Steve Macmillan, CEO of Hologic, told CNBC on Wednesday that the company will be even more positioned beyond the coronavirus pandemic thanks to the role the diagnostics company plays in delivering Covid-19 tests.
“We clearly got a big bump through our Covid tests,” he said in an individual interview with Jim Cramer about “Mad Money”.
Hologic, a manufacturer of high-end diagnostic equipment, imaging systems, and surgical products primarily serving the health needs of women, last year increased the number of Panther instruments used in hospitals and laboratories across the United States
Panther is a test system from Hologic that combines more than a dozen molecular test functions, including assays for HPV, Zika virus, and Covid-19, in one device. In 2020, the Marlborough, Massachusetts-based company shipped more than 370 systems to healthcare providers in response to the coronavirus pandemic, Macmillan said. This number has increased by 272% compared to around 100 systems that were delivered in the previous year.
The company announced that it had sold more than 500 Panther systems worldwide in the fiscal year that ended last September.
“If we get out of the pandemic, the more established we will be and we will do all of our regular testing in all of these additional locations,” Macmillan explained.
The comments come after Hologic beat Wall Street estimates in the first quarter of fiscal 2021. The company posted 89% revenue growth driven by a three-digit increase in its diagnostics business over the year-ago quarter. Hologic raised $ 1.61 billion and posted net income of $ 653 million, up 69% year over year.
Hologic announced a revenue forecast for the current quarter in a narrow range of $ 1.5 billion to $ 1.56 billion, double the revenue the company had in the same quarter last year.
Hologic stock is up more than 13% since the company reported gains a week ago. The stock rose 0.22% to $ 82.32 on Wednesday.