarily indicative of the results
to be expected for the entire fiscal year ending September 25,
1999.
(2) Summary of Significant Accounting Policies
The accompanying consolidated financial statements reflect
the application of certain accounting policies described in this
and other notes to the consolidated financial statements.
(a) Inventories: Inventories are stated at the lower of
cost (first-in, first-out) or market and consist of the
following:
December 26, September 26,
1998 1998
----------- ------------
Raw materials and work-in-process... $12,472 $13,859
Finished goods...................... 8,006 6,579
------- -------
$20,478 $20,438
======= =======
Work-in-process and finished goods inventories consist of
material, labor and manufacturing overhead.
(b) Earnings Per Share: A reconciliation of basic and
dilutive share amounts are as follows:
<TABLE>
<CAPTION>
Three Months Ended
December 26, December 27,
1998 1997
----------- ------------
<S> <C> <C>
Weighted average common shares outstanding..... 13,340 13,132
Common stock equivalents outstanding
pursuant to the treasury stock method..... 298 658
------ ------
Weighted average number of common and dilutive
potential common shares outstanding..... 13,638 13,790
====== ======
</TABLE>
The Company adopted SFAS No. 128, Earnings Per Share,
effective for the quarter ended December 27, 1997, which replaces
primary and fully diluted earnings per share with basic and
diluted earnings per share. Anti-dilutive shares of 1,014 and
185 for the three months ended December 26, 1998 and December 27,
1997, respectively, have been excluded from the weighted average
number of common and dilutive potential common shares
outstanding.
(3) Line of Credit
The Company has an international line of credit with a bank
for the equivalent of $3.0 million, which bears interest at PIBOR
plus 1.50%. The borrowings under this line are denominated in
the local currency of its European subsidiaries and are primarily
used by these subsidiaries to settle intercompany sales.
(4) Concentration of Credit Risk
The Company sells certain of its systems to a leasing
company, which in turn leases the systems to third parties. The
leasing company accounted for 9% and 30% of product sales in the
three months ended December 26, 1998 and December 27, 1997,
respectively. The Company finances certain sales to Latin
America over a two-to-three year time-frame. At December 26,
1998, the Company had total accounts receivable outstanding of
approximately $8.0 million relating to these sales, of which $2.5
million were long-term and included in other assets. As of
December 26, 1998, the Company has not experienced any
significant change in these receivables, however, the economic
and currency related uncertainties in these countries may
increase the likelihood of non-payment.
(5) Recent Accounting Pronouncements
In July 1997, the FASB issued SFAS No. 131, Disclosures
About Segments of an Enterprise and Related Information. SFAS
No. 131 requires certain financial and supplementary information
to be disclosed on an annual and interim basis for each
reportable segment of an enterprise, as defined. SFAS No. 131 is
effective for fiscal years beginning after December 15, 1997.
Unless impracticable, companies would be required to disclosure
similar prior period information upon adoption. The Company will
adopt this statement in their fiscal 1999 year-end financial
statements.
In June 1998, the FASB issued SFAS No. 133, Accounting for
Derivative Instruments and Hedging Activities. SFAS No. 133
establishes accounting and reporting standards for derivative
instruments, including certain derivative instruments investments
embedded in other contracts (collectively referred to as
derivatives) and for hedging activities. SFAS No. 133 is
effective for fiscal years beginning after June 15, 1999. The
Company does not expect the adoption of this statement to have a
material impact on its consolidated financial position or results
of operations.
(6) Construction in Progress
In fiscal 1998, the Company purchased a 200,000 square foot
building for approximately $20 million in cash, and has incurred
approximately $5 million for renovations, of which $2.5 million
has been paid to-date. The Company moved its headquarters and
manufacturing into this facility on January 25, 1999. The
Company will amortize the cost of the building straight-line over
40 years beginning in the second quarter of fiscal 1999.
(7) Comprehensive Income
The Company adopted Statement of Financial Accounting
Standards No.130 ("SFAS 130"), Reporting Comprehensive Income,
effective September 27, 1998. SFAS 130 established standards for
reporting and display of comprehensive income and its components
in the financial statements. The Company's only item of other
comprehensive income relates to foreign currency translation
adjustments, and is presented separately on the balance sheet as
required. If presented on the statement of operations for the
three months ended December 26, 1998 and December 27, 1997,
comprehensive income would be approximately $9 and $43 lower than
reported net income, respectively, due to foreign currency
translation adjustments.
PART I - FINANCIAL INFORMATION (Continued)
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
HOLOGIC, INC. AND SUBSIDIARIES
Results of Operations
The Company's results of operations have and may continue to
be subject to significant quarterly variation. The results for a
particular quarter may vary due to a number of factors, including
the introduction of new products or product enhancements by the
Company or its competitors, the timing of FDA approvals or
clearances for such introductions, the overall state of health
care and cost containment efforts, the development status and
demand for drug therapies to treat osteoporosis, the status and
amount of reimbursement for approved procedures, the use of mini
c-arms in minimally-invasive surgical procedures, the
availability of financing alternatives, including fee-per-scan
programs, for the Company's products, dependence on Physician
Sales and Service, Inc. to broaden the sales of the Company's
product to the primary care market, economic conditions in the
Company's markets, the timing of orders, the timing of
expenditures in anticipation of future sales, the mix of products
sold by the Company, and pricing and other competitive
conditions.
Revenues. Total revenues for the first quarter of fiscal
1999 decreased 6% to $24.6 million from $26.1 million for the
first quarter of fiscal 1998. This decrease was primarily due to
a decrease in DXA bone densitometers sold to the primary care
market in the United States which were partially offset by an
increase in the number of mini c-arm and Sahara (the Company's
ultrasound bone sonometer) product sales in the current quarter.
The increase in sales of mini c-arms were primarily from the
Company's recently introduced Premier system. Sahara sales
increased in the current quarter due primarily to sales in the
United States, where the Company received marketing clearance
from the FDA in March 1998. The Company did not have marketing
clearance for Sahara in the first quarter of fiscal 1998. Other
revenues decreased for the current three month period due to a
decrease in royalties from the license of the Company's
technology to Vivid Technologies, Inc. and a decrease in revenues
received under a development agreement for a biochemical marker
strip test. Partially offsetting these decreases was an increase
in additional fee-per-scan revenues.
Total revenues for the first quarter of fiscal 1999 remained
relatively unchanged compared to the immediately preceding
quarter.
In the current quarter, sales of the Company's mini c-arms
and, to a lesser extent, DXA bone densitometers increased which
were offset by a decrease in sales of Sahara by the Company's
U.S. distributor for the primary care market when compared to the
immediately preceding quarter. The Company believes that sales
of the Sahara were adversely impacted by a lack of a permanent
reimbursement code for the ultrasound bone density measurement.
The Company further believes that the approval by HCFA of a
permanent reimbursement code for these measurements, which went
into effect in January 1999, should positively impact Sahara
sales. However, the Company cannot assure that Sahara sales will
increase.
In the first quarter of fiscal 1999, approximately 62% of
product sales were generated in the United States, 23% in Europe
and 15% in other international markets. In the first quarter of
fiscal 1998, approximately 67% of product sales were generated in
the United States, 22% in Europe and 11% in other international
markets.
The Company expects that foreign sales in the current fiscal
year will continue to account for a substantial portion of
product sales. Continued economic and currency related
uncertainty in a number of foreign countries, especially in Asia
and Latin America, could reduce the Company's future sales to
these markets.
Costs and Expenses. The cost of product sales increased
as a percentage of product sales to 53% in the first quarter of
fiscal 1999 from 51% in the first quarter of fiscal 1998. In the
current quarter, these costs increased as a percentage of product
sales primarily due to a decrease in the DXA selling prices which
was partially offset by an increase in the selling prices and
volume related manufacturing efficiencies of the increased mini c-
arm sales this quarter.
Research and development expenses increased 5% to $2.5
million (10% of total revenues) in the current quarter from $2.4
million (9% of total revenues) in the first quarter of fiscal
1998 primarily due to the addition of engineering personnel and
outside consultants working on the development of new products
and product enhancements.
Selling and marketing expenses decreased 22% to $5.3 million
(22% of product sales) in the current quarter from $6.7 million
(27% of product sales) in the first quarter of fiscal 1998
primarily due to a decrease in sales commissions paid to PSS
based on the lower sales volume in the primary care market in the
United States.
General and administrative expenses are relatively unchanged
at $2.2 million (9% of total revenues) in the first quarter of
fiscal 1999 compared to $2.3 million (9% of total revenues) in
the first quarter of fiscal 1998.
Interest Income. Interest income was approximately $1.3
million in the current quarter and in the first quarter of fiscal
1998.
Other Expense. In the first quarters of fiscal 1999 and
1998, the Company incurred other expenses of approximately
$31,000 and $89,000 respectively. In the current quarter, these
expenses were primarily attributable to foreign currency
transaction losses. In the first quarter of fiscal 1998, these
expenses were primarily attributable to interest costs on the
line of credit established for use by the Company's European
subsidiaries to borrow funds in their local currencies to pay for
intercompany sales, thereby reducing the foreign currency
exposure on those transactions and, to a lesser extent, to
foreign currency transaction losses. To the extent that foreign
currency exchange rates fluctuate in the future, the Company may
be exposed to continued financial risk. Although the Company has
established a borrowing line of credit denominated in the two
foreign currencies (the French Franc and the Belgian Franc) in
which the subsidiaries currently conduct business to minimize
this risk, there can be no assurance that the Company will be
successful or can fully hedge its outstanding exposure.
Provision for Income Taxes. The Company's effective tax
rate was 36% in the first quarters of fiscal 1999 and 1998. The
effective tax rate is less than the combined Federal and state
statutory rates due primarily to the favorable Federal and state
tax treatment afforded the Company's foreign sales corporation
and the favorable state tax treatment of certain of the Company's
interest income.
Liquidity and Capital Resources
At December 26, 1998, working capital was approximately $98
million, and cash, cash equivalents and short-term investments
totaled $73 million. The cash, cash equivalents and short-term
investments balance decreased approximately $2.8 million from
September 26, 1998 primarily due to payments for facility
renovations and an increase in accounts receivable, which were
partially offset by other operating activities which included net
income of $2.0 million and an increase in accounts payable. The
Company finances certain sales to Latin America over a two-to-
three year time-frame. At December 26, 1998, the Company had
total accounts receivable outstanding of approximately $8.0
million relating to these sales, of which $2.5 million were long-
term and included in other assets. As of December 26, 1998, the
Company has not experienced any significant change in these
receivables, however, the economic and currency related
uncertainties in these countries may increase the likelihood of
non-payment. In the first quarter of 1999, the Company purchased
approximately $300,000 of property and equipment, which consisted
primarily of computers.
In fiscal 1998, the Company purchased a 200,000 square foot
building for approximately $20 million in cash, and has incurred
approximately $5 million for renovations of which $2.5 million
has been paid to-date. The Company moved its headquarters into
this facility on January 25, 1999. The Company does not
currently have any significant capital commitments and believes
that existing sources of liquidity and funds expected to be
generated from operations will provide adequate cash to fund the
Company's anticipated working capital and other cash needs for
the foreseeable future.
Year 2000 Readiness Disclosure
The year 2000 (Y2K) issue is the potential for system and
processing failure of date-related data and the result of
computer-controlled systems using two digits rather than four to
define the applicable year. For example, computer programs that
have date-sensitive software may recognize a date using "00" as
the year 1900 rather than the year 2000. Systems that do not
properly recognize date-sensitive information when the year
changes to 2000 could generate system failure or miscalculations
causing disruptions of operations, including, among other things,
a temporary inability to process transactions, send invoices or
engage in similar ordinary business activities. The Company has
defined Y2K compliance as the ability for the Company, its
products and suppliers to continue normal business activities in
the year 2000 and beyond.
The Company is evaluating the Y2K issue with respect to its
financial and management information systems, its products and
its suppliers. At this point in its assessment, the Company is
not currently aware of any Y2K problems that are reasonably
likely to have a material effect on the Company's business,
results of operations or financial condition, without taking into
account the Company's efforts to avoid such problems.
The Company is completing its review of its management and
information systems for Y2K compliance and has identified other
application software and hardware which must be upgraded to
become Y2K compliant. The Company believes that its accounting
and information systems are currently compliant as a result of
installing an upgrade version of the software made available
through the annual maintenance contract. However, the Company
uses other application hardware and software which may not be Y2K
complaint. Most upgrades for these programs are also available
as part of an annual maintenance program. The Company believes
that it already has and installed most of the necessary upgrades
for these programs or that the upgrades for the programs are
otherwise available without material expenditure by the Company.
The Company anticipates that it will be able to complete, test
and implement all upgrades of this software that may be material
to its business on a timely basis. There is a risk that,
notwithstanding its internal review, if the Company has not
properly identified all year 2000 compliance issues with respect
to its management and information systems, the Company may not be
able to implement all necessary changes to these systems on a
timely basis and within budget. Such a failure could result in a
material disruption to the Company's business, including the
inability to track and fill orders on a timely basis, which could
have a material adverse effect on its business, results of
operations and financial condition.
The Company has evaluated its DXA products currently in
production and they are Y2K compliant as of the end of January
1999. The Company plans to make this software available, at the
Company's expense, to its existing customers by the end of April
1999. These costs are not expected to be material. The Company
has also identified certain older models of its DXA products that
will need computer hardware upgrades to become Y2K compliant.
The Company plans to offer users of these products a computer
upgrade at the customers' expense. The Company believes that its
Sahara ultrasound bone sonometer is currently Y2K compliant.
The Company is also exposed to the risk that it could
experience material shipment delays from its major component
suppliers or material sales delays from its major customers due
to year 2000 issues relating either to their management
information or production systems. The Company has inquired of
these suppliers in an attempt to ascertain their year 2000
readiness. At this time, the Company is unable to estimate the
nature or extent of any potential adverse impact resulting from
the failure of third parties, such as its suppliers and
customers, to achieve year 2000 compliance. Moreover, such third
parties, even if year 2000 compliant, could experience
difficulties resulting from year 2000 issues that may affect
their suppliers, service providers and customers. As a result,
although the Company does not currently anticipate that it will
experience any material shipment delays from their major product
suppliers or any material sales delays from its major customers
due to year 2000 issues, these third parties could experience
year 2000 problems that could have a material adverse effect on
the Company's business, results of operations and financial
condition.
Apart from its activities described above, the Company does
not have and does not plan to develop a contingency plan to
address Y2K issues. Should any unanticipated significant Y2K
issues arise, the Company's failure to implement such a
contingency plan could have a material adverse affect on its
business, financial condition and results of operations.
To the extent that the Company does not identify any
material non-compliant year 2000 issues affecting the Company or
third parties, such as the Company's suppliers, service providers
and customers, the most reasonably likely worst case year 2000
scenario is a systemic failure beyond the control of the Company,
such as a prolonged telecommunications or electrical failure, or
a general disruption in United States or global business
activities that could result in a significant economic downturn.
The Company believes that the primary business risks, in the
event of such failure or other disruption, would include but not
be limited to, loss of customers or orders, increased operating
costs, inability to obtain inventory on a timely basis,
disruptions in product shipments, or other business interruptions
of a material nature, as well as claims of mismanagement,
misrepresentation, or breach of contract, any of which could have
a material adverse effect on the Company's business, results of
operations and financial condition.
Item 3. Quantitative and Qualitative Disclosure About
Market Risk.
Not applicable.
PART II - OTHER INFORMATION
HOLOGIC, INC. AND SUBSIDIARIES
Item 1. Legal Proceedings.
No material litigation.
Item 2. Changes in Securities.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits furnished:
(27) Financial Data Schedule
(b) Reports on Form 8-K:
None.
HOLOGIC, INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Hologic, Inc.
(Registrant)
February 4, 1999 /s/ S. David Ellenbogen
- ---------------- ---------------------------
Date S. David Ellenbogen
Chairman and Chief Executive Officer
February 4, 1999 /s/ Glenn P. Muir
- ---------------- -----------------------------
Date Glenn P. Muir
Vice President, Finance and Treasurer
(Principal Financial and Chief
Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted
from the financial statements in the Company's quarterly report
on Form 10-Q for the period ended December 26, 1998.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-25-1999
<PERIOD-END> DEC-26-1998
<CASH> 48,436
<SECURITIES> 24,637
<RECEIVABLES> 33,216
<ALLOWANCES> 2,100
<INVENTORY> 20,478
<CURRENT-ASSETS> 132,927
<PP&E> 35,210
<DEPRECIATION> 6,621
<TOTAL-ASSETS> 177,563
<CURRENT-LIABILITIES> 34,976
<BONDS> 0
0
0
<COMMON> 134
<OTHER-SE> 143,037
<TOTAL-LIABILITY-AND-EQUITY> 177,563
<SALES> 23,914
<TOTAL-REVENUES> 24,632
<CGS> 12,791
<TOTAL-COSTS> 22,677
<OTHER-EXPENSES> 31
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,177
<INCOME-TAX> 1,140
<INCOME-CONTINUING> 2,037
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,037
<EPS-PRIMARY> .15
<EPS-DILUTED> .15
</TABLE>
