Hologic Announces Financial Results for Fourth Quarter of Fiscal 2021

Original from: Genomeweb

Hologic reported after the close of the market on Monday that its fiscal fourth quarter revenues fell 2 percent year over year, driven by a drop in molecular diagnostic and COVID-19 assay sales.

For the three months ended Sept. 25, the firm reported total revenues of $1.32 billion, down from $1.35 billion a year ago, but beating analysts' average estimate of $1.04 billion.

The Marlborough, Massachusetts-based company's Q4 product revenues dropped 5 percent year over year to $1.14 billion from $1.20 billion, while service and other revenues rose 24 percent to $178.7 million from $144.5 million.

Hologic reported Q4 diagnostics revenues of $836.8 million, down 11 percent year over year from $939.0 million. Excluding its divested blood screening business, diagnostics revenues were $820.5 million, down 12 percent from $930.3 million a year ago. 

Within diagnostics, molecular diagnostics revenues totaled $704.5 million, down 14 percent from $818.9 million in Q4 2020; cytology and perinatal revenues were $116.0 million, up 4 percent from $111.4 million in the prior-year quarter; and blood screening revenues were $16.3 million, up 87 percent year over year from $8.7 million.

Outside of its diagnostics business Hologic's Q4 breast health product revenues rose 16 percent year over year to $334.2 million from $289.2 million, while its skeletal health product revenues were up 27 percent to $23.6 million from $18.6 million. Gynecology surgical revenues rose 22 percent to $122.0 million from $100.2 million in the prior-year quarter. 

The company reported Q4 net income of $328.8 million, or $1.28 per share, compared to a net income of $493.6 million, or $1.88 per share, in Q4 2020. On an adjusted basis, Hologic reported EPS of $1.61, beating analysts' average estimate of $1.01 per share.

The firm’s R&D costs rose 34 percent year over year to $76.5 million in Q4 from $57.0 million, and its SG&A costs rose 33 percent year over year to $294.5 million from $221.4 million.

For full fiscal year 2020, Hologic's revenues rose 49 percent year over year to $5.63 billion from $3.78 billion, beating analysts' average estimate of $5.34 billion. Product revenues rose 54 percent to $4.97 billion from $3.23 billion, while service and other revenues rose 21 percent to $665.0 million from $549.4 million.

The firm reported a net income for the year of $1.87 billion, or $7.21 per share, compared to a net income of $1.11 billion, or $4.21 per share, in 2020. Adjusted EPS for fiscal 2021 was $8.41 and beat the consensus Wall Street estimate of $7.79.

The firm's R&D costs for the year rose 24 percent to $276.3 million from $222.5 million, and its SG&A costs rose 18 percent to $994.4 million from $840.3 million.

Hologic ended the fiscal year with $1.17 billion in cash and cash equivalents.

In fiscal Q1 2022, the firm expects revenues between $1.10 billion and $1.15 billion; EPS between $.88 and $.98; and adjusted EPS between $1.15 and $1.25. 

For its full fiscal year 2022, the firm expects revenues between $3.75 billion and $4.00 billion; EPS between $2.50 and $2.80; and adjusted EPS between $3.55 and $3.85.

Source: Hologic Announces Financial Results for Fourth Quarter of Fiscal 2021