Women's imaging vendor Hologic of Bedford, MA, posted a slight decline in revenue for its fourth quarter and named Robert Cascella as the firm's CEO.
For the period, Hologic reported sales of $402.8 million, down 9% compared with sales of $442.5 million in the corresponding quarter of fiscal 2008. The company said that the decline was due to a drop in year-over-year sales of its Selenia full-field digital mammography (FFDM), which it attributed to the current economic environment and lower hospital capital equipment spending.
Despite the drop, Hologic posted net income of $34.9 million, compared with a net loss of $144.4 million in the fourth quarter of 2008. Results from both periods were affected by one-time charges related to recent Hologic acquisitions.
For the fiscal year, the company had revenues of $1.64 billion, down 2.2% compared with sales of $1.67 billion in fiscal 2008. Again, the company attributed the decline to lower Selenia sales, which were partially offset by the inclusion of a full year of revenues from its acquisition of diagnostics firm Cytyc.
The firm saw a net loss of $2.18 billion in 2009, due largely to a write-down of $2.34 billion in the second quarter for impairment of goodwill related to the Cytyc deal. Hologic had a net loss of $385.6 million in fiscal 2008.
In personnel news, the company said that Cascella was being promoted from president and chief operating officer to CEO. Previous CEO Jack Cumming will remain on as chairman of the board and a member of the executive management team.
Related Reading
Hologic expands in Asia-Pacific, October 19, 2009
FDA OKs Hologic's MammoSite ML, September 2, 2009
Hologic sales, profit dip in Q3, August 4, 2009
FDA clears Hologic mammo software, June 17, 2009
Hologic posts large loss in Q2, delays tomo review, May 5, 2009
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