Diagnostics provider Hologic expects Covid-19 testing capacities to boost business post-pandemic

Hologic CEO Steve Macmillan instructed CNBC Wednesday that the corporate will likely be positioned to be even stronger past the coronavirus pandemic, thanks to the position the diagnostics firm is enjoying in offering Covid-19 testing.

“We’ve clearly gotten a big bump up from our Covid testing,” he mentioned in a one-on-one interview with Jim Cramer on “Mad Money.”

Hologic, a maker of high-end diagnostic gear, imaging methods and surgical merchandise primarily serving ladies’s well being wants, spent final yr boosting the variety of Panther devices being utilized by hospitals and labs within the U.S.

Panther is a testing system from Hologic that consolidates greater than a dozen molecular testing capabilities, together with assays for HPV, Zika Virus and Covid-19, into one system. In 2020, the Marlborough, Massachusetts-based firm delivered greater than 370 methods to well being suppliers in response to the coronavirus pandemic, Macmillan mentioned. That quantity is up 272% from about 100 methods that have been delivered within the yr prior.

The firm mentioned it distributed greater than 500 Panther methods across the globe within the fiscal yr that ended final September.

“As we come out the pandemic, we’re that much more established and we’ll run all of our regular tests in all of those additional locations,” Macmillan defined.

The feedback come after Hologic topped Wall Street estimates within the first quarter of fiscal 2021. The firm posted income progress of 89%, pushed by a triple-digit enhance in its diagnostics business from the year-ago quarter. Hologic introduced in $1.61 billion on the highest line and produced $653 million in web revenue, a 69% enhance yr over yaer.

Hologic supplied income steerage within the slender vary of $1.5 billion and $1.56 billion for the present quarter, which might signify twice as a lot income that the corporate introduced in throughout the identical quarter final yr.

Hologic shares have rallied greater than 13% because the firm reported earnings every week in the past. The inventory moved 0.22% larger in Wednesday’s session at an in depth of $82.32.

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