Hologic posts 2.3% fall in Q4 FY21 revenue as Covid-19 assay sales drop

November 2, 2021 (Last Updated November 2nd, 2021 15:46)

Hologic’s revenues in Q4 fiscal year 2021 totalled $1.32bn.

Hologic posts 2.3% fall in Q4 FY21 revenue as Covid-19 assay sales drop
Hologic’s satellite office in Santa Clara, California. Credit: Ixfd64 / commons.wikimedia.org.

US-based medical technology company Hologic has reported a 2.3% fall in revenue in the fourth quarter of the fiscal year (FY21), which ended on 25 September.

The company’s revenues in Q4 FY21 totalled $1.32bn, down from $1.35bn recorded in the prior-year quarter.

The drop was primarily attributed to lower Covid-19 assay sales, compared to the prior-year period.

However, Hologic said that organic revenue grew 12% on a constant currency basis, excluding the revenues generated from the sales of Covid-19 assays and related products.

The company’s quarterly revenue in the US fell 4.4% to $950.6m, while international revenue grew by 3.9% to $366m.

Net income in Q4 FY21 was $328.8m, down from $493.6m in Q4 FY20. GAAP diluted earnings per share (EPS) stood at $1.28 for the fiscal fourth quarter of 2021.

The company’s total operating expenses grew from $299m in Q4 FY20 to $388.6m Q4 FY21 on a year-on-year basis.

Hologic chairman, president and CEO Steve MacMillan said: “Our excellent top- and bottom-line results in the fourth quarter of fiscal 2021 exceeded expectations and capped off a remarkable year.

“In 2021, we lived into our Purpose, Passion and Promise by showcasing our team’s incredible ability to respond simultaneously to the world’s women’s health and Covid-19 testing needs, which drove annual revenue growth of 47% to more than $5.6bn.”

Headquartered in Marlborough, Massachusetts, Hologic primarily focuses on women’s health.

In FY22, the company expects strong financial results based on growth in the core women’s health businesses as well as Covid-19 assay sales.

Last month, Hologic’s Aptima SARS-CoV-2/Flu test became available in North America and Europe.