Hologic reports record high 4Q and FY04 revenues and earnings

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Demand for Hologic's full-field digital mammography system and digital detector technologies helped the company report fourth quarter and FY04 revenues and operating results in the black.

Revenues climbed 22 percent to $64 million, compared with $52.4 million in the fourth quarter of FY03. Hologic reported a net income of $5.2 million, compared with a net income of $2.6 million in the year-ago quarter. Hologic said its improvement in earnings primarily reflects the increase in revenues, led by the continued shift in product sales to its higher margin digital mammography systems, such as Selenia.

For the year, revenues totaled $228.7 million, compared with revenues of $204 million in FY03. Net income escalated to $12 million, compared with a net income of $2.9 million in FY03.

Mammography revenues increased 45 percent to $33.6 million, compared with the $23.1 million in the fourth quarter of FY03. Hologic said the increase was primarily due to continued increasing sales of Selenia in both the domestic and international markets.
    Digital detector revenues increased 138 percent to $5.7 million, compared with $2.4 million in the fourth quarter of FY03. The increase was primarily due to a significant increase in the number of general radiography and mammography digital detectors sold to other OEMs, Hologic said.

"We ended our fiscal year on a very strong note with excellent fourth quarter gains in revenue and profit," said Jack Cumming, chairman and CEO. "Demand for our Selenia full-field mammography system increased in the fourth quarter compared with the first three quarters of the fiscal year, validating our business strategy and providing momentum for fiscal year 2005. We plan to continue to concentrate on our fundamental growth initiatives, including the introduction of innovative technologies that we believe will drive our business and benefit women's healthcare issues."