Dec. 9 (Bloomberg) -- Hologic Inc.’s Stephen MacMillan, appointed as chief executive officer as the medical tool company reviews its operations, said his focus is on accelerating growth rather than preparing for a sale.
“My mission is to grow the business, it’s not to sell it,” said MacMillan, who previously served as CEO of Stryker Corp. for seven years. “It’s probably too early to commit to any kind of a timeline,” he said in a telephone interview today.
Hologic, a maker of cervical cancer and biopsy tools, also said today that two independent directors would be added to the board under an agreement with billionaire investor Carl Icahn, who had disclosed a 12.63 percent stake in the Bedford, Massachusetts-based company last month. Icahn, who has taken stakes and agitated for changes at companies from Dell Inc. to Apple Inc., had said he might seek board seats at Hologic.
Hologic forecast a sales decline for fiscal 2014, which ends in September amid weakening demand for its pap test, blood screening and NovaSure products, and reported a fifth annual loss in six years in November. Investors shouldn’t look for significant acquisitions or divestitures in the near future, MacMillan said.
“I plan to take it in steps,” MacMillan said. “I have to look at the strategic review and bring a fresh set of eyes. We are going to focus on accelerating the growth of some businesses while we assess others.”
MacMillan said his priorities would be similar to those of his tenure at Kalamazoo, Michigan-based Stryker, which he led for seven years starting in 2005, helping it grow into the second-largest seller of orthopedic devices. First up was organic growth, followed by supplemental acquisitions and divestitures over time to refocus the portfolio, he said.
“I feel an urgency, but am not locked into a time frame,” he said. The biggest challenge is reaccelerating growth rates and energizing the team to “get us winning again,” he said.
Hologic fell less than 1 percent to $22.13 at 11:58 a.m. New York time.
--Editors: Bruce Rule, Angela Zimm