Haemonetics sees 2010 profit at top of forecast

BRAINTREE, Mass.

Blood collection and processing systems maker Haemonetics Inc. said Tuesday it now expects full-year earnings will come in at the high end of its prior forecast, excluding costs related to its recent purchase of Global Med Technologies Inc.

For the year ended in March, Haemonetics sees profit near the top of its estimated $2.83 to $2.85 per share range. Analysts polled by Thomson Reuters expect earnings of $2.82 per share, on average.

The company said it incurred $15 million in severance and plant closure costs tied to its $60 million cash tender offer for health information technology company Global Med. Haemonetics, based in Braintree, Mass., said the moves will save about $14 million annually.

Haemonetics expects to complete the merger in its fiscal 2011 first quarter.

Haemonetics said it also booked $16 million in charges to write down the value of software assets it is discontinuing. The company said it will continue to support current installations of its Symphony blood bank donation management software for the foreseeable future, but is halting ongoing development of this product.

Looking ahead, Haemonetics forecast fiscal 2011 profit of $3.15 to $3.25 per share, excluding one-time costs, on revenue growth of 9 to 12 percent.

Shares rose 47 cents to $56.93 in morning trading.