Hologic rises after Cumming returns as CEO

Hologic says Jack Cumming returns as president and CEO, and shares rise aftermarket

Associated Press

NEW YORK (AP) -- Shares of Hologic Inc. rose in aftermarket trading Thursday after the medical device company said Jack Cumming will return as president and CEO, replacing Robert Cascella.

Hologic said Cascella is stepping down for personal reasons, and Cumming becomes its president and CEO, effective immediately. Cascella will continue to advise the company until the end of November.

Cumming was Hologic's CEO from 2001 to November 2009, when Cascella replaced him. He was also president of the company from July 2001 to September 2003 and chairman from 2002 to 2007 and from 2008 to 2011.

Cascella was president and chief operating officer before he became CEO.

Hologic shares rose $1.03, or 5.2 percent, to $21 in aftermarket trading. The shares have traded between $17.70 and $23.96 in the last year, and they rose 2.5 percent to close at $19.97 in the regular trading session Thursday.

Hologic makes products used to detect breast and cervical cancer. Its Selenia Dimensions system generates two-dimensional and three-dimensional images of the breast, and it captures images from multiple angles. The company also reported early results for its fiscal third quarter Thursday. Hologic expects adjusted net income of 38 cents per share and $626 million in revenue for the quarter, which ended June 29.

Analysts are forecasting net income of 37 cents per share and $627 million in revenue on average, according to FactSet.

The Bedford, Mass., company is scheduled to report full quarterly results Aug 5.

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