– Revenue of $1,013.1 Million Exceeds Guidance –
– 5.2% Organic Constant Currency Revenue Growth ex. COVID-19, also Exceeding Guidance –
Hologic, Inc. (NASDAQ:HOLX) announced today preliminary revenue results for its first fiscal quarter ended December 30, 2023.
The Company expects to report total revenues of approximately $1,013.1 million, a decrease of (5.7%) compared to the prior year period, or (6.4%) in constant currency. These preliminary results exceed the Company’s most recent revenue guidance range of $960 to $985 million, provided on November 9, 2023.
“Once again we delivered strong organic revenue performance ex. COVID-19 to start our fiscal year 2024,” said Steve MacMillan, the Company’s Chairman, President and Chief Executive Officer. “Adjusted for the impact of four fewer selling days compared to the prior year, we estimate that we grew total company organic revenue ex. COVID-19 over 9% in our fiscal first quarter. Each division continues to execute and our preliminary revenue results reinforce that we are a new Hologic; a bigger, faster, stronger company than prior to the pandemic.”
Global revenues by division are expected to be:
| $s in millions |
Preliminary Q1’24 |
Q1’23 |
Reported Change |
Constant Currency Change |
| Diagnostics | $447.8 | $559.3 | (19.9%) | (20.6%) |
| Organic Diagnostics excluding COVID-191 | $388.1 | $387.7 | 0.1% | (0.9%) |
| Organic Molecular Diagnostics excluding COVID-19 | $268.1 | $260.9 | 2.8% | 1.9% |
| Breast Health | $377.7 | $334.2 | 13.0% | 12.2% |
| Organic Breast Health excluding SSI | $377.0 | $329.6 | 14.4% | 13.6% |
| GYN Surgical | $162.2 | $154.1 | 5.3% | 4.6% |
| Skeletal Health | $25.4 | $26.6 | (4.5%) | (5.6%) |
| Total | $1,013.1 | $1,074.2 | (5.7%) | (6.4%) |
| Organic revenue | $1,004.4 | $1,062.4 | (5.5%) | (6.2%) |
| Organic revenue excluding COVID-192 | $952.7 | $898.0 | 6.1% | 5.2% |
1Preliminary Q1’24 organic Diagnostics ex. COVID-19 revenues exclude COVID-19 assay revenue of $27 million, COVID-19 related revenue of $25 million, and Blood Screening revenue of $8 million.
2 Preliminary Q1’24 constant currency organic ex. COVID-19 revenue exceeds the Company’s most recent guidance of 1.0% to 3.7%, provided on November 9, 2023. The Company’s fiscal Q1’24 had four fewer selling days compared to the prior year period.
Hologic has not yet completed its financial close processes for the first quarter of fiscal 2024, therefore GAAP financial results for the quarter have not yet been finalized. However, the Company expects non-GAAP diluted earnings per share (EPS) to be towards the high-end of the guidance range of $0.92 to $0.97 provided on November 9, 2023.
Hologic intends to provide its full financial results for the first quarter on February 1, 2024. 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 updated financial guidance for the second quarter and full year of fiscal 2024, following the completion of its quarterly forecasting process.
