Hologic Announces First-Quarter Results; Diagnostics Plays Starring Role

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 
Hologic says 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.