Shares of Hologic (HOLX) - Get Report rose Friday after the medical instruments and supplies company raised the forecast for its fiscal-first-quarter adjusted earnings and approved a $1 billion share buyback plan.
Shares of the Marlborough, Mass., company at last check rose 2.4% to $79.80. In Friday trading the stock touched a 52-week high $81.80. That's triple the 52-week low of $26.49, set in mid-March.
In a statement Hologic estimated that for the quarter ended Dec. 26, adjusted earnings came in "significantly higher" than its estimate of Nov 4.
At that time, the company pegged GAAP profit to range $1.88 to $2.03 a share, or an adjusted $2.10 to $2.25.
A FactSet survey of analysts forecasts Hologic's Q1 GAAP earnings at $1.91 a share, or an adjusted $2.14.
The company now sees revenue coming in at $1.61 billion, compared with the estimate of $1.39 billion in the survey of analysts by FactSet.
The company had previously estimated revenue at $1.35 billion to $1.43 billion for the period.
“Hologic’s strong momentum continued in the first quarter of fiscal 2021, as organic revenue more than doubled, well ahead of our prior expectations,” Chairman, President and Chief Executive Steve MacMillan said in a statement.
"[We] provided almost 30 million covid-19 tests to global customers in the quarter," he added.
In September last year, the company received emergency-use authorization for its coronavirus tests from the U.S. Food and Drug Administration for asymptomatic patients.
The board authorized the company to buy as much as $1 billion of stock over the next five years.
Hologic repurchased nearly 1.5 million shares for $101 million in the first quarter, the company said.
The company also said that it paid the $250 million balance on its revolving credit facility.
Hologic reports fiscal-first-quarter results on Jan. 27.