Hologic (NSDQ:HOLX) today released 3rd quarter earnings that topped analyst’s expectations, raising its outlook for the rest of the year in response.
The Marlborough, Mass.-based company reported profits of $84.8 million, or 30¢ per share, on revenue of $717.4 million for the 3 months ended June 25. That’s a huge uptick for Hologic, seeing a 188% bottom-line gain as sales grew 3.4% compared with the same quarter from 2015.
After adjusting to exclude 1-time items, earnings per share were 51¢, 3¢ above what analysts on Wall Street were looking for. Hologic topped revenue expectations as well, bringing in $13 million more than the $704 million expected by analysts.
“We posted very good results across the board in our fiscal 3rd quarter. Despite difficult comparisons in the prior year period, global sales grew in all four of our businesses, led by GYN Surgical. In addition, we continue to improve gross and operating margins, and our capital deployment efforts helped EPS increase significantly faster than revenue,” CEO Steve MacMillan said in prepared remarks.
The company lifted its outlook for the full year, expecting to see revenue between $2.82 billion and $2.83 billion and EPS between $1.93 and $1.94. That’s a tick up from earlier guidance, which expected between $2.81 billion and $2.83 billion in revenue and between $1.89 to $1.91 in EPS.
For its 4th quarter, Hologic expects revenue between $714 million and $724 million, with EPS somewhere between 49¢ and 50¢.
Shares have stayed mostly stable after the release, down a tiny 0.5% in after hours trading as of 4:46 p.m. EDT.
Last week, Bovie Medical (NYSE:BVX) said it inked a sales channel partnership deal with Hologic, (NSDQ:HOLX) adding Bovie’s J-Plasma product line to its portfolio.
The deal, which goes into effect immediately, will add J-Plasma to Hologic’s gynecological and gynecological/oncological surgery portfolio in 3 U.S. regions, Bovie Medical said.
