Haemonetics (NYSE:HAE) shares ticked up today after the blood management company beat expectations with its fiscal 1st-quarter results.
Braintree, Mass.-based Haemonetics reported losses of -$3.6 million, or -7¢ per share, on sales of $224.5 million for the 3 months ended June 28, cutting its losses by 53.7% on sales growth of 2.3%. Adjusted to exclude 1-time items, profits were $19.7 million, or 38¢ per share, down about 17% compared with the same period last year but ahead of Wall Street’s expectations for adjusted EPS of 36¢ on sales of $215.9 million.
"Our growth drivers of plasma, diagnostics and emerging markets represent 58% of our disposables revenue and grew 14% in the first quarter of fiscal 2015, adjusted for the plasma comparison. This extends a 5-year period with double-digit percentage growth in these combined growth drivers," president & CEO Brian Concannon said in prepared remarks. "We expect the combination of our identified growth drivers to continue to deliver double-digit revenue increases, but to be offset by the impact of blood management practice improvements, and lower share and pricing in our U.S. whole blood business for fiscal 2015. We continue to expect these headwinds to abate in fiscal 2016."
Haemonetics said it now expects overall fiscal 2015 revenues to decline by 0% to 2%, "with $40 million – $50 million of revenue growth from identified growth drivers more than offset by $50 million – $55 million of revenue headwind from net volume and pricing declines in the U.S. blood center business and weakness in the Japanese yen." The company forecast adjusted EPS of $1.85 to $1.95 for the full year, according to a press release.
HAE shares were trading at $36.25 apiece as of about 13:40 p.m. today, up 0.5%.
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