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: Hologic’s fiscal Q1 tops views, company raises guidance for the year

Hologic Inc. HOLX stock rose nearly 3% in the extended session Wednesday after the medical technology company reported quarterly earnings and sales that topped Wall Street views and raised its outlook for fiscal 2023. Hologic earned $187.4 million, or 75 cents a share, compared with $499.2 million, or $1.95 a share, in the year-ago period. Adjusted for one-time items, Hologic earned $1.07 a share. Revenue fell 27% to $1.07 billion, mostly thanks to lower sales of COVID-19 assays and supply-chain “challenges” with semiconductor chips used in the company’s breast-health business, it said. Analysts polled by FactSet expected Hologic to report adjusted earnings of 91 cents a share on revenue of $1 billion in the quarter. “We had a strong start to our fiscal year with double-digit organic revenue growth ex. COVID-19 in our diagnostics and surgical businesses, as well as encouraging signs of recovery in our breast health business,” Chief Executive Steve MacMillan said in a statement. Hologic upped its fiscal 2023 revenue guidance to between $3.85 billion and $4 billion, compared with a previous guidance of revenue between $3.7 billion and $3.9 billion. It raised adjusted EPS guidance to between $3.55 and $3.85, from an earlier outlook of adjusted EPS between $3.30 and $3.60. That highlights “the confidence we have in our businesses despite an uncertain macro environment,” MacMillan said. Shares of Hologic ended the regular trading day up 1.7%.

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