(Reuters) – Medical technology company Hologic reported a higher third-quarter profit on Monday, driven by strong demand for its diagnostics and breast health products, but forecast revenue for the current quarter that fell short of Wall Street estimates.
Shares of Hologic fell nearly 6% in extended trading.
The company forecast fourth-quarter revenue between $970 million and $985 million, compared to analysts’ estimates of $1 billion.
The Marlborough, Massachusetts-based company manufactures and supplies viral load tests, molecular diagnostics assays, medical imaging systems, and surgical products focused on women’s health.
Hologic marginally raised the lower ends of its fiscal year 2024 adjusted profit per share and revenue forecasts.
“Guidance was raised at the low end, while the mid-point of revenue guide came slightly down; though this appears to be tied to a stop-ship order on a skeletal health product” Conor McNamara, RBC capital markets analyst said.
Its diagnostics segment, the largest segment by revenue, reported an increase in third-quarter sales to $440.8 million, exceeding analyst expectations of $430.3 million.
The company’s breast health segment, which offers radiology products and those used in breast surgery, recorded a 6.9% rise in quarterly sales to $385 million, beating analysts’ estimates of $377.12 million.
On an adjusted basis, the company posted a profit of $1.06 per share, above analysts’ estimates of $1.02 per share.
(Reporting by Sruthi Narasimha Chari in Bengaluru; Editing by Tasim Zahid)
