Amid decrease in demand for COVID tests, Hologic profits drop to $228M in third quarter
Photo | Grant Welker
Hologic's Marlborough headquarters
Marlborough medical device manufacturer Hologic, Inc. saw its revenue drop by 14.2% in the third quarter, but the company’s performance was significantly better than Hologic itself predicted just a few months ago.
Revenue for the third quarter was $1.003 billion, higher than the $875 million-$915 million Hologic expected to pull in, according to the company’s latest financial report released Wednesday. Hologic said its revenue decrease was primarily driven by lower international sales of COVID-19 assays and supply chain challenges related to semiconductor chips in its breast health business.
U.S. revenue was down 2%, hitting $734.6 million last quarter.
For its profits, the company generated $228.4 million in the third quarter, down from $268.1 million in its third quarter 2021, a decrease of 14.8%.
Karleen Oberton, the company’s chief financial officer, said she expects the fourth quarter to be strong.
“We expect continued strength in our base diagnostics and surgical businesses to counterbalance supply chain headwinds in our breast health business,” Oberton said in a press release.
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