Shares in Hologic (NSDQ:HOLX) have fallen in pre-market trading today after the medical device maker narrowly topped expectations on Wall Street and lowered its full year guidance in its second quarter earnings release.
The Marlborough, Mass.-based company posted losses of $681.4 million, or $2.46 per share, on sales of $789.3 million for the three months ended March 31, seeing a 229% swing into the red on the bottom line while sales grew 10.3% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 53¢, just in line with expectations on Wall Street where analysts expected too see sales of $781.8 million, which the company topped.
“We posted solid financial results in the second quarter, as our breast health and international businesses performed well and drove total revenue above our guidance. And while we are disappointed with the Cynosure write-down, we remain confident that the many changes we have made in that business are leading to a much stronger future,” chair & CEO Steve MacMillan said in a prepared statement.
The company lowered its financial guidance for the year, dropping its expected sales growth from between 4.6% and 7.2% to between 4% and 4.9%. Sales expectations were lowered from between $3.2 billion and $3.28 billion to between $3.18 and $3.21 billion, while non-GAAP EPS stayed steady at between $2.22 and $2.27.
“We are lowering our full-year 2018 revenue guidance due primarily to a reset of our near-term sales expectations for Cynosure. But despite the reduction of our revenue forecast, we are reiterating our non-GAAP EPS guidance for the year,” CFO Bob McMahon said in a press release.
Shares have fallen 7.9% in pre-market trading to $36.50 as of 9:16 a.m. EDT.
Late last month, Hologic said it won FDA premarket approval for its ThinPrep integrated imager designed for the automated imaging of Pap tests.