Carl Icahn and his affiliates reduced stake in Hologic, a developer and manufacturer of medical imaging systems, diagnostic and surgical products based on his 13D filing with the Securities and Exchange Commission (SEC).

Carl Icahn Icahn Enterprises
Image: FBN

Details of Icahn’s stockholding in Hologic

The activist investor and his affiliates now own 28,154,879 shares or 9.9% stake in Hologic after selling 6,000,000 million shares on August 4.

Based on the filing, High River Limited Partnership sold 1,200,000 shares, Icahn Partners sold 2,848,347 shares, and Icahn Partners Fund sold 1,951,653 shares for $40.47 each.

Currently, High River Limited still owns 5,630,974 shares or 2%. Mr. Icahn, Hopper Investment, and Barberry shared voting and dispositive power concerning these shares.

Icahn Partners Master Fund owns 9,153,164 shares or 3.25%, and Icahn Partners owns 13,370,741 shares or 4.74% of Hologic. Mr. Icahn, Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton and shared voting power and shared dispositive power concerning these shares.

Hologic financial results

Last week, Hologic released its financial results for the third quarter ended June 27, 2015. The company reported that its GAAP earnings increased 150% to $0.10 per share and revenue rose 9.7% to $693.9 million.

Hologic generated revenues of $306.9 million from its diagnostic business, 279.5 million from breast health business, $85.5 million e from GYN surgical business, and $22 million from skeletal health business.

During the period, the company’s operating expenses increased 11% to $262.7 million. Its operating margin climbed 470 basis points to 16.7%, and gross margin increased 520 basis points to 54.6%.

Hologic Chairman and CEO Steve MacMillan said, “Our third quarter financial results demonstrate the significant progress we have made in building a company that can grow sustainably on both the top and bottom lines. Growth was led by the accelerated adoption of our Genius 3D mammography systems, but our diagnostics and surgical businesses also showed broad-based strength. While we are proud of our accomplishments to date, we also believe we have multiple growth opportunities still ahead of us.”

In 2013, Hologic prevented a proxy fight with Mr. Icahn and agreed to appoint Icahn Capital’s managing directors Samuel Merksamer and Jonathan Christodoro to its board of directors. The company also appointed MacMillan as CEO.