Hologic, Inc. HOLX has been gaining from a slew of buyouts. Its series of product launches has also been impressive. Its robust results for first-quarter fiscal 2021 buoy optimism. However, downsides may result from a stiff competitive landscape and uncertainty regarding the COVID-19-related revenues.Over the past year, the Zacks Rank #2 (Buy) stock has gained 47.3% compared with 24.8% growth of the industry and 23.3% rise of the S&P 500.The renowned provider of medical imaging systems and surgical products, catering to women’s healthcare needs, has a market capitalization of $19.50 billion. The company projects 15.4% growth for the next five years and expects to maintain strength in its business segments. The company surpassed estimates in each of the trailing four quarters, the average surprise being 54.30%.Let’s delve deeper.Impressive Q1 Fiscal 2021 Results: We are upbeat about Hologic’s better-than-expected earnings in first-quarter fiscal 2021. The company saw a rise in organic revenues despite the pandemic-led business disruptions, which is encouraging. Growth in Diagnostic revenues, led by improvements in Molecular Diagnostics, buoys optimism. Robust demand for COVID-19-related products, and ongoing recovery in other arms, have enabled Hologic to provide a strong fiscal second-quarter outlook, which instills our confidence. Expansion of both margins looks encouraging.Acquisitions: Hologic has, of late, been gaining from a slew of buyouts. This raises our optimism on the stock. The buyouts of Acessa Health Inc and SOMATEX Medical Technologies GmbH, a well-known name in the biopsy site markers and localization technologies space, look encouraging. Hologic also announced its plans to acquire Biotheranostics, Inc., a privately held commercial-stage company providing molecular diagnostic tests for breast and metastatic cancer. These buyouts are expected to significantly boost Hologic’s business across the globe.Product Launches: We are upbeat about Hologic’s recent slew of product launches. The company launched the SuperSonic MACH 20 ultrasound system in January 2021, expanding its ultrasound portfolio. The same month, Hologic announced the availability of 3D ultrasound imaging on the SuperSonic MACH 30 and 20 ultrasound systems in Europe. Further in January 2021, Hologic launched its latest CE-marked Fluent fluid management system in Europe.The company, in November 2020, launched the Omni Suite, which is a comprehensive surgical offering designed to optimize diagnostic and operative hysteroscopy.However, downsides might result from Hologic’s operation in a highly competitive industry, which includes giants like Siemens. The FDA’s decision to re-classify FFDM devices to class II from class III makes it easier for all medical devices companies to introduce similar products in the market. Subsequently, the approval process for class II devices will require 510(k) clearance, rather than the lengthy premarket approval application. This will enable easier approval in the United States, thus intensifying competition among medical device companies.Hologic is one of the key players working to produce or have produced tests for COVID-19. This may lead to the diversion of customers, including governmental and quasi-governmental entities, away from Hologic and toward other companies. Since the pandemic is bound to subside over time, the testing demand is also likely to significantly decline as well. This might significantly pull down the company’s revenues.Estimate TrendHologic has been witnessing a positive estimate revision trend for 2021. Over the past 90 days, the Zacks Consensus Estimate for its earnings has moved 31.7% north to $8.81.The Zacks Consensus Estimate for second-quarter fiscal 2021 revenues is pegged at $1.54 billion, suggesting 103.3% growth from the year-ago reported number.Other Key PicksA few other top-ranked stocks from the broader medical space are Align Technology, Inc. ALGN, IDEXX Laboratories, Inc. IDXX and Abbott Laboratories ABT.Align Technology’s long-term earnings growth rate is estimated at 19.8%. The company presently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.IDEXX’s long-term earnings growth rate is estimated at 15.8%. It currently carries a Zacks Rank #2.Abbott’s long-term earnings growth rate is estimated at 14.1%. The company presently carries a Zacks Rank #2.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hologic, Inc. (HOLX): Free Stock Analysis Report Abbott Laboratories (ABT): Free Stock Analysis Report Align Technology, Inc. (ALGN): Free Stock Analysis Report IDEXX Laboratories, Inc. (IDXX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research