X-Ray Apparatus & Tubes & Related Irradiation ApparatusIFRS · EUR

Hologic Inc

Hologic is a U.S.-based medical technology company focused on women’s health, combining diagnostics, breast imaging, gynecologic surgery and bone health products. It develops, manufactures, sells and services premium systems and consumables used for early detection, diagnosis and treatment across hospitals, laboratories and physician practices.

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Revenue4,101m EUR
+1.7 %y/y
Operating profit (EBIT)714m EUR
−19.1 %y/y
EBIT margin17.4%
−4.5 ppy/y
Net income566m EUR
−28.3 %y/y
Free cash flow998m EUR
−17.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,000m EUR2020: 3,776 m EUR2020: EBIT 1,105 m EUR20202021: 5,632 m EUR2021: EBIT 2,480 m EUR20212022: 4,863 m EUR2022: EBIT 1,640 m EUR20222023: 4,030 m EUR2023: EBIT 668 m EUR20232024: 4,030 m EUR2024: EBIT 883 m EUR20242025: 4,101 m EUR2025: EBIT 714 m EUR20254,101714
RevenueOperating profit (EBIT)
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Business

Share of revenue
Diagnostics40 %

Molecular diagnostic instruments, assays and related consumables used by clinical laboratories and healthcare providers.

Breast Health35 %

Breast imaging, biopsy, localization and related products used for screening and diagnosis.

GYN Surgical15 %

Gynecologic surgical systems and disposable products used in minimally invasive procedures.

Skeletal Health10 %

Bone density and orthopedic imaging systems, including DXA and mini C-arm products.

Products

Reported · share of revenue
63.8%20.1%15.6%FY2025100 %
  • Disposables63.8 %
  • Services20.1 %
  • Capital Equipment Componentsand Software15.6 %
  • Other Typeof Revenue0.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Hologic sells to clinical laboratories, hospitals, healthcare systems and physicians, with distinct buying centers across diagnostics, imaging and surgery. Its products are purchased by specialists such as ob-gyns, radiologists, breast surgeons and orthopedic users, often through capital equipment decisions followed by recurring consumables and service. Large purchasing entities and distributors also matter because they influence contract access, pricing and installed-base utilization.

Clinical laboratories

Buy diagnostic instruments, assays and consumables for infectious disease and other testing workflows.

Hospitals and integrated delivery networks

Buy breast imaging, biopsy and surgical systems through capital and purchasing contracts.

Physician practices and specialty clinics

Buy GYN surgical and bone health products for office-based and ambulatory procedures.

Large purchasing organizations

Managed care organizations, IDNs and government facilities negotiate access and pricing.

International distributors

Sell and service products in markets where Hologic uses indirect channels.

Strategy

Hologic’s strategy centers on women’s health across the care continuum, using clinical evidence, FDA labeling and installed-base service to defend its position in diagnostics, breast health and surgery. The company is also evaluating strategic transactions, and in 2025 it agreed to be acquired by Blackstone and TPG, while continuing to manage liquidity, debt and portfolio actions such as product discontinuations and acquisitions.

Defend and grow women’s health franchisesMedium term

Clinical evidence and product breadth help sustain pricing and customer loyalty in competitive markets.

Strengthen direct sales and service executionShort term

Direct customer relationships improve adoption, service quality and recurring revenue from the installed base.

Optimize portfolio and capital structureShort term

Acquisitions, divestiture-like product exits and the pending take-private transaction affect long-term flexibility.

Geography

Hologic is headquartered in the United States and generates sales through direct teams and distributors across North America, Europe and Asia-Pacific. The company specifically highlights Western Europe, China, Japan, Australia, South Korea and Canada as important international markets, which makes its results sensitive to reimbursement, regulatory approvals and distributor execution in those regions.

Risks

Hologic faces intense competition from larger medtech and diagnostics companies, which can pressure pricing, reimbursement and market share. Its business is also exposed to regulatory, cybersecurity and execution risks, while the pending Blackstone/TPG acquisition adds closing uncertainty and potential distraction. Customer concentration is limited at the company level, but some Diagnostics customers are still meaningful enough to affect segment results if lost.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive pressure across diagnostics, imaging and surgery1Merger closing uncertainty2Cybersecurity and IT failures3Diagnostics customer concentration4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive pressure across diagnostics, imaging and surgeryImpact: HighLikelihood: Medium

    Larger rivals may offer broader portfolios, stronger brands or lower prices, reducing Hologic's pricing power.

    ExposureAverage selling pricesProcedure volumesMarket share
  2. Merger closing uncertaintyImpact: HighLikelihood: Medium

    The Blackstone/TPG transaction depends on stockholder, regulatory and other closing conditions.

    ExposureStock priceStrategic focusTransaction-related costs
  3. Cybersecurity and IT failuresImpact: HighLikelihood: Medium

    Connected medical products and data systems can be targeted by ransomware, phishing and other attacks.

    ExposureOperationsCustomer trustRegulatory exposureRemediation costs
  4. Diagnostics customer concentrationImpact: MediumLikelihood: Medium

    A limited number of customers account for a meaningful share of Diagnostics revenue.

    Exposure: Segment revenue and profitability

  5. Distributor dependence in international marketsImpact: Medium

    Loss or underperformance of distributors can reduce sales and service reach in serviced territories.

    Exposure: International revenue and installed-base support

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Accounting

Judgemental items
Revenue recognition for multiple-element arrangements

Systems, consumables and service contracts may be recognized at different times, affecting reported growth and margins.

Impact: Quarterly revenue timing and deferred revenue balances

Inventory reserves and excess/obsolete stock

Medical device product cycles and discontinuations can require write-downs.

Impact: Gross margin and operating income

Goodwill and intangible asset impairment

The company carries significant goodwill and tests it using discounted cash flow assumptions.

Impact: Potential non-cash impairment charges

Contingent consideration and acquisition accounting

Recent acquisitions and earn-out structures require fair value estimates.

Impact: Earnings volatility and balance-sheet liabilities

Tax valuation allowances and uncertain tax positions

International structure and tax mix can change deferred tax asset recoverability and effective tax rate.

Impact: Tax expense and net income

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Last updated: 24/09/2026