Deal further expands Hologic’s portfolio of
world-class breast health solutions addressing the full continuum
of care
Hologic, Inc. (Nasdaq: HOLX), an innovative medical technology
company primarily focused on improving women’s health, announced
today it has completed the acquisition of SOMATEX Medical
Technologies GmbH, a leader in biopsy site markers and localization
technologies, for approximately $64 million. The company was
previously owned by E-Med Solutions GmbH, Berlin, a group of
investors led by German private equity company Westlake
Partners.
The transaction supports Hologic’s strategy to provide a
comprehensive suite of innovative solutions across the continuum of
breast health care. Specifically, SOMATEX’s differentiated products
will enable Hologic to strengthen and further expand its breast
marker portfolio, which has been growing consistently. As a result
of the acquisition, Hologic will also enhance its sales presence in
Europe by expanding its direct channel in Germany and its network
of regional and international distributor partners.
“The acquisition of SOMATEX allows us to expand our biopsy
portfolio by providing a suite of market-leading solutions that not
only address our customers’ needs, but also improve the biopsy
experience for their patients,” said Jennifer Meade, Hologic’s
Division President, Breast and Skeletal Health Solutions. “We’ve
had a strong partnership with SOMATEX for several years, which
along with our shared focus on innovation, will allow us to quickly
integrate and begin building a pipeline that will drive profitable
growth and recurring revenue for our breast health business
globally.”
SOMATEX specializes in the development and manufacturing of
minimally invasive devices in the areas of tumor diagnostics,
biopsy and interventional specialties, providing Hologic with
additional expertise and capabilities to continue to grow its
breast health portfolio. The SOMATEX product portfolio includes the
Tumark® family of tissue markers, which were distributed by Hologic
in the U.S. prior to the acquisition.
“For years, SOMATEX has been committed to driving innovative,
best-in-class tumor marker and localization solutions for our
customers and their patients and to becoming a leader in our
space,” said Joerg Heise, Managing Director of SOMATEX. “ We are
excited to continue this journey through Hologic and their global
footprint, providing so many more with access to these pioneering
technologies that aid in the early detection and treatment of
breast cancer.”
SOMATEX is expected to generate approximately $13 million of
revenue in calendar 2020, including sales of Tumark markers to
Hologic. The acquisition is expected to be slightly accretive to
Hologic's non-GAAP earnings per share starting in the Company’s
current fiscal year.
About Hologic, Inc.
Hologic, Inc. is an innovative medical technology company
primarily focused on improving women’s health and well-being
through early detection and treatment. For more information on
Hologic, visit www.hologic.com.
Hologic and The Science of Sure are trademarks and/or registered
trademarks of Hologic, Inc., and/or its subsidiaries in the United
States and/or other countries. Tumark and associated logos are
trademarks and/or registered trademarks of SOMATEX Medical
Technologies GmbH. Hologic is an authorized distributor of Tumark
Professional X, Q, and Vision biopsy site markers.
Non-GAAP Financial
Measures
This press release discusses non-GAAP diluted EPS, which is a
non-GAAP financial measure. The Company's definition of non-GAAP
diluted EPS may differ from similarly titled measures used by
others. The Company defines its non-GAAP EPS presented in this
press release to primarily exclude the amortization of intangible
assets, acquisition- and integration-related charges, and income
taxes related to such adjustment.
Non-GAAP diluted EPS adjusts for specified items that may be
non-cash, or can be highly variable or difficult to predict. In the
context of forward-looking statements, the non-GAAP financial
measures facilitate period-to-period comparisons by excluding the
effects of events that have occurred in the past or may occur in
the future and have accounting consequences that can mask
underlying operational trends, such as acquisitions,
restructurings, debt extinguishment and impairments.
This non-GAAP financial measure should be considered
supplemental to, and not a substitute for, financial information
prepared in accordance with GAAP. Because non-GAAP financial
measures exclude the effect of items that will increase or decrease
the Company's reported results of operations, management encourages
investors to review the Company's consolidated financial statements
and publicly filed reports in their entirety.
Future GAAP EPS may be affected by changes in ongoing
assumptions and judgments, and may also be affected by
non-recurring, unusual or unanticipated charges, expenses or gains,
which are excluded in the calculation of the Company's non-GAAP EPS
as described in this press release.
When Hologic provides its expectations for non-GAAP EPS on a
forward-looking basis, a reconciliation of the differences between
these non-GAAP expectations and the corresponding GAAP measures are
not available without unreasonable effort because Hologic has not
estimated the fair value of the assets and liabilities expected to
be acquired in the transaction. Nor has the Company determined the
fair value of acquired intangible assets and related annual
amortization expense that would be required in order to provide the
corresponding GAAP measure. The variability of the items that have
not yet been determined may have a significant, and potentially
unpredictable, impact on Hologic’s future GAAP results.
Forward-Looking
Statements
This news release contains forward-looking information that
involves risks and uncertainties, including statements about each
company's plans, objectives, expectations and intentions. Such
statements include, without limitation: financial or other
information based upon or otherwise incorporating judgments or
estimates relating to future performance, events or expectations;
each company's strategies, positioning, resources, capabilities,
and expectations for future performance; and each company's outlook
and financial and other guidance. These forward-looking statements
are based upon assumptions made as of this date and are subject to
known and unknown risks and uncertainties that could cause actual
results to differ materially from those anticipated.
Risks and uncertainties that could adversely affect either
company's business and prospects, and otherwise cause actual
results to differ materially from those anticipated, include
without limitation: the possibility that the anticipated benefits
from the proposed transaction cannot be fully realized or may take
longer to realize than expected; the possibility that costs or
difficulties related to the integration of SOMATEX’s operations
with those of Hologic will be greater than expected; the ability of
Hologic and SOMATEX to retain and hire key personnel; the coverage
and reimbursement decisions of third-party payers and the
guidelines, recommendations, and studies published by various
organizations relating to the use of products and treatments; the
ability to successfully manage ongoing organizational and strategic
changes, including Hologic's ability to attract, motivate and
retain key employees; the impact and anticipated benefits of
completed acquisitions and acquisitions Hologic may complete in the
future; the ability to consolidate certain of Hologic's
manufacturing and other operations on a timely basis and within
budget, without disrupting Hologic's business and to achieve
anticipated cost synergies related to such actions; the development
of new competitive technologies and products; regulatory approvals
and clearances for products; production schedules for products; the
anticipated development of markets in which products are sold into
and the success of products in these markets; the anticipated
performance and benefits of products; estimated asset and liability
values; anticipated trends relating to Hologic's financial
condition or results of operations; and Hologic's capital resources
and the adequacy thereof.
The risks included above are not exhaustive. Other factors that
could adversely affect each company's business and prospects are
described in the filings made by the applicable company with the
SEC. Hologic and SOMATEX expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any
such statements presented herein to reflect any change in
expectations or any change in events, conditions or circumstances
on which any such statements are based.
This information is not intended as a product solicitation or
promotion where such activities are prohibited. For specific
information on what products are available for sale in a particular
country, please contact a local Hologic sales representative or
write to womenshealth@hologic.com.
SOURCE: Hologic, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210104005139/en/
Media: Jane Mazur 508.263.8764 (direct) 585.355.5978
(mobile) jane.mazur@hologic.com Investors: Michael Watts
858.410.8588 michael.watts@hologic.com
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