QUALCOMM Incorporated (NASDAQ:QCOM) Q1 2015 Earnings Conference Call - Final Transcript

Jan 28, 2015 • 04:45 pm ET

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QUALCOMM Incorporated (NASDAQ:QCOM) Q1 2015 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Good afternoon, and welcome to the Hologic, Inc. First Quarter Fiscal 2015 Earnings Conference Call. My name is Ricky, and I am your operator for today's call. Today's conference call is being recorded. All lines have been placed on mute.

I would now like to introduce Mike Watts, VP, IR and Corporate Communications to begin the call.

Executive
Mike Watts

Thank you, Vicky. Good afternoon and thank you for joining us for Hologic's First Quarter Fiscal 2015 Earnings Call. With me today are Steve MacMillan, Company's President and CEO; and Bob McMahon, our CFO. Steve and Bob both have some prepared remarks today, then we will have a question and answer session.

If you did not already see our first quarter press release, a copy is available in the investor relations section of our website, along with a supplemental financial presentation for today's call. We also will post our prepared remarks to our website shortly after we deliver them. Finally, a replay of this call will be archived on our website through February 28th.

Before we begin, I need to inform you that certain statements we make during this call may be forward-looking. These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such factors include those referenced in the Safe Harbor statement included in our earnings release, and in our filings with the SEC.

Also during this call, we will be discussing certain non-GAAP financial measures. A reconciliation to GAAP can be found in our first quarter earnings release or the supplemental presentation.

With that, I'll turn the call over to Steve MacMillan, Hologic's CEO.

Executive
Steve MacMillan

Thank you Mike and good afternoon everyone. We're very pleased to discuss our financial results for the first quarter of our fiscal 2015. In short, we had a very good quarter, and our results reflect the positive strides our team is making.

The first quarter was our fourth consecutive quarter of sequential revenue growth, and our highest organic growth rate in a number of years. Compared to the prior year period, which admittedly was an easy comp, revenues of $653 million grew 6.6% on a reported basis and 7.7% on a constant currency basis. Importantly, our growth was broad-based in the quarter, as all four of our business segments grew between 6% and 8% on a constant currency basis.

At the same time, we demonstrated strong earnings leverage in the first quarter. Our goal is to grow profits faster than sales, and we accomplished this in the first quarter. While revenues grew 6.6% on a reported basis, non-GAAP net income increased by 18.6% and non-GAAP earnings per share grew by 15.4%.

Based on our results in the first quarter and our improving outlook, we are raising our financial guidance for the year. We also were able to voluntarily pay down some of our debt in the quarter, which remains a key priority for us. Bob will give you the details on both of those items in