Hologic Q3 2023 Earnings Report
Key Takeaways
Hologic reported a revenue of $984.4 million for Q3 2023. Despite a decrease in overall revenue due to lower COVID-19 assay sales, the company experienced double-digit growth across all franchises excluding COVID-19 impact. The company exceeded its prior revenue guidance and demonstrated strong cash flow from operations.
Revenue reached $984.4 million, a decrease of (1.8%) year-over-year, but exceeded prior guidance.
Total organic revenue, excluding COVID-19, grew by 18.4% in constant currency.
GAAP diluted EPS was ($0.16), while non-GAAP diluted EPS was $0.93.
Cash flow from operations was strong at $332.7 million, and 1.4 million shares were repurchased for $114 million.
Hologic
Hologic
Hologic Revenue by Segment
Hologic Revenue by Geographic Location
Forward Guidance
Hologic provided financial guidance for the fourth quarter and full-year fiscal 2023, expecting to close out the year with a strong fourth quarter.
Positive Outlook
- The guidance assumes low double-digit to mid-teens constant currency organic revenue growth ex. COVID-19 for the total Company for the full-year fiscal 2023.
- Q4 2023 Revenue is expected to be $910 - $950 million.
- Q4 2023 GAAP EPS is expected to be $0.63 - $0.70.
- Q4 2023 Non-GAAP EPS is expected to be $0.80 - $0.87.
- Fiscal 2023 Revenue is expected to be $3,995 - $4,035 million.
Challenges Ahead
- Fiscal 2023 GAAP EPS is expected to be $2.10 - $2.17.
- Fiscal 2023 Non-GAAP EPS is expected to be $3.87 - $3.94.
- Q4 2023 Revenue is expected to decrease (4.5%) to (0.3%)
- Q4 2023 Non-GAAP EPS is expected to decrease (2.4%) to 6.1%.
- Fiscal 2023 Revenue is expected to decrease (17.8%) to (17.0%).
Revenue & Expenses
Visualization of income flow from segment revenue to net income