Hologic stock falls nearly 4% after company's revenue drop on lower COVID-related sales

 Shares of Hologic Inc. (HOLX) dropped more than 3% in the aftermarket Monday after the medical technology company topped Wall Street estimates for its fiscal third quarter and tweaked its guidance for the fiscal year and for the fiscal fourth quarter. Hologic lost $40.5 million, or 16 cents a share, in the quarter, versus earnings of $228.4 million, or 90 cents a share, in the year-ago period. Adjusted for one-time items, Hologic earned 93 cents a share. Revenue dropped 2% to $984.4 million, the company said, mostly thanks to lower sales of COVID-19 assays compared with last year, as it had expected. Analysts polled by FactSet expected Hologic to report adjusted EPS of 89 cents a share on sales of $960 million. Hologic guided for full fiscal 2023 revenue between $3.995 billion and $4.035 billion, from a previous guidance of revenue between $3.925 billion and $4.025 billion. Adjusted EPS for the year was seen between $3.87 and $3.94; the company previously called for adjusted EPS between $3.75 and $3.95 for the year. For the fourth quarter, Hologic guided for revenue between $910 million and $950 million, and adjusted EPS of between 80 cents and 87 cents. The analysts surveyed by FactSet expect fourth-quarter adjusted earnings of 87 cents on sales of $949 million. "Hologic again delivered solid, diversified growth in our fiscal third quarter, excluding the impact of COVID," Chief Executive Steve MacMillan said in a statement. "Our results once again highlight that Hologic's transformation and post-pandemic performance is durable."

https://www.morningstar.com/news/marketwatch/20230731489/hologic-stock-falls-nearly-4-after-companys-revenue-drop-on-lower-covid-related-sales