Hologic (NSDQ:HOLX) announced that the financial outlook for its current fiscal third quarter has improved since it reported its second-quarter results.
In April, Hologic reported profits of $94.8 million, or 36¢ per share, on sales of $756.1 million for the three months ended March 28, falling in line with Wall Street projections. In the company’s report, it said it expected the COVID-19 pandemic to have a significant negative impact on its future revenue and operating income.
Since then, Marlborough, Mass.-based Hologic’s breast and skeletal businesses have performed in line with expectations, while its surgical business has recovered more rapidly than forecast and its diagnostics business — benefitting from gaining FDA emergency nods for COVID-19 diagnostic tests and receiving U.S. funding for coronavirus test kits — has outperformed projections.
In a news release, the company said it now forecasts diagnostics revenue to grow by 20%-25% as it continues to be driven by revenue from the COVID-19 tests. Breast and skeletal health revenue is expected to decline by 30%-35%, while Hologic anticipates a 65%-70% drop in surgical revenue.