Hologic (Nasdaq:HOLX) posted second-quarter results today that solidly exceeded the consensus forecast on Wall Street and increased its outlook for the rest of the year.

Marlborough, Massachusetts–based Hologic reported profits of $455.7 million, or $1.80 per diluted share, on sales of $1.436 billion for the three months ended March 26, 2022. That was a bottom-line decrease of 26.5% and sales decline of 6.6% compared with Q2 2021. The decrease was primarily due to declining sales of COVID-19 diagnostics.

Adjusted to exclude one-time items, earnings per share were $2.07, $0.47 ahead of the Street, where analysts were looking for EPS of $1.60 on sales of $1.29 billion.

“We continued to generate robust profitability and cash flows in the quarter, and our balance sheet is stronger than ever,” Chair, President and CEO Steve MacMillan said in the news release. “In this challenging macro environment, the health and diversity of our base businesses, plus our diagnostic testing for COVID-19, give us incredible confidence and excitement that we are building a stronger company for the long-term.”

Hologic said it expects to log adjusted EPS of $5.45 to $5.65 this year, up from prior guidance of $4.90 to $5.20. Hologic also increased its top-line outlook to a range of $4.6 billion to $4.7 billion, compared with the previous range of $4.4 billion to $4.55 billion.

Investors reacted by sending HOLX shares down about 2% to $69.55 in after-hours trading.