Hologic Provides Upbeat 1Q Sales Outlook, $1B Share Buyback Plan; Shares Gain
Hologic announced better-than-expected preliminary revenue results
for 1Q. Additionally, the medical technology company introduced a
new $1 billion share repurchase program. Shares closed 3.2% higher
on Friday. Hologic (HOLX), which is scheduled to report its 1Q
results on January 27, expects quarterly total revenues to increase
89.3% to nearly $1.61 billion year-on-year, compared with analysts'
estimates of $1.38 billion. It is also higher than its previous
guidance of $1.35-$1.425 billion. Hologic said that its top-line
benefited from strong testing volumes related to the COVID-19
pandemic. The company provided over 30 million COVID-19 tests
globally during the quarter.