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%
-- Acquisition of the TEG(R) Thrombelastograph(R) Hemostasis Analyzer
business which is expected to add approximately $16 million in annual
-- Launch of a module for the Symphony software suite that allows blood
bank customers to automate applications in their manufacturing and
-- OrthoPAT(R) orthopedic perioperative autotransfusion system disposable
unit growth of nearly 20%
QUARTERLY PRODUCT LINE GROWTH<
|SOURCE Haemonetics Corporation|
Copyright©2008 PR Newswire.
All rights reserved