New mammogram device boosts Hologic 3Q profit
Hologic Inc. said Monday its profit climbed 32 percent in the fiscal third quarter after regulators approved its Selenia Dimensions mammogram device, which generates 3-D images of the breast.
The company said its net income rose to $36.2 million, or 14 cents per share, in the three months ended June 25. That's up from $27.4 million, or 10 cents per share, one year ago.
Excluding one-time items, Hologic said it earned 32 cents per share, matching expectations of analysts polled by FactSet.
Revenue rose 7 percent, to $451.1 million from $420.7 million. That topped analyst expectations of $446.8 million.
Selenia Dimensions generates both two-dimensional and three-dimensional images of the breast. It is the first 3-D mammography device and is intended to generate more accurate diagnoses so healthy women don't need additional scans. The Food and Drug Administration approved the system in February. Hologic said its quarterly revenue improved as customers began buying Dimensions systems in places of older products.
The company said its breast health revenue rose 8 percent to $205.2 million. Also contributing to its revenue were greater sales of breast biopsy products, and the acquisition of MRI technology company Sentinelle Medical in August 2010.
The company backed its fiscal 2011 profit forecast, calling for net income of $1.24 to $1.26 per share excluding one-time items. The company now expects $1.77 billion to $1.78 billion in revenue, up slightly from its previous estimate of $1.76 billion to $1.77 billion. On average, analysts are projecting an annual profit of $1.26 per share on $1.77 billion in revenue.
Shares of Hologic, based in Bedford, Mass., fell 3.1 percent Monday and closed at $18. In aftermarket trading, the stock lost 65 cents, or 3.6 percent, to $17.40.