# Hologic Inc. (HOLX) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/HOLX/thesis · /stocks/HOLX/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/HOLX/fundamental

## Navigation

- Overview: /stocks/HOLX
- Financials (this page): /stocks/HOLX/financials
- Thesis: /stocks/HOLX/thesis
- Investment Memo: /stocks/HOLX/memo
- Coverage universe: /stocks