Haemonetics 2Q net income more than doubles
NEWS: Haemonetics, which provides systems for health care providers and blood collectors to manage blood stores, said Monday that its net income more than doubled in the fiscal second quarter after an acquisition.
DETAILS: Haemonetics acquired a blood transfusion business from Pall Corp. during the second quarter of last year which added $47 million in revenue. Sales of plasma disposable products rose 10 percent, helped by strong growth in North America, and it also saw gains in Chinese and Russian markets.
NUMBERS: The Braintree, Mass., company earned $16.5 million, or 32 cents per share, in the quarter that ended Sept. 28. A year earlier its net income totaled $6.5 million, or 13 cents per share. Excluding one-time charges and gains, Haemonetics would have earned 66 cents per share in the latest three-month period. Revenue rose 8 percent to $235.8 million from $218.2 million.
Profit easily topped the 57 cents per share expected by analysts, according to FactSet, but revenue was slightly shy of the $239.6 million forecast.
FUTURE: Haemonetics Corp. still expects net income of $2.30 to $2.40 per share for the year excluding special items. Analysts are forecasting $2.34 per share on average. The company said plasma collections are string, but blood center revenue in the U.S. continues to drop as hospitals improve blood management and are performing fewer transfusions. That means blood collections will decline, curbing revenue in that segment.
STOCK: Shares of Haemonetics fell 16 cents to $40.58 in morning trading. The stock bottomed at a 52-week low of $37.71 in May before shooting up to a year-high of $45.90 in July, and has zigzagged lower since.