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Hologic acquires molecular diagnostic company for $159M

Hologic today announced that it acquired molecular diagnostic company Diagenode for $159 million.

Through the deal, Hologic will pay $159 million, subject to working capital and other customary closing adjustments.

European Daigenode develops molecular diagnostic assays and epigenetic products. It has more than 30 real-time PCR tests that are CE-marked to detect bacteria, parasites and viruses in sexually transmitted infections, respiratory diseases, meningitis and gastroenteritis.

“Acquiring Diagenode further strengthens our molecular diagnostics business by expanding our international capabilities, improving our regional time-to-market, and allowing us to offer a broader, more differentiated test menu,” Hologic international president Jan Verstreken said in a news release. “Diagenode has been a great partner since 2016, helping us develop and manufacture PCR-based assays for Panther Fusion. Now we look forward to accelerating and broadening those…

Hologic completes Biotheranostics acquisition

Hologic (NSDQ:HOLX) announced that it completed its previously announced acquisition of Biotheranostics for $230 million.

Marlborough, Mass.-based Hologic last month announced that it was set to buy Biotheranostics and its two molecular diagnostic tests for breast and metastatic cancers, the Breast Cancer Index and CancerTYPE ID. Both laboratory-developed tests are not required to be cleared by the FDA.

Biotheranostics’ tests are PCR-based gene expression tests that have been validated in large studies in areas of oncology with unmet needs and high growth potential, Hologic said.

“We are very pleased to complete the acquisition of Biotheranostics and look forward to working with our new colleagues to grow in the large, rapidly expanding oncology space,” Hologic president of diagnostic solutions Kevin Thornal said in a news release. “We are even more excited about the acquisition because last month the National Comprehensive Cancer Network (NCCN) re…

Hologic and Google Cloud team up on digital diagnostics for cervical cancer

Hologic (NSDQ:HOLX) has entered into a multi-year deal to use Google Cloud’s machine learning and deep learning technologies with its Genius digital diagnostics system, a cytology platform that uses volumetric imaging data to identify precancerous lesions and cancer cells of the cervix.

The machine learning and deep learning capabilities from Google Cloud will enable Hologic to build on its more than three decades of experience in cervical cancer screening, according to Kevin Thornal, president of Hologic’s Diagnostic Solutions division. “Enhancing our use of AI with Google Cloud’s machine learning capabilities and cloud architecture is the next natural step in this journey forward,” he said in a statement.

Genius Digital Diagnostics is CE-marked for use in Europe. It is not yet available in the U.S.

The FDA is currently overhauling how it regulates machine learning-based software for medical device applications.

In related news, Hologic recently …

MedTech 100 roundup: January ends with a dip

After spending several weeks on the ascent, medtech stocks leveled out a bit to end January, ending a run of several new highs in 2021.

MassDevice‘s MedTech 100 index ended the week (Jan. 29) at 104.05 points, marking a -2.2% drop from the 106.4-point mark set at the end of the previous week (Jan. 22).

The index had previously reached 107.4 points on Jan. 20, topping the all-time best of 106.81 points set on Jan. 8. That mark represents a 16% jump from the pre-pandemic high of 92.32 set on Feb. 19, 2020, and a 72.9% overall leap from the lowest point of 62.13 set on March 23, 2020.

However, the drop from that high point to medtech’s current position is approximately -3.1%, although the industry still remains well above its pre-pandemic high (12.7%) and its mid-pandemic low point (67.5%).

Here are some of the best-performing medtech stocks from 2020.

While medtech saw a slight decline from the previous week, both of the overall markets fared …

COVID-19 assays sales power Hologic to Street-beating Q1

Hologic (NSDQ:HOLX) shares ticked up after hours today on first-quarter results that topped the consensus forecast.

The Marlborough, Mass.-based company posted profits of $653.4 million, or $2.50 per share, on sales of $1.6 billion for the three months ended Dec. 26, 2020, for a 69.4% bottom-line gain on sales growth of 89.3%.

Adjusted to exclude one-time items, earnings per share were $2.86, 69¢ ahead of Wall Street, where analysts were looking for sales of $1.4 billion.

Hologic continues to benefit from demand for its two COVID-19 assays that run on its Panther and Panther Fusion systems as its worldwide molecular diagnostics business brought in $995.3 million for an increase of 457.6% year-over-year.

“Hologic had a strong start to fiscal 2021 across all our businesses and major geographies,” Hologic chairman, president & CEO Steve MacMillan said in a news release. “Our Diagnostics division continued to deliver incredible performance by maki…

These medtech stocks performed the best in 2020

(From Ishant Mishra on Unsplash)

While 2020 did not go as planned for anyone, with the twists and turns came opportunities for medtech companies to power forward.

Innovations came both as a result of the COVID-19 pandemic and perhaps in spite of the challenges brought on by the virus, highlighted by the increased efforts to produce vaccines and testing while pivoting to artificial-intelligence-based and remote care.

Companies like Moderna arose from nowhere, climbing from a share price of $19.52 to $104.47 over the course of the year as it established itself as a frontronner in the race to get a COVID-19 vaccine to the public, eventually becoming the second vaccine authorized in the U.S.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — has hit new heights over the course of 2020, indicating the upward trajectory of the industry. Over the course of the year, the index grew from a total of $86.8…

These medtech stocks performed the best in 2020

(From Ishant Mishra on Unsplash)

While 2020 did not go as planned for anyone, with the twists and turns came opportunities for medtech companies to power forward.

Innovations came both as a result of the COVID-19 pandemic and perhaps in spite of the challenges brought on by the virus, highlighted by the increased efforts to produce vaccines and testing while pivoting to artificial-intelligence-based and remote care.

Companies like Moderna arose from nowhere, climbing from a share price of $19.52 to $104.47 over the course of the year as it established itself as a frontronner in the race to get a COVID-19 vaccine to the public, eventually becoming the second vaccine authorized in the U.S.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — has hit new heights over the course of 2020, indicating the upward trajectory of the industry. Ove…

Hologic says revenue nearly doubled in Q1

Hologic (NSDQ:HOLX) announced today that its revenues nearly doubled year-over-year in the first quarter of fiscal 2021.

Marlborough, Mass.-based Hologic expects to report revenues of more than approximately $1.6 billion, an increase of 89.3% from the first quarter of 2020. That tops the company’s November guidance of between $1.35 billion and $1.425 billion for the quarter ended Dec. 26, 2020, according to a news release.

“Hologic’s strong momentum continued in the first quarter of fiscal 2021 as organic revenue more than doubled, well ahead of our prior expectations,” Hologic chairman, president & CEO Steve MacMillan said in the release. “Thanks to the incredible efforts of our diagnostics team, we provided almost 30 million COVID-19 tests to global customers in the quarter. Importantly as well, our breast Health and surgical businesses showed remarkable strength, with each franchise posting growth in all major geographies – the United States, Europ…

Hologic to acquire Biotheranostics for $230M

Hologic (NSDQ:HOLX) announced that it agreed to acquire molecular diagnostic test maker Biotheranostics for approximately $230 million.

Privately held, commercial-stage Biotheranostics provides molecular diagnostics for breast and metastatic cancers. Both of its tests are PCR-based gene expression tests which have been validated in large studies in areas of oncology with unmet needs and high growth potential, according to a news release.

Biotheranostics generated approximately $33 million in revenue during the 2020 calendar year. Marlborough, Mass.-based Hologic expects the acquisition to be slightly dilutive to its non-GAAP earnings per share for fiscal 2021, break-even in 2022 and accretive thereafter.

The companies expect the acquisition to close in February of this year, subject to antitrust clearance along with other customary closing conditions.

“We are thrilled that the Biotheranostics team will become part of Hologic’s diagnostic business,…

Hologic to buy Somatex and its biopsy site marker tech for $64M

Hologic (NSDQ:HOLX) announced today that it completed the acquisition of Somatex Medical Technologies GmbH for $64 million.

Marlborough, Mass.-based Hologic’s acquisition of the company, which was previously owned by E-Med Solutions GmbH, is slated to support its strategy of providing further solutions across the continuum of breast health care and across Europe, according to a news release.

Somatex’s products, which include minimally invasive devices for tumor diagnostics, biopsy and interventional specialties, are seen by Hologic as opportunities to add expertise and capabilities to its breast health care portfolio. Additionally, the company has already previously distributed Somatex’s Tumark family of tissue markers in the U.S.

“The acquisition of Somatex allows us to expand our biopsy portfolio by providing a suite of market-leading solutions that not only address our customers’ needs, but also improve the biopsy experience for thei…

Hologic launches $950M private offering

Hologic (NSDQ:HOLX) announced today that it launched a private offering worth $950 million in senior notes due in 2029.

Marlborough, Mass.-based Hologic said in a news release that it plans to use the proceeds collected from the offering, along with available cash, to refinance its existing 4.375% senior unsecured notes due in 2025, with current cash earmarked for transaction-related premiums, fees and expenses.

The company expects to redeem all outstanding 2025 notes on or about Oct. 15, 2020, subject to the completion of the offering and the receipt of the proceeds, totaling an aggregate redemption price of nearly $970.8 million, plus a final interest payment.

Just last week, Hologic shares ticked up after news that the company boosted its financial outlook for the fourth quarter, improved from projections in its third-quarter results from July, coming on the back of reporting a strong third quarter boosted by COVID-19 test sales.

HOLX shares ha…

MedTech 100 roundup: Stocks brought back down again

A week after topping pre-pandemic highs, the medtech industry’s stocks were brought back down to earth in quick fashion.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week at 89.03 (Sep. 11), marking a -0.3% dip from the 89.29 points registered at the end of the week prior (Sep. 4).

However, the slight dip from week-to-week doesn’t show that, just before the Sep. 4 mark, medtech stocks had reached 93.11 points on Sep. 2, coming in nearly a full point ahead of the pre-pandemic high of 92.32, which the market reached on Feb. 19.

During the week, the index dipped down to 88.22 points, which is the lowest total it has reached since it sat at 87.06 on July 16. By climbing back up to 89.03, the index now represents a -4.4% drop from the Sep. 2 high point and a -3.6% drop from the pre-pandemic high set on Feb. 19.

Meanwhile, the S&P 500 Index saw a -2.5% dip from Sep…