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Hologic Posts 7 Percent Q1 Revenue Growth

NEW YORK (GenomeWeb) – Hologic reported after the close of the market Wednesday that its first quarter revenues increased 7 percent year over year , driven by the international blood screening market and the domestic molecular diagnostics market.

The Bedford, Mass.-based firm reported total revenues of $652.8 million for the three months ended Dec. 27, 2014, up from $612.5 million for Q1 2014 and in line with its announcement earlier this month of preliminary revenues of $653 million.

Hologic reported molecular diagnostics revenues of $119.1 million, up from $112.8 million in Q1 2014, which the firm credited to strong sales growth in the domestic market. Blood screening revenues were up 14 percent year over year to $64.9 million from $51.3 million, driven by the firm's partnership with Grifols, which signed an agreement to perform blood screening services for the Japanese Red Cross Society.

The firm said that it will ramp up R&D for its diagnostics pipeline and expects new products for the Procleix Panther System over the next few years, including viral load testing.

Sales of its diagnostics products totaled $304.1 million in the quarter, up 6 percent year over year, while breast health sales were up 7 percent at $242 million, GYN surgical sales were also up 7 percent at $84.4 million, and skeletal health sales increased nearly 5 percent to $22.3 million.

US revenues grew 6 percent in the quarter to $483.3 million from $457.6 million year over year, and international revenues were up 9 percent to $169.5 million from $154.9 million, largely based on Grifols' deal with the Japanese Red Cross.

Hologic posted net income of $29.2 million, or $.10 per share, as opposed to a $5.3 million loss, or $.02 per share, in Q1 2014. On a non-GAAP basis, its EPS was $.39 versus $.34 for Q1 2014, beating analysts' consensus estimate of $.36.

The firm reported cash and cash equivalents of $544 million and restricted cash of $5.1 million as of the end of the first quarter. Its financial guidance projected revenues of $640 million to $650 million for Q2 2015, or $.38 to $.39 per share.

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