HOLX - Hologic cites COVID-19 testing to raise 2022 guidance ahead of consensus

Hologic (NASDAQ:HOLX) is trading ~3% higher in the post-market after the healthcare equipment company posted better than expected financials for first quarter of fiscal 2022 and raised the guidance on the strength of COVID-19 testing and base business. Despite the strong revenue beat, the topline slipped ~9% YoY on a reported basis to $1.5B exceeding the company’s guidance for the quarter. Organically revenue grew 9.0% YoY on a constant currency basis compared to the long-term goal of 5% – 7% YoY growth. Global revenue for the Breast Health and GYN Surgical divisions jumped ~8% YoY each partially offsetting the underperformance of global diagnostics segment where revenue plunged ~15% YoY to $950.4M. COVID-19 revenues fell ~29% YoY to $522.8M. Biggest revenue generator, the U.S. added $1.0B revenue indicating a ~11% YoY decline while international revenue dropped ~3% YoY to $458.7M. While non-GAAP operating margin slipped 1,080 basis points to 49.4% mainly due to

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Hologic cites COVID-19 testing to raise 2022 guidance ahead of consensus