LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Analogic Corp. (NASDAQ: ALOG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ALOG, following the Company’s release of its fourth quarter and fiscal 2017 financial results on September 19, 2017. The maker of medical and security imaging equipment reported a y-o-y decline in revenue and earnings. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:
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For its fourth quarter ended July 31, 2017, Analogic generated revenue of $111.6 million compared to revenue of $138.1 million in Q4 FY16. The Company’s revenue lagged behind analysts’ estimates by $4.25 million.
For FY17, Analogic’s revenue totaled $486.437 million, down 4% from revenue of $508.85 million in FY16.
Analogic’s GAAP net loss for Q4 FY17 was $24.6 million, or $1.98 per diluted share, compared to GAAP net income of $8.8 million, or $0.70 per diluted share, in Q4 FY16. Included in the GAAP net loss and GAAP diluted EPS for the reported quarter were pre-tax asset impairment charges totaling $0.05 per diluted share; non-cash tax valuation allowances of $1.38 per diluted share; pre-tax restructuring charges of $4.8 million, or $0.26 per diluted share; and inventory impairment charges of $8.3 million, or $0.42 per diluted share.
The Company’s non-GAAP net income for Q4 FY17 was $0.02 million, or $0.00 per diluted share, compared to non-GAAP net income of $12.8 million, or $1.02 per diluted share, in Q4 FY16. Analogic’s earnings missed Wall Street’s expectation of $0.50 per share.
For FY17, Analogic recorded GAAP net loss of $74.2 million, or $5.96 per diluted share, compared to net income of $12.1 million, or $0.96 per diluted share, for FY16. The Company’s FY17 earnings included pre-tax asset impairment charges $5.89 per diluted share, non-cash tax valuation allowances of $1.38 per diluted share, pre-tax restructuring charges of $0.38 per diluted share, and inventory impairment charges of $0.42 per diluted share, associated with its Ultrasound portfolio optimization efforts. The Company’s FY17 non-GAAP net income was $28.0 million, or $2.22 per diluted share, compared to $44.7 million, or $3.54 per diluted share, in FY16.
Analogic’s Segment Results
For Q4 FY17, Analogic’s Medical Imaging segment’s revenue was $65.1 million, down 16% from revenue of $77.9 million for Q4 FY16, primarily due to lower revenues in CT and MR offset in part by higher revenue in Mammography and Motion Controls.
During Q4 FY17, the Ultrasound segment recorded revenue of $36.0 million, down 21% from revenue of $45.6 million in Q4 FY16, due primarily to lower revenues in point of care and general imaging.
For Q4 FY17, the Security and Detection segment revenue totaled $10.4 million, down 28% from revenue of $14.5 million in Q4 FY16, primarily due to the timing of medium speed and high-speed shipments and impacted by adjustments of revenue from prior periods associated with an engineering project.
Analogic ended FY17 with cash on hand plus liquid investments totaling $174 million. In the reported quarter, the Company generated $23 million of operating cash and $21.7 million of free cash. For FY17, Analogic generated $76 million of operating cash and $67 million of free cash, with capital expenditures of approximately $9 million.
Strategic Review Process
Analogic announced in June 2017 that it intended to explore strategic alternatives. The Board of Directors has engaged Citi as its financial advisor and initiated a process for the sale of the entire Company to maximize stockholder value on an accelerated timeline. The sale process is underway and the Company will provide updates as appropriate. The Company noted that while there can be no assurance that the process will result in a transaction; the Board is committed to the process.
Fiscal 2018 Outlook
Analogic’s revenue for fiscal 2018 is expected to be between $445 million and $460 million with non-GAAP operating margins of 10% to 11% resulting in non-GAAP diluted EPS of $2.70 to $2.90.
Analogic’s Ultrasound revenue for FY18 is expected to be down mid-single digits with positive low-single digit non-GAAP operating margin. The Company’s Medical Imaging revenue is projected to be down low-double digits with mid-teens non-GAAP operating margin due primarily to the impact of a customer out-sourcing decision in CT. Analogic’s Security and Detection revenue for FY18 is expected to have double-digit growth, with mid-teens non-GAAP operating margin.
On Wednesday, October 04, 2017, the stock closed the trading session at $83.75, declining 3.51% from its previous closing price of $86.80. A total volume of 135.60 thousand shares have exchanged hands, which was higher than the 3-month average volume of 83.30 thousand shares. Analogic’s stock price surged 16.48% in the last one month, 18.12% in the past three months, and 13.79% in the previous six months. Furthermore, since the start of the year, shares of the Company have gained 0.96%. The stock has a dividend yield of 0.48% and currently has a market cap of $1.05 billion.
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