Hologic (HOLX) Prelim. Q1 Revenue Guidance Beats

Hologic, Inc. (Nasdaq: HOLX) announced today preliminary revenue results for its first fiscal quarter ended December 26, 2020.

The Company expects to report total revenues of approximately $1,609.8 million, an increase of 89.3% compared to the prior year period, or 86.5% in constant currency. These preliminary results compare to the Company’s most recent guidance range of $1,350 to $1,425 million, which was provided on November 4, 2020.

(*Consensus sees Q1 revenue of $1.38 billion)

“Hologic’s strong momentum continued in the first quarter of fiscal 2021 as organic revenue more than doubled, well ahead of our prior expectations,” said Steve MacMillan, the Company’s Chairman, President and Chief Executive Officer. “Thanks to the incredible efforts of our Diagnostics team, we provided almost 30 million COVID-19 tests to global customers in the quarter. Importantly as well, our Breast Health and Surgical businesses showed remarkable strength, with each franchise posting growth in all major geographies – the United States, Europe and Asia-Pacific. I am so proud of how our teams are showing up for our customers around the world every day.”

Global revenues by division are expected to be:

Hologic has not yet completed its financial close processes for the first quarter of 2021, so GAAP financial results for the quarter have not yet been finalized. However, the Company expects non-GAAP diluted earnings per share (EPS) to be significantly higher than the guidance provided on November 4, 2020.

Hologic intends to provide its full financial results for the first quarter on January 27, 2021. Until that time, the preliminary revenue results described in this press release are estimates only and are subject to revisions that could differ materially. When the Company reports its first quarter results, it also expects to provide financial guidance for the second quarter of fiscal 2021, following the completion of its quarterly forecasting process.

Share Repurchases, Debt Reduction

Hologic also announced today that its Board of Directors recently approved a new, five-year, $1.0 billion share repurchase plan. Under its prior authorization, the Company repurchased nearly 1.5 million shares of stock for $101 million in the first quarter.

In addition, during the first quarter the Company paid off the $250 million balance on its revolving credit facility.

J.P. Morgan Healthcare Conference

Hologic is providing these updates in advance of its participation in the 39th Annual J.P. Morgan Healthcare Conference, which begins on Monday, January 11, 2021. The Company will post its conference presentation to the investors section of its website at www.investors.hologic.com. Live webcasts of the Company’s presentation and question and answer session, which begin at 11:40 a.m. Eastern Time Monday, also may be accessed there. The webcasts will be available for 30 days.

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