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SECURITY: HAE (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Haemonetics is a global
company engaged in the design, manufacture and worldwide marketing of automated
blood processing systems. These systems address important medical markets:
surgical blood salvage, blood component collection, plasma collection,
and blood component safety. Haemonetics has been recognized by Forbes magazine
as one of the nation's best small companies
Haemonetics
Reports Strong Results for Fourth Quarter and Fiscal Year End 2008 And
Issues Guidance for Continued Strong Growth in Fiscal 2009
Company Announces $60 Million Share Repurchase Authorization
Braintree, MA, May 1, 2008 – Haemonetics Corporation (NYSE: HAE) today
reported fourth quarter fiscal 2008 GAAP net revenues of $139 million,
up 19%; operating income of $20 million, down 21%; and net earnings per
share of $0.52, down 29%. The Company also reported fiscal year end 2008
GAAP net revenues of $516 million, up 15%; operating income of $70 million,
up 12%, and net earnings per share of $1.94, up 9%.
Excluding
charges in both fiscal 2007 and 2008 and a legal settlement and certain
tax benefits in 2007, fourth quarter fiscal 2008 adjusted operating income
was $23 million, up 10%, and adjusted earnings per share were $0.58, level
with prior year. Full year 2008 adjusted operating income was $77 million,
up 10%, and adjusted earnings per share were $2.10, up 10% (1).
Brad
Nutter, Haemonetics' Chairman and CEO, said, "I am pleased to report four
consecutive quarters of double digit revenue growth and double digit growth
in adjusted operating income and adjusted earnings per share for the year.
Growth continues to come from strength across multiple product lines and
geographies, and we have a positive outlook for all these markets."
"In
the year, we made good strides in our vision to be the global leader in
blood management solutions for our customers. We introduced several new
products in both the blood bank and hospital markets. We acquired a new
device for patient blood management and a consulting and information technology
platform for hospital blood management. Haemonetics now provides customers
with a value proposition that includes the most exensive depth and breadth
of devices, services, and information technology platforms across the blood
bank and hospital markets."
FINANCIALS
In
addition to revenues and earnings per share, Haemonetics reported fourth
quarter gross profit of $70 million, up 20%, and gross margin of 50.6%,
up 70 basis points. For the year, gross profit was $258 million, up 13%,
and gross margin was 49.9%, down 70 basis points. Gross margin was impacted
by product mix as lower gross margin contributors, plasma and equipment,
had very strong sales growth.
Adjusted
operating expenses were $47 million in the quarter, up 26%, and $181 million
for the year, up 15%. Nearly half of the year's increase came from three
areas: 1) planned enterprise resource planning ("ERP") spending; 2) the
acquisitions of IDM, Infonale, and Haemoscope, whose expenses were not
included in most of fiscal 2007 financial results; and 3) continued investment
in Arryx R&D.
Haemonetics'
tax rate was 35.5% in the quarter and 32.8% for the year. In the year,
Haemonetics benefited from resolution of certain tax contingencies.
Haemonetics
ended the year with a cash balance of $134 million, and $12 million of
debt. During the year, the Company generated $76 million of cash flow from
operations and invested $57 million in capital expenditures to invest in
ERP, the plasma business, and software development. In the year, the Company
invested $75 million in a share repurchase and $46 million on acquisitions.
Haemonetics
Reports Strong Results for Third Quarter Fiscal 2008 With Continued Double
Digit Growth in Sales
Raises
Annual Revenue Growth Guidance
Braintree,
MA, Jan. 31, 2008 – Haemonetics Corporation (NYSE: HAE) today reported
third quarter fiscal 2008 GAAP net revenues of $135 million, up 18.6%;
net income of $14 million, down 15.1%; and net earnings per share of $0.54,
down 12.1%.
Third
quarter fiscal 2008 adjusted net income, excluding charges in both fiscal
2007 and 2008 and certain tax benefits in 2007, was $15 million, up 12.5%,
and adjusted earnings per share were $0.57, up 16.4% (1). Haemonetics also
reported year-to-date net revenues of $378 million, up 13.5%; adjusted
net income of $41 million, up 11.2%; and adjusted net earnings per share
of $1.53, up 15.3%(2).
Brad
Nutter, Haemonetics' Chairman and CEO, said, "Q3 performance was strong,
and we are especially pleased to report our third consecutive quarter of
double digit revenue growth. Our 19% growth comes from strength across
multiple product lines and geographies. The outlook for these markets continues
to be positive. As such, we are adjusting our annual revenue guidance from
10-12% growth to 11-13% growth."
"We
are making good strides on our strategic vision to be the global leader
in blood management solutions for our customers. Haemonetics is providing
customers with a value proposition that includes an extensive depth and
breadth of products, services, and software across the blood bank and hospital
markets," Mr. Nutter added.
Haemonetics
Completes Acquisition of TEG(R) Hemostasis Analyzer Business
Braintree,
MA, Nov. 20, 2007 – Haemonetics Corporation, a global blood management
company, confirmed today that it has acquired Haemoscope Corporation's
TEG® Thrombelastograph® Hemostasis Analyzer business for $44 million
cash. The companies previously announced their agreement on the acquisition.
(See press release of October 30, 2007.)
Chris
Lindop, Haemonetics' Chief Financial Officer, noted, "The TEG business
acquisition is strategic and strengthens our vision of being a global leader
in blood management for our customers. The business expands Haemonetics'
product portfolio by providing clinicians with a diagnostic tool to optimize
blood management practice."
The
TEG business has annual revenues of approximately $16 million, growing
more than 15% annually. Gross margin and operating margin are accretive
to Haemonetics' existing business. The acquisition will be neutral to earnings
per share in FY08 and accretive in FY09.
The
transaction represents Haemonetics' third blood management-related acquisition
this year. The Company previously acquired Information Data Management
("IDM"), a software provider to blood banks and testing laboratories, and
Infonalé, Inc., a provider of blood management consulting services
to surgical hospitals.
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