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Hologic Inc HOLX

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Hologic Sees the COVID-19 Tides Turn in Fiscal Second Quarter; No Change to Our FVE

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

While Hologic’s fiscal third-quarter results reflected a dramatic shift thanks to the pandemic receding in the U.S., we found little that was surprising, and the firm generally looks on track to meet our full-year expectations. As such, we’re leaving our fair value estimate unchanged. Narrow-moat Hologic, on net, has been a prime beneficiary of COVID-19 with growth in its molecular diagnostics business soaring by leaps and bounds through the first fiscal quarter 2021, which more than offset deep declines in its breast health unit. However, the slowdown in COVID-19 PCR testing made an emphatic appearance in the fiscal second quarter, and even considerable gains in the breast health division were unable to fully compensate.

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Company Profile

Business Description

Hologic manufactures proprietary products for the healthcare needs of women. The company operates in five segments: diagnostics (64% of total sales, boosted by pandemic), breast health (21% of sales, suppressed by pandemic), surgical (12%), and skeletal health (2%). While the company traditionally focused on breast health, the acquisition of Gen-Probe put greater emphasis on commercial diagnostics. The United States accounts for the largest portion of the firm's revenue (75%), followed by Europe (16%), Asia (6%), and other international markets (3%). Hologic is headquartered in Bedford, Massachusetts.

250 Campus Drive
Marlborough, MA, 01752
T +1 508 263-2900
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 26, 2021
Stock Type Classic Growth
Employees 5,814