Earlier this week Hologic Inc. announced its results for the first fiscal quarter ended December 29, 2012. Its diagnostics sector fared well, thanks mainly to the inclusion of Gen-Probe revenues.
Some highlights called out in the report:
- Revenues of $631.4 million (net of a $13.3-million adjustment primarily related to contingent revenue earned and received under Gen-Probe’s collaboration agreement with Novartis)
- Year-over-year revenue growth in the company's three primary business segments (which include diagnostics)
- FDA approval of the Aptima 16 18/45 genotype assay for use on the Tigris System announced in October 2012
- A $60-million cash settlement received in December 2012 from K-V Pharmaceutical Company
- FDA clearance of the the company’s Aptima Trichomonas vaginalis assay for use on its fully automated Panther system
- Definitive agreement announced in January of this year to sell the company’s Lifecodes business to Immucor Inc. for $85 million in cash, subject to adjustment, and $10 million in a potential contingent payment
its increase in revenues was driven in part by growth in diagnostics non-GAAP adjusted revenues of $165.1 million, or 107.2%, primarily from the inclusion of Gen-Probe revenues for a full quarter and an increase in Hologic’s legacy diagnostics revenues. Legacy diagnostics revenue growth occurred mainly in the molecular diagnostics product lines and in international ThinPrep sales. Diagnostics revenues totaled $305.9 million in the current quarter compared to $154.1 million in the prior year.
Recent IVD Technology
coverage of Hologic/Gen-Probe here