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Hologic shares up on in line Q2 results

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hologic-logoHologic posted second-quarter results today that met the consensus on Wall Street and withdrew its 2020 financial guidance amid the COVID-19 pandemic.

The Marlborough, Mass.-based women’s health device company reported profits of $94.8 million, or 36¢ per share, on sales of $756.1 million for the three months ended March 28, for a bottom-line sales loss of -7.6% compared with Q2 2019.

Adjusted to exclude one-time items, earnings per share were 57¢, in line with The Street, where analysts were looking for sales of $756.1 million.

“Our second-quarter revenue results reflect the strong underlying momentum that has been building at Hologic over the last few years, and give us confidence that we will emerge from the current COVID-19 pandemic as a stronger company,” president and CEO Steve MacMillan said in a news release. “We performed very well through most of the quarter, led by our U.S. Surgical and Diagnostics businesses, and our European franchises. However, disruptions caused by COVID-19 had a significant negative impact on sales in late March, as elective procedures and appointments were deferred, and many of our customers focused on responding to the pandemic. A lynchpin of that response is increasing diagnostic testing for the virus, and we are proud to play a leading role in this effort by developing a second COVID test that will run on our huge installed base of market-leading Panther instruments.”

Hologic withdrew is 2020 financial guidance. The company expects the COVID-19 pandemic to have a significant negative impact on its future revenue and operating income.

Throughout the pandemic, Hologic has gained FDA emergency testing nods for diagnostic tests and received U.S. funding for coronavirus test kits.

Hologic announced yesterday it would launch new a COVID-19 diagnostic test across the U.S. At the time, investors reacted by sending shares in HOLX up 8.27% in after-hours trading.

Shares in HOLX were up 3.08% to $50.35 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — is down –0.1% so far today.

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