Stephen P. MacMillan
Chairman, President and Chief Executive Officer at Hologic
Thank you, Ryan, and good afternoon, everyone. We're pleased to discuss our financial results for the first quarter of fiscal 2023. Our results highlight the strength of our three divisions, the power of our commercial channels and the increasing impact of our transformative growth drivers from R&D and acquisitions. For the quarter, total revenue was $1.07 billion and non-GAAP earnings per share was $1.07, both above the high end of our guidance. We also repurchased 1.5 million shares of our stock for a $100 million in the quarter. To recap our pre-release, while we did have the benefit of three extra selling days, our topline performance was strong.
Diagnostics grew 15.8%, powered by Molecular Diagnostics, which grew 24.5%. Both figures are organic and exclude COVID. Surgical also delivered an impressive quarter, growing 14.7% organically. And Breast Health finished the quarter down only 5.2%, a signal that our recovery from chip-related supply chain headwinds is indeed underway. While the extra days contributed approximately 250 basis points of growth, net, even without the extra days, Diagnostics and Surgical both grew double digits and Breast Health exceeded prior guidance. All in, we are well-positioned to achieve our full year guidance of low double-digit organic growth ex-COVID in all three of our franchises, well above our 5% to 7% long-term growth rate.
Our balance sheet and cash flow are exceptionally strong, and we continue to create value for our stakeholders. Today, we'd like to cover two main topics. First, we'll build on the thesis from our JPMorgan presentation three weeks ago, a theme that encapsulates how we improve women's health globally, drive our commercial success and elevate Hologic's reputation at the same time. Second, we'll highlight the transformation of our business and showcase the growth we are driving in each division, which we hope is now becoming much more evident in recent quarters. We are incredibly excited about today and confident about our future. Jumping right in, purpose driven, results driven.
These four words comprised the theme of our JPMorgan presentation this year, and these four words underpin the success of our entire business. At Hologic, we have an unparalleled commitment to women's health. When we speak purpose driven, results driven, nothing symbolizes these words better than our virtuous circle, which we feature in our corporate presentation. It is simple and powerful at the same time. Most importantly, it unifies and inspires our thousands of employees around the world and points our talented workforce in one singular direction, to elevate women's health, where we have leadership positions in each segment in which we operate.
Our business starts with innovative, clinically differentiated, life-changing, life-saving technologies. Whether through R&D or by M&A, it all starts with innovation. As we bring these new innovative products to market, they grow our sales and profits. And here is the key to our success -- what we believe sets us apart and allows us to thrive. We then invest these profits into championing women's health on a global scale. We are expanding policy and access, which then allows our products to reach more women and have an even greater impact on the world. And as our business grows, the cycle continues, simple and powerful. Two weeks ago, for the second straight year, we had the opportunity to engage with global leaders at the World Economic Forum in Davos, Switzerland.
This is an incredible platform that was not available to us just three years ago. We've earned our access through our leadership in women's health, our pioneering Hologic Global Women's Health Index and our outstanding response to COVID that continues today. As we've grown our business, we have significantly elevated the Hologic brand around the world. With our engagement at Davos, making powerful connections and building strong relationships, combined with recognition from our global partnership with the Women's Tennis Association, Hologic and what we stand for is more recognized globally than ever before, which in turn helps us attract the best and the brightest to the Hologic team, an important advantage in today's labor market.
Quite frankly, the best thing we can do for the world and also for our business is to raise awareness and opportunities for women's health globally. For a sense of scale, there are approximately 170 million women in the U.S., our largest market. This is only a fraction of the nearly four billion women in the world. We have a long way to go. And as the importance of women's health is elevated and these markets grow, Hologic will be there at each step along the way. Shifting gears to our second topic, understanding the growth that is driving our business. With our strong performance for the quarter, the number one question we are asked is, how are we growing our top line?
To answer this question, we will first reflect on our business transformation, a powerful mix of organic innovation and strategic tuck-in acquisitions. Second, we will discuss each division and highlight examples of our growth engines and the multitude of market strategies deployed across each division. Reflecting on our transformation, it really started well before COVID. Three years ago, we were ready to show the world how we had diligently and thoughtfully strengthened our business for growth, then the pandemic hit. And when it did, we established three goals: one, take care of our employees, which we have done; two, meet the world's needs for highly accurate molecular diagnostic COVID testing, which we continue today; and three, emerge as a fundamentally stronger company, which is happening now.
Under the cloud of COVID, while successfully deploying Panthers and producing our COVID assays, we strengthened Hologic for the long term to a level higher than even we had imagined prior to the pandemic. We achieved this through the combination of innovative internal R&D efforts, plus a series of tuck-in acquisitions. As a result, we've had continuous new product releases that have fundamentally transformed our business and boosted our growth profile. Now as the COVID cloud begins to clear, it is increasingly more evident that we are geared for success, geared for growth and geared to sustained performance over the long term.
Next, to fully appreciate our growth potential is to understand the transformation and diversification of our portfolio and growth strategies. Across all divisions, we are innovating, acquiring and building new markets, entering underdeveloped markets and penetrating existing segments, all while continuing to defend and even grow share in the markets we lead. Our growth in each division is grounded in strong and durable core products. These resilient core franchises are backed by long-established clinical needs and commercial relationships, which provide a rock solid foundation to leverage into our newer growth drivers. We leverage our installed bases and customer relationships to advance our newer products, which we expect to both diversify the portfolio and accelerate growth. Moving on to the divisions.
In Diagnostics, we have leading positions in core women's health product lines such as STIs and cervical cancer. Our Women's Health molecular diagnostics and cytology base drive steady growth and supports positive relationships with top laboratories and key opinion leaders, which opens the door for additional new products. Today, diagnostics has grown from primarily a U.S. women's health business to a global diagnostics franchise with many more growth drivers. For example, we now have over 3,250 Panthers worldwide, a number beyond what we had even imagined, along with 19 assays and the Fusion system that enables even further menu expansion.
We also have a vastly expanded footprint with three acquisitions: Biotheranostics, Diagenode and Mobidiag that are contributing today and will even more so in the future. More specifically, driving future growth for diagnostics means leveraging our expanded Panther installed base. These customers are adopters of our newer assays, including BV CV/TV and M. Gen. We add menu, promote guidelines and drive adoption through our women's health clinical channel. Likewise, we also leverage our Panther installed base to enter established categories such as virology and respiratory testing. Focusing on our diagnostics acquisitions. With Biotheranostics, we are already seeing solid contributions as we build a new market that is currently minimally penetrated.
And with Mobidiag, the Novodiag platform allows for significant future contributions as we prepare to enter the large and emerging syndromic panel market that is adjacent to our core molecular diagnostics franchise. In Breast Health, revenue from our 3D mammography equipment and the related service represents the core revenue foundation of the division. While our fiscal '23 growth is primarily driven by the return of chip supply and gantry availability, the division is primed for future growth via further portfolio expansion. The Breast Health business now spans the breast continuum of care with more recurring growth drivers than ever before. We have expanded from what was once a capital-intensive business by growing service revenue and adding more recurring disposable revenue.
In doing so, we are creating new markets as with our Brevera Breast Biopsy System, while also entering existing markets where we compete with clinically differentiated products. And while we are leaders in the screening space, our R&D teams are poised to keep us ahead of the pack. In surgical, the business has changed dramatically, evolving from essentially a 2-product division to one which is now much more robust and diverse. Last quarter, revenue outside of NovaSure and core MyoSure represented approximately 25% of the division's total compared to only approximately 10% in fiscal 2019. While NovaSure and core MyoSure still form a strong, durable base of the division, the business is far more dynamic than pre-pandemic.
We now have meaningful growth drivers outside of these two core product lines from acquisitions, new in-house products and also improvements to existing products. Going a level deeper, the growth in Surgical is driven by products like Fluent as well as NovaSure v5, both from our internal R&D efforts. With Fluent, we created an elegant solution to hysteroscopic fluid management that stands alone. And with our NovaSure v5 line extension, we have proven that even the best can get better and that we are never satisfied and never done innovating. By acquisition, the Acessa procedure and the Bolder advanced vessel sealing portfolio also diversify and elevate the division's growth trajectory.
These are both laparoscopic tools that we've moved swiftly to acquire during COVID times and have added to our prior hysteroscopic only offering. Acessa is a unique radio frequency fibroid removal solution where we are building a new market and improved improving payer coverage. In Bolder, we are entering an underdeveloped market by deploying our large surgical sales force to introduce our advanced sealing portfolio to the OB GYN market. Finally, our international business is so much stronger and poised for exceptional future growth post pandemic. Bolstering the individual product growth drivers in each division, we continue to penetrate our markets internationally.
For example, in the quarter, our Diagnostics business ex-COVID and surgical businesses each grew more than 20%. As we've stated before, we expect international growth rates to be accretive to our overall growth rate for years to come. In summary, our commitment to our purpose has paved the way for our success during the pandemic and is a beacon for our future. We are now a transformed, much stronger Hologic with more diverse growth drivers across each business and a much larger, more capable international presence. And through our innovative R&D and effective tuck-in acquisition strategy, we are well-positioned to continue to drive strong, sustainable growth for years to come.
With that, let me turn the call over to Karleen.
