Hologic’s financial outlook improves thanks to coronavirus tests

Hologic’s financial outlook improves thanks to coronavirus tests

Hologic Inc. shares rose more than 2% in the extended session Monday after the maker of medical devices said its fiscal third-quarter’s financial outlook has improved, mainly because one of its units is seeing more revenue related to COVID-19 tests. Its surgical business has started to recover faster than the company expected, and its diagnostics business has outperformed “significantly” thanks to “strong” sales of the company’s COVID-19 tests, Hologic said. The company said it expects revenue from the diagnostics business to grow between 20% and 25% in the quarter. Due to ongoing uncertainty related to the pandemic, however, it would not quantify longer-term financial effects. Hologic ended the regular trading day up 1.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.