Cynosure divestiture drags down Hologic Q2

Women's imaging vendor Hologic saw revenues fall 7% due to the loss of sales from its Cynosure division, which it sold off in January. But the company said that organic revenue was up over 1% after currency adjustments.

For the second quarter (end-March 28), Hologic reported revenues of $756.1 million, down 7.1% after adjustment for currency changes, compared with sales of $818.4 million in the corresponding quarter of fiscal 2019. The company's net income for the most recent period was $94.8 million, compared with a net loss of $272.6 million in the same period the year before.

The company said that the COVID-19 pandemic had an impact on sales in late March, as many elective procedures were postponed. However, Hologic believes it will emerge from the crisis as a stronger company, especially due to demand for its diagnostic products to detect SARS-CoV-2 infection.

In highlights from its various business units, the company's Breast Health segment posted sales of $307.8 million, down 4.3% compared with $321.5 million the same quarter the year before. The company's Diagnostics division had second-quarter sales of $319.2 million, up 7.6% compared with $296.7 million in the second quarter of 2019.