Hologic raises guidance after fiscal Q3 earnings top street

Hologic (NSDQ:HOLX) announced fiscal Q3 results today that soundly beat street expectations for the company.

Bedford, Mass.-based Hologic reported profits of $29.4 million, or 10¢ per share on sales of $693 million for the 3 months ended June 27. The numbers soundly beat street sales expectations by nearly $40 million.

Hologic saw a 160.2% bottom-line gain on sales growth of 9.7% compared to the same period last year.

Adjusted to exclude 1 time items, earnings per share were 43¢ per share, beating Wall Street analysts expectations by 3¢. The good news sent shares up 9.86% to $41.78 in mid-day trading.

“Our 3rd quarter financial results demonstrate the significant progress we have made in building a company that can grow sustainably on both the top and bottom lines. Growth was led by accelerated adoption of our Genius 3D mammography systems, but our diagnostics and surgical businesses also showed broad-based strength.  While we are proud of our accomplishments to date, we also believe we have multiple growth opportunities still ahead of us,” CEO Steve MacMillan said in a press release.

Based on its strong performance this quarter the company raised its guidance for the year, lifting its revenue outlook from $2.6 – $2.62 billion to $2.69 – $2.7 billion and its EPS guidance from $1.57 – $1.59 to $1.65 – $1.66.

Hologic lifted its outlook earlier this year in May after topping Q2 earnings that beat street analyst expectations on EPS by 2¢.

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