Hologic has reported a 2.7% increase in its revenue for the third quarter (Q3) of 2024, reaching $1.01bn, up from $984.4m in the same period the previous year.
This growth has been attributed to heightened sales in key segments such as molecular diagnostics, breast imaging, and surgical.
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The company’s organic revenue, excluding Covid-19 revenues, saw a 5.5% increase to $965m in Q3 2024, compared to $914.8m in the third quarter of 2023.
Hologic’s diluted earnings per share (EPS) for the quarter stood at $0.82, marking a significant increase of 612.5% from the same quarter in the previous year.
The diagnostics division generated revenues of $440.8m during Q3 2024, a slight increase of 0.3% from $439.7m reported in the corresponding quarter of the previous year.
The modest growth in this segment was primarily fuelled by an uptick in molecular diagnostics sales, which somewhat offset the decline in sales of Covid-19 assays compared to the prior year.
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By GlobalDataIn the breast health segment, Hologic experienced a revenue increase of 6.9% to $385m during the quarter.
The company attributes this growth to robust gantry sales and service.
Hologic’s surgical business reported revenue growth of 5.9%, largely driven by the solid performance of MyoSure and Fluent Fluid Management products.
Hologic chairman, president and CEO Stephen MacMillan said: “In our third quarter of fiscal 2024, Hologic returns to top-line reported growth and once again exceeded the high-end of our guidance for both the top and bottom-line.
“Our strong fiscal quarter and year-to-date results continue to highlight the durable strength across our broad portfolio, with our diagnostics (ex-Covid), breast health, and surgical franchises delivering at or above our expectations.”
Last week, Hologic acquired UK-based breast cancer surgery technologies developer Endomagnetics (Endomag) for approximately $310m.
