Hologic Deepens Q4 Loss, Announces Buybacks
Hologic posted a quarter featuring a key financial number writ large in red ink. For its Q4, revenues came in at $622 million, an improvement over the $589 million in the same period the previous year. Bottom line, however, plunged far more deeply into negative territory, to $1.11 billion ($4.11 per share) compared to the $78 million ($0.29) shortfall in the year-ago quarter.
The massive net loss was due almost entirely to a non-cash goodwill impairment charge of $1.1 billion. The company has significant goodwill on its books following a number of acquisitions in recent times.
Analysts expected revenue of $624 million and a per-share profit of $0.37.
Meanwhile, Hologic announced that its board has authorized a fresh stock repurchase program. The company will buy back up to $250 million of its common stock over the next three years.
This quarter is the company's first since the return of Jack Cumming to the CEO's chair. He had previously served in that position from 2001 to 2009.
The article Hologic Deepens Q4 Loss, Announces Buybacks originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Hologic. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.