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Hologic Preliminary Fiscal Q1 Revenues Rise 89 Percent on Coronavirus Testing

NEW YORK – Hologic on Friday announced preliminary revenue growth of 89 percent for its fiscal first quarter 2021. Excluding acquisitions and divestitures, its organic revenue is expected to more than double, the firm said.

For the three months ended Dec. 26, 2020, the Marlborough, Massachusetts-based company expects to report total revenues of approximately $1.61 billion compared to $850.5 million in fiscal Q1 2020, which is above the consensus Wall Street estimate of $1.38 billion and Hologic's guidance in November 2020 in the range of $1.35 billion to $1.43 billion.

"Hologic’s strong momentum continued in the first quarter of fiscal 2021 as organic revenue more than doubled, well ahead of our prior expectations," Steve MacMillan, the company’s chairman, president, and CEO, said in a statement. The company provided almost 30 million COVID-19 tests to global customers in the quarter, he added.

The firm's Diagnostics division expects to post $1.13 billion in revenues for fiscal Q1 2021, up 262 percent from $311.5 million in the year-ago period. Excluding the divested blood screening business, the division's revenues are expected to be up 274 percent to $1.12 billion from $299.5 million.

Hologic's fiscal Q1 2021 Breast Health revenues are expected to rise less than 1 percent to $332.7 million from $331.1 million.

Gyn Surgical revenues are expected to rise 4 percent to $124.0 million from $119.1 million, and Skeletal Health revenues are expected to grow 6 percent to $24.9 million from $23.5 million. Its Medical Aesthetics business posted $65.3 million in Q1 2020 but no revenues for Q1 2021 because Hologic divested its Cynosure Medical Aesthetics business in 2019.

Hologic said it expects non-GAAP diluted earnings per share to be significantly higher than its previous guidance. In November it guided to EPS in the range of $1.88 to $2.03 and adjusted EPS in the range of $2.10 to $2.25.

The firm also announced on Friday that its board recently approved a new, five-year, $1.0 billion share repurchase plan. Under its prior authorization, the company repurchased nearly 1.5 million shares of stock for $101 million in the first quarter. In addition, during the first quarter the company paid off the $250 million balance on its revolving credit facility.

Hologic announced on Tuesday that it will acquire molecular diagnostics firm Biotheranostics for approximately $230 million.

In Friday morning trade on the Nasdaq, shares of Hologic were up 4 percent at $81.29.