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Hologic Preliminary Fiscal Q1 Revenues Down 27 Percent on COVID Sales Decline

NEW YORK – Hologic said on Sunday that its preliminary fiscal 2023 first quarter revenues are expected to decline 27 percent year over year on softer COVID-19-related test sales.

For the three months ending Dec. 31, the company anticipates revenues to shrink to $1.07 billion from $1.47 billion a year ago, but still above the analysts' average estimate of $966.4 million.

The projected totals would also beat the firm's Q1 revenue guidance of $940 million to $990 million announced Oct. 31.

The expected overall revenue decline is mostly related to waning COVID-19 testing revenue, although the Marlborough, Massachusetts-based firm gained back some of that ground through its other organic molecular diagnostics business. It expects overall diagnostic business revenues of $559.3 million for the quarter, down 41 percent from $950.4 million in the year-ago quarter. Its organic diagnostics business revenues excluding COVID-19 testing are expected to rise 12 percent, to $387.7 million from $345.5 million, and its organic molecular diagnostics business excluding COVID-19 testing are projected to rise 22 percent, to $260.9 million from $214.8 million.

First quarter Breast Health revenues are expected to be $334.2 million, down 7 percent year over year from $359.3 million, while Gynecologic Surgical revenues are expected to be $154.1 million, a 15 percent rise year over year from $134.3 million, and Skeletal Health revenues are expected to total $26.6 million, a 2 percent drop from $27.1 million a year ago.

“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,” Hologic 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.”

The firm expects Q1 non-GAAP diluted earnings per share to be above its guidance of $.80 to $.90 announced Oct. 31.

In early trading on the Nasdaq, Hologic's shares were up 4 percent to $81.04 per share on the Nasdaq.