Cytyc (CYTC) 8-K Cytyc Reports Second Quarter Revenue Growth of 30 Percent

Exhibit 99.1

Contact:             Patrick J. Sullivan, Chairman, President & CEO

Anne Rivers, Investor Relations

Jeff Keene, Healthcare Media

Cytyc Corporation: 978-266-3010

www.cytyc.com

Stephanie Carrington

Media: Greg Tiberend

The Ruth Group: 646-536-7017

Shanti Skiffington/Wendy Williams

Schwartz Communications: 781-684-0770

CYTYC REPORTS SECOND QUARTER REVENUE GROWTH OF 30 PERCENT

Second Quarter Revenues $99.5 Million

EPS $0.19 per Diluted Share

100^th ThinPrep Imaging System Shipped

Boxborough, MA, July 29, 2004 – Cytyc Corporation (Nasdaq: CYTC) today announced results for the second quarter and six months ended June 30, 2004. Revenues for the quarter rose 30 percent to $99.5 million compared to $76.7 million for the second quarter of 2003. Diluted earnings per share increased to $0.19 compared to $0.16 reported in the second quarter of 2003. Net income increased to $21.9 million compared to $18.4 million in the second quarter of 2003.

Revenues for the six months ended June 30, 2004, rose to $180.2 million, compared to revenues of $149.3 million for the same period of 2003. Net income was $23.4 million, or $0.21 per diluted share, compared to net income of $38.1 million, or $0.33 per diluted share for the same period of 2003.

Excluding the nonrecurring charge of $19.1 million for acquired in-process research and development related to the acquisition of Novacept, net income for the six months ended June 30, 2004, was $42.5 million, or $0.37 per diluted share.

“I am pleased with our strong performance for the first half of 2004. During the second quarter, we showed excellent execution on our key growth initiatives in both the diagnostic and surgical divisions of our business,” said Patrick J. Sullivan, Cytyc’s chairman, president, and chief executive officer. “NovaSure^® sales exceeded expectations, and the results confirm both the increasing market acceptance of this endometrial ablation system as well as the successful integration of the business. For our core business, I am especially pleased to announce that we shipped our one-hundredth ThinPrep^® Imaging System as well as our one-millionth ThinPrep Imaging slide during the second quarter. In addition, two regions of the United Kingdom announced adoption of the ThinPrep^® Pap Test. Together with Scotland, these regions represent approximately 25 percent of the UK market.”

Cytyc management will discuss second quarter results, business highlights and future expectations during a conference call on July 29, at 5:30 p.m. (Eastern). The call will be hosted by Patrick Sullivan, chairman, chief executive officer, and president; Leslie Teso-Lichtman, vice president and

acting chief financial officer; Daniel Levangie, executive vice president and chief commercial officer; and John McDonough, senior vice president, development and operations. A live webcast of the call may be accessed at Cytyc’s website, http://ir.cytyc.com, and the event will be available for replay at this site approximately two hours following the call until August 12, 2004. Those without web access may access the call by dialing 973-582-2710. A telephonic replay of the call will be available through August 12, 2004, by dialing 973-341-3080 (Reservation No.: 4960790).

Cytyc Corporation is a leading medical device company that designs, develops, manufactures, and markets innovative and clinically effective products primarily focused on women’s health. Cytyc products cover a range of women’s health applications, including cervical cancer screening, breast cancer risk assessment, and treatment of excessive menstrual bleeding. The ThinPrep^® System is the most widely used method for cervical cancer screening in the United States. The ThinPrep System consists of the ThinPrep^®2000 Processor, ThinPrep^® 3000 Processor, ThinPrep^®Imaging System, and related reagents, filters, and other supplies. The ThinPrep System also provides the platform from which the Company has launched its expansion into breast cancer risk assessment with the FirstCyte^®Breast Test. Cytyc Surgical Products, a wholly owned subsidiary of Cytyc Corporation, manufactures and markets the NovaSure^® Impedance Controlled Endometrial Ablation System, or the NovaSure^® System, an innovative endometrial ablation device to treat menorrhagia, or excessive menstrual bleeding.

Cytyc is traded on The Nasdaq Stock Market under the symbol CYTC. Cytyc, ThinPrep, FirstCyte, and NovaSure are registered trademarks of Cytyc Corporation.

Forward-looking statements in this press release are made pursuant to the provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements relating to the Company’s financial condition, operating results and future economic performance, and management’s expectations regarding future growth opportunities, product acceptance and business strategy, constitute forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from those statements. Risks and uncertainties include, among others, dependence on key personnel and proprietary technology, uncertainty of product development efforts, product acceptance, management of growth, risks associated with litigation, the effective integration of acquired businesses and technologies, competition and competitive pricing pressures, risks associated with the FDA regulatory approval processes and any healthcare reimbursement policies, and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including under the heading “Certain Factors Which May Affect Future Results” in its 2003 Annual Report on Form 10-K and its most recent Quarterly Report on Form 10-Q filed with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations or events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

TABLES TO FOLLOW

Cytyc Corporation

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

	Three Months Ended
	June 30, 2004			June 30, 2003
Net sales	$	99,474		$	76,688
Cost of sales		21,655			15,208
Gross profit		77,819			61,480
Operating expenses:
Research and development		5,295			3,822
Sales and marketing		27,391			21,092
General and administrative		8,819			6,837
Total operating expenses		41,505			31,751
Income from operations		36,314			29,729
Other (expense) income, net:
Interest income		391			679
Interest expense		(1,789	)		—
Other		(174	)		200
Total other (expense) income, net		(1,572	)		879
Income before provision for income taxes		34,742			30,608
Provision for income taxes		12,866			12,243
Net income	$	21,876		$	18,365
Net income per common and potential common share:
Basic	$	0.20		$	0.17
Diluted	$	0.19		$	0.16
Weighted average common and potential common shares outstanding:
Basic		110,840			111,069
Diluted		114,903			112,666

Cytyc Corporation

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

	Six Months Ended June 30, 2004									Six Months Ended June 30, 2003
	Pro Forma			Adjustment			As Reported			As Reported
Net sales	$	180,199		$	—		$	180,199		$	149,308
Cost of sales		36,838			—			36,838			27,575
Gross profit		143,361			—			143,361			121,733
Operating expenses:
Research and development		9,607			—			9,607			6,777
In-process research and development		—			19,100	(1)		19,100			—
Sales and marketing		47,564			—			47,564			40,000
General and administrative		16,265			—			16,265			12,906
Total operating expenses		73,436			19,100			92,536			59,683
Income from operations		69,925			(19,100	)		50,825			62,050
Other (expense) income, net:
Interest income		1,105			—			1,105			1,407
Interest expense		(1,789	)		—			(1,789	)		—
Other		(673	)		—			(673	)		88
Total other (expense) income, net		(1,357	)		—			(1,357	)		1,495
Income before provision for income taxes		68,568			(19,100	)		49,468			63,545
Provision for income taxes		26,056			—			26,056			25,426
Net income	$	42,512		$	(19,100	)	$	23,412		$	38,119
Net income per common and potential common share:
Basic	$	0.39					$	0.21		$	0.34
Diluted	$	0.37					$	0.21		$	0.33
Weighted average common and potential common shares outstanding:
Basic		110,380						110,380			112,244
Diluted		113,988						113,988			113,986

(1) One-time charge to write off in-process research and development costs related to acquisition of Novacept in Q1 2004

Cytyc Corporation

Consolidated Balance Sheets

(in thousands)

	June 30, 2004		December 31, 2003
	(unaudited)
Assets:
Current assets
Cash and investment securities	$	146,099	$	177,897
Accounts receivable, net		58,520		42,070
Inventories		23,481		17,801
Other current assets		6,705		4,859
Total current assets		234,805		242,627
Property and equipment, net		34,544		32,561
Goodwill and other intangible assets, net		392,994		107,246
Equipment under customer usage agreements, net		21,976		8,072
Other assets, net		7,943		394
Total Assets	$	692,262	$	390,900
Liabilities and Stockholders’ Equity:
Current liabilities	$	42,399	$	32,920
Long-term debt and other non-current liabilities		253,932		4,349
Stockholders’ equity		395,931		353,631
Total Liabilities and Stockholders’ Equity	$	692,262	$	390,900