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COVID-19 assays sales power Hologic to Street-beating Q1

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HologicHologic (NSDQ:HOLX) shares ticked up after hours today on first-quarter results that topped the consensus forecast.

The Marlborough, Mass.-based company posted profits of $653.4 million, or $2.50 per share, on sales of $1.6 billion for the three months ended Dec. 26, 2020, for a 69.4% bottom-line gain on sales growth of 89.3%.

Adjusted to exclude one-time items, earnings per share were $2.86, 69¢ ahead of Wall Street, where analysts were looking for sales of $1.4 billion.

Hologic continues to benefit from demand for its two COVID-19 assays that run on its Panther and Panther Fusion systems as its worldwide molecular diagnostics business brought in $995.3 million for an increase of 457.6% year-over-year.

“Hologic had a strong start to fiscal 2021 across all our businesses and major geographies,” Hologic chairman, president & CEO Steve MacMillan said in a news release. “Our Diagnostics division continued to deliver incredible performance by making a massive impact against COVID-19. Furthermore, our Breast Health and Surgical businesses continued to strengthen, with each returning to growth in the United States, Europe and Asia-Pacific.”

The company has recently been active on the mergers & acquisitions front, too, having executed the acquisition of Somatex Medical Technologies GmbH and its minimally invasive devices for tumor diagnostics, biopsy and interventional specialties in breast health for $64 million, followed by the purchase of molecular diagnostic test maker Biotheranostics for approximately $230 million, all in the space of two weeks.

Hologic said it now expects to log second-quarter adjusted EPS of between $2.56 and $2.68 while setting its sales guidance for between $1.5 billion and $1.56 billion.

HOLX  shares were up 2.4% after hours at $74.25 per share, having closed the day down -2.7% at $72.51. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day down -2%.

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