Hologic stock gains after company offers upbeat revenue numbers

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Shares of Hologic Inc. are up 5% in premarket trading Friday after the medical technology company posted preliminary revenue figures ahead of the consensus forecast. The company expects to report revenue of $1.61 billion for its fiscal first quarter that ended Dec. 26, up from $850.5 million a year earlier. Analysts surveyed by FactSet were modeling $1.39 billion for the quarter and Hologic’s own outlook called for $1.35 billion to $1.43 billion. The company saw diagnostic sales of $1.23 billion, according to the preliminary results, ahead of the FactSet consensus of $940 million for that unit. “Thanks to the incredible efforts of our Diagnostics team, we provided almost 30 million COVID-19 tests to global customers in the quarter,” Chief Executive Steve MacMillan said in a release. The company also said that it expects adjusted earnings per share “to be significantly higher” than the outlook Hologic delivered in November. That called for $1.88 a share to $2.03 a share. Hologic announced in its release that its board of directors approved a new five-year share repurchase plans for $1 billion. During the fiscal first quarter, Hologic bought back nearly 1.5 million shares of its stock for $101 million under an earlier buyback authorization. The company also paid off the $250 million balance on its revolving credit facility during the period. Shares have added 13% over the past three months as the S&P 500 has risen 11%.
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