Hologic saw massive revenue growth in the second quarter of the year, but the company’s earnings per share missed the expected mark and sent the firm’s stock tumbling nearly 8% since the earnings report Wednesday afternoon.
The Marlborough medical device manufacturer reported second quarter revenue of $1.538 billion, accounting for 103.7% growth over the previous year’s quarter, according to a release put out Wednesday. The firm also posted earnings per share of $2.59, up a massive 354% from the second quarter of 2020.
Its profits for the quarter were $619 million, up from $95 million in the second quarter of 2020.
However, these figures still managed to miss the mark for the company that has built upon the success of its COVID-19 tests in the last year to great effect with multiple takeovers and wild earnings growth. The company was 1.15% off the Zacks Consensus Estimate of $2.62, prompting stock to take a plunge of just under 7.8% on the Nasdaq from the time of the announcement to the publication of this article on Thursday afternoon
Cash flow from operations was $552.3 million in the second quarter. In addition to the company’s acquisitions, it used this cash flow to repurchase 1.6 million shares of its common stock for $120 million in the second quarter, according to a release from the company.
