Hologic shares down despite earnings increase
Hologic Inc. shares fell 18 percent in mid-morning trading, despite reporting higher profits and increased revenue. The Bedford women's healthcare company said revenue more than doubled to $431 million in the second fiscal quarter, primarily because of its $6.2 billion acquisition of Cytyc Corp. in October.
Hologic also said it earned $56 million, more than double its earnings of $21.6 million in the same quarter a year earlier.
Shares were trading at $23.98, down $5.21, as of 11:09 a.m. after falling as low as $21.25 earlier in the day, in heavy trading.
Hologic makes women's healthcare products, including mammography machines and pap tests to detect cancer. The firm has roughly 2,800 employees, including about 850 in Massachusetts.
(By Todd Wallack, Globe staff)
