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Hologic Preliminary Fiscal Q1 Revenues Drop 9 Percent

NEW YORK ─ Hologic on Sunday announced preliminary financial results for its fiscal first quarter ended Dec. 25, saying it expects total revenues of approximately $1.47 billion, a drop of 9 percent compared to $1.61 billion in Q1 2021. Analysts on average expect Q1 revenues of $1.13 billion.

On Nov. 1, 2021, Marlborough, Massachusetts-based Hologic had guided for Q1 revenues of between $1.10 billion and $1.15 billion.

"We expect to report a very strong start to fiscal 2022 across-the-board, with first quarter revenue well above our guidance," Steve MacMillan, the company’s chairman, president, and CEO, said in a statement.

In the Diagnostics division, Hologic "over-delivered in our base business while meeting heavy demand for COVID-19 testing," he said.

The firm expects fiscal Q1 Diagnostics revenues of $950.4 million, down 16 percent compared to $1.13 billion in the prior-year quarter. Excluding COVID-19 revenues, it anticipates Q1 organic Diagnostics revenues of $320.8 million, up 10 percent from $291.9 million in Q1 2021.

First quarter Breast Health revenues are expected to be $359.4 million, up 8 percent year over year compared to $332.7 million; Gynecologic Surgical revenues are expected to be $134.3 million, up 8 percent year over year compared to $124.0 million; and Skeletal Health revenues are expected to be $27.1 million, up 9 percent year over year compared to $24.9 million.

Excluding its divested blood screening business and the acquisitions of Biotheranostics, Diagenode, Mobidiag, and Bolder Surgical, Hologic expects organic Q1 revenues of $1.43 billion, down 11 percent year over year from $1.60 billion. Excluding COVID-19 revenues, it expects Q1 organic revenues of $840.9 million, up 9 percent from $773.4 million in fiscal Q1 last year. MacMillan noted that by comparison, Hologic has a long-term organic growth target of 5 to 7 percent.

The firm expects non-GAAP diluted earnings per share to be "significantly higher" than its guidance for EPS of $1.15 to $1.25 announced on Nov. 1.

Hologic expects to announce full financial results for its fiscal first quarter on Feb. 2.

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