Because of demand for COVID tests, Hologic profits $494M in 4Q

Photo | Grant Welker Hologic's Marlborough headquarters

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Marlborough medical technology device company Hologic reported $493.6 million in profits for the company’s fourth quarter, a massive 499% increase from the $123.5 net income loss reported during the same period last year, almost exclusively on the strengths of its coronavirus testing products, according to an earnings report released Wednesday.

"We capped off an unprecedented fiscal year with remarkable financial results in our fourth quarter," said Steve MacMillan, Hologic’s chairman, president and CEO, in the earning report. "These results were driven by the tireless efforts of our diagnostics, European and supply chain teams to provide COVID-19 tests, and by steady improvement in our other businesses compared to the June quarter."

On March 17, Hologic first earned emergency authorization from the U.S. Food & Drug Administration to perform its test detecting SARS-CoV-2, just as the coronavirus pandemic was spreading throughout America. The company has since expanded its testing abilities and received further authorizations.

Revenue from Hologic's molecular diagnostics division, which includes the coronavirus testing, totaled $818.9 million in the fourth quarter, an increase of 376% from the $172 million the same division made in the fourth quarter 2019.

Total revenue for all divisions at the company was reported at $1.347 billion, up 55.6% compared to $865.8 million during the same time period a year prior.