Hologic squeaks past Street with Q2 earnings

Hologic (NSDQ:HOLX) today released 2nd quarter 2016 earnings that beat the street and provided new guidance for the 2nd half of the year.

The Marlborough, Mass-based company reported profits of $68.9 million, or 24¢ per share, on sales of $693.3 million for the 3 months ended March 26, 2016. That amounts to a 44.1% bottom-line gain as sales grew 5.8% compared with the same period in 2015.

Adjusted to exclude 1-time items, earnings per share were 47¢, squeaking by Wall Street analysts estimates of 46¢. The company topped the Street’s rev estimates by just under $6 million.

Stocks haven’t moved much in after hours trading, dipping a slim 1.3% to trade at $37.33 as of 4:33 p.m. EDT.

The company released updated guidance for the next quarter and full fiscal year 2016 along with its earnings. For the next quarter, Hologic expects to see revenue between $695 and $705 million and earnings per share of 47¢ to 48¢.

For the full year, the company expects to see between $2.81 and $2.83 billion and earnings per share between $1.89 and $1.91.

“We posted another good quarter, highlighted by 14.6% growth in non-GAAP EPS. The strength of our business model was evident at multiple levels in the quarter. Our U.S. businesses grew revenue at a double-digit rate, we improved both gross and operating margins while making significant investments in our future, and we aggressively redeployed capital, leading to EPS growth more than double the rate of sales,” CEO Steve MacMillan said in prepared remarks.

Last week, Hologic said it won FDA 510(k) clearance for its Affirm prone biopsy system and launched the platform in the U.S.

The Affirm biopsy system is the 1st prone biopsy system to offer both 2D and 3D imaging-guided breast biopsies, the Marlborough, Mass.-based company claims. The device is designed to allow radiologists to target lesions found during 3D mammography exams.

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