Hologic exceeds expectations in Q2

Women's imaging vendor Hologic posted 2019 fiscal second-quarter revenues that outperformed its previous guidance, thanks to continued growth in its breast health and molecular diagnostics businesses.

For the period (end-March 30), Hologic had $818.4 million in revenue, up 3.7% on a nominal basis and up 5.2% on a currency-comparable basis from the $789.3 million reported in the fiscal second quarter of 2018. Molecular diagnostics revenue increased 12.8% on a currency-comparable basis, while breast health revenue climbed 8.4% on a currency-comparable basis.

The company had a net loss under generally accepted accounting principles (GAAP) of $272.6 million, including $443.8 million in non-cash impairment charges for intangible assets and equipment in its medical aesthetics business. Hologic had a GAAP net loss of $681.4 million in the same period a year ago, which also included impairment charges from the medical aesthetics unit. The firm noted that its adjusted non-GAAP earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $254.1 million, up 2.4% from the same period a year ago.

The second-quarter results led Hologic to raise its full-year guidance for revenue and non-GAAP earnings per share (EPS). The vendor now expects fiscal 2019 revenues will increase by a range of 4.3% to 4.9% on a constant currency basis, up from its previous guidance of 3.3% to 3.9%. In addition, EPS is now projected to grow by 8.1% to 9.4%, an increase from its previous guidance of 7.2% to 9%.