Hologic dips after posting Q1 earnings beat, revises guidance

Hologic (NSDQ:HOLX) saw shares dip slightly yesterday after posting its fiscal year 2016 Q1 earnings, beating the street across all points and adjusting earnings per share guidance up.

The Marlborough, Mass.-based company reported profits of $84.9 million, or 29¢ per share, on sales of $695.2 million for the 3 months ended December 26.

That amounts to a substantial 190.8% bottom-line gain on sales growth of 6.5% compared with Q1 2014.

Adjusted to exclude 1-time items, earnings per share were 46¢, beating Wall Street analyst expectations of 42¢. The company handily topped revenue expectations of $688.8 million for the quarter.

“We are pleased with our 1st quarter financial results overall. Our U.S. businesses again performed exceptionally well, with double-digit revenue growth. This contributed to improvement in our already strong operating margin, and earnings per share growth at nearly 3 times the rate of revenue,” CEO Steve MacMillan said in a press release.

Hologic saw shares dip despite the beats, dropping approximately 1.8% to close at $35.77 yesterday.

Along with earnings, the company adjusted its guidance for the coming quarter and full FY2016.

Hologic raised its EPS guidance for the year, lifting it from $1.80 – $1.84 to $1.86 – $1.90. Revenue expectations for 2016 got a slight drop, moving to $2.80 – $2.83 billion from its previously listed $2.81 – $2.84 billion.

For the coming quarter, Hologic expects to see revenues between $680 and $690 million, with EPS between 45¢ to 46¢.

“Building on our solid performance in the 1st quarter, we are updating our fiscal 2016 revenue guidance based on a stronger U.S. dollar, but increasing our EPS guidance to reflect greater-than-expected earnings power,” CFO Bob McMahon said in prepared remarks.

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