• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » Hologic booms on Q3 revenues driven by COVID-19 diagnostics

Hologic booms on Q3 revenues driven by COVID-19 diagnostics

July 30, 2020 By Sean Whooley

hologic-logoHologic (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.

Filed Under: Business/Financial News, Diagnostics, Featured, Genomics/Molecular Diagnostics, MassDevice Earnings Roundup, Wall Street Beat Tagged With: coronavirus, COVID-19, Hologic

More recent news

  • Medtronic earns CE mark for redo TAVI procedure
  • Natus Neuro launches BrainWatch AI-driven, point-of-care EEG
  • Boston Scientific has positive real-world Acurate Prime TAVI data
  • Johnson & Johnson MedTech launches ultrasound catheter for imaging in cardiac ablation procedures
  • Onward reports more successful BCI implants

About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy