Diagnostics growth drives Hologic's Q1 results higher

By AuntMinnie.com staff writers

January 8, 2021 -- Strong growth in its molecular diagnostics business -- with revenues almost tripling due to the COVID-19 pandemic -- helped drive first-quarter preliminary financial results for Hologic. Revenues in the company's Breast Health business edged up slightly.

For the first quarter (end-December 26), Hologic recorded overall revenues of approximately $1.61 billion, up 89.3% compared with $850 million in the same quarter last year. The company did not report net income in the preliminary results.

The revenue increase was driven by the firm's molecular diagnostics revenue, which increased by 262% to $1.138 billion, compared with $311.5 million in the first quarter of fiscal 2020. The growth was due to demand for Hologic's SARS-CoV-2 assays.

On the Breast Health side, revenues increased slightly for the quarter to $333 million, up 0.5% from $331 million in the first quarter of fiscal 2020.

Hologic plans to release its full financial results for the first quarter on January 27 once its financial close processes are completed.

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