Hologic, Inc. (HOLX): Business Model Canvas [Dec-2025 Updated]

You're digging into Hologic, Inc.'s business model right as Blackstone and TPG are set to take the reins, which is a pivotal moment for any analyst. Honestly, the core engine is a powerful mix: high-margin surgical tools paired with sticky, recurring revenue from their diagnostics platforms, which powered $4.10 billion in revenue for fiscal year 2025. With a non-GAAP gross margin hovering around 61% and a strong cash position of $1.96 billion, the fundamentals look solid, but the new private equity ownership defintely changes the capital allocation game. To see exactly how they generate that revenue, from the Genius 3D Mammography to the high-value Breast Cancer Index test, check out the full nine-block breakdown below.

Hologic, Inc. (HOLX) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Hologic, Inc. relies on to execute its strategy, especially in late 2025 with the pending acquisition. These alliances are key to market access, data credibility, and product development.

Major Financial & Ownership Partnerships

The most significant partnership shaping Hologic, Inc.'s near-term structure is the definitive agreement for a public-to-private transaction announced on October 21, 2025. Funds managed by Blackstone and TPG agreed to acquire the company.

Here are the key financial metrics of that deal:

To give you context on the partners' scale: Blackstone managed $1.24 trillion as of October 24, 2025, and TPG managed $269 billion as of June 30, 2025. Hologic, Inc. reported cash and cash equivalents of $1.96 billion at the end of the fourth quarter of fiscal 2025, ended September 27, 2025.

Global Brand and Equity Promotion Alliances

Hologic, Inc.'s multi-year alliance with the Women's Tennis Association (WTA) is described as the largest global sponsorship in WTA history. This partnership directly links Hologic, Inc.'s focus on women's health with elite female athletics.

• Title Partner of the WTA Tour.
• Branding displayed on net signage at over 50 tournaments.
• Tournaments span 30 countries over 11 months of the WTA season.
• Initiatives include annual Hologic WTA Physicals, providing advanced screenings like DXA scans for bone density.
• The "Aceing Cancer by Hologic" Campaign raises funds for women's cancer research based on aces served.

Data Credibility and Thought Leadership Partnerships

The collaboration with Gallup to create the Hologic Global Women's Health Index provides the data backbone for Hologic, Inc.'s advocacy efforts. The Year 4 Report, released in early 2025, quantified global health challenges.

Key Index Statistics from Year 4 data:

• Global Index Score: 53 out of 100.
• Cancer testing among women in the past year: 10%.
• Percentage point decline in cancer testing since Year 1/2: 2 points.
• Countries with meaningful Index score increases since Year 1: 28.
• Countries with meaningful Index score decreases since Year 1: 11.

Hologic, Inc. also partners with various clinical research organizations (CROs) to validate its diagnostic tools, specifically the Breast Cancer Index (BCI) test. The prospective, multi-center BCI Registry Study is a prime example of this operational partnership.

BCI Registry Study Impact:

Supply Chain Dependencies

Hologic, Inc. depends on a network of key suppliers for the specialized reagents necessary for its molecular diagnostics platforms, such as the Panther systems, and for complex components used in its medical devices across the Breast & Skeletal Health Solutions division. While specific supplier names and contract values aren't public in the same way as the acquisition details, these relationships are essential for maintaining the reported Q4 2025 Diagnostics revenue of $454.1 million.

The company's GAAP gross margin of 55.6% for Q4 2025 reflects the cost structure tied to these material and component partnerships.

Hologic, Inc. (HOLX) - Canvas Business Model: Key Activities

You're looking at the core engine of Hologic, Inc. (HOLX), the things they absolutely must do well to keep the business running and growing. It's a mix of heavy science, complex logistics, and strategic deal-making. Honestly, these activities define where their money goes and where their future success lies.

Research and development (R&D) for next-gen diagnostics and AI-powered imaging

Hologic, Inc. must continuously invest in its innovation pipeline, though the trend shows a slight pullback in absolute spending recently. For the twelve months ending September 30, 2025, the company reported research and development expenses of $0.248B. This figure represents an 8.98% decline compared to the prior year's twelve-month spend of $0.273B for the period ending September 30, 2024. Still, this R&D supports key areas like the Breast Cancer Index Test, which is recognized in guidelines from the American Joint Committee on Cancer, the American Society of Clinical Oncology, and the National Comprehensive Cancer Network. Furthermore, new clinical evidence presented at ASCO 2025 showed that BCI testing led to a change in treatment recommendations for about 4 in 10 cases. The company is also showcasing its commitment to AI, with new clinical evidence on its AI-Powered Mammography Solutions set to be unveiled at RSNA in late 2025.

Manufacturing and global distribution of the Panther System and 3D Mammography

Getting the Panther System and 3D Mammography platforms into the market is central to their Diagnostics and Breast Health segments. The global Hologic Mammography market itself was projected to hit a valuation of USD 3.27 Billion in 2025. The Diagnostics segment, which houses the Panther platform, is a major driver. For the fiscal fourth quarter ended September 27, 2025, Diagnostics revenue reached $454.1 million. The Panther Fusion system, which adds PCR functionality to the existing TMA-based technology, helps drive utilization across the growing global installed base of Panther instruments. In Q1 2025, the Molecular diagnostics revenue specifically increased 6.7% on a reported basis, showing strong utilization of these core platforms.

Strategic mergers and acquisitions (M&A), like the $350 million Gynesonics deal

Hologic, Inc. actively uses M&A to bolster its portfolio, especially in Surgical Solutions. You saw this clearly with the Gynesonics acquisition, which was completed in January 2025 for approximately $350 million in an all-cash transaction. This deal brought in the Sonata System, a minimally invasive solution for treating symptomatic uterine fibroids. The impact of this integration was visible in the Q3 2025 Surgical revenue of $178.4 million, which grew 7.1%, primarily driven by the acquired Gynesonics business. This follows a pattern, as Hologic, Inc. also completed the approximately $310-million acquisition of Endomagnetics in July 2024.

Clinical education and training for physicians on new surgical and diagnostic platforms

The best technology is useless if clinicians don't know how to use it effectively. Hologic Medical Education's mission is to improve patient care through education and communication of scientific evidence. This activity supports adoption across all segments, from GYN Surgical options like NovaSure and MyoSure to the Diagnostic portfolio. For instance, the company is presenting findings from 11 studies featuring its Breast Cancer Index (BCI) Test at the 2025 San Antonio Breast Cancer Symposium (SABCS), which is a direct way to educate the community on new clinical utility.

Managing a complex global supply chain to mitigate tariff costs

Operating globally means Hologic, Inc. has to actively manage geopolitical risks, particularly tariffs, which directly hit inventory costs. Tariffs related to manufacturing in Costa Rica and China are projected to increase quarterly inventory acquisition costs by nearly $20 million to $25 million. This pressure caused Hologic, Inc. to cut its revenue forecast for China to nearly $50 million for fiscal 2025. The company uses a defined Supplier Quality Management (SQM) process to classify, evaluate, and approve suppliers, aiming to reduce risk and improve on-time delivery. Non-GAAP gross margin in Q4 2025 decreased 60 basis points, partly due to increased tariff expenses.

Here's a quick look at how the key revenue-generating segments performed in the most recently reported quarter, Q4 2025, which ended September 27, 2025:

The total reported revenue for Q4 2025 was $1,049.5 million, with a GAAP operating margin of 22.6%. Finance: review the Q1 2026 inventory cost projections against the Q4 2025 tariff impact by end of January.

Hologic, Inc. (HOLX) - Canvas Business Model: Key Resources

You're looking at the core assets Hologic, Inc. relies on to drive its business, especially as it moves toward being acquired by Blackstone and TPG, a deal announced on October 21, 2025. These resources are what underpin their value proposition in diagnostics and surgical technology.

Proprietary Intellectual Property (IP) like the Panther System and Genius 3D Mammography

Hologic's installed base of proprietary technology is a major barrier to entry for competitors. The molecular diagnostics platform, for instance, saw continued expansion in Q4 2025. Specifically, the Company received both FDA clearance and CE marking for its Panther Fusion Gastrointestinal Bacterial and Expanded Bacterial Assays during the fourth quarter of fiscal 2025. That's Hologic building out the utility of its core installed base, which is key for recurring revenue.

Specialized R&D and clinical science personnel

While I don't have a headcount for you right now, the output of this team is evident in the regulatory achievements mentioned above, like the new Panther Fusion assay clearances. Also, the continuous data generation supporting the Breast Cancer Index (BCI) Test-with 11 studies presented at the 2025 San Antonio Breast Cancer Symposium (SABCS)-shows a strong, active clinical science function driving adoption and guideline recognition.

Strong Liquidity and Financial Position

The balance sheet strength is notable, especially given the pending transaction. Hologic, Inc. ended the fourth quarter of fiscal 2025 with $1.96 billion in cash and cash equivalents on hand. They also held $243 million in short-term investments. This liquidity, combined with an adjusted net leverage ratio of just 0.4 times (net debt over adjusted EBITDA) at the end of the quarter, gives them significant financial flexibility. Here's a quick look at some key Q4 2025 financial metrics that define this resource base:

The Breast Cancer Index (BCI) test, a high-margin molecular diagnostic asset

The BCI Test, acquired through Biotheranostics, is explicitly noted to carry higher margins than Hologic's legacy service business. This asset is critical because it's the only test recognized by major clinical practice guidelines, like the NCCN Guidelines, to predict benefit from extended endocrine therapy for early-stage, HR+ breast cancer patients. The clinical impact is concrete: data from a comprehensive assessment of over 2,800 patients showed BCI testing led to a change in treatment recommendations for about four in 10 cases. For those identified as likely to benefit, continuing endocrine therapy to 10 years resulted in a 58-67% relative risk reduction.

Global manufacturing and distribution infrastructure

Hologic maintains a global footprint to support its product lines. This infrastructure includes manufacturing sites that support molecular diagnostics, though the company was actively managing parts of it, evidenced by expenses related to closing the Manchester, England manufacturing facility, which produced certain molecular diagnostics products. The global reach is reflected in the revenue split, with International revenue reaching $265.1 million in Q4 2025, growing 9.4% year-over-year.

• International Revenue (Q4 2025): $265.1 million
• International Revenue Growth (Q4 2025): 9.4% year-over-year
• BCI Test Guideline Recognition: ASCO and NCCN
• BCI Treatment Change Rate: About 40% of cases

Finance: draft 13-week cash view by Friday.

Hologic, Inc. (HOLX) - Canvas Business Model: Value Propositions

You're looking at the core value Hologic, Inc. (HOLX) delivers across its segments, which is what ultimately drives their financial performance. For the fiscal year ending September 27, 2025, the company posted total revenue of $4.101 billion, supported by a non-GAAP gross profit margin of 60.82% over the last twelve months.

The Diagnostics segment, representing 44% of total revenue in Q3 2025, is a major engine for this value creation, showing resilience with organic sales growth of 5.4% in Q4 2025, excluding COVID-19 related revenue.

• Providing certainty and precision through The Science of Sure® diagnostics.
• Early detection and diagnosis of breast cancer via 3D Mammography.
• Minimally invasive surgical options for uterine fibroids (Sonata System).
• Recurring, high-margin consumables for installed diagnostic base.
• Personalized treatment guidance for breast cancer via the BCI test.

The commitment to certainty, or The Science of Sure®, is evident in the Diagnostics division. This segment delivered revenue of $454.1 million in the fourth quarter of fiscal 2025, with molecular diagnostics growing at 5.3% organically (constant currency) driven by assays like BV/CV/TV on the Panther platform.

For breast cancer screening, Hologic, Inc. (HOLX) maintains a dominant position in the U.S. installed base for mammography systems, approaching 70% market share. Their 3D Mammography technology, specifically the Genius 3D Mammography exam, is proven to detect up to 65% more invasive breast cancers compared to 2D alone. The global market size for Hologic Mammography in 2025 is projected to be $3.27 Billion.

In the Surgical segment, which accounted for 16% of revenue in Q3 2025, the value proposition centers on offering less invasive alternatives to major procedures. The Sonata System, acquired for $350 million, provides transcervical fibroid ablation, a breakthrough alternative to hysterectomy. This segment showed strong top-line performance, with Surgical revenue growing 10.2% in Q4 2025.

The recurring revenue stream is heavily supported by the installed base of diagnostic instruments. Hologic, Inc. (HOLX) grew its Panther placements from about 500 units in 2014 to over 3,300 units in 2024, creating a large base for high-margin, recurring assay sales. This consumable-heavy model helps drive the overall profitability, as seen in the 61.6% non-GAAP gross margin reported in Q1 2025.

Personalized treatment guidance is delivered through the Breast Cancer Index® (BCI®) test. This genomic test is uniquely positioned to inform extended endocrine therapy decisions for early-stage, hormone receptor-positive breast cancer patients. Data presented at ASCO 2025 showed that using the BCI test led to a change in treatment recommendations in approximately 40% of cases, influencing care for over 2,800 patients in the analyzed registry study. Furthermore, the test has a decade of clinical use by over 9,000 providers.

Finance: review the Q1 2026 forecast model assumptions against the Q4 2025 organic growth rate of 6.2% excluding COVID-19 and divestitures.

Hologic, Inc. (HOLX) - Canvas Business Model: Customer Relationships

You're looking at how Hologic, Inc. keeps its customers engaged, which is critical given the high-value capital equipment and the necessary ongoing consumables and support. The relationship is built on a foundation of direct access and long-term commitment.

For capital equipment sales, Hologic relies on a dedicated direct sales force. While the exact size isn't public, this force is explicitly noted as a key differentiator, especially in expanding the market for the Diagnostics business, such as with the BV CV/TV assay. This sales team bridges the gap between selling the instrument and ensuring the customer is locked into the recurring consumables stream. For instance, Molecular diagnostics revenue in Q1 Fiscal 2025 grew 5.1% year-over-year, showing the pull-through from these placements.

The relationship extends well past the initial purchase through long-term service contracts and technical support for diagnostic instruments. This recurring revenue stream is a clear focus; in Q3 Fiscal 2025, Breast Health revenue decline was partially offset by increased service contract revenue. This focus on post-sale revenue helps stabilize the top line, which was reported at $1,023.8 million for that quarter, contributing to the full fiscal year 2025 revenue guidance range of $4.05 billion - $4.10 billion.

Hologic, Inc. supports this technical relationship with specialized personnel. The company deploys clinical application specialists to ensure on-site training and workflow integration. This hands-on support is vital for complex systems like the Panther Fusion® and Panther Scalable Solutions, which allow labs to expand molecular testing capabilities.

To foster broader engagement and demonstrate commitment beyond direct sales, Hologic champions patient advocacy and public health awareness through the Hologic Global Women's Health Index. This initiative, created in partnership with Gallup®, provides data-driven insights into women's well-being globally.

Here are some key metrics from the latest available Index data:

The Index findings directly inform Hologic's engagement with policymakers and advocates, using science-backed data to guide decision-making for improving women's health. For example, the Index highlighted that only 10% of women reported being tested for any cancer in the past year, a 2 percentage point drop.

The customer relationship structure supports the company's overall financial performance, as seen in the Q4 2025 results:

• Total Revenue for Q4 Fiscal 2025 was $1,049.5 million, a 6.2% increase.
• Non-GAAP EPS for Q4 Fiscal 2025 was $1.13, an 11.9% increase.
• Diagnostics revenue in Q4 Fiscal 2025 reached $454.1 million.
• The company ended Q3 Fiscal 2025 with cash and cash equivalents of $1.74 billion.

The focus on recurring revenue from service contracts and consumables helps maintain this financial footing. Finance: draft the Q1 2026 service contract revenue projection by end of February.

Hologic, Inc. (HOLX) - Canvas Business Model: Channels

You're looking at how Hologic, Inc. gets its high-value medical technology and diagnostics into the hands of clinicians and hospitals as of late 2025. It's a mix of direct control and leveraging established healthcare purchasing structures.

For the direct sales component, Hologic, Inc. relies heavily on its internal teams in the U.S. and key international territories. Think about the scale: as of late 2025, the company has approximately 7,070 employees globally, a significant portion of whom are dedicated to sales and support roles to manage complex capital equipment and high-volume assay placements. This direct channel is crucial for maintaining relationships with major hospital systems and driving adoption of flagship platforms like the Panther system.

When we look internationally, the channel shifts to leverage local expertise. For the fourth quarter of fiscal 2025, International revenue stood at $265.1 million, representing a 9.4% increase year-over-year. This growth, which was 6.0% in constant currency, shows that the network of international distributors and partners is effectively expanding market access for Hologic, Inc.'s portfolio across various continents.

To give you a clearer picture of where the revenue flows through these channels, here's the breakdown from the fiscal fourth quarter ended September 27, 2025:

Scientific engagement is a key channel for driving clinical acceptance, which then fuels sales. Hologic, Inc. actively participates in major scientific conferences such as SABCS and ASCO, where data from peer-reviewed publications supporting their diagnostics and imaging technologies are presented. This scientific validation is a soft channel that directly influences the purchasing decisions made by clinical laboratories and hospital purchasing groups.

Speaking of those purchasing groups, Hologic, Inc. must navigate the complex world of Group Purchasing Organizations (GPOs). While specific contract details aren't public, we know the environment they operate in: the U.S. Healthcare GPO services market itself is valued at approximately $7.3 billion in 2025. Major GPOs, like Premier, boast purchasing power of $84 billion and manage over 3,000+ negotiated contracts. Hologic, Inc.'s success in placing its products-like the $393.7 million Breast Health segment revenue or the $454.1 million Diagnostics revenue in Q4-is often contingent on securing favorable terms within these large buying consortia.

The company's overall annual revenue for fiscal year 2025 was reported at $4.10B (TTM). The Surgical segment, which includes minimally invasive solutions, also uses these channels, showing a Q4 growth of 10.2% to $172.5 million, partly driven by acquisitions like Gynesonics.

• U.S. Direct Sales Force supports $784.4 million in Q4 revenue.
• International Distributors contributed to $265.1 million in Q4 revenue.
• Service revenue in Breast Health represented more than 40% of that segment's sales in Q1 2025.
• Diagnostics revenue growth in Q1 2025 (ex-COVID) was 9.1% organically.

Hologic, Inc. (HOLX) - Canvas Business Model: Customer Segments

You're looking at the core groups Hologic, Inc. sells its specialized medical technology to as of late 2025. This isn't just about who buys the machine; it's about who uses the diagnostic, imaging, or surgical tools we develop.

Hospitals and imaging centers are key customers, primarily for the Breast Health capital equipment. For the fiscal fourth quarter ended September 27, 2025, the Breast Health segment saw revenue decline by 5.8% in the third quarter of fiscal 2025. Still, the company is pushing new AI-powered mammography solutions, which will be critical for securing future capital equipment sales in this segment.

Clinical and reference laboratories form the base for the Molecular Diagnostics assays business. In the fourth quarter of fiscal 2025, Diagnostics revenue was $454.1 million, a reported increase of 2.4% year over year. The Molecular Diagnostics portion within this segment grew 0.4% at constant currency in Q4'25, driven by assays like the BV CV/TV and Panther Fusion.

For Gynecologists and surgeons, the focus is on GYN Surgical devices. This segment showed strong momentum, with revenue growing 10.2% in Q4'25 to reach $172.5 million. This growth was powered by increased sales of MyoSure and Fluent, plus the recently acquired Gynesonics business. In the third quarter of fiscal 2025, GYN Surgical revenue growth was reported at 6.3%.

Government and public health organizations are purchasers, often through large-scale tenders or national screening programs, especially for breast health imaging and diagnostics, though specific revenue attribution is not broken out for this group in the latest reports.

Regarding Blood screening centers, this segment was divested. Hologic, Inc. completed the sale of its interest in the blood screening business to Grifols for a purchase price of $1.85 billion in cash back in January 2017. To give you a sense of the scale, the residual Blood Screening revenue reported in the fourth quarter of fiscal 2025 was only $7.9 million.

Here's a look at the latest reported quarterly revenue distribution across the active core segments for the fiscal fourth quarter ended September 27, 2025:

You should note that the total revenue for the full fiscal year 2025 was reported at $4.101B. The company's overall Q4'25 revenue was $1,049.5 million.

The customer base is segmented by the specific technology application:

• Hospitals and imaging centers: Focus on capital equipment sales for breast cancer screening and diagnostics.
• Clinical and reference laboratories: Driven by high-throughput molecular testing platforms like the Panther system.
• Gynecologists and surgeons: Demand for minimally invasive surgical tools, like those for uterine fibroid treatment.
• Government and public health organizations: Large-scale procurement for population health screening initiatives.

Finance: draft 13-week cash view by Friday.

Hologic, Inc. (HOLX) - Canvas Business Model: Cost Structure

You're looking at the major outlays that keep Hologic, Inc.'s complex medical technology and diagnostics engine running. It's a mix of manufacturing costs, innovation spending, and the overhead of a global commercial presence.

The cost of goods sold (COGS) for complex instruments and assays is inherently high, reflecting the precision engineering involved. However, Hologic, Inc. maintains a strong profitability profile on its sales, reporting a non-GAAP gross margin of 60.9% for the fiscal fourth quarter ended September 27, 2025. This margin decreased 60 basis points due to product mix and increased tariff expenses. For that same quarter, total revenue was $1,049.5 million. Based on the GAAP gross margin of 55.6% for Q4 2025, the GAAP Cost of Sales would be approximately $465.8 million ($1,049.5 million (1 - 0.556)).

Innovation is a core cost driver. Hologic, Inc. must dedicate significant resources to its Research and Development (R&D) pipeline to keep its technology competitive. Historically, R&D spend has stayed within a predictable range, roughly 6-7% of revenue. Applying this range to the Q4 2025 revenue of $1,049.5 million suggests an R&D investment in the range of $63.0 million to $73.5 million for that quarter.

Selling, General, and Administrative (SG&A) expenses support the large global sales force required to market and service Hologic, Inc.'s specialized equipment and tests. The last twelve months (LTM) Selling, General & Administrative Expenses (SG&A) as of September 26, 2025, stood at $1,069.8 million, representing a year-over-year growth of 7.5%.

Financing costs are also a factor, given the company's debt load. As of the end of the fourth quarter of fiscal 2025, Hologic, Inc.'s total long-term debt was reported at $2.51 billion. For the quarter ending in June of 2025, the reported Interest Expense on Debt was $28.6 million.

The cost structure also includes non-cash charges related to past growth activities. Adjustments to reported earnings frequently include charges and benefits related to the amortization of acquired intangible assets, as well as restructuring charges and facility closure costs.

Here's a quick look at some key financial metrics from the Q4 2025 period:

• Revenue (Q4 2025): $1,049.5 million
• Non-GAAP Gross Margin (Q4 2025): 60.9%
• LTM SG&A Expenses (as of Sep 26, 2025): $1,069.8 million
• Total Long-Term Debt (End of Q4 2025): $2.51 billion
• Interest Expense on Debt (Q2 2025): $28.6 million

To give you a clearer picture of the scale of these costs relative to revenue for the quarter, here is a comparison:

The inclusion of transaction expenses and impairment/restructuring charges also impacted GAAP operating margin, which decreased 70 basis points, primarily due to the inclusion of Gynesonics. Finance: draft 13-week cash view by Friday.

Hologic, Inc. (HOLX) - Canvas Business Model: Revenue Streams

Total annual revenue for fiscal year 2025 was $4,100.5 million.

Molecular Diagnostics assay sales represent a key component of the recurring revenue base, supported by the installed base of the Panther System.

• Molecular diagnostics revenue in the fourth quarter of fiscal 2025 increased 1.2%, or 0.4% in constant currency.
• Excluding COVID-19 related revenue, molecular diagnostics revenue grew 5.3%, or 4.5% in constant currency, driven by assays like BV CV/TV and Panther Fusion.

Capital equipment sales, including 3D Mammography systems and Panther instruments, contribute significantly to the Product Revenue stream, though subject to capital spending cycles.

• Breast Health revenue in the third quarter of fiscal 2025 decreased (5.1%), primarily driven by lower sales of mammography capital equipment.
• For the quarter ended September 27, 2025, total Product Revenues were $3,256.1 million.

Interventional and GYN Surgical product sales include contributions from acquired entities like Endomagnetics and Gynesonics.

• Surgical revenue in the third quarter of fiscal 2025 grew 7.1%, primarily driven by the acquired Gynesonics business and strong international sales.
• The inclusion of Endomagnetics revenue partially offset the decline in Breast Health revenue in the third quarter of fiscal 2025.

Service and maintenance contracts on installed equipment provide a stable, high-margin component of the revenue base, falling under Service and other Revenues.

• Service and other Revenues for the full fiscal year 2025 totaled $844.4 million.
• In the second quarter of fiscal 2025, non-product revenue reached $212.6 million, marking a 12% year-over-year increase, driven by robust breast health service growth.
• Service revenue within breast health showed resilience, growing by 12% in the second quarter of fiscal 2025.