BEDFORD, Mass. (AP) – Hologic Inc. said its second-quarter profit quadrupled after regulators approved an anti-premature birth drug that the company helped develop.
The company earned $82.4 million, or 31 cents per share, in the three months ended March 26. A year earlier, Hologic reported net income of $20.6 million, or 8 cents per share. Revenue rose 5 percent, to $438.7 million.
Excluding one-time items, Hologic earned 30 cents per share
Analysts expected earnings of 28 cents per share and revenue of $433.2 million, according to FactSet.
Hologic developed the drug Makena, which is a synthetic version of the hormone progesterone. It is intended to prevent pre-term birth in women who have a history of premature birth. Makena was approved in February, and Hologic said it received $84.5 million during the fiscal second quarter under an agreement to license the drug to K-V Pharmaceutical Co. The company said the Makena deal is worth $199.5 million.
Hologic’s product sales rose 2 percent to $361 million, Breast health revenue rose 9 percent as the company installed more digital mammogram systems. Sales of its Adiana permanent contraception system also grew, and skeletal health revenue rose. The company’s service and other revenue grew 20 percent to $77.7 million.
Hologic said it expects to earn 31 cents per share to 32 cents per share in the third quarter, on $443 million to $448 million in revenue. For the full year, it forecasts an adjusted profit of $1.24 to $1.26 per share on revenue of $1.76 billion to $1.77 billion.
Analysts expect Hologic to report a profit of 32 cents per share in the third quarter on $442.3 million in revenue. For the full fiscal year, they expect a profit of $1.23 per share and revenue of $1.76 billion.
Date: May 3, 2011
Source: Associated Press