Hologic shares drop on Q3 sales miss

Shares in Hologic (NSDQ:HOLX) fell today after the medical device maker missed sales expectations on Wall Street with its 3rd quarter earnings results.

The Marlborough, Mass.-based company posted profits of $59.5 million, or 21¢ per share, on sales of $806.1 million for the 3 months ended June 25, seeing its bottom line shrink 29.8% while sales grew 12.4% compared to the same period last year.

Adjusted to exclude 1-time items, earnings per share were 50¢, just in line with the consensus on Wall Street, while revenues fell short of analyst’s expectations of  $817.1 million for the quarter.

“Hologic posted solid results in the 3rd quarter, with revenues exceeding our guidance. Our molecular diagnostics and international businesses are clearly emerging as new growth drivers, and both grew organically at a low-double-digit rate in constant currency.  In addition, Cynosure revenue finished in line with our guidance, driven by strong international performance,” prez & CEO Steve MacMillan said in a press release.

Hologic lowered its guidance for the full year, dropping its fiscal year 2017 sales outlook from between $3.05 billion and $3.08 billion to between $3.04 billon and $3.055 billion, with non-GAAP EPS dropping form between $2.00 and $2.02 to between $1.98 and $2.02.

For the 4th quarter, Hologic said it expects to see revenue between $785 million and $800 million, with non-GAAP eps of between 48¢ and 50¢.

Shares in Hologic have fallen in response, down 8.8% at $39.82 as of 10:52 a.m. EDT.

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