Lower sales of COVID tests drag down Hologic Q2 revenues

By AuntMinnieEurope.com staff writers

May 2, 2022 -- Hologic reported revenue decreases for the second quarter of the 2022 fiscal year. The company said that lower sales of COVID-19 assays in its Diagnostics division was a major factor in the decline.

The company reported second-quarter revenue to be $1.436 billion (1.364 billion euros), which represents a decrease of 6.6% for the quarter (end-26 March) compared with sales of $1.538 billion (1.461 billion euros) in the same period the year before. Hologic said the decline was primarily driven by lower sales of COVID-19 assays compared with the prior-year period.

However, the company also said that revenue was "significantly" higher than its guidance of $1.25 billion (1.19 billion euros) to $1.3 billion (1.2 billion euros) provided last quarter.

Not including revenue from COVID-19 diagnostic tests, the company's revenue in its Diagnostics division was $290.4 million (275.9 million euros), up 2.8% compared with sales of $282.5 million in the same period the year before. Including COVID-19 diagnostics, revenues in the division fell 7.3%.

In the company's Breast Health division, revenues were $310.4 million (294.9 million euros), down 7.7% compared with revenues of $336.3 million (319.5 million euros) in the same period the year before. Sales of breast imaging systems fell 9.2%.


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