Hologic’s profits dropped 34%, as demand for COVID tests fell
Photo | Grant Welker
Hologic's Marlborough headquarters
Marlborough medical device manufacturer Hologic, Inc., earned profits of $329 million in the fourth quarter, a 34% decrease from the fourth quarter 2020's profits of $494 million, according to the company's earnings report.
Hologic’s total revenue of $1.32 billion for the quarter was a 2.3% decrease compared to the prior year fourth quarter of $1.35 billion, according to the report released Nov. 1. The company attributes this drop to lower sales of COVID-19 tests, per the press release.
While the sales of COVID-19 assays declined, Hologic experienced positive growth in its breast health and GYN surgical divisions.
On the day the earnings report came out, Hologic's stock price on the NASDAQ dropped 2.4% from $72.68 per share at the start of trading on Nov. 1 to $70.91 by the following day's open. Year-to-date, the company's stock has lost about 1% of its value, trading at $72.45 on Wednesday morning.
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