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Hologic Gains on Q1 Earnings

Hologic (NASDAQ:HOLX) gained Thursday after reporting first-quarter earnings per share above expectations and previous guidance, according to FactSet. Hologic also said its revenue was in line with expectations for the quarter.

Revenue of $1,074.2 million decreased (27.0%) for the quarter, or (25.1%) in constant currency, primarily driven by lower sales of COVID-19 assays and supply chain challenges related to semiconductor chips in our Breast Health business compared to the prior year period. Revenue, however, was significantly higher than the Company’s guidance of $940 to $990 million provided last quarter.

Cash flow from operations remained very strong in the first quarter at $253.4 million. In addition, the Company repurchased 1.5 million shares of its stock for $100 million in the quarter.

The company was named to the annual lists of Top Workplaces in both The Boston Globe and The San Diego Union-Tribune, ranking fifth on the list for largest companies in Massachusetts and fourth for large companies in San Diego County.

Said CEO Steve MacMillan, “We had a strong start to our fiscal year with double-digit organic revenue growth ex. COVID-19 in our Diagnostics and Surgical businesses, as well as encouraging signs of recovery in our
Breast Health business. In addition, we are increasing our full-year fiscal 2023 guidance for both revenue and EPS, highlighting the confidence we have in our businesses despite an uncertain macro environment.”

HOLX shares lost 38 cents to $82.40.