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Hologic Announces Fourth Quarter and Fiscal 2010 Operating Results
Date:11/8/2010

rded a non-cash impairment charge of $143.5 million for the write-off of certain intangible assets, of which $123.4 million is recorded within cost of revenues and $20.1 million is recorded within operating expenses, in the Company's Consolidated Statements of Operations. This impairment resulted primarily from a combination of factors, including the Company's reassessment of its estimates of the overall market size of breast brachytherapy and long-term growth projections. In addition, the Company's policy is to review its goodwill for impairment annually as of the first day of its fiscal fourth quarter. The Company performs the goodwill impairment analysis using the two-step approach, as required under GAAP. In the fourth quarter of fiscal 2010, the Company completed its goodwill impairment analysis for its MammoSite reporting unit and determined that a portion of this goodwill was impaired. Therefore, the Company recorded a goodwill impairment charge of $76.7 million within operating expenses in the Company's Consolidated Statements of Operations. These non-cash charges, totaling $220.2 million, are excluded from the non-GAAP financial results. A further discussion of our non-GAAP fiscal 2010 results and guidance is included in the attachment to this press release.

The Company's non-GAAP adjusted net income for the fourth quarter of fiscal 2010 increased 8.7% to $79.3 million compared to $73.0 million in the fourth quarter of fiscal 2009. The Company's fiscal 2010 fourth quarter non-GAAP adjusted net income primarily excludes: (i) the impairment charges discussed above; (ii) amortization of intangible assets; (iii) non-cash interest expense relating to the Company's Convertible Notes; and (iv) acquisition-related costs and charges. The Company's fiscal 2009 fourth quarter non-GAAP adjusted net income primarily excludes: (i) amortization of intangible assets; and (ii) non-cash interest expense relating to the Company’s Convertible Not
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SOURCE Hologic, Inc.
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