The revenues dropped in the quarter due to decreased sales of Covid-19 assays. Credit: fernando zhiminaicela from Pixabay.

Hologic has reported a non-GAAP net income of $231.3m in the third quarter (Q3) of 2023, a 4.2% fall compared with $241.5m in the year-ago period.

For the quarter that ended 1 July 2023, the company’s revenues were $984.4m, a decrease of 1.8% against $1bn in last year’s quarter.

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The drop in revenues was due to decreased sales of Covid-19 assays compared to the same period in the previous year.

Hologic’s operating expenses rose to $366.1m during the quarter from $285.9m in the same quarter of last year.

Its adjusted earnings before interest, taxes, depreciation and amortisation for the quarter stood at $311.9m, down 10.4% compared to $348.3m a year earlier.

For the quarter, the company reported a non-GAAP gross margin of 60.8% and diluted earnings per share of $0.16.

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Hologic chairman, president and CEO Steve MacMillan said: “Our results once again highlight that Hologic’s transformation and post-pandemic performance is durable.

“Our business is operating from a position of strength, with all of our franchises growing double-digits in the period excluding Covid. As we close out fiscal 2023 and look forward to fiscal 2024, it’s clear we are poised for success and built for the long term.”

For nine months that ended 1 July 2023, the company reported a non-GAAP net income of $764.9m, a decline of 42% compared with $1.3bn in the previous year’s quarter.

It posted total revenues of $3.08bn as against $3.9bn in the prior year.