Hologic reports Q1 revenue surpassing guidance By Investing.com

MARLBOROUGH, Mass. – Hologic, Inc. (NASDAQ:), a medical technology company, announced preliminary revenue for its first fiscal quarter ended December 30, 2023, surpassing its previous revenue guidance. The company expects to report approximately $1,013.1 million in total revenues, a decrease of 5.7% from the prior year or 6.4% in constant currency. However, these figures exceed the company’s most recent guidance of $960 to $985 million.

Steve MacMillan, Hologic’s Chairman, President, and CEO, highlighted the company’s strong organic revenue performance, excluding COVID-19 impacts, estimating over 9% growth compared to the prior year when adjusted for four fewer selling days.

By division, the Diagnostics segment saw a decline, with reported revenues of $447.8 million compared to $559.3 million in the previous year. However, organic Molecular Diagnostics, excluding COVID-19, grew by 2.8%. The Breast Health division experienced a 13% increase, reporting $377.7 million in revenues. The GYN Surgical segment also saw growth with a 5.3% increase to $162.2 million. Skeletal Health revenues declined by 4.5% to $25.4 million.

Hologic’s organic revenue, excluding COVID-19, reached $952.7 million, representing a 6.1% increase in reported currency and a 5.2% rise in constant currency. This performance exceeds the company’s previous guidance of 1.0% to 3.7% growth.

The company has not completed its financial close processes for the quarter, and GAAP financial results have not been finalized. However, non-GAAP diluted earnings per share (EPS) are expected to be towards the high end of the $0.92 to $0.97 guidance range.

Hologic plans to release its full financial results for the first quarter on February 1, 2024. The company will also provide updated financial guidance for the second quarter and the full fiscal year of 2024 after its quarterly forecasting process is complete.

These preliminary results were shared in advance of Hologic’s participation in the 42nd Annual J.P. Morgan Healthcare Conference, which begins Monday. The company will post its conference presentation on its investor website and will also provide a live webcast of its presentation and Q&A session.

It is important to note that the information provided is based on a press release statement and may be subject to revisions. The non-GAAP financial measures presented are intended to supplement GAAP measures and may differ from similar measures used by other companies.

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