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Hologic
🇺🇸 NASDAQ:HOLX
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Dec 30, 2023

Hologic Q1 2024 Earnings Report

Hologic's first quarter of fiscal year 2024 earnings were announced, with revenue of $1,013.1 million and GAAP diluted EPS of $1.03, both exceeding guidance.

Key Takeaways

Hologic reported a revenue of $1,013.1 million for the first quarter of fiscal year 2024, a decrease of 5.7% compared to the prior year, but exceeded their guidance. GAAP diluted EPS was $1.03 and non-GAAP diluted EPS was $0.98, also exceeding guidance. Total organic revenue growth excluding COVID-19 was 5.2% in constant currency.

Revenue of $1,013.1 million decreased (5.7%) for the quarter, or (6.4%) in constant currency, primarily driven by lower sales of COVID-19 assays compared to the prior year period.

Excluding COVID-19 revenues, total organic revenue grew 6.1%, or 5.2% on a constant currency basis despite the prior year period including four extra selling days.

Breast Health revenue increased 13.0%, or 12.2% in constant currency, primarily due to higher capital equipment revenue compared to the prior year period as supply chain headwinds impacted our ability to manufacture sufficient units to meet demand in fiscal Q1 2023.

Cash flow from operations remained strong in the first quarter at $220.0 million.

Total Revenue
$1.01B
Previous year: $1.07B
-5.7%
EPS
$0.98
Previous year: $1.07
-8.4%
Gross Profit
$568M
Previous year: $618M
-8.2%
Cash and Equivalents
$1.93B
Previous year: $2.44B
-20.9%
Free Cash Flow
$182M
Total Assets
$8.47B
Previous year: $9.29B
-8.8%

Hologic

Hologic

Hologic Revenue by Segment

Hologic Revenue by Geographic Location

Forward Guidance

Hologic is guiding for the second quarter of fiscal year 2024 with revenue between $990 million and $1,010 million and non-GAAP EPS between $0.95 and $1.00. For the full fiscal year 2024, Hologic is guiding for revenue between $3,990 million and $4,065 million and non-GAAP EPS between $3.97 and $4.12.

Positive Outlook

  • Revenue between $3,990 and $4,065 million for fiscal year 2024.
  • GAAP EPS between $3.52 and $3.67 for fiscal year 2024.
  • Non-GAAP EPS between $3.97 and $4.12 for fiscal year 2024.
  • Revenue between $990 and $1,010 million for Q2 2024.
  • GAAP EPS between $0.77 and $0.82 for Q2 2024.

Challenges Ahead

  • Fiscal 2024 has four fewer selling days compared to fiscal 2023, which is estimated to be a headwind of more than 100 bps for the full year.
  • Revenue guidance for Q2 2024 reflects a decrease of (3.6%) to (1.6%).
  • Constant Currency Revenue guidance for Q2 2024 reflects a decrease of (3.7%) to (1.8%).
  • GAAP EPS guidance for Q2 2024 reflects a decrease of (11.5%) to (5.7%).
  • Non-GAAP EPS guidance for Q2 2024 reflects a decrease of (10.4%) to (5.7%).

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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