Hologic (NSDQ:HOLX) is up today after its financial outlook for the fourth quarter improved from projections in its third-quarter results from July.
Shares of HOLX were up 3.8% at $62.22 per share in mid-morning trading today.
After reporting a strong third quarter boosted by COVID-19 test sales, the company expected to log adjusted EPS of 95¢ to $1.15 in the fourth quarter, with revenue projected to fall between $925 million and $1.025 billion.
Since the Marlborough, Mass.-based company made those projections on July 29, its diagnostics business has continued to expand its supply chain capacity, boosting revenues with increased production and sales of its COVID-19 tests, Panther instruments and other related products.
Additionally, the company’s breast and skeletal business, along with its surgical segment, have performed slightly above expectations, according to an SEC filing.
With more than 80% of the fiscal fourth quarter complete, Hologic now anticipates revenues for the three months to increase between 54% and 60% over the prior year, projecting totals between $1.225 billion and $1.275 billion and marking a rise of approximately $300 million from the baseline projection. That revenue increase is expected to drive EPS above the previous guidance as well.