UPDATE 1-Hologic Q1 profit view above estimates, shares up

* Raises Q1 adj EPS view to $0.30 to $0.31

* Analysts Q1 EPS estimates $0.29

* Lowers Q1 rev to about $428 mln to $429 mln

* Shares rise about 7 percent

Jan 12 (Reuters) - Medical diagnostics company Hologic Inc (HOLX.O) forecast first-quarter profit that topped market estimates, helped by a reduction in costs, sending its shares up as much as 7 percent in pre-market trading.

However, the company expects first-quarter revenue to fall short of its previous estimates by 3 percent, as a tightening in hospital spending was likely to drive down sales of its mammography equipment.

"The severe and rapid economic downturn, resulting in a decline in hospital spending, has impacted Hologic's breast health capital equipment sales," Chief Executive Officer Jack Cumming said.

Shares of Hologic were trading up 60 cents at $11.50 before the bell. They closed at $10.90 Friday on Nasdaq.

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For the company press release, please double click [ID:nPnNEM038B] (Reporting by Anuradha Ramanathan in Bangalore; Editing by Anil D'Silva) ((anuradha.ramanathan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800: Reuters Messaging: anuradha.ramanathan.reuters.com@reuters.net))