Hologic (NSDQ:HOLX) shares shed more than 4% today after the women’s health company said yesterday that it missed its own 2nd-quarter sales forecast and lowered its top- and bottom-line outlooks for the rest of fiscal 2013.
Bedford, Mass.-based Hologic posted losses of $51.1 million, or 19¢ per share, on sales of $612.7 million during the 3 months ended March 30, representing 30.0% sales growth but a 26.9% increase in losses compared with the same period last year.
Adjusted to include $6.4 million in contingent revenues from a collaboration with Novartis (NYSE:NVS), sales were $619.1 million, well shy of Hologic’s prior guidance for adjusted sales between $635 million and $640 million.
Adjusted to exclude 1-time items, including the cost of its gargantuan, $4 billion buyout of Gen-Probe, Hologic said its income reached $93.8 million, or 35¢ per share, a penny ahead of its own forecast and Wall Street’s expectations.
"The fundamental long-term revenue growth drivers of our business remain strong," president & CEO Rob Cascella said in prepared remarks. "Adoption of our 3D mammography is accelerating with a growing backlog of sales orders in our Breast Health business. The Gen-Probe acquisition has greatly strengthened our Diagnostics business, and we are seeing increasing numbers of Diagnostics account conversions and competitive wins."
Hologic lowered its sales outlook for fiscal 2013 to adjusted revenues of $2.53 billion to $2.55 billion, down from $2.61 billion to $2.64 billion, with adjusted earnings per share of $1.54-$1.56, down from $1.58-$1.60,
The company said it expects 3rd-quarter sales of $625 million to $630 million, up 33%-34% over Q3 2012, with adjusted EPS of 36¢-37¢.
Investors reacted by sending shares down 4.4% as of about 1 p.m. today, to $19.74 apiece.