Hologic (Nasdaq:HOLX) today announced preliminary first-quarter revenue results for the three months ended Dec. 31, 2022.
Marlborough, Massachusetts–based Hologic expects to report revenues of approximately $1.07 billion. That represents a 27% decrease from the same period of the previous year. However, it comes in above Hologic’s guidance range of $940 million to $990 million set in October.
These revenues would also top expectations on Wall Street as analysts projected sales totaling $966.4 million.
Hologic’s diagnostics business saw the biggest drop year-over-year, with a 41.2% decrease in sales.
“We delivered robust revenue performance in our fiscal first quarter of 2023, with our Diagnostics and Surgical businesses growing organically double-digits in constant currency, excluding COVID,” said CEO Steve MacMillan. “In addition, recovery in our breast health business is underway, with results ahead of our prior estimate for the quarter. Our preliminary revenue results once again showcase the strength of our franchises, with more growth drivers in each, powering Hologic in fiscal 2023 and beyond.”
Hologic also said it expects adjusted earnings per share to top its previously shared guidance range. That range fell between 80¢ and 90¢. The company intends to provide its full financial results for the three-month period on Feb. 1, 2023.
Mike Matson and other Needham & Co. analysts were positive about the Hologic preliminary results. “We believe that the F1Q23 results demonstrate the continued strong growth of HOLX’s non-COVID Diagnostics business as it benefits from its increased Panther installed base, and its supply chain improves in its Breast Health business.”
Shares of HOLX rose 4% to $80.94 apiece in morning trading today. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose more than 7%.
