(Reuters) -Medical equipment maker Hologic on Wednesday raised its annual profit forecast, anticipating strong demand for its molecular diagnostic devices and surgical products.
Shares of the Marlborough, Massachusetts-based company rose 3.5% to $67.25 in extended trading.
The company reported steady demand for its molecular diagnostic tests and surgical products, though it faced weakness in its breast health segment during the quarter.
Hologic CEO Stephen MacMillan said the company expects growth to accelerate in the fourth quarter, driven by a recovery in its breast health unit, which saw a 5.1% revenue decline in the latest quarter due to weaker mammography equipment sales.
The company expects adjusted fiscal 2025 earnings of $4.23 to $4.26 per share, compared with a previous forecast of $4.15 to $4.25. Analysts expect a profit of $4.18 per share, according to data compiled by LSEG.
It now expects full-year revenue between $4.08 billion and $4.09 billion, narrowing its previous forecast range of $4.05 billion to $4.10 billion. Analysts, on average, were expecting revenue of $4.07 billion.
For the fourth quarter, Hologic expects adjusted earnings of $1.09 to $1.12 per share, compared with analysts’ expectations of $1.07.
For the third quarter, the company which makes products focused on women’s health, reported an adjusted profit of $1.08 per share, topping analysts’ estimates of $1.05.
Revenue for the quarter came in at $1.02 billion, just above analyst estimates of $1.01 billion.
(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Tasim Zahid)
Comments