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Hologic Preliminary Fiscal Q1 Revenues Rise 2 Percent

NEW YORK – Hologic reported on Sunday revenue growth of greater than 2 percent for its fiscal first quarter 2020.

For the three months ended Dec. 28, 2019, the Marlborough, Massachusetts-based company recorded revenues of $850.5 million compared to $830.7 million in fiscal Q1 2019, and above the consensus Wall Street estimate of $839.2 million.

Hologic had guided to a range of $836 million to $850 million for fiscal Q1 2020.

On a constant currency basis, revenues for the recently completed quarter were up nearly 3 percent, the firm said.

"Excluding acquisitions and divestitures, our core businesses significantly outperformed expectations in the first quarter, growing 4.1 percent, or 4.6 percent in constant currency, against our toughest comparable of the year," said Hologic Chairman, President, and CEO Steve MacMillan in a statement. "Upside in surgical and diagnostics, combined with revenue from SuperSonic Imagine, more than offset weakness in our divested medical aesthetics business."

During the summer Hologic and SuperSonic, an ultrasound medical imaging firm, announced Hologic Hub, a wholly owned indirect subsidiary of Hologic, had acquired about 46 percent of SuperSonic's shares.

The firm's diagnostics division posted $311.5 million in revenues for fiscal Q1 2020, up 5 percent from $296.6 million in the year-ago period. Excluding the divested blood screening business, the division's revenues were up 6 percent to $299.5 million from $282.4 million.

Breast health revenues rose 2 percent to $331.1 million from $324.7 million. Excluding the SuperSonic Imagine business, breast health revenues were relatively flat at $325 million compared to $324.7 million a year ago.

Medical aesthetics revenues were down 18 percent to $65.3 million from $79.8 million; gyn/ surgical revenues rose 10 percent to $119.1 million from $108.4 million; and skeletal health grew about 11 percent to $23.5 million from $21.2 million.

The company noted that it has not yet completed its financial close processes for fiscal Q1 2020, including those for the sale of the Cynosure business and the acquisition of SuperSonic. As a result, full GAAP results have not been finalized. Final financial results will be released on Jan. 29.

On Sunday, the company also said that its board approved a new $500 million share repurchase authorization that will go into effect at the start of fiscal Q3 2020.