Hologic Inc.
HOLXBusiness Overview
ticker: HOLX step: 01 generated: 2026-05-13 source: quick-research note: Taken private by Blackstone and TPG on April 7, 2026. HOLX no longer trades on NASDAQ.
Hologic Inc. (HOLX) — Business Overview
Status Note
Taken Private: Blackstone and TPG completed the acquisition of Hologic on April 7, 2026, for $76/share in cash plus a contingent value right (CVR) of up to $3/share, totaling up to $79/share ($17.3B equity deal). HOLX common stock is no longer listed or traded. José E. Almeida was appointed CEO upon closing.
Business Description (Historical — Pre-Acquisition)
Hologic was a leading medical technology company focused exclusively on women's health, operating across four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. The company's core franchises included molecular diagnostics (Panther platform for cervical cancer, STIs, and respiratory testing), digital mammography and 3D tomosynthesis (Genius AI), and minimally invasive GYN surgical systems (NovaSure, MyoSure, Sonata). FY2024 (ended Sept 2024) revenue was ~$4.03B.
Revenue Model (Historical)
Revenue was generated from disposable reagents and consumables (~55%), equipment capital sales, and service contracts. The Diagnostics segment's Panther platform created a "razor-and-blade" model — instruments installed at labs generate high-margin recurring reagent revenue. Breast Health revenue was split between capital equipment (mammography systems, every 7-10 year replacement cycle) and AI/software subscriptions. COVID testing was a major revenue boost in FY2021-FY2022 that significantly distorted the baseline.
Products & Services (Historical)
- Diagnostics: Panther/Panther Fusion platforms for molecular testing; ThinPrep Pap tests; COVID/flu/RSV testing
- Breast Health: Selenia Dimensions 3D mammography; Affirm biopsy guidance; Genius AI for mammography interpretation
- GYN Surgical: NovaSure endometrial ablation; MyoSure hysteroscopic tissue removal; Sonata system for fibroids (acquired from Gynesonics 2025)
- Skeletal Health: Horizon DXA systems for bone density measurement
Acquisition Rationale (Blackstone/TPG)
The $17.3B take-private valued Hologic at ~4.3x revenue and ~14x EBITDA — a fair multiple for a dominant, highly cash-generative women's health platform. Blackstone and TPG acquired a business with $1B+ in annual FCF, a renewable consumables revenue model, and significant international expansion potential — well-suited to private ownership that can invest in long-duration growth without quarterly earnings pressure.
Key Facts
- Founded: 1985
- Headquarters: Marlborough, MA
- Employees: ~7,000
- Exchange: NASDAQ (now delisted — acquired April 7, 2026)
- Sector / Industry: Health Care / Health Care Equipment
- Acquisition Price: $76-79/share; $17.3B enterprise value
Financial Snapshot
ticker: HOLX step: 04 generated: 2026-05-12 source: quick-research note: HOLX taken private by Blackstone/TPG on April 7, 2026 at $76+CVR/share (~$17.3B EV). Historical financials preserved for research reference.
Hologic, Inc. (HOLX) — Financial Snapshot (Historical — Taken Private April 2026)
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $4.88B | $3.91B | $4.03B | +3.1% |
| Gross Margin | ~57% | ~55% | ~56% | |
| Operating Margin | ~32% | ~25% | ~27% | |
| Net Income | ~$1.5B | ~$840M | ~$900M | |
| EPS (diluted) | ~$6.00 | ~$3.55 | ~$3.90 |
FY2022 peak includes ~$1.3B COVID-19 molecular testing revenue (Panther platform). FY2023–2024 reflect normalized base after COVID testing winddown. Non-GAAP operating margins held ~30% even in the post-COVID normalization period, demonstrating underlying business quality.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$1.1B |
| Free Cash Flow | ~$950M |
| Capital Expenditures | ~$150M |
| Cash & Equivalents | ~$2.7B |
| Total Debt | ~$2.8B |
Key Ratios (at time of acquisition, April 2026)
- Acquisition Price: $76/share + CVR | Implied EV: ~$17.3B
- EV/Revenue: ~4.3x (FY2024) | EV/EBITDA: ~14x | FCF Yield: ~5.5% at deal price
- Revenue Growth (FY2024): +3.1% | FCF Margin: ~24%
- Non-GAAP Operating Margin: ~30% (consistent across FY2022–FY2025)
Growth Profile
Hologic's revenue peaked in FY2022 at $4.88B due to extraordinary COVID testing volumes through its Panther molecular diagnostics platform. Post-COVID normalization reduced revenue ~20% in FY2023, but the underlying diagnostics, breast health, and GYN surgical segments continued growing mid-single digits organically. By FY2024, HOLX returned to modest growth on a cleaner base. The non-COVID franchise was generating ~$4B in annual revenue with ~30% non-GAAP operating margins and $1B+ in annual FCF — premium economics that made the company a natural LBO candidate.
Forward Estimates (Pre-Acquisition Consensus)
- FY2025 Revenue: ~$4.2B (+4% YoY) — consensus before acquisition announcement
- FY2025 Non-GAAP EPS: ~$4.20/share
- Acquisition completed April 7, 2026 at $76/share + CVR ($3.00 contingent on regulatory milestone)
- Deal represented ~19x forward non-GAAP EPS and ~4.2x revenue — premium to medtech sector comps
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $HOLX.