Analogic misses by $0.47, misses on revs; guides OctQ revs to be down sequentially; guides FY18 EPS in-line, revs below consensus; sale of the company is underway (75.95 -1.35)
- Reports Q4 (Jul) net of breakeven, excluding non-recurring items, $0.47 worse than the Capital IQ Consensus of $0.47; revenues fell 19.2% year/year to $111.55 mln vs the $115.8 mln Capital IQ Consensus.
- Co issues in-line guidance for Q1 (Oct), sees Q1 revs being down sequentially, so that would mean below $111.6 mln vs. $106.2 mln single analyst estimate.
- Co issues guidance for FY18, sees EPS of $2.70-2.90, excluding non-recurring items, vs. $2.82 Capital IQ Consensus Estimate; sees FY18 revs of $445-460 mln vs. $473.1 mln Capital IQ Consensus Estimate.
- Strategic Review Update: Co announced in June 2017 that it intended to explore strategic alternatives. The Board of Directors has engaged Citi as 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. While there can be no assurance that the process will result in a transaction, the Board is committed to the process.
- "In fiscal 2017, we realigned the company's resources with our core businesses. Our cost structure is now much leaner. We are on track to realize $24 million in annual cost savings and we remain focused on further improving our cost structure. As a result, we expect improved profitability in fiscal 2018 despite lower revenues. These actions will also allow us to focus our BK Ultrasound business in its core markets of urology and surgery, and pursue continued growth opportunities in Security and Medical Imaging.