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Jun 25, 2022
Hologic Q3 2022 Earnings Report
Hologic's financial results meaningfully exceeded guidance, driven by strong growth in base Diagnostics and Surgical franchises.
Key Takeaways
Hologic's Q3 2022 financial results exceeded expectations, with revenue of $1.003 billion and GAAP diluted EPS of $0.90. The company experienced a decrease in revenue compared to the prior year, primarily driven by lower international sales of COVID-19 assays and supply chain challenges in the Breast Health business. However, the base Diagnostics and Surgical franchises showed strong growth.
Revenue of $1.003 billion decreased (14.2%) year over year, or (12.2%) in constant currency.
GAAP diluted EPS was $0.90, while non-GAAP diluted EPS was $0.95, both significantly ahead of expectations.
Global organic molecular diagnostics revenue, excluding COVID-19, grew over 20% in constant currency.
The company increased full-year revenue and EPS guidance.
Cash flow from operations remained very strong in the third quarter at $330.6 million.
Hologic
Hologic
Hologic Revenue by Segment
Hologic Revenue by Geographic Location
Revenue by Segment
Diagnostics Revenue
CapyFin.comMolecular Diagnostics 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 anticipates ongoing strength in its core Diagnostics and Surgical sectors during the fiscal fourth quarter, which is expected to offset supply chain challenges in the Breast Health division.
Positive Outlook
- Continued strength in base Diagnostics business
- Continued strength in base Surgical businesses
- Expectations of supply chain headwinds in Breast Health business to be counterbalanced
- Company increased full-year revenue guidance
- Company increased full-year EPS guidance
Challenges Ahead
- Revenue is expected to be between $840 million and $870 million, a decrease of (36.2%) to (33.9%).
- GAAP EPS is expected to be between $0.33 and $0.38, a decrease of (74.2%) to (70.3%).
- Non-GAAP EPS is expected to be between $0.60 and $0.65, a decrease of (62.7%) to (59.6%).
- Supply chain headwinds in Breast Health business
- Lower international sales of COVID-19 assays
Revenue & Expenses
Visualization of income flow from segment revenue to net income