Hologic, Inc. (NASDAQ:HOLX) has announced preliminary first-quarter revenue that beat recent guidance, sending its shares higher.
The innovative medical technology company told investors it expects to report total revenues of approximately $1.1 billion for the three months ended December 31, 2022, a decrease of 27% compared to the prior year period - or 25% in constant currency.
Hologic said the preliminary results are higher than its most recent revenue guidance range of $940 to $990 million, which it provided on October 31, 2022.
“We delivered robust revenue performance in our fiscal first quarter of 2023, with our Diagnostics and Surgical businesses growing organically double-digits in constant currency, excluding COVID,” the company’s CEO Steve MacMillan said in a statement.
“In addition, recovery in our Breast Health business is underway, with results ahead of our prior estimate for the quarter,” he added. “Our preliminary revenue results once again showcase the strength of our franchises, with more growth drivers in each, powering Hologic in fiscal 2023 and beyond.”
The company said it expects non-GAAP diluted earning per share for the quarter also to be above the guidance range of $.080 and $0.90 provided in October. It intends to provide its full financial results for the period on February 1.
Its shares traded 4.5% higher by noon in New York.
Hologic is an innovative medical technology company primarily focused on improving women's health and well-being through early detection and treatment.
Contact the author at stephen.gunnion@proactiveinvestors.com