Shares in Haemonetics (NYSE:HAE) have stayed steady today, down only slightly after the medical device maker beat expectations on Wall Street with its 4th quarter and full 2017 fiscal year earnings results.
The Braintree, Mass.-based company posted losses of $51.1 million, or 98¢ per share, on sales of $228.1 million for the 3 months ended April 1, seeing losses grow 485% while sales shrunk 5.9% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 39¢, ahead of the 38¢ consensus on Wall Street, where analysts were expecting to see revenue of $219.4 million.
For the full year, Haemonetics posted losses of $26.3 million, or 51¢ per share, on sales of $886.1 million, seeing losses grow 52.7% while sales shrunk 2.5% compared with the previous fiscal year.
After adjusting to exclude 1-time items, earnings per share were $1.53, ahead of the $1.52 consensus on The Street, where analysts were looking for sales of $877.3 million.
“We achieved our revenue, profit and free cash flow objectives in fiscal 2017, while completing the first of three phases comprising our company’s turnaround. We have stabilized our performance and we are advancing toward a culture of delivering on commitments. We exceeded our $40 million fiscal 2017 savings target and we enter fiscal 2018 well-positioned to move forward with the second phase, furthering productivity advances, making key investments and executing new product rollouts. In doing so, we will enable the company to realize growth acceleration in the final turnaround phase in fiscal 2019 and beyond,” CEO Christopher Simon said in a press release.
The company released guidance for the upcoming fiscal year, expecting to post earnings per share of between $1.55 and $1.65.
Shares of Haemonetics have dropped 0.6% today, down 25¢ at $42.95 as of 3:16 p.m. EDT.