Hologic has reported revenue of $953.3m in the fiscal fourth quarter (Q4) of the year, representing a 27.6% decline compared to $1.31bn revenue in the same quarter a year ago.

The decrease in revenue is mainly due to a decline in sales of Covid-19 assays as well as supply chain challenges related to semiconductor chips for the company’s Breast Health business.

For the quarter that ended on 24 September, the company’s Diagnostics revenue stood at $520.9m, representing a 37.8% decrease.

This was mainly driven by decreased Covid-19 assay sales compared to the same quarter last year.

Excluding Covid-19 revenue, Hologic ’s Diagnostics revenue increased by 11.1% on an organic, constant currency basis.

Its Molecular Diagnostics revenue was $400.2m in the reported quarter, representing a 43.2% decrease compared to $704.5m in the same quarter last year.

Excluding Covid-19 revenue, the company’s Molecular Diagnostics revenue increased by 17.2% on an organic, constant currency basis.

The revenue of Hologic’s Breast Health business was $275.1m, a 17.7% decline compared to $334.2m reported for the prior year period.

This was mainly driven by semiconductor chip shortages; however, the company believes that the demand for gantry remains strong and expects it to improve in the next fiscal year.

Revenue for the company’s Surgical business increased by 9.3%, from $122m in last year’s same quarter to $133.3m.

Hologic chairman, president and CEO Steve MacMillan said: “In our fourth quarter of fiscal 2022, Hologic delivered excellent results that significantly exceeded expectations, topping off another tremendous year.

“Fiscal 2022 was outstanding for Hologic. We dramatically strengthened our base businesses, responded with agility to the world’s Covid testing needs, and most importantly, helped more and more women around the world.

“Entering 2023, we see unprecedented strength across each of our core businesses and all are uniquely poised to deliver low double-digit constant currency organic revenue growth ex Covid-19 for the year.”