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MARLBOROUGH, Mass. - Hologic, Inc. (NASDAQ:HOLX) shares surged 7.3% after the women’s health company reported fiscal third-quarter earnings that exceeded analyst expectations and a strong full-year outlook, driven by strong performance across its business segments.
The medical technology company posted adjusted earnings of $1.08 per share on revenue of $1.02 billion for the quarter ended June 28, beating analyst estimates of $1.05 per share on $1.01 billion in revenue. Revenue increased 1.2% YoY, while adjusted earnings rose 1.9% compared to the same period last year.
"We are pleased to have delivered revenue and non-GAAP earnings growth in the third quarter that exceeded our guidance ranges," said Stephen P. MacMillan, Hologic’s Chairman, President and Chief Executive Officer. "And we made great progress toward returning to better top- and bottom-line growth in the fourth quarter, driven by the continued rebound of our Breast Health business and solid performances by our other divisions."
The company’s Diagnostics division revenue increased 1.8% to $448.9 million, with molecular diagnostics revenue growing 3.2%. Excluding COVID-19 revenue, organic diagnostics sales grew 3.9%. Surgical revenue rose 7.1% to $178.4 million, primarily driven by the acquired Gynesonics business and strong international sales.
For the fourth quarter, Hologic expects adjusted earnings of $1.09 to $1.12 per share on revenue of $1.03 billion to $1.04 billion, above the consensus estimate of $1.07 per share. The company also raised its full-year guidance, now projecting adjusted earnings of $4.23 to $4.26 per share on revenue of $4.08 billion to $4.09 billion.
"In the fourth quarter we continue to expect mid-single-digit growth in organic, constant currency revenue excluding COVID," said Karleen Oberton, Hologic’s Chief Financial Officer. "We also forecast non-GAAP earnings per share will grow faster than revenue, helped in part by our tariff mitigation efforts."
The company maintained strong cash flow from operations at $343.2 million in the third quarter and repurchased 0.7 million shares for $36 million.
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