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July 28, 2022

Hologic reports decline in Q3 fiscal 2022 revenue

The decline in revenue is mainly due to fewer Covid-19 assay sales and supply chain shortages of semiconductor chips.

Hologic has reported $1.003bn revenue in the fiscal third quarter of the year, representing a 14.2% decline compared to revenue of $1.168.3bn in the same quarter of fiscal 2021.

The decrease in the company’s revenue is mainly due to a decline in international sales of Covid-19 assays and supply chain shortages of semiconductor chips for its Breast Health business.

Hologic’s GAAP net income for the quarter stood at $228.4m, representing a 14.9% decrease compared to $268.4m net income reported in the same quarter last year.

The global revenue of Hologic’s Breast Health business was $282.8m, a 19% decline compared to $349m in the third quarter of fiscal 2021.

This was mainly due to semiconductor chip shortages, but the company stated that the demand for gantry remained strong.

Excluding Covid-19 revenue, the global organic molecular diagnostics revenue increased more than 20% on a constant currency basis.

In the global diagnostics business, total revenue fell by 15.8% to $560.1m, compared to $665.5m reported in the third quarter of fiscal 2021.

The majority of this decline was due to fewer sales of Covid-19 tests, however excluding Covid-19 revenues, the diagnostics revenues grew 15% on an organic, constant currency basis.

For the Surgical business, the global revenue grew by 8% to $138.1m, which was mainly due to sales for MyoSure, Fluent Fluid Management System and Bolder.

Hologic chairman, president and CEO Steve MacMillan said: “In our third quarter of fiscal 2022, Hologic delivered exceptionally strong growth in our base Diagnostics and Surgical franchises, powering financial results that meaningfully exceeded our guidance for both revenue and profitability.

“With strength in our base business, a natural hedge to Covid outbreaks, plus a fortified balance sheet and robust cash flow, we have high confidence in our business.”

During the quarter, the company received CE mark for its Panther Fusion EBV Quant assay, Panther Fusion BKV Quant assay, Panther Fusion SARS-CoV-2/Flu A/B/RSV assay and Novodiag RESP-4 molecular diagnostic test.

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