Hologic (Nasdaq: HOLX) announced preliminary Q1 revenue numbers that beat its previous projections, as well as the expectations of The Street.
The Marlborough, Massachusetts–based company brought in revenue of roughly $1.47 billion for the quarter ended December 25, 2021, down 8% from the same quarter a year before but well above its most recent guidance range of $1.10–1.15 billion. Wall Street analysts on average have predicted $1.12 billion, according to Yahoo! Finance.
“We expect to report a very strong start to fiscal 2022 across-the-board, with first-quarter revenue well above our guidance,” CEO Steve MacMillan said in a news release.
“Our Diagnostics division had another quarter of exceptional performance, as we over-delivered in our base business while meeting heavy demand for COVID testing. Further, our Breast and Skeletal Health and Surgical businesses showed strength, with each growing over 8%. In total, we estimate organic growth excluding COVID benefits of 9.0% in constant currency for our first quarter, compared to our 5% to 7% long-term growth target.”
Hologic also expects non-GAAP diluted earnings per share to be significantly higher than the guidance of $1.15–1.25 provided on November 1, 2021. Analysts on average have projected $1.22 per share earnings.
Mike Matson, senior research analyst at Needham & Co. reacted positively to the news: “While we believe that the strong F1Q22 results were largely expected given the surge in COVID cases, we are encouraged by the continued strong growth of HOLX’s base business.”
HOLX shares were up more than 2% to $71.84 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down 1.4%.
