Lower sales of COVID tests drag down Hologic Q2 revenues

2020 01 02 21 24 9838 Hologic Rsna 2019 400

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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