Hologic (HOLX) to Meet High Testing Demand With Panther Trax
Hologic, Inc. HOLX recently progressed in terms of the international launch of Panther Trax, representing the newest addition to the Panther Scalable Solutions (PSS) portfolio of products. The company completed the regulatory filings required to make Panther Trax available in several countries and regions.
Panther Trax provides complete automation to address high volume testing demands and will be commercially available in the United States, Europe, Canada, Australia and New Zealand.
The launch of the Panther Trax in several international markets will expand Hologic’s leading diagnostic molecular scalable solutions offering.
More on Panther System
In 2010, the Panther system was first launched in Europe, offering random access and full automation for molecular testing. This system offers a wide assay menu that includes tests for women’s health, sexually transmitted infections (STIs), respiratory health, viral load and COVID-19 testing as well as Open Access functionality for laboratory-developed tests (LDTs).
Hologic’s latest Panther Trax offers lab automation by physically linking multiple Panther instruments into a single, powerful workcell that enables labs to increase testing volumes without increasing staff. Panther Trax is FDA, CE-marked for diagnostic use in Europe and is now listed as a Class I medical device.
Significance of the Launch
The launch of Panther Trax scalable solutions will address the needs of today’s laboratories, enabling them to expand operational capacity and testing volumes at their own pace along with the flexibility and streamlined user experience they require.
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Laboratories can modify the configuration with Panther Trax to meet space constraints and reduce facility costs. Taken together, the range of Panther Scalable Solutions offered by Hologic considerably expands upon the proven performance and reliability of the foundational Panther system.
Industry Prospects
Per a report by Grand View Research, the global molecular diagnostics market size was valued at $36.2 billion in 2020 and is expected to see a CAGR of 3.9%. Rising demand for Point-of-Care (PoC) testing, demand for self-testing diagnostics and the surge in infectious diseases are the major factors driving the market.
Recent Developments
In October 2021, Hologic launched the Novodiag system for on-demand molecular testing in Europe. This launch follows the company’s acquisition of Mobidiag Oy in June 2021. The Novodiag system is a completely automated molecular diagnostic solution intended for on-demand testing of infectious diseases and antimicrobial resistance.
In the same month, Hologic announced that its Aptima SARS-CoV-2/Flu Assay is available for the simultaneous detection and differentiation of three respiratory viruses that can present with overlapping clinical symptoms. The assay runs on Hologic’s fully automated Panther system, which offers initial results in nearly three hours and can process more than 1,000 tests in 24 hours.
Price Performance
Shares of the company have gained 1.8% in a year compared with the industry's rise of 9.5%.
Zacks Rank and Key Picks
Hologic currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Few better-ranked stocks from the broader medical space are Thermo Fisher Scientific Inc. TMO, Laboratory Corporation of America Holdings LH, or LabCorp and Medpace Holdings, Inc. MEDP.
Thermo Fisher, currently carrying a Zacks Rank #2 (Buy), reported third-quarter 2021 adjusted earnings per share (EPS) of $5.76, which surpassed the Zacks Consensus Estimate by 23.3%. Revenues of $9.33 billion outpaced the Zacks Consensus Estimate by 12%.
Thermo Fisher has an estimated long-term growth rate of 14%. TMO surpassed estimates in the trailing four quarters, the average surprise being 9.02%.
LabCorp, carrying a Zacks Rank #1, reported third-quarter 2021 adjusted EPS of $6.82, which surpassed the Zacks Consensus Estimate by 42.9%. Revenues of $4.06 billion outpaced the Zacks Consensus Estimate by 13.4%.
LabCorp has an estimated long-term growth rate of 10.6%. LH surpassed estimates in the trailing four quarters, the average surprise being 25.7%.
Medpace reported third-quarter 2021 adjusted EPS of $1.29, surpassing the Zacks Consensus Estimate by 20.6%. Revenues of $295.57 million beat the Zacks Consensus Estimate by 1.2%.
Medpace has an estimated long-term growth rate of 16.4%. MEDP surpassed estimates in the trailing four quarters, the average surprise being 11.9%. It currently sports a Zacks Rank #1.
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