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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.
Hologic
Hologic
Hologic Revenue by Segment
Hologic Revenue by Geographic Location
Revenue by Segment
Diagnostics Revenue
CapyFin.comMolecular Diagnostics Revenue
CapyFin.comCytology & Perinatal Revenue
CapyFin.comBlood Screening Revenue
CapyFin.comBreast Health Revenue
CapyFin.comBreast Imaging Revenue
CapyFin.comInterventional Breast Solutions Revenue
CapyFin.comGYN Surgical Revenue
CapyFin.comSkeletal Health Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com 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