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Haemonetics(R) Reports Strong Results for Third Quarter Fiscal 2008 with Continued Double Digit Growth in Sales
Date:1/31/2008

p>In addition to revenues and earnings per share, Haemonetics reported third quarter gross profit of $67 million, up 18.0%, and gross margin of 49.5%, down 20 basis points. Gross margin was impacted by product mix as lower gross margin contributors, plasma and equipment, had very strong sales growth. Year-to-date gross profit is $188 million, up 11.2%, and gross margin is 49.8%, down 100 basis points.

Adjusted (1,2) operating expenses for the quarter were $46 million, up 16.8%, with nearly half of the increase coming from three areas: 1) planned enterprise resource planning ("ERP") spending; 2) the acquisition of IDM, Infonale, and Haemoscope, whose expenses were not included in Q3FY07 financial results; and 3) continued investment in Arryx R&D. Year-to-date adjusted operating expenses are $134 million, up 11.7%.

Haemonetics' tax rate was 31.0% in the quarter and 31.7% year-to-date. In the quarter, Haemonetics benefited from resolution of certain tax contingencies.

Haemonetics ended the quarter with a cash balance of $117 million, and $12 million of debt. During the quarter, the Company generated $25 million of cash flow from operations and invested $15 million in capital expenditures.

EXPANDING THE BUSINESS

Haemonetics continues to make progress expanding the business. The Company reported the following highlights:

-- Ongoing restructuring of the European business, which reported 26.5%

revenue growth

-- Acquisition of the TEG(R) Thrombelastograph(R) Hemostasis Analyzer

business which is expected to add approximately $16 million in annual

revenues

-- Launch of a module for the Symphony software suite that allows blood

bank customers to automate applications in their manufacturing and

distribution operations

-- OrthoPAT(R) orthopedic perioperative autotransfusion system disposable

unit growth of nearly 20%

QUARTERLY PRODUCT LINE GROWTH

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SOURCE Haemonetics Corporation
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