Women's imaging vendor Hologic saw a boost in revenues for its third quarter (end-June 29), although the company slipped into the red.
For the period, Hologic's revenues totaled $626.1 million, an increase of 33.2% compared with revenues of $470.2 million in the third quarter of fiscal 2012. The growth was driven primarily by the inclusion of revenues from diagnostics firm Gen-Probe, which Hologic bought in August 2012.
Other factors driving revenue growth included record placements of 3D Dimensions tomosynthesis systems, an increase in service revenue from the company's installed base of digital mammography systems, and higher sales of MyoSure hysteroscopic tissue removal systems and breast biopsy products.
Offsetting revenue growth was a decline in sales of legacy products, such as the company's 2D Selenia and 2D Dimensions mammography systems. Foreign currencies had a negligible impact on revenues compared to the third quarter of fiscal 2012.
The company swung to a loss for the quarter, posting a net loss of $11 million, compared with net income of $23.6 million in the third quarter of fiscal 2012. For the nine-month period, Hologic reported a net loss of $58.9 million, compared with net income of $4.1 million for the first nine months of fiscal 2012.
By product segment, Hologic's Breast Health revenues grew 8.8% to $230 million, compared with $211 million in 2012. Revenue growth was driven by a $13.1 million increase in product revenues from strong 3D Dimensions sales, and service revenue growth of $5.5 million. Hologic continues to experience an increasing sales shift to 3D Dimensions from its 2D Selenia and 2D Dimensions systems.
Hologic expects fourth-quarter fiscal 2013 revenues of $615 million to $625 million. Year over year, this represents an increase of 2% to 4% over fourth-quarter fiscal 2012 non-GAAP revenues of $600.2 million, including an $11.6 million purchase accounting adjustment in the fourth quarter of the prior year.
The increase is expected to be driven by an additional month of Gen-Probe revenues in the fourth quarter of fiscal 2013 and, to a lesser extent, the continued ramp-up of new products including 3D Dimensions, Panther, and MyoSure systems, Hologic said.
