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May 25, 2015 8:41 PM ET

Healthcare Equipment and Supplies

Company Overview of Analogic Corporation

Company Overview

Analogic Corporation, a technology company, designs, manufactures, and sells medical imaging, ultrasound, and security systems and subsystems to original equipment manufacturers (OEMs) and end users in the healthcare and airport security markets worldwide. The company operates in three segments: Medical Imaging, Ultrasound, and Security Technology. The Medical Imaging segment provides electronic systems and subsystems for medical imaging, including computed tomography (CT) detector systems, data acquisition systems, data management systems, integrated gantries, gradient amplifiers, and radio frequency amplifiers; and detector plates, as well as motion control systems for use in computer-cont...

8 Centennial Drive

Peabody, MA 01960

United States

Founded in 1967

1,700 Employees

Phone:

978-326-4000

Key Executives for Analogic Corporation

Chief Executive Officer, President and Director
Age: 56
Total Annual Compensation: $600.0K
Senior Vice President, General Counsel and Secretary
Age: 53
Total Annual Compensation: $351.7K
Senior Vice President and General Manager of Medical Imaging Business
Age: 63
Total Annual Compensation: $319.2K
Senior Vice President and General Manager of Ultrasound Business
Age: 53
Total Annual Compensation: $299.9K
Compensation as of Fiscal Year 2014.

Analogic Corporation Key Developments

Analogic Corporation Announces Management Changes

Analogic Corporation announced the resignation of Michael Levitz, senior vice president, chief financial officer and treasurer, effective April 24, 2015. Mr. Levitz has decided to accept the chief financial officer role at Insulet Corporation. Following Mr. Levitz's departure, Michael Bourque, Analogic's vice president and corporate controller, will serve as interim chief financial officer. The company has initiated the search for a permanent replacement.

Analogic Corporation Announces Auditors Change

On March 12, 2015 the audit committee of the board of directors of Analogic Corporation dismissed PricewaterhouseCoopers LLP as the company's independent registered public accounting firm, and appointed Ernst & Young LLP as the company's independent registered public accounting firm for its fiscal year ending July 31, 2015. The company notified PwC of its dismissal on March 12, 2015 and appointed Ernst & Young effective March 12, 2015. During the company's fiscal years ended July 31, 2014 and July 31, 2013, and the subsequent interim period through March 12, 2015, there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of the disagreements in connection with its reports on the company's financial statements for such years and no reportable events.

Analogic Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended January 31, 2015; Provides Earnings Guidance for the Fiscal Year 2015

Analogic Corporation reported unaudited consolidated earnings results for the second quarter and six months ended January 31, 2015. For the second quarter of fiscal 2015, revenue was $133.9 million, a decrease of 5% compared with revenue of $141.4 million in the second quarter of fiscal 2014. GAAP net income for the second quarter of fiscal 2015 was $9.8 million, or $0.78 per diluted share, compared with net income of $19.3 million, or $1.53 per diluted share, in the second quarter of fiscal 2014. Non-GAAP net income for the second quarter was $13.6 million, or $1.08 per diluted share, compared with $14.8 million, or $1.17 per diluted share, in the prior year's second quarter. Income from operations was $12.301 million against $13.084 million for the same period in the last year. Income before income taxes was $12.132 million against $12.727 million for the same period in the last year. During the quarter, capital expenditures remained low at $2 million. The company generated $5 million in operating cash flows in the quarter. For the first six months of fiscal 2015, revenue totaled $252.3 million, consistent with the same period in the prior year. Year-to-date GAAP net income was $13.5 million, or $1.07 per diluted share, compared with $15.5 million, or $1.23 per diluted share, from the same period last year. Year-to-date non-GAAP net income was $21.5 million, or $1.70 per diluted share, compared with $15.6 million, or $1.23 per diluted share, in the same period last year. Income from operations was $17.258 million against $7.719 million for the same period in the last year. Income before income taxes was $17.207 million against $6.941 million for the same period in the last year. During the year-to-date, capital expenditures remained at $5 million. The company generated $19 million operating cash flows in year-to-date. For the year, The company expects effective tax rate to be between 25% and 27%. For fiscal 2015, the company maintains revenue growing mid-single digits with a 1-2 point improvement in non-GAAP operating margin.

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