Hologic's growth continues in Q2

2020 01 02 21 24 9838 Hologic Rsna 2019 400

Hologic has continued to post significant increases in revenue, with revenues doubling in the company's second quarter. The growth was driven primarily by demand for the company's SARS-CoV-2 assays, but revenues in Hologic's Breast Health business also increased.

For the second quarter (end-March 27), Hologic recorded overall revenues of approximately $1.538 billion, up 103.4% compared with $756.1 million in the same quarter last year. The company posted net income under generally accepted accounting principles (GAAP) of $619.4 million, compared with $94.8 million in the same period last year.

The overall growth was driven primarily by increases in the company's worldwide molecular diagnostics revenue. Sales in the company's Diagnostics business climbed to $1.065 billion, up 233.4% over last year. The company reported the increase is driven by demand for its SARS-CoV-2 assays and Panther and Panther Fusion systems.

Revenues on the company's Breast Health side increased for the quarter to $336.3 million, up 9.3% from $307.8 million in the second quarter of 2020.

Hologic completed three acquisitions in the second quarter. It acquired Somatex in December for about $63 million, Biotheranostic in February for approximately $232 million, and Diagenode in March for approximately $153 million.

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