Hologic (NSDQ:HOLX) beat its own earnings forecast for its fiscal 3rd quarter and met its sales guidance, but still lowered its revenues and earnings outlook for the rest of the year.
Bedford, Mass.-based Hologic reported losses of $11.0 million, or 4¢ per share, on sales of $626.1 million for the 3 months ended June 29, swinging to red ink in the face of 33.2% revenue growth.
Adjusted to exclude 1-time items, earnings per share were 38¢ topping the women’s health company’s prior guidance for adjusted EPS of 36¢-37¢. Still, the earnings number missed Wall Street’s expectations by a penny.
"We are pleased our 3rd-quarter revenues were in line with and our EPS exceeded guidance. Although we have lowered expectations for the remainder of the fiscal year, I am confident we have the necessary platforms and breadth of assets to drive organic growth and deliver strong profitability," new president & CEO Jack Cumming said in prepared remarks. "We are committed to improving our performance and execution in order to capitalize on the opportunities in the changing market landscape and position Hologic for success. Our customers worldwide are embracing our 3D breast tomosynthesis technology, and we continue to extend our market leadership position in molecular diagnostics. We are focused on strategies that will allow us to return capital to our shareholders, while still capitalizing on the many opportunities that lie ahead. We are very well positioned to deliver enhanced value for our customers, patients and shareholders."
News of the financial results sent HOLX shares up a hair yesterday, to a $22.58 close. Shares were trading at $22.61 apiece as of about 11:30 a.m. today, up 0.1%.
Hologic said it expects 4th-quarter sales of $615 million to $625 million, with adjusted EPS of 36¢-37¢. The company lowered its full-year outlook for the 2nd quarter in a row, saying it’s now looking for sales of $2.505 billion to $2.515 billion (down from $2.53 billion to $2.55 billion) and adjusted EPS of $1.46-$1.47 (down from $1.54-$1.56).
