The lack of healthcare spending in a lackluster economy adversely affected revenues for women's imaging vendor Hologic in its fiscal first quarter (end-December 26).
Revenues for the Bedford, MA, firm totaled $412.4 million, a decrease of 3.9% compared with $429.2 million in the first quarter of fiscal 2009. Hologic blamed the downturn on a decline in sales of its Selenia full-field digital mammography systems, due to the poor economy and delays and reductions in hospital capital spending.
Hologic reported net income of $26.1 million, compared with net income of $38.2 million in the first quarter of fiscal 2009. Included in the first quarter of fiscal 2010 and 2009 results were a charge of $57.1 million and $50.4 million, respectively, for the amortization of intangible assets and noncash interest expense charges of $17.8 million and $16.5 million, respectively, related to new accounting standards.
Despite the lower numbers, Hologic beat Wall Street expectations for the quarter, and as a result the firm's stock rose 3% to $15.70 in after-hours trading, according to the Wall Street Journal.
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FDA OKs Hologic's MammoSite ML, September 2, 2009
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