When a company has nine number-one products, it’s expected to grow at a fantastic rate, Hologic CEO Jack Cumming told Cramer Thursday.
That leadership status in so many areas – breast cancer diagnosis and treatment, cervical cancer screening, prenatal testing and more – comes thanks to a merger with fellow women’s healthcare company CYTYC, which closed Oct. 22. According to Cumming, the deal should fuel the newly formed firm well into the future.
“You’re going to see the double-digit growth,” he said. “It’s going to be a long way out.”
Another area in which Hologic has “a pretty good headstart,” the Cumming said, is digital mammography. HOLX holds half the installed base in the U.S., or 60% market share quarter to quarter. Hologic has at least a nine-month lead on the competition, the CEO said, and his company is working on new innovations to stay ahead.
Hologic also priced $1.5 billion in convertible bonds because “we loathe debt,” Cumming said. All the money will be used to pay down Hologic’s outstanding balances.
“Long-term visibility, great growth, great balance sheet – this is my kind of company,” Cramer said.
Jim’s charitable trust owns Hologic.
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