Hologic's stock surges after revenue outlook beats expectations
Shares of Hologic Inc. ran up 4.7% in premarket trade Monday, after the medical technology company provided a fiscal first-quarter revenue outlook that was above expectations. The company said it expects revenue for the quarter ended Dec. 29 of $831 million, up 55 from a year ago, and above the FactSet consensus of $812 million. Among its largest business segments, the company expects breast health revenue to rise to $325 million from $288 million, above the FactSet consensus of $305 million, and expects diagnostics revenue to grow to $297 million from $285 million, better than expectations of $290 million. The company is expected to report full results in early February. The stock has slipped 3.3% over the past three months, while the SPDR Health Care Select Sector ETF has lost 8.8% and the S&P 500 has declined 12.3%. 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.