Sam Brusco, Associate Editor05.03.24
Hologic has released its second quarter (ended March 30, 2024) financial results for the fiscal year 2024.
The Marlborough, Mass.-based company achieved revenue of $1.02 billion for the quarter, dropping 0.8%. Hologic cited the expected lower sales of COVID-19 assays compared to the prior year period as the main reason for the decline. Without COVID-19 revenues, organic revenue grew 5%.
Diagnostics revenue fell 3.1% to $450.1 million in the quarter. Hologic said without the impact of COVID-19 sales, revenue for the segment grew 9.8% to $390 million on an organic, constant currency basis.
Breast Health proceeds dropped 0.2% to $306.7 million in Q2. Hologic pointed to its divestiture of its SSI ultrasound imaging business as the main driver, somewhat offset by capital sales. Surgical sales posted the only increase in Q2, rising 7.7% $156 million due to solid MyoSure and Fluent fluid management performance.
However, the company’s $1.02 billion in sales and non-GAAP diluted earnings per share EPS of $1.03 exceeded Hologic’s previous guidance. As a result, it raised full-year FY 2024 revenue guidance to a range of $4-$4.05 billion, full-year GAAP EPS guidance to $3.45-$3.55, and non-GAAP EPS guidance to $4.02-$4.25.
“Hologic delivered another strong financial performance in our fiscal second quarter of 2024, including strong cash flow and sequential improvement in our Non-GAAP operating margin,” Karleen Oberton, Hologic’s CFO told the press. “With a strong first half of fiscal 2024, we enter the second half of the year in a position of strength and confidence to deliver on our financial commitments for the year.”
Partnership with Bayer to deliver contrast-enhanced mammography
Announcement of a $310 million deal to acquire breast cancer surgery tech firm Endomagnetics
The Marlborough, Mass.-based company achieved revenue of $1.02 billion for the quarter, dropping 0.8%. Hologic cited the expected lower sales of COVID-19 assays compared to the prior year period as the main reason for the decline. Without COVID-19 revenues, organic revenue grew 5%.
Diagnostics revenue fell 3.1% to $450.1 million in the quarter. Hologic said without the impact of COVID-19 sales, revenue for the segment grew 9.8% to $390 million on an organic, constant currency basis.
Breast Health proceeds dropped 0.2% to $306.7 million in Q2. Hologic pointed to its divestiture of its SSI ultrasound imaging business as the main driver, somewhat offset by capital sales. Surgical sales posted the only increase in Q2, rising 7.7% $156 million due to solid MyoSure and Fluent fluid management performance.
However, the company’s $1.02 billion in sales and non-GAAP diluted earnings per share EPS of $1.03 exceeded Hologic’s previous guidance. As a result, it raised full-year FY 2024 revenue guidance to a range of $4-$4.05 billion, full-year GAAP EPS guidance to $3.45-$3.55, and non-GAAP EPS guidance to $4.02-$4.25.
“Hologic delivered another strong financial performance in our fiscal second quarter of 2024, including strong cash flow and sequential improvement in our Non-GAAP operating margin,” Karleen Oberton, Hologic’s CFO told the press. “With a strong first half of fiscal 2024, we enter the second half of the year in a position of strength and confidence to deliver on our financial commitments for the year.”
Hologic’s Q2 Highlights
FDA clearance for its Genius digital diagnostics system with a cervical AI algorithmPartnership with Bayer to deliver contrast-enhanced mammography
Announcement of a $310 million deal to acquire breast cancer surgery tech firm Endomagnetics