Hologic shares rise in falling market after company raises its revenue guidance

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Holologic Inc. shares of holx,
+2.73%
The falling market rose 2.3% on Monday, when the medical technology company raised its fiscal first-quarter revenue guidance. Marlboro, Mass.-based Holologic said it now expects revenue of about $1.471 billion, up from the $1.100 billion it introduced in November to $1.150 billion. “We expect fiscal 2022 to have a very strong start across the board, with revenue in the first quarter well above our guidance,” Chief Executive Steve McMillan said in a statement. The diagnostics division was boosted by demand for COVID-19 testing, while its breast and skeletal health and surgical business grew by over 8%, he said. “Overall, we anticipate organic growth excluding COVID benefits of 9.0% in constant currency for our first quarter, compared to our 5% to 7% long-term growth target,” he said. The company expects adjusted earnings per-share to be “significantly higher” than the $1.15 to $1.25 guidance it presented in November. The FactSet consensus is for EPS of $1.26 and revenue of $1.159 billion. “While we believe that strong F1Q22 results were largely expected given the increase in COVID cases, we are encouraged by the continued strong growth of HOLX’s base business,” Needham analyst Mike Matson wrote in a note to clients. Is. Matson said it will hold off on actual earnings — expected Feb. 2 — before updating its model. The analyst puts the stock on hold. Shares are down 11.6% over the past 12 months, while the S&P 500 SPX,
-1.33%
has increased by 20%.

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