The Marlborough, Mass.-based diagnostic company posted profits of $495 million, or $1.88 per share, on sales of $1.35 billion for the three months ended Sept. 26, 2020, for a massive bottom-line gain from the red on sales growth of 55.6%.
Adjusted to exclude one-time items, earnings per share were $2.07, 85¢ ahead of Wall Street, where analysts were looking for sales of $1.1 billion.
Hologic’s revenues continue to be bolstered by its worldwide diagnostics segment, which brought in $818.9 million (a 375.8% increase year-over-year) thanks to increased demand for its SARS-CoV-2 assays that run on its Panther and Panther Fusion systems.
“We capped off an unprecedented fiscal year with remarkable financial results in our fourth quarter,” Hologic chairman, president & CEO Steve MacMillan said in a news release. “These results were driven by the tireless efforts of our diagnostics, European and supply chain teams to provide COVID-19 tests, and by steady improvement in our other businesses compared to the June quarter.”
Hologic said it now expects to log adjusted EPS of between $2.10 and $2.25 for the first quarter of fiscal 2021, while updating its sales guidance for between $1.35 billion and $1.43 billion.
HOLX shares finished the day up 2.5% at $73.75 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ended the day 1.6%.