Hologic News: HOLX Stock Heads 4% Higher on Bright Outlook

Hologic (NASDAQ:HOLX) is in the news Friday after announcing updated guidance for its fiscal fourth quarter of 2020 that sent HOLX stock soaring higher.

Hologic (HOLX) sign outside next to a building

Source: Tada Images / Shutterstock.com

Hologic notes that it’s now expecting revenue for fiscal Q4 2020 to increase between 54% and 60% from the same period of the year prior. That means it expects revenue to range from $1.225 billion to $1.275 billion. For comparison, Wall Street is looking for revenue of $989 million during the quarter.

Hologic also points out that this strong increase in revenue will result in a boost to its adjusted earnings per share over its previous guidance. However, the company doesn’t provide exact numbers in its guidance update. Wall Street’s estimate is for adjusted EPS of $1.05.

The Hologic outlook news comes from a filing with the U.S. Securities and Exchange Commission (SEC). In that filing, the company says that the reason behind the revenue increase is a strong performance from its tests for the novel coronavirus. It also mentions that its Breast and Skeletal business, as well as its Surgical division, are performing slightly better than expected.

Hologic’s update comes as the company is roughly 80% of its way through its fiscal fourth quarter of the year. It’s also ahead of two investors presentations that the company will be taking part in next week. Investors will be able to watch those presentations on its website.

HOLX stock was up 3.6% as of Friday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/09/hologic-news-pushes-holx-stock-higher/.

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