MARLBOROUGH, Mass. - Hologic, Inc. (NASDAQ:HOLX), a medical technology company focused on women's health, reported earnings for its fiscal third quarter that surpassed analyst expectations.
Despite the beat, shares of Hologic fell sharply by 7% following the announcement.
The company reported adjusted earnings per share (EPS) of $1.06 for the quarter, edging out the consensus estimate of $1.02. Revenue for the quarter was $1.01 billion, in line with the consensus estimate of $1 billion and marking a 2.7% increase compared to the same quarter last year.
Looking ahead, Hologic provided guidance for the full fiscal year 2024, projecting adjusted EPS in the range of $4.04 to $4.11, which straddles the analyst consensus of $4.07. The company anticipates revenue to be between $4.02 billion and $4.07 billion, encompassing the consensus estimate of $4.031 billion.
Stephen P. MacMillan, Hologic's Chairman, President, and CEO, commented on the quarter's performance, highlighting the company's return to top-line growth and the strength across its portfolio. "Our strong fiscal quarter and year-to-date results continue to highlight the durable strength across our broad portfolio, with our Diagnostics (ex-COVID), Breast Health, and Surgical franchises delivering at or above our expectations," said MacMillan.
The company's Diagnostics segment, excluding COVID-19 revenues, grew organically by 5.5% in constant currency terms. Breast Health revenue saw a significant increase of 6.9%, or 7.1% in constant currency, driven by robust sales in gantry and service. Surgical revenue also grew by 5.9%, or 6.2% in constant currency, primarily due to solid sales of MyoSure and Fluent (NASDAQ:FLNT) Fluid Management products.
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