Hologic (Nasdaq:HOLX) shares are up today — a day after fourth-quarter results that came in well ahead of the consensus forecast.
Shares of HOLX were up more than 8% at $73.80 apiece by afternoon trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 2%.
The Marlborough, Massachusetts-based company yesterday evening posted profits of $118.7 million for the quarter. That amounts to 47¢ per share on sales of $953.3 million for the three months ended Sept. 24, 2022.
Year-over-year, Hologic reported a 63.9% bottom-line slide on a sales decline of 27.6%. Diagnostics sales dipped by 37.8% but, excluding COVID-19-related products, grew by 7.8%. Breast health sales declined 17.7%.
The company attributed its dips to lower COVID-19 assay sales and supply chain challenges. The company dealt with supply chain issues related to semiconductor chips in its breast health business. However, revenues still topped the company’s guidance for between $840 million and $870 million.
Adjusted to exclude one-time items, earnings per share totaled 82¢. That came in 20¢ ahead of expectations on Wall Street. Hologic beat revenue expectations by nearly $90 million, as analysts projected sales of $863.9 million.
‘Unprecedented strength’
“In our fourth quarter of fiscal 2022, Hologic delivered excellent results that significantly exceeded expectations, topping off another tremendous year,” said Steve MacMillan, Hologic chair, president and CEO. “Fiscal 2022 was outstanding for Hologic. We dramatically strengthened our base businesses, responded with agility to the world’s COVID testing needs, and most importantly, helped more and more women around the world.
“Entering 2023, we see unprecedented strength across each of our core businesses, and all are uniquely poised to deliver low double-digit constant currency organic revenue growth ex. COVID-19 for the year.”
For fiscal 2023, Hologic projects revenues between $3.7 billion and $3.9 billion. It expects adjusted EPS to range between $3.30 and $3.60.
This story originally ran on Oct. 31, 2022. Updated Nov. 1 with next-day stock price.