Q3 2024 Hologic Inc Earnings Call Transcript
Key Points
- Hologic Inc (HOLX) reported total revenue of $1.01 billion for Q3, exceeding the high end of their guidance.
- Non-GAAP earnings per share were $1.06, translating to a 14% growth on the bottom line.
- The company achieved a solid 31.2% operating margin, a 230 basis point improvement from the prior year.
- Hologic Inc (HOLX) repurchased 1.4 million shares for $100 million during the quarter, demonstrating strong capital deployment.
- The molecular diagnostics business excluding COVID grew 10.5%, showing consistent high-single to double-digit performance in 13 of the last 15 quarters.
- The skeletal business faced a 29.7% decline in revenue due to a temporary stop-ship related to a non-conformance issue.
- The cytology and perinatal segment declined 2.9% globally, with US declines partially offset by international growth.
- Non-COVID respiratory assay sales declined sequentially from Q2, in line with the flu season.
- The company lowered the midpoint of their prior revenue guidance by $5 million due to a $20 million headwind related to the skeletal health stop-ship.
- Operating expenses decreased by 3.5% primarily due to the elimination of expenses related to the divested SSI business, indicating potential cost-cutting measures.
Good afternoon, and welcome to the Hologic's third-quarter fiscal 2024 earnings conference call. My name is Cynthia, and I am your operator for today's call. Today's conference is being recorded. (Operator Instructions)
I would now like to introduce Ryan Simon, Vice President, Investor Relations, to begin the call. Please go ahead.
Thank you, Cynthia. Good afternoon, and thank you for joining Hologicâs third-quarter fiscal 2024 earnings call. With me today are Steve MacMillan, the companyâs Chairman, President, and Chief Executive Officer; Karleen Oberton, our Chief Financial Officer; and Essex Mitchell, our Chief Operating Officer.
Our third-quarter press release is available now on the investors section of our website. We will also post our prepared remarks to our website shortly after we deliver them, as well as an updated corporate presentation. And a replay of this call will be available on our website for the next 30 days.
Before we begin, we would like to inform
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