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Haemonetics Reports Double Digit Growth in Revenue, Operating Income, and EPS for the Third Quarter Fiscal 2009
Date:2/2/2009

djusted operating expenses were $53 million in the quarter, up 17%. Year-to-date adjusted operating expenses are $156 million, up 16%. More than half of the year-to-date expense growth came from the impact of foreign exchange and from acquired businesses whose expenses were not included in fiscal 2008 results.

Third quarter adjusted operating income was $25 million, up 20%, and operating margin grew 50 basis points to 16.0%. Year-to-date adjusted operating income is $70 million, up 30%. Operating margin is 15.7%, up 140 basis points.

Third quarter and year-to-date interest and other income declined due to lower interest rates, exchange rate volatility in the quarter, and lower invested cash as Haemonetics spent $44 million to acquire Haemoscope in November 2007 and $60 million on a share repurchase in the first half of fiscal 2009. Third quarter tax rate was 31.0% as the Company benefited from the $1 million favorable resolution of a tax contingency. Year-to-date tax rate is 32.0%.

Adjusted earnings per share were $0.63, up 10% in the quarter, and are $1.80, up 18% year-to-date.

Haemonetics ended the quarter with $125 million in cash, and $10 million of debt. During the quarter, the Company generated $14 million of free cash flow.

REVENUE GROWTH HIGHLIGHTS

Plasma disposables revenue was $54 million for the quarter, up 30%. Year-to-date plasma disposables revenue is $150 million, up 31%. Haemonetics' plasma business continued to benefit from long-term contracts and from global growth in plasma collections as demand for IVIG increases. Haemonetics expects its plasma business will be an ongoing revenue growth driver for the Company.

Blood bank disposables revenue was $36 million for the quarter, up 10%. Year-to-date blood bank disposables revenue is $108 million, up 8%. Haemonetics' blood bank business benefited from the impact of ex
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SOURCE Haemonetics Corporation
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