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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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