In a report released today, Michael Matson from Needham maintained a Buy rating on Hologic (NASDAQ: HOLX), with a price target of $48. The company’s shares closed yesterday at $41.04.
Matson commented:
“FDA’s latest monthly Act (MQSA) statistics were published on 10/1/18. The number of digital breast tomosynthesis (DBT) units increased by 157 during August which represents a 33% Y/Y increase. DBT unit penetration increased to 33.9% from 33.4% last month and facility penetration increased to 54.4% from 53.4% last month. More importantly, DBT units placements were up 15% quarter-to-date (QTD) in 3Q18 vs. 3Q17. HOLX’s Breast Imaging growth improved in October data seems to indicate that the stronger growth could continue in F4Q18. We note that HOLX’s 3D mammography sales are less than 13% of its total sales.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 14.1% and a 66.1% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Currently, the analyst consensus on Hologic is a Moderate Buy with an average price target of $45.50.
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Based on Hologic’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $824 million and net profit of $113 million. In comparison, last year the company had a net profit of $82.7 million.
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Hologic, Inc. engages in the development, manufacture, and supply of diagnostics products, medical imaging systems, and surgical products dedicated to serve the healthcare needs of women. It operates through the following business segments: Breast Health, Diagnostics, Medical Aesthetics, GYN Surgical, and Skeletal Health.
