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Sep 24, 2022
Hologic Q4 2022 Earnings Report
Hologic delivered excellent results, significantly exceeding expectations, and topping off another tremendous year.
Key Takeaways
Hologic's Q4 2022 revenue reached $953.3 million, a decrease of 27.6% compared to the previous year, driven by lower COVID-19 assay sales and supply chain challenges. GAAP diluted EPS was $0.47, while Non-GAAP diluted EPS was $0.82, both exceeding expectations. The company anticipates strong growth in core businesses for fiscal year 2023.
Revenue of $953.3 million decreased (27.6%) for the quarter, or (25.6%) in constant currency, primarily driven by lower sales of COVID-19 assays and supply chain challenges related to semiconductor chips in our Breast Health business compared to the prior year period.
Diagnostics revenue decreased (37.8%), or (35.6%) in constant currency, primarily driven by lower sales of COVID-19 assays compared to the prior year period. Excluding COVID-19 revenues, Diagnostics revenue grew 11.1% on an organic, constant currency basis.
Molecular Diagnostics revenue declined (43.2%), or (41.3%) in constant currency, primarily driven by lower sales of COVID-19 assays compared to the prior year period. Excluding COVID-19 revenues, Molecular Diagnostics revenue grew 17.2% on an organic, constant currency basis.
Breast Health revenue, as expected, declined (17.7%), or (16.0%) in constant currency, primarily due to lower gantry revenue resulting from semiconductor chip shortages.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hologic provided financial guidance for Q1 and full year 2023, anticipating continued strength in base diagnostics and surgical businesses, along with a strong rebound in the breast health business. The guidance assumes low double-digit constant currency organic revenue growth ex. COVID-19 in each division for full-year fiscal 2023.
Positive Outlook
- Continued strength in base Diagnostics business
- Continued strength in Surgical businesses
- Strong rebound in Breast Health business over the course of the year
- Low double-digit constant currency organic revenue growth ex. COVID-19 in each division for full-year fiscal 2023.
- Full year non-GAAP tax rate of approximately 19.0%
Challenges Ahead
- Q1 2023 Revenue $940 - $990 (36.1%) to (32.7%)
- Q1 2023 GAAP EPS $0.60 - $0.70 (69.2%) to (64.1%)
- Q1 2023 Non-GAAP EPS $0.80 - $0.90 (63.1%) to (58.5%)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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