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(Reuters) – Med-tech company Hologic raised its annual sales forecast on Thursday, on the back of strong demand for its diagnostics and breast health products.
The company manufactures and supplies diagnostics tests and assays, medical imaging systems and surgical products focused on healthcare needs of women.
Amid a recovery in surgical procedure volumes, Hologic expects growth in revenue from new business lines, particularly from its ongoing strategic expansion efforts in the breast health segment.
Hologic upgraded its annual sales forecast to between $3.99 billion and $4.07 billion from its prior forecast of $3.92 billion to $4.02 billion.
The company, however, expects second-quarter revenue in the range of $990 million-$1.01 billion, compared with analysts’ estimates of $998.09 million, according to LSEG data.
Its breast health segment, which offers solutions in radiology, breast surgery, pathology, recorded a 13% rise in quarterly sales to $377.7 million, above analysts’ estimates of $373.05 million, primarily due to higher capital equipment revenue.
Hologic’s revenue for the quarter ended Dec. 30, was $1.01 billion, above analysts’ average estimate of $986.12 million, according to LSEG data.
Its diagnostics segment, which offers viral load tests, molecular diagnostics assays, among other services, reported a 19.9% fall in sales to $447.8 million year-on-year, dragged by lower sales of COVID-19 assays.
The segment’s sales, however, beat analysts’ estimates of $414.55 million.
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