This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Hologic develops and manufactures medical diagnostic equipment, including breast cancer screening systems, which require animal testing for regulatory approval and product development. The company's operations necessitate such testing as part of its compliance with FDA and other global regulatory pathways for medical devices.
A December 2024 FDA inspection report (MARCS-CMS 698214) cited Hologic for violations related to design controls and failure investigation procedures at its Marlborough, Massachusetts facility. While this inspection does not detail specific animal welfare violations, it documents a regulatory failure within the company's quality system that governs the development and validation processes, which includes preclinical testing. The FDA's warning letter, issued in January 2025, gave the company 15 business days to detail corrective actions to address the noted violations.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.