Hologic at Jefferies Global Healthcare Conference: Strategic Insights

On Thursday, 05 June 2025, Hologic Inc. (NASDAQ:HOLX) presented at the Jefferies Global Healthcare Conference 2025, providing a detailed look into its financial performance and strategic direction. The company, facing challenges like tariffs and competitive pressures, outlined its plans for growth through innovation and strategic acquisitions while maintaining a focus on women’s health.

Key Takeaways

• Hologic aims for mid-single-digit revenue growth and double-digit earnings growth.
• The company is mitigating a $20-25 million quarterly tariff impact on products from Costa Rica.
• Breast Health sales force has been bifurcated to improve execution.
• Hologic’s molecular diagnostics saw 8% growth, driven by BVCV.
• The company holds $1.6 billion in cash, prioritizing M&A and share repurchases.

Financial Results

• China Revenue: Revised down to $30 million annually from an initial $60-70 million due to tariffs and competition.
• Breast Health: Struggled with gantry placements but expects improvement in Q3 and Q4.
• Endomagnetics: Q2 revenue slightly down due to distributor transition but remains on track for a $50 million annual target.
• Molecular Diagnostics: Achieved 8% growth last quarter.
• Biotheranostics: Generates over $100 million annually with significant growth potential.
• Overall Guidance: Anticipates a 5% growth in Q4 following a 2.5% to 3.5% decline in Q3.
• Operating Margins: Aiming to maintain low 30% margins for the year.

Operational Updates

• Breast Health Sales Force: Divided into capital sales and procedure-driven sales.
• Genius Digital Cytology: Recently launched to enhance cervical cancer screening.
• Molecular Diagnostics Menu: Over 20 assays approved across Panther and Panther Fusion platforms.
• Surgical Business: Strong international growth, particularly in Europe for NovaSure.
• Manufacturing Consolidation: Breast Health manufacturing is being centralized in Newark, Delaware.

Future Outlook

• Envision Launch: Scheduled for 2026, targeting clinical trial participants and research centers.
• BVCV Market: Continued growth potential with only half of the 30 million women identified and treated.
• Biotheranostics Growth: Expects double-digit growth over the next five years.
• Molecular Diagnostics Pipeline: Focused on increasing utilization of existing assays.
• Surgical Business Growth: Double-digit growth expected outside the U.S. and from the Gynasonics acquisition.

Q&A Highlights

• Rumors: No comments on rumors or speculation.
• China Strategy: Guidance adjusted due to tariffs, competition, and geopolitical tensions.
• Capital Allocation: Focused on M&A, tuck-in acquisitions, and share repurchases.
• Corporate Morale: Emphasizes a highly engaged workforce dedicated to women’s health.

Hologic’s leadership expressed confidence in navigating current challenges while capitalizing on long-term opportunities. For a deeper dive into the discussion, refer to the full transcript below.

Full transcript - Jefferies Global Healthcare Conference 2025:

Tycho Peterson, Life Science Team: Okay. We’re gonna kick it off. I’m Tycho Peterson from the life science team. It’s my pleasure to introduce Hologic. Thank you for joining us, Colleen.

Colleen, Hologic: Thanks for having me. Great to be here.

Tycho Peterson, Life Science Team: I’m I’m gonna go to the elephant in the room to start. Just on the, Financial Times article, any comments you’re willing to make, just on, you know, some of the noise that’s been out there in the market?

Colleen, Hologic: Yeah. Unfortunately, Tycho, like most public companies, we don’t comment on rumors or speculation. What I will say is Steve and I and the rest of the leadership team are focused on running the business and clearly focused on delivering q three and the balance of ’25 and setting ourselves up for a solid ’26.

Tycho Peterson, Life Science Team: So maybe, just thinking about the the core business, wondering if you can maybe just give us a walk through on diagnostics, breath health, gyne surge, and skeletal, and how you’re feeling about each of those given the macro right now.

Colleen, Hologic: Sure, sure. So let me start off with our largest division is our diagnostics division, which is a combination of both our cytology business which is screening for cervical cancer, and our molecular diagnostics business which is the most significant piece of that portfolio is the women’s health portfolio and screening for STDs and vaginitis. So when we think about cytology business, that has historically been a flattish to low single digit grower. From a macro perspective, a little bit of a headwind there as it relates to China. That was the largest piece of our China business.

I think we’ve significantly de risked China in the back half of twenty five with our latest guide given that the tariff implication as well as an anti American sentiment in the cytology product. There’s plenty of local competition for that or alternatives for that product. In our molecular business, really growth has been led by our molecular business, has been a steady high single digit grower really in recent years led by our BVCV, our vaginitis assay, as well as BioTheranostics, an acquisition we did back in ’21, which was our step into specialty diagnostics in the breast cancer index test. A little bit of a headwind right now with the molecular business, specifically our HIV business with the ceasing of funding of USAID, that business that we had in Africa was about a $50,000,000 annual business. And again, we’ve derisked that and assume that doesn’t come back in the back half of twenty five.

But again, the molecular business with the proliferation of Panther placements, feel really good about that business and driving utilization on that significant install base. In breast, our breast business really starts with breast cancer screening. We also have biopsy and surgical options within that business. Had a little bit of a struggle in the last couple of quarters with that business with lower gantry placements, and that comes after significant placements in late twenty three and most of ’24 given the chip supply shortage we had prior to that. Excited about a recent acquisition in breast business, the endomagnetics acquisition off to a good start on that one.

And then finally surgical, our surgical business is focused on treating abnormal uterine bleeding and fibroids. I think we dominant in the market for treatment of fibroids and expanding that portfolio recently with the addition of Gynasonics which allows us to treat some larger fibroids. So those are the major components of the business, Tycho.

Tycho Peterson, Life Science Team: Great, maybe I’ll start with the breast health business. I originally started covering you when it was analog then you went digital and then you went two d and three d. So you’ve had a lot of kind of step functions in terms of innovation in the market. You’re still dominant, 7080% market share, I guess. A couple of questions, I mean, yeah, that business has been a little bit slower lately.

Can you just get us comfortable that it was a function of some of the placements prior and it’s not a competitive issue? I think that’s one question people are asking.

Colleen, Hologic: Yeah, definitely not a competitive issue. The metrics, the win loss metrics that we monitor are very stable. I think this was a little bit of again coming off an outsized year in ’24, a little bit of poor execution on our part, we’ve addressed that. New leadership, bifurcation of the sales force. We now have dedicated teams on the large gantry sales, the capital sales, and then a portion of the sales force focused on the kind of reincarring procedure driven biopsy and surgical procedures.

We have tightened up our processes as well. And so the metrics that we monitor for gantry placements, we see them as improving. We believe that Q3 will have higher placements than we did in Q2. And in Q4, we’ll do better than we did in Q3.

Tycho Peterson, Life Science Team: And maybe just talk about the rationale for bifurcating the sales force between capital and disposables. And then you’ve talked about a refresh end of life strategy for your older gantries.

Colleen, Hologic: Sure, sure. So think about the capital sale is a much longer sales cycle, typically is engaging with the C suite as part of that. Typically financing is part of the discussion versus the biopsy and surgical is more procedure driven where you actually might be in the OR with the physician helping with use of the equipment and teaching. So different time commitments and sales cycles, that’s why we thought the focus in each would be better. We’ve also, to the end of life strategy, we’ve identified about 2,000 units out there that we have stratified that population.

We have incentives internally for our sales teams as well as incentives for our customers both with bundling and some pricing to drive conversion to newer gantries, over the next two years.

Tycho Peterson, Life Science Team: And when you’re talking pricing, is it kind of trade in or are there things like increasing the price on service on the older systems that you can do too?

Colleen, Hologic: Yeah, probably all of that and then some software that we could bundle, I think will help incentivize some of the turnover.

Tycho Peterson, Life Science Team: And then can you maybe just confirm the latest timing on Envision in terms of the launch, still back half of this year? I mean it’s a ’26 driver I know, but how do we think about when?

Colleen, Hologic: Yes, so I think the official launch is in ’26 and I would view that as the initial launch is certainly going to be targeted at the folks that participated in our clinical trials and then some of our research and academic centers that really want that latest and greatest equipment will be the initial target.

Tycho Peterson, Life Science Team: And pricing, it’s a premium product. I mean, do you think about the ability to get a premium product out there in this environment?

Colleen, Hologic: Yeah, well I think we already do. I mean, our current gantry is a premium offering compared to the competition. I think what customers will see is that some of the software upgrades and enhancements that are available today are going be standard functionality and warrant that uptick in pricing, as well as the workflow enhancements that this unit will have. So I I think there’s a lot. We did showcase this at RSNA.

There was lots of positive feedback, so I think that’s what gives us confidence that we’ll be able to get attractive pricing.

Tycho Peterson, Life Science Team: And I guess because you had shown it at RSNA, how much of what you’re seeing now is customers holding off ahead of the launch?

Colleen, Hologic: It’s not a lot of noise. There could be a little bit of that. I think right now in this moment it’s more of our execution on that end of life strategy.

Tycho Peterson, Life Science Team: And then you mentioned endomagnetics, I think it was $10,000,000 in the quarter, down a little bit from the first quarter. Is that seasonality and how do we think about kind of full year? I think you talked about $50,000,000 potentially previously.

Colleen, Hologic: Yes, still feel good about the full year. I think there’s a couple of components to the step down Q2 versus Q1. So think about Q1, in The US it was still being sold through a distributor that probably had a solid push at the end of the calendar year. We went direct in our Q2 ramping up that sales force as well as we had to buy back some inventory that the distributor had which was recorded as a reduction of revenue.

Tycho Peterson, Life Science Team: And how do you feel about the Breast Health portfolio overall now? You’ve done a nice job obviously moving beyond gantries into interventional and software service as well. Do you feel like you’ve got a complete portfolio today?

Colleen, Hologic: Yeah. I think we’ve had the strategy of innovating both organically and inorganically across what we call the patient continuum of care. So from a breast cancer perspective, it starts with the screening with the gantry. If woman has something suspicious, she moves on to biopsy. And then if it’s malignant, she goes on to surgery.

And so I think we’ve had, again, both organic and inorganic investments that allows us to treat the patient across that continuum. I think we could see other investments whether it’s in AI or other enhancements, but happy about the recent Endomagnetics acquisition and I think that will perform well.

Tycho Peterson, Life Science Team: Maybe last one on just Breast Health. As we think about Envision, think it was fairly easy for investors to kind of appreciate analog to digital two d to three d. What’s kind of the step function in innovation around Envision?

Colleen, Hologic: Yes. So I think what you’ll see is, again, the software is going to be standard. It’s going to have an even shorter scan time than the current gantry that we have. And think about one of the reasons a woman doesn’t go to get a mammogram is the pain that’s caused by the compression. So to the extent we can shorten that scan time, that is beneficial.

There’s workflow enhancements as well. And then finally, the arm that captures the image actually will be able to tilt forward. And so think about one in seven women can’t stand upright to tolerate the mammograms. So this will address that community, as well.

Tycho Peterson, Life Science Team: Maybe shifting over You know, you’ve talked about, I I think, you know, $25.20, 20 5 million hit, you know, per quarter. You’ve got mitigation efforts, supply chain, pricing. Maybe talk about where you are on on those mitigation efforts and and how you think about that for the rest of the year.

Colleen, Hologic: Yeah. So I think the twenty to twenty five, I would characterize as a worst case scenario. Obviously, the dynamics on tariffs change every day, but the majority, about two thirds of that 20 to 20 five relates to products coming out of Costa Rica, which is about which is that 10% across the board tariff, which seems to be quite sticky. But the teams are evaluating what we can do with products and IP flow to mitigate some of that. And I think we ’d in a better position at our Q3 earnings call to give an update on the mitigated exposure.

Tycho Peterson, Life Science Team: And then you did bring down China guidance by about $20,000,000 to $50,000,000 You talked about tariffs and then you mentioned earlier here the competition in cytology. Maybe talk a little bit about are these structural issues and how you’re thinking about the go forward strategy in China?

Colleen, Hologic: Yes, so we are pretty under indexed in China, only about 2% of our revenue heading into fiscal twenty five. As we headed into the year, we were estimating roughly a 60,000,000 to $70,000,000 annual business. Based on the tariffs, based on the nature of our products in that market, there’s plenty of healthy local competition. We have derisked that to to about a $30,000,000 annual business. But we have some commercial capabilities still there on the ground.

If the geopolitical environment changes, we’ll be able to ramp back up.

Tycho Peterson, Life Science Team: And then maybe just thinking about the overall guide for this year, you’ve got a step up back to growth in the fourth quarter, ’5 percent from down 2.5 to 3.5% in the third quarter. What gives you confidence in that kind of step up?

Colleen, Hologic: Yeah, so one of it is clearly is the recovery in the Breast Health business. I talked about the sequential improvement in gantry placements. That’s going to be one of the larger components. We’re kind of going off softer comps in the surgical and skeletal business. And then we’ll have endomagnetics will be part of the organic growth rate in the fourth quarter.

Tycho Peterson, Life Science Team: Cytology and Perinatal, you had a good win with USPSTF reaffirming co testing. How do we think about kind of the longer term outlook? What does it take to get back to kind of low single digit growth in that business? Obviously ex China is a little more robust.

Colleen, Hologic: Yeah, so we’re really pleased with the draft guidelines. Obviously we believe that co testing is the best answer for women’s health that finds the most cancers. As we think about cytology maintaining a low single digit, one of the catalysts to that is going to be our recently launched Genius Digital Cytology. So think about today cervical cancer screening is literally a cytologist standing over a microscope to assess the slide. We’re going to have the ability to digitize that slide, that sample, and so that cytologist can read that sample anywhere on a laptop.

And then we’re going to layer AI on that. So the ability to find more cancers and find them more rapidly. So the throughput is incredible, the increase in throughput that innovation is providing. So I think that’s going to be a catalyst for that business.

Tycho Peterson, Life Science Team: And then on molecular, had 8% growth in the last quarter. Again, BVCV has been a good growth driver for you guys overall. Can you talk a little bit about how you think about continued menu build out and the sustainability of the growth you’re seeing?

Colleen, Hologic: Yeah, so think about BVCV. Roughly thirty million women a year have BVCV, probably only about half actually identified and treated. So there’s an opportunity to educate physicians and drive more treatment. We would say that we’re in the middle innings of adoption with the middle innings of the growth opportunity with BBCV. We’ve just recently turned on our physicians sales force.

So this is a sales force that calls on the OBGYN that educates them on guidelines and screening for STDs and will continue to educate on BVCV to help drive that conversion of that market and have better testing, for women.

Tycho Peterson, Life Science Team: And do you see any kind of changes in that market competitively on BVCV? I think Roche announced a high throughput launch. They’re targeting CE marked countries, this year. How do you think about your moat?

Colleen, Hologic: Yeah, so I think Roche launching OUS helps probably drive market awareness about BVCV and probably creates an opportunity for us as well. I think we clearly have first mover advantage in The US in the conversion from lab developed tests to high throughput IVD. Again, we see several more years of growth opportunity with BVCV.

Tycho Peterson, Life Science Team: And I guess longer term pipeline for molecular, what’s most interesting and exciting beyond sexual health?

Colleen, Hologic: Yeah, well I think what’s really interesting is the ability for us to continue to drive utilization at the menu that we do have. Right now we have over 20 assays approved between Panther and Panther Fusion. We have assays like Amgen is a prevalent STD that’s under screen. So we’ll again use our physician sales force to drive awareness of that, drive compliance to guideline testing. We think about biotherapeutics as a part of the molecular portfolio, probably only about 12% penetrated with that.

When we bought it, was about $3,035,000,000. It’s over a hundred million dollar assay. So with that low penetration, we see that test driving growth as well.

Tycho Peterson, Life Science Team: And is that sustainable double digit growth in biotherapeutics? Maybe talk a little bit about how you think about the opportunity.

Colleen, Hologic: Yeah, I think when we look out our strat horizon, so over the next five years we see that continually to be a double digit growth. I think it’s again under penetrated but there’s also the opportunity to get enhanced indications. So think about that test right now is conducted three years post diagnosis of breast cancer if we can get an indication for testing at time of tumor removal. So think about this is a test that tells whether a woman will benefit from endocrine therapy. Endocrine therapy has significant side effects, unpleasant side effects, so if a woman’s not going to benefit from even having that treatment, let’s know that early on.

Tycho Peterson, Life Science Team: And then I guess one of the themes I think during the pandemic was further decentralization point of care. How do you think about that trend longer term?

Colleen, Hologic: Yeah, so I think that that trend really grows the market. When you think about STD screening in general, about seventy percent of that market is really asymptomatic. So that is a woman going for her annual exam. She’s at a certain age range and sexually active, so therefore she should be screened for STDs. So I think point of care actually just grows the market.

Tycho Peterson, Life Science Team: But how about kind of the proliferation of clinics, physician office, where do you see Hologic playing a role down the road in that?

Colleen, Hologic: Yeah, so again we’re mainly in the large reference lab right now and from a cost perspective, again because it’s asymptomatic, I think that large reference lab is going to be the solution that from closer to the patient, the cost and the time associated with that screening probably is not going to make economic sense.

Tycho Peterson, Life Science Team: Maybe we can spend a minute on Guy and Surge. You talked about, I think, strong international traction. Maybe level set us on where we are with NovaSure, MyoSure, Fluent and Essessa.

Colleen, Hologic: Sure. So we have invested in market access and development capabilities internationally and we’re starting to see that benefit with surgical where NovaSure here in The U. S. Is kind of a declining revenue but is growing really nicely outside The U. S.

As we introduce these options to these new geographies. When we think about MyoShore, again, growing in The US but growing double digits o US as we bring them to these new markets. Assessa growing faster than the core but pretty small base at this point. And then we’ve added Gynasonics with the recent acquisition and that really broadens out that fibroid portfolio. So think about fibroids as categorized by size.

So you have your MyoShore is going to treat your smaller fibroids, Gynasonics is going to treat your mid sized fibroids, and then Assessa is going to treat your laparoscopically, your larger fibroids and those fibroids that are kind of on the outside of the uterine wall. So I think we’re going to have a really great portfolio to treat fibroids. And the reality is most women don’t have fibroids treated or they wait. They wait on average three and a half years to be treated. And then unfortunately, the common treatment is a hysterectomy.

So to the extent we can create awareness both with physicians and patients about options of minimally invasive treatment of fibroids, I think there’s an opportunity to grow those markets and drive better outcomes for women.

Tycho Peterson, Life Science Team: And where is the NovaSure growth coming from outside The US and I guess how do you avoid some of the headwinds you faced in The US competition with hormonal therapy?

Colleen, Hologic: Yeah, so I think Europe is the primary driver of NovaSure right now. I think in The US it was really some of the headwinds was created with Obamacare in that IUDs became free. And so that became the first line of treatment, if you will, versus ablation. And I think what we’re doing in The US is to create more awareness with physicians. How can we influence residency programs to get training on ablation techniques and create that as more of a second line option for women in the treatment of heavy uterine bleeding?

Tycho Peterson, Life Science Team: And it sounds like Gynasonics just closed but it appears to be kind of meeting expectations out of the gate. Talk a little bit about integration and what are you expecting for revenues this year?

Colleen, Hologic: Yeah. So expect that to be growing double digits, so growing faster than the core. Integration is underway. I think we’ll probably within the next nine months have that integration completed. Obviously, the sales force to drop that in the bag is underway.

And again, I think looking for a nice contribution this year from that and significantly more in ’26.

Tycho Peterson, Life Science Team: And then maybe rounding it out on the on the portfolio, skeletal, you know, you had the stop ship, headwind there, but then good growth, you know, this last quarter. So recovery, production ramping with third party manufacturers. Are you kind of back on track there?

Colleen, Hologic: Yeah, we’re pretty much there. I think we’ve got our last version of the skeletal unit, the production is back up and just about at full scale.

Tycho Peterson, Life Science Team: And so I guess kind of rolling all that up, you had the 5% to 7% LRP, I know you kind of backed off that a bit, but maybe just talk a little bit about how you’re thinking about longer term growth.

Colleen, Hologic: Yeah, so I think we, a couple of months ago we talked about the long term outlook is mid single digit growth with earnings growing faster than that, likely double digit. And if we look across the portfolio, if we start with diagnostics, clearly diagnostics is going to be at the stronger end of that growth outlook led by molecular diagnostics as I talked about, continuing to drive not only BVCV and biothera diagnostics but utilization of the complete portfolio. Cytology, again, a low single digit growth outlook where you have it being solidified or bolstered with the launch of our Digital Genius product. When we look at breast health, tend to think that breast health is going to be at the lower end of that mid single digit as the largest component of revenue in breast health is our service revenue which is tied to the installed base but reoccurring in nature. And then finally surgical, I think surgical is going to be again towards the higher end of a mid single digit range as we see double digit growth OUS, double digit growth from Gynasonics and continued steady growth from the MyoShore and Fluent fluid management portfolio.

Tycho Peterson, Life Science Team: And then maybe just touch on operating margins. I mean, touched on the tariff dynamic here in the near term, but can you still achieve low 30% operating margins for this year and talk about some of the levers, whether it’s Costa Rica consolidation, control?

Colleen, Hologic: Yeah, sure. So I think as we think about the balance of ’25, I think our guide certainly implies that we’re still in the low 30s. I think, again, as we look forward, I think it’s an issue of how much of the tariffs that we can mitigate and again we plan to give an update on that in Q3. And I think we’re always looking at network optimization. I think we’ve talked about over the past couple of years the consolidation of our Breast Health manufacturing within our Newark, Delaware, we’re starting to see the benefits of that.

We’re always looking at opportunities to leverage Costa Rica. And I think international has been a place where we’ve been investing pretty significantly. And as we see that revenue growth, can we drive more operating margin expansion with international.

Tycho Peterson, Life Science Team: And is there tax rate leverage down the road in the model? How do think about it?

Colleen, Hologic: Yeah. I think unfortunately, as we sit here today, current law and there’s the big beautiful bill that is in the works, the current law in pillar two in the global minimum tax would put upward pressure on the rate as we move forward. But again, teams are looking at how do we mitigate that through our structures.

Tycho Peterson, Life Science Team: And then I guess another one in near term pricing dynamics, what’s kind of baked in on the molecular side, particularly around pricing?

Colleen, Hologic: Yes, I think in molecular pricing is always a discussion, it’s typically flattish, maybe down 1%. But I think what our opportunity, what we do is we engage with our customers and as customers want pricing benefits on their current portfolio, we drive more of the rest portfolio in that customer. So we say, okay, we’ll give you discounting on the current portfolio, but why don’t you add BVCV to your molecular portfolio. And typically the newer assays have more analytes and therefore typically have a higher So that’s how we manage it.

Tycho Peterson, Life Science Team: And then maybe capital deployment, you’ve got I think $1,600,000,000 in cash. We talked about endomagnetics, sonics. How are you prioritizing bolt on M and A buybacks? And then you haven’t really done a bigger deal since Sonisure, so what’s the appetite to do something more transformative?

Colleen, Hologic: Yeah, so I think we’re really pleased with what we have done with Gynasonics and Endomagnetics, clear tuck ins on market products where we’re leveraging our commercial strength. As we think about capital allocation holistically, really focused on deploying our free cash flow, which on average has been about a billion dollars a year. So have a pristine balance sheet that allows us to deploy that. I think the priority will be M and A. Clearly tuck ins, maybe closer adjacencies and then share repurchase at a minimum to manage dilution and then a little more opportunistic as we see disconnects in valuation.

Tycho Peterson, Life Science Team: And do you see divestitures as part of the strategy going forward?

Colleen, Hologic: Think we always look at our assets objectively to see if things should still fit together with us. I think at this point in time there’s nothing on the horizon or the near term that we see divesting.

Tycho Peterson, Life Science Team: Maybe a technology question. We’ve seen a proliferation of announcements around self collection. This seems to be a trend Quest LabCorp have announced. You’ve got companies like Talos that are doing kind of at home blood collection. How do you think about that as a trend?

Does it help you? Does it hurt you?

Colleen, Hologic: Yeah, so I think sometimes the devil’s in the detail. But I think that indication for self collection is really within the physician setting. So that is for a woman who cannot tolerate a speculum exam. So think about that is then a vaginal sample. So that would be identifying disease that is shedding.

So think about the speculum exam as a cervical sample, which is gonna always detect cancers earlier. So the best care for women, for all the women here, and for the women that you love, you want them to have a cervical sample for cervical cancer screening. You know, these at home or someone who collecting who is for someone who otherwise is not going to the doctors, it’s better than nothing. But the best science, the best health care for women is a speculum exam.

Tycho Peterson, Life Science Team: And you’ve seen the lab start to go more DTC in general. How do you think about that going directly to the consumers? Do you need to start doing more of that on your own too?

Colleen, Hologic: I don’t think we need to do it on our own. I think we’ll likely partner with labs to support that.

Tycho Peterson, Life Science Team: Got it. I want to go back to the cytology question, because you did talk about competition in China. Is this a new phenomenon or has this been going on for a while?

Colleen, Hologic: I I don’t think it’s a new phenomenon. I think, what is new is the anti American sentiment and then the higher cost with tariffs. So I think there’s always been local competition for the thin prep test. I think there is awareness that our test is superior. It’s the original.

It’s not a knock off. But the added anti American sentiment and cost has put the pressure on there.

Tycho Peterson, Life Science Team: Maybe in the closing minute or two, just a question on, you know, corporate morale. I mean, obviously, with some of the headlines, how do you kind of manage, you know, employees in this environment, you know, given some of the speculation that’s out there?

Colleen, Hologic: Yeah. I I think we have a very highly engaged workforce, 7,000 employees worldwide. We do an annual engagement survey and it’s very strong. Again, ninety ninth percentile for our purpose, our mission, People do rally around what we do. We are the ones out there championing women’s health, and our employees are focused on that.

Our message to our employees would be we’re here to serve women. Right? And so let’s just do our job. And that’s that’s the best thing that we can do every day.

Tycho Peterson, Life Science Team: Great. I think we’ll leave it at that. Thank you.

Colleen, Hologic: Alright. Thank you.

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