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Hologic
🇺🇸 NASDAQ:HOLX
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Mar 30, 2024

Hologic Q2 2024 Earnings Report

Hologic's financial performance was announced for Q2 2024, with revenue of $1,017.8 million and GAAP diluted EPS of $0.72. Revenue and non-GAAP diluted EPS exceeded guidance.

Key Takeaways

Hologic announced its Q2 2024 financial results, with revenue reaching $1,017.8 million. The company's GAAP diluted EPS was $0.72, and non-GAAP diluted EPS was $1.03. Revenue and non-GAAP diluted EPS exceeded the company's guidance. Total company organic revenue, excluding COVID-19, grew by 4.9% in constant currency.

Revenue was $1,017.8 million, a decrease of (0.8%) year-over-year, driven by lower COVID-19 assay sales.

Excluding COVID-19 revenues, total organic revenue grew 5.0%, or 4.9% on a constant currency basis.

Diagnostics revenue decreased (3.1%), but excluding COVID-19 revenues, it grew 9.8% on an organic, constant currency basis.

Surgical revenue grew 7.7%, driven by strong results from MyoSure and Fluent Fluid Management.

Total Revenue
$1.02B
Previous year: $1.03B
-0.9%
EPS
$1.03
Previous year: $1.06
-2.8%
GAAP Gross Margin
53.3%
Previous year: 57.1%
-6.7%
Non-GAAP Gross Margin
60.7%
Previous year: 62.1%
-2.3%
Non-GAAP Operating Margin
30.4%
Previous year: 31.3%
-2.9%
Gross Profit
$542M
Previous year: $586M
-7.4%
Cash and Equivalents
$2.18B
Previous year: $2.58B
-15.6%
Free Cash Flow
$264M
Total Assets
$8.71B
Previous year: $9.45B
-7.8%

Hologic

Hologic

Hologic Revenue by Segment

Hologic Revenue by Geographic Location

Forward Guidance

Hologic provided financial guidance for Q3 and full-year fiscal 2024, anticipating continued strong performance and raising the full-year revenue midpoint in constant currency and EPS guidance.

Positive Outlook

  • The guidance is based on a full year non-GAAP tax rate of approximately 19.75%.
  • Diluted shares outstanding are expected to be approximately 238 million for the full year.
  • Constant currency guidance assumes that foreign exchange rates are the same in fiscal 2024 as in fiscal 2023.
  • Organic revenue guidance for fiscal 2024 is in constant currency and excludes the divested Blood Screening and SSI ultrasound imaging businesses.
  • Organic revenue excluding COVID-19 is in constant currency and excludes COVID-19 assay revenue, COVID-19 related revenue, and discontinued product sales in Diagnostics.

Challenges Ahead

  • Fiscal 2024 has four fewer selling days compared to fiscal 2023.
  • The impact of the four fewer selling days is estimated to be a headwind of more than 100 bps for the full year.
  • Q3 2024 revenue is expected to be between $992.5 million and $1,007.5 million.
  • GAAP EPS for Q3 2024 is projected to be between $0.80 and $0.87.
  • Non-GAAP EPS for Q3 2024 is expected to be between $0.98 and $1.05.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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