Hologic drops $85m on Faxitron Bioptics

Hologic (NSDQ:HOLX) said yesterday that it dropped $85 million on Faxitron Bioptics and its line of breast health offerings.

Tucson, Ariz.-based Faxitron, which makes digital specimen radiography, breast lesion localization and sentinel lymph node biopsy products, posted sales of roughly $27 million during its last fiscal year.

“Faxitron, like Hologic, has built a strong brand focused on improving the patient experience with market-leading products from digital specimen radiography to breast lesion localization to sentinel lymph node biopsy solutions,” breast & skeletal health president Pete Valenti said in prepared remarks. “Together, we will extend our shared focus on innovation and expand our ability to improve breast health along each step of the patient’s journey, which begins with our market-leading mammography solutions.”

“Acquiring Faxitron is consistent with our capital deployment goals,” added chairman, president & CEO Steve MacMillan. “This is a great tuck-in acquisition that leverages our existing strength in the breast health channel, while providing attractive growth and return on invested capital.”

Hologic said it doesn’t expect the addition of Faxitron to affect its adjusted earnings per share this year or in fiscal 2019 but to add to them after that.

Also yesterday Hologic posted profits of $112.9 million, or 41¢ per share, on sales of $824 million for the three months ended June 30, seeing 89.7% growth on the bottom-line while sales grew 2.2% when compared to the same period during the previous year.

Adjusted to exclude one-time items, earnings per share were 58¢, just ahead of the 56¢ consensus on Wall Street, where analysts expected too see sales of $800.4 million.

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