NEW YORK (AP) -- Shares of Hologic Inc. rose in premarket trading Tuesday, a day after the medical device maker reported a 90 percent surge in quarterly income and boosted its annual guidance.
The Bedford, Mass., company reported fiscal first-quarter adjusted earnings per share of 34 cents, beating the average analyst estimate by 2 cents. Hologic also forecast full-year profit of $1.36 to $1.38 per share, up a penny from its prior range. Analysts expect $1.36 per share, according to a survey by FactSet.
Jefferies & Co. analyst Raj Denhoy said the first-quarter beat was driven by strong contributions from Tomo, which provides 3D mammographies, Cervista HPV, for cervical cancer screening, and the ThinPrep Pap Test.
Denhoy rates the stock "Buy," with a $24 price target.
Amit Bhalla of Citi Investment Research raised his target price on Hologic shares by $1 to $22, due in part to accelerating adoption of Tomo. He also likes the stability of the diagnostics and gynecological/surgical segments.
"While the performance of the base business has been viewed with skepticism given weak physician office visits trends in the U.S. during the quarter, it appeared to stabilize and even show signs of potential growth opportunities," the analyst wrote. He also rates Hologic a "Buy."
Hologic shares rose $1.15, 6 percent, to $20.35 in premarket trading. Over the past 52 weeks the stock has traded between $13.90 and $23.24.
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