BEDFORD (dpa-AFX) - Hologic Inc. (HOLX) Monday said its profit for the first quarter nearly doubled from last year, driven mainly by strong growth at each of its four businesses, led by breast health unit. Both earnings and revenues surpassed analysts' expectations for the quarter. Moving ahead, the medical diagnostic equipment maker lifted its full year earnings guidance by a penny and backed its revenue outlook. Hologic has also forecast its second-quarter financial outlook in line with Street estimates. Following the news, Hologic stock rose over six percent in after hours. The Bedford, Massachusetts-based x-ray systems maker's net income improved to $20.8 million or $0.08 per share from $10.9 million or $0.04 per share in the year-ago period. Adjusted net income, which excludes special items such as amortization, interest expenses, acquisition charges and litigation settlement, rose to $90.0 million or $0.34 per share from $79.9 million or $0.30 per share last year. On average, 23 analysts polled by Thomson Reuters expected earnings of $0.32 per share for the quarter. Analysts' estimates typically exclude special items. Hologic said revenues for the quarter grew 9.3 percent to $472.7 million, topping analysts estimate of $466.39 million. The revenue growth resulted from year-over-year growth in all four operating segments, the company said in the statement. Chief Executive Rob Cascella said, 'We are very pleased with the strong start to fiscal 2012, with revenues and operating performance that exceeded our guidance. We once again saw year-over-year growth in all four of our business segments and are excited by the early successes we have experienced with our newly released products and recent acquisitions.' Hologic's four business segments are breast health, diagnostics, GYN surgical and skeletal health. For the first quarter, breast health unit revenues grew 10.2 percent to $215.4 million, while diagnostics unit rose 10.8 percent $154.1 million from last year. Also contributing to revenue growth were a 3.8 percent improvement at GYN Surgical revenues and a 10.3 percent increase in skeletal health. Looking ahead to the second quarter, Hologic expects adjusted earnings to be about $0.33 per share and revenues in a range of $470 to $475 million. Analysts currently expect earnings of $0.33 per share on revenues of $471.01 million for the second quarter. For fiscal year 2012, Hologic lifted its adjusted earnings guidance to a range of $1.36 to $1.38 per share, from prior estimate of $1.35 to $1.37 per share. Analysts currently estimate earnings of $1.36 per share for the full year. Hologic continues to expect full-year revenues in a range of $1.90 billion to $1.93 billion. The Street currently estimate revenues of $1.91 billion for the full year. HOLX closed Monday's trading at $19.20, down $0.18 or 0.93 percent on a volume of 3 million shares. However, the stock gained $1.10 or 5.73 percent in after-hours trading.
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