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February 2, 2023

Hologic profits fall 63% in the first quarter

Photo | Google Hologic's Marlborough headquarters

Marlborough medical technology company Hologic Inc., reported a decrease in profits of 62.5%, to $187 million, in the first quarter of 2023, which in the same period of the previous year was $499 million. 

The company’s revenue also decreased 27%, down to $1.07 billion from $1.47 billion over the same period in 2022. Operating expenses rose slightly, up 3% to $355 million in the first quarter of 2023 from $345 million for that quarter of 2022, according to the company’s earnings report released Wednesday.

The decrease in revenue is tied in large part to decreased diagnostic testing for COVID-19, which accounted for revenue growth in 2022. The company reported higher-than-expected revenue for the quarter, which its guidance suggested would be between $940 to $990 million.

“In our first quarter of fiscal 2023, each of our base franchises exceeded revenue expectations, while also delivering robust profitability,” Steve MacMillan, chairman, president, and CEO of Hologic, said in the press release.

After the earnings report came out, Hologic’s stock price rose 4.29% on Wednesday to $85.00 per share on the NASDAQ, up from $81.50 before the report. The company’s stock was outperforming the market as a whole, as the S&P 500 dropped 0.4% on Wednesday, but today is up 1.38%. 

Hologic, primarily specializing in women’s health products, pivoted during the COVID-19 pandemic to develop U.S. Food and Drug Administration-authorized COVID testing systems. In November 2022, the company received a $19-million contract from the U.S. Department of Health and Human Services to continue its virus testing development.

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