Hologic announces financial results for first quarter of fiscal 2024

Hologic, Inc. announced the Company’s financial results for the fiscal first quarter ended December 30, 2023.

“We delivered strong revenue and profitability to start fiscal 2024, exceeding the high-end of our guidance for both the top-line and the bottom-line. Adjusting for the four fewer selling days in the quarter, we estimate our organic growth rate ex. Covid-19 was in the high single digits, highlighting the bigger, faster, stronger Hologic we are today,” said Stephen P. MacMillan, the Company’s Chairman, President and Chief Executive Officer. “Each one of our divisions delivered solid results setting the stage for another strong fiscal year. We are excited to continue our durable and dependable performance as we progress through fiscal 2024.”

Recent highlights

• Revenue of $1,013.1 million decreased (5.7%) for the quarter, or (6.4%) in constant currency, primarily driven by lower sales of Covid-19 assays compared to the prior year period, as expected.
  • Excluding Covid-19 revenues, total organic revenue grew 6.1%, or 5.2% on a constant currency basis despite the prior year period including four extra selling days.
• Diagnostics revenue decreased (19.9%), or (20.6%) in constant currency, primarily driven by lower sales of Covid-19 assays compared to the prior year period.
  • Excluding Covid-19 revenues, Diagnostics revenue declined (0.9%) on an organic, constant currency basis.
  • Molecular Diagnostics revenue declined (24.8%), or (25.4%) in constant currency, primarily driven by lower sales of Covid-19 assays compared to the prior year period.
  • Excluding Covid-19 revenues, Molecular Diagnostics revenue grew 1.9% on an organic, constant currency basis.
• Breast Health revenue increased 13.0%, or 12.2% in constant currency, primarily due to higher capital equipment revenue compared to the prior year period as supply chain headwinds impacted our ability to manufacture sufficient units to meet demand in fiscal Q1 2023.
• Surgical revenue grew 5.3%, or 4.6% in constant currency, primarily driven by strong results from MyoSure, Fluent Fluid Management, and Laparoscopy.
• Cash flow from operations remained strong in the first quarter at $220.0 million. In addition, during the current quarter the Company executed a $500 million accelerated share repurchase agreement (ASR), repurchased 2.2 million shares of its stock in open market trades for $150 million, and paid down $250 million of outstanding floating rate debt under its credit agreement.

For full financial results click.
MB Bureau