The Braintree, Mass.-based medical device maker reported a loss of -$8.48million, or -$0.17 per share, on sales of $238.5 million for the three months ended June 29, 2019, for a bottom-line loss of 200% on sales growth of 4% compared with Q1 2019.
The company took a $51.2 million hit to operating expenses due to carrying balances of its Union, S.C. liquid solutions facility, which it sold to CSL Plasma in May for $10 million. The charge led to a first-quarter fiscal 2020 operating loss of $13.3 million, the company said in a news release.
Adjusted to exclude one-time items, earnings per share were $0.81, 18¢ ahead of The Street, where analysts were looking for sales of $237.7 million.
“Our first-quarter results are a positive start to the year,” Haemonetics CEO Chris Simon said. “We have taken important steps forward, including reaching 5 million collections with NexSys PCS, receiving U.S. regulatory clearance for use of TEG 6s in adult trauma and divesting our Union, S.C. liquid solutions facility. We are launching the Operational Excellence Program to improve our manufacturing and supply productivity. Our strategy is sound and we are raising our fiscal 2020 adjusted earnings guidance.”
Haemonetics said it expects to log adjusted EPS of $2.95 to $3.15 this year, up from $2.80 to $3, and maintained its top-line outlook of 3% to 5% for the remainder of FY 2020.
Investors reacted by sending HAE shares up 10.8% to $129.82 apiece today in mid-day trading.