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Hologic quarterly profit rises on strong demand for its women's health products
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Hologic quarterly profit rises on strong demand for its women's health products
Jul 29, 2024 3:43 PM

July 29 (Reuters) - Medical technology company Hologic ( HOLX )

reported a higher third-quarter profit on Monday,

driven by strong demand for its diagnostics and breast health

products, but forecast revenue for the current quarter that fell

short of Wall Street estimates.

Shares of Hologic ( HOLX ) fell nearly 6% in extended trading.

The company forecast fourth-quarter revenue between $970

million and $985 million, compared to analysts' estimates of $1

billion.

The Marlborough, Massachusetts-based company manufactures

and supplies viral load tests, molecular diagnostics assays,

medical imaging systems, and surgical products focused on

women's health.

Hologic ( HOLX ) marginally raised the lower ends of its fiscal year

2024 adjusted profit per share and revenue forecasts.

"Guidance was raised at the low end, while the mid-point of

revenue guide came slightly down; though this appears to be tied

to a stop-ship order on a skeletal health product" Conor

McNamara, RBC capital markets analyst said.

Its diagnostics segment, the largest segment by revenue,

reported an increase in third-quarter sales to $440.8 million,

exceeding analyst expectations of $430.3 million.

The company's breast health segment, which offers radiology

products and those used in breast surgery, recorded a 6.9% rise

in quarterly sales to $385 million, beating analysts' estimates

of $377.12 million.

On an adjusted basis, the company posted a profit of $1.06

per share, above analysts' estimates of $1.02 per share.

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