Haemonetics (NYSE:HAE) said it closed its $550 million buyout of Pall Corp. (NYSE:PLL) and announced sharply reduced profits due to what it termed "acquisition and transformation costs."
Excluding 1-time items, earnings per share reached 55¢, well off analysts’ expecations of 82¢ apiece.
Haemonetics said the acquired Pall business, which employs about 1,300 people, "provides Haemonetics with commercial presence in all aspects of the whole blood collection market."
"The combined company is expected to generate greater than $1 billion of revenue in its full fiscal year 2014," according to a press release.
Haemonetics said it also inked a new $525 million credit agreement with a syndicate of lenders led by JPMorgan Chase Bank and Citibank and authorized a $50 million share repurchasing program.
The company affirmed its prior outlook for fiscal 2013, saying it still expects to log organic revenue growth of about 4-6%, with its new Pall Transfusion Medicine division contributing approximate $135 million-$145 million in sales for the rest of the fiscal year, for total sales of $890 million-$915 million.
Adjusted earnings per share are expected to be $3.30-$3.40, up 9%-12% over fiscal 2012. Analysts on Wall Street expect adjusted EPS of $3.36.
HAE shares were trading at 70.22 as of about 1:50 p.m. today, up 2.3%.
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Analysts’ ups and downs
- AtriCure (NSDQ:ATRC): Leerink Swann maintains Outperform rating, lowers price target to $12 from $14.
- Becton Dickinson & Co. (NYSE:BDX): Leerink Swann downgrades to Market Perform, sets $80 price target.
- Cardinal Health (NYSE:CAH): Credit Suisse lowers price target to $50, sets Outperform rating.
- Cerner (NSDQ:CERN): Leerink Swann downgrades to Market Perform.
- Hill-Rom Holdings (NYSE:HRC): Piper Jaffray lowers rating from Overweight to Neutra, lowers price target from $45 to $30.
- Hologic (NSDQ:HOLX): Needham & Co. reiterates ‘Buy’ rating, $22 price target; Raymond James upgrades from outperform to strong-buy; Zacks Equity Research reiterates neutral rating, sets $19 price target.
- Hospira (NYSE:HSP): Leerink Swann maintains “market perform” rating, $35-$36 price target.
- Mako Surgical (NSDQ:MAKO): Leerink Swann maintains “market perform” rating, lowers price target to $15 from $16.
- Steris (NYSE:STE): JMP Securities upgrades from Market Perform to Outperform, sets $38 price target.
- Stryker (NYSE:SYK): Piper Jaffray downgrades from Overweight to a Neutral, lowers price target from $65 to $61.
- Thoratec (NSDQ:THOR): Leerink Swann maintains Outperform rating, $45 price target; Oppenheimer reiterates Outperform rating, $42 price target.
- Volcano (NSDQ:VOLC): Leerink Swann maintains Outperform rating, lowers price target to $30 from $33.
- Wright Medical (NSDQ:WMGI): Leerink Swann maintains Market Perform rating, raises price target to $20 from $19.
