NEW YORK – Hologic on Friday increased its revenue guidance for its fiscal fourth quarter on strong sales of its COVID-19 tests and other products.
In a document filed with the US Securities and Exchange Commission, the Marlborough, Massachusetts-based company forecast total revenues in Q4 to increase between 54 percent and 60 percent, which would translate to revenues of between $1.23 billion and $1.28 billion. On its third quarter earnings call, Hologic predicted a revenue increase of between 6.8 percent and 18.4 percent, translating to revenues of between $925 million and $1.03 billion.
The firm had previously also predicted EPS to be between $.73 and $.93 for Q4, but it said it now expects the increased revenue will likely drive EPS "significantly above" this prior guidance.
The forecast increase is the result of Hologic's continued increasing supply chain capacity leading to increased production and strong demand for COVID-19 tests and Panther instruments for those tests, as well as other related products. Hologic also said its breast and skeletal business, as well as its surgical division, have performed slightly better than they predicted.
Hologic's two SARS-CoV-2 assays that have received Emergency Use Authorization from the US Food and Drug Administration run on its Panther and Panther Fusion instruments.
In early morning trading on the Nasdaq, Hologic's shares were up 5 percent to $62.91.