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Hologic Reports Q3 Loss; Cuts Full-Year EPS Guidance (HOLX)


Hologic (NASDAQ: HOLX) released its fiscal third-quarter earnings report after the closing bell on Monday.

The company posted adjusted earnings per share that came in slightly ahead of Wall Street estimates and revenue that barely missed consensus expectations. Hologic also provided guidance for the fiscal fourth-quarter and lowered its full-year EPS guidance. In late trade, the stock was last down around 3 percent to $21.82.

Management Commentary

"We are pleased our third quarter revenues were in-line with and our EPS exceeded guidance. Although we have lowered expectations for the remainder of the fiscal year, I am confident we have the necessary platforms and breadth of assets to drive organic growth and deliver strong profitability," said Jack Cumming, President and Chief Executive Officer.

"We are committed to improving our performance and execution in order to capitalize on the opportunities in the changing market landscape and position Hologic for success," continued Cumming. "Our customers worldwide are embracing our 3D breast tomosynthesis technology, and we continue to extend our market leadership position in molecular diagnostics. We are focused on strategies that will allow us to return capital to our shareholders, while still capitalizing on the many opportunities that lie ahead. We are very well positioned to deliver enhanced value for our customers, patients and shareholders."

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Fiscal Q3 Financial Results

Hologic reported a third-quarter net loss of $10.95 million or $0.04 per share, compared to net income of $23.59 million or $0.09 per share, in last year's corresponding period.

On an adjusted basis, net income for the quarter was $103.23 million or $0.38 per share. This beat analysts' consensus EPS estimates of $0.37 by a penny.

Revenue rose to $626.14 million from $470.23 million a year ago. This missed Wall Street consensus revenue estimates of $626.84 million by a whisker.

Q4 and Full-Year Guidance

For the fiscal fourth-quarter, Hologic guided for adjusted EPS of $0.36 to $0.37. Revenue is expected in a range of $615 million to $625 million. This compares to current estimates calling for EPS of $0.44 on revenue of $651.34 million for the upcoming fourth-quarter.

For fiscal 2013, the company now expects adjusted EPS between $1.46 and $1.47 compared to its previous guidance of $1.54 to $1.56. Wall Street analysts currently anticipate Hologic will report full-year EPS of $1.54. Hologic also adjusted its full-year revenue outlook.

The company now expects sales of between $2.505 billion to $2.515 billion versus its previous range of $2.53 billion to $2.55 billion. Analysts currently have consensus revenue estimates of $2.54 billion for the fiscal year.


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