Hologic (NSDQ:HOLX) shares got a huge boost today on third-quarter results that beat the consensus earnings forecast.
Shares of HOLX were up 10.1% at $70.49 before the market opened today, then remained strong during early-morning trading, registering up 9.3% at $69.98.
The Marlborough, Mass.-based company posted profits of $136.4 million, or 53¢ per share, on sales of $822.9 million for the three months ended June 27, 2020, for a 45.3% bottom-line gain despite a sales decline of 3.5%.
Adjusted to exclude one-time items, earnings per share were 75¢, 37¢ ahead of Wall Street, beating the analysts’ sales projections by 37.11%.
A large part of Hologic’s strong quarter came as a result of its widely-used SARS-CoV-2 assays used for detecting COVID-19 on the company’s Panther and Panther Fusion systems.
Hologic’s molecular diagnostics segment registered revenues of $460.3 million, marking a 169.3% increase year-over-year and far exceeding internal expectations for the particular business.
“Our strong third-quarter financial results reflect the incredible contributions the Hologic team is making in the fight against the COVID-19 pandemic, and demonstrate the value of our unique set of businesses in a time of great macroeconomic uncertainty,” Hologic chairman, president & CEO Steve MacMillan said in a news release. “I’m so proud of the incredible teamwork and work ethic that brought our two tests to market quickly, increased production capacity significantly, and installed an unprecedented number of new Panther instruments to help our laboratory customers deliver test results when and where they are needed.
“Inspired by our purpose of enabling healthier lives, our team knocked down barriers by the day to deliver way beyond what we could even imagine.”
Hologic said the demand for its COVID-19 tests allow it to offer fourth-quarter financial guidance, although the uncertainties brought on by the pandemic make the ranges wider than usual.
The company expects to log adjusted EPS of 95¢ to $1.15 in the fourth quarter, with revenue projected to fall between $925 million and $1.025 billion.
