Hologic stock higher after company reports ‘strong’ sales of COVID-19 tests

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Shares of Hologic Inc. rose more than 4% in the extended session Wednesday after the medical technology company beat Wall Street expectations for its fiscal fourth quarter and called for continued “strong financial performance” in the current quarter thanks in part to its COVID-19 test business. Hologic said it earned $495 million, or $1.88 a share, contrasting with a loss of 46 cents a share in the year-ago period. Adjusted for one-time items, the company earned $2.07 a share, tripling the year-ago’s adjusted EPS. Revenue rose 56% to $1.35 billion. Analysts polled by FactSet had expected Hologic to report an adjusted profit of $1.23 a share on sales of $1.12 billion. “Strong sales” of COVID-19 tests offset declines in other businesses, the company said. “We expect our strong financial performance to continue in the first quarter of fiscal 2021, driven by our COVID tests and continued recovery of our other businesses,” Chief Financial Officer Karleen Oberton said in a statement. Hologic guided for fiscal first-quarter revenue between $1.35 billion and $1.425 billion and adjusted EPS between $2.10 and $2.25. The shares ended the regular trading day up 2.5%.
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