The Boston-based company posted profits of $17.6 million, or 34¢ per share, on sales of $238.5 million for the three months ended March 28, 2020, for a -15.4% bottom-line slide on a sales decline of -4.3%.
Adjusted to exclude one-time items, earnings per share were 69¢, 4¢ behind Wall Street, where analysts were looking for sales of $247.2 million.
Despite missing Wall Street projections and posting revenue and profit slides, Haemonetics finished its fiscal year with $988 million in revenue, a 2% growth year over year with 6% organic revenue growth.
The blood management company said in a news release that it experienced a limited impact from the COVID-19 pandemic on its full-year financial results and expects the effects will be larger on its fiscal 2021 results.
“The positive finish to fiscal 2020 is evidence that the steps we have taken over the past four years have strengthened Haemonetics to improve our trajectory,” Haemonetics CEO Chris Simon said in the news release. “Our response to the COVID-19 pandemic speaks to our commitment to support our healthcare customers. Our robust product portfolio and strong financial health position us to adapt to changing market conditions, drive results, complete our turnaround and accelerate transformational growth.”
Given the uncertainties brought on by the pandemic, Haemonetics suspended its 2021 guidance and said it will issue it later this year.
HAE shares were down -4.5% at $105.13 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.7%.