Massachusetts medical device maker Haemonetics (NYSE:HAE) this week released its 3rd-quarter earnings report, posting a major boost in profits that the company attributed to "productivity programs yielding cost efficiencies."
Adjusted gross profits were flat year over year, the company said, but net profit was up 64.5% on a 2.1% decline in revenue for the 3 months ended December 28.
The company’s adjusted per-share earnings were right on target with analysts’ expectations at 61¢, but HAE shares dropped 3.2% yesterday, trading at $38.77 as of about 3:50 p.m.
In total, Haemonetics reported profits of $16.3 million, or 31¢ per diluted share, on sales of $242.1 million for its 3rd quarter. That compared with profits of $9.9 million, or 19¢ per share, on sales of $247.4 million during the same period the previous year.
The blood management company posted strong growth in many of its product lines, including 27% growth in diagnostics disposables and 13% growth in plasma disposables. Haemonetics also reported big bumps in emerging markets, including 16% growth in China disposables and 42% growth in Russia disposables.
Haemonetics reiterated its full-year guidance in the range of 2-4% on a constant currency basis and 0-2% on a reported basis.