Hologic saw revenues decline in the company's third quarter due to supply chain shortages of semiconductor chips for its breast imaging systems, as well as a decline in diagnostic assays for COVID-19.
For the quarter (end-June 25), Hologic reported revenues of $1.003 billion, down 14.2% compared with sales of $1.168 billion in the second quarter of fiscal 2021. The company's net income for the quarter was $228.4 million, compared with a net income of $268.4 million in the corresponding quarter of 2021.
Sales in the company's Breast Health business were $282.8 million, down 19% compared with revenues of $349 million in the second quarter of fiscal 2021. Although semiconductor chip shortages affected revenues, the company said that demand for mammography gantries "remains strong."
In its Diagnostics business, total revenues fell 15.8%, to $560.1 million, compared with $665.5 million in the corresponding quarter of 2021. Much of the decline was due to lower sales for COVID-19 tests, however; outside of COVID, Diagnostics revenues would have grown 12.4% before currency adjustment.