The Bedford, Massachusetts-based Hologic Inc., a medical diagnostics company, reported a better-than-expected first quarter profit and a 16 percent increase in revenue. Nonetheless, based on the drop in hospital capital equipment spending, especially for its mammography product line, the company posted a weak outlook for the second quarter.

The company's $48.0 million first-quarter net income was a dramatic turnaround from its last year same-quarter net loss of $358.6 million. The increase in revenue from $371.4 million to $429.2 million surpassed the analysts' estimated consensus of $427.26 million.

The growth in the revenue figures came, to a great extent, from the addition of nearly two months of revenues from the diagnostics, surgical and MammoSite product lines acquired after the company's merger with Cytyc Corp.

Two other factors that contributed to the increase in revenues for Hologic - a manufacturer of diagnostics, medical imaging systems and surgical products - were a 34%, or $12.5 million, rise in service and other revenues chiefly related to its Selenia full field digital mammography units sold, along with a $8.5 million revenue from its July 2008 acquisition of Third Wave.

As regards the somewhat weak outlook for the second quarter, the company cited the declined hospital capital equipment spending and, additionally, its decision to take a non-cash goodwill impairment charge during the quarter, as a result of a fall in its market capitalization.