Hologic posted mixed preliminary financial results for the first quarter of its fiscal 2022 as increases in its diagnostic business due to COVID-19 slowed. The company posted increased revenue in its Breast and Skeletal Health businesses, however.
For the first quarter (end-December 25), Hologic posted overall revenues of approximately $1.471 billion, down 8.6% compared with $1.609 billion for the same period in 2021. The company did not report net income in the preliminary results.
Revenue in the firm's Diagnostics division dropped by 15.8%, from $1.128 billion in the same period in 2021 to $950.4 million in the first quarter of fiscal 2022. The company said the Diagnostics business delivered "exceptional" performance, as the division "overdelivered" on its base business while meeting heavy demand for testing for COVID-19. Excluding COVID-19 testing, the division's revenues grew 9.9%.
On the Breast Health side, revenues increased 8%, from $332.7 million in 2021 to $359.4 million for the first quarter of 2022, and the company's Skeletal Health business revenue increased 8.8%, from $24.9 million in 2021 to $27.1 million in the first quarter of the full fiscal year.
Hologic plans to release its full financial results for the first quarter on February 2.
