Hologic posts profit in Q2

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Hologic has posted a profit of $20.6 million in the second quarter of fiscal 2010, which ended March 27.

Hologic was able to report a second quarter profit after posting a net loss of $2.3 billion in the second quarter in 2009, most of which was due to $2.34 billion of writedowns.

Hologic’s second quarter position was helped by revenues that totaled 418.1 million, a 4 percent increase over the $402 million reported in the same quarter in 2009. According to Hologic, the increase was attributable to growth in breast health revenues of $9.4 million, or 5.2 percent, with an increase in service revenue of $14.5 million, or 34.6 percent, partially offset by a decrease in product revenues of $5.1 million, or 3.7 percent primarily due to product mix and configuration differences; diagnostics revenues up $4.9 million, or 3.7 percent, with third wave product lines increasing 24.1 percent; and GYN surgical revenues up $3.3 million, or 5.2 percent.

“We are pleased with our performance for the second quarter of fiscal 2010,” said Rob Cascella, president and CEO of Hologic. “We had a strong booking quarter for digital mammography internationally. On the domestic front, we experienced some customer order deferrals which impacted our backlog at the end of our second quarter and, for the most part, have already turned into orders in the third quarter. Our breast biopsy, Diagnostics and GYN Surgical businesses grew year-over-year in the face of some challenges resulting from the lagging effects of unemployment, healthcare policy uncertainties, and severe weather conditions that we believe adversely affected procedure volumes. We believe all of this is certainly manageable and we remain confident as to the long-term potential of all of our product lines.”