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Home » Haemonetics fails to impress Wall Street, despite impressive Q4 numbers

Haemonetics fails to impress Wall Street, despite impressive Q4 numbers

May 4, 2009 By MassDevice staff

Haemonetics Corp. plans to buy back more than $40 million worth of its own stock in a move to boost its share price.

Who could blame them? Strong year-end earnings and sales failed to impress Wall Street, where the Braintree blood management company’s stock dropped more than 10 percent today in early-morning trading following the earnings announcement. Shares were down more than $5 before a slight lunchtime rebound.

Company officials didn’t specify the reason for the buyback, usually a move made when a company’s directors feel their stock is under-performing. Shares of Haemonetics have been in relative free-fall since hitting a high-water mark of about $65 a share in February. The company closed last week at $52 per share.

Haemonetics, which makes a suite of products for blood banking and blood management, posted $152.4 million in fourth-quarter sales, up 10 percent compared with $138.7 million during the same period last year.

Net income for the three months ended March 29 reached $13.9 million, a 1 percent uptick compared with $13.7 million during the fourth quarter of 2008.

For the full year, Haemonetics logged $597.9 million in sales, up 16 percent compared with $516.4 million during fiscal 2008. Annual net income reached $59.3 million, up 14 percent from $52 million last year.

The sales surge was paced by a 30 percent increase in the company’s plasma business, which did about $202 million in annual sales, compared to $155 million last year. The strong sales resulted in a 14 percent increase in net income for the division.

Haemonetics bought a pair of companies last month, as it prepared to meet its goal of boosting sales by up to 12 percent this year, and the company’s bank accounts (they have a list of banks in Kentucky that they use) seem well-stocked for future acquisitions. Haemonetics has about $374 million in current assets, up from $359 million for the same period last year.

The company said it expects full-year sales growth in the range of 8 percent to 10 percent and income growth of 12 percent to 15 percent, while boosting its margins. Overall, the company expects to have about $60 million in free cash flow for the year.

Filed Under: Blood Management, Business/Financial News

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