What: After reporting fiscal second-quarter results that were ahead of forecasts and updating its guidance for 2016, shares of Hologic (NASDAQ:HOLX) fell 10% at 12:30 p.m. ET today.

So what: The maker of women's health products reported fiscal second-quarter sales and profit that appear solid. Revenue of $693.3 million grew 5.8% from a year ago and non-GAAP net income of $68.9 million increased by 14.1%.

Management noted that the fastest revenue growth came from the company's breast health and GYN surgical business segments. Thanks to a 11.2% bump up in U.S. sales tied to growing demand for its Genius 3D mammography system, breast health sales grew 8% to $275.8 million. Adoption of the MyoSure tissue removal system for the removal of uterine fibroids and polyps led to GYN surgical sales improving 15.9% to $90.9 million. 

Hologic's bottom line improved as operating margin ticked higher courtesy of geographic sales mix and a larger proportion of sales for higher-margin products.

The company also updated its 2016 financial guidance. It is modeling for sales to grow between 3.9% and 4.6% this year, on a reported basis. Also, it expects reported non-GAAP EPS of at least $1.89, which would be a year-over-year improvement of 13.2%.

In fiscal Q3, revenue will tick up by just 0.2% to 1.6% versus last year and non-GAAP EPS will increase by 9.3% to 11.6% when compared to a year ago. 

Now what: The company's guidance is about in line with what industry watchers have been hoping for, but that's not all that impressive given that delivering on that forecast marks a deceleration in growth rates. 

Still, the sell-off today does seem to be a bit of an overreaction and that could mean that Hologic's shares are becoming a better bargain. Investors think Hologic can grow EPS to $2.09 next year and that means shares are trading at a reasonable forward P/E ratio of 16.3.

Overall, this is a solid, low-growth company that could eventually be an attractive M&A target. However, there are probably other companies out there that are a better bet to own in a portfolio.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.