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Haemonetics Reports 1st Quarter Fiscal 2014 Revenue Up 24%; Adjusted EPS of $0.46 Up 46%; Adjusted Operating Margin Improvement of 270 Basis Points; and Significant Progress on Planned Manufacturing Transformation
Date:7/29/2013

BRAINTREE, Mass., July 29, 2013 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) today reported first quarter fiscal 2014 net revenue of $219.5 million, up 24%, a GAAP net loss of $7.9 million and a loss per share of $0.15.  Adjusted net income, exclusive of transformation, integration and deal amortization expenses detailed below, was $23.8 million, up 46%, and adjusted earnings per share were $0.46, up 46%.  Excluding currency impact, net revenue was up 29% in the quarter.1  On an organic basis revenue declined 5% in the quarter and 2% on a constant currency basis.

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Brian Concannon, Haemonetics' President and CEO, commented:  "This quarter we made excellent progress advancing the manufacturing transformation elements of our Value Creation & Capture ("VCC") initiatives.  We are encouraged that, at the same time, we were able to drive a 270 basis point improvement in adjusted operating margin, enabling us to deliver profit in line with our expectations and affirm our full year adjusted earnings per share guidance range.  This was achieved through productivity and cost management efforts that will later be amplified by the full benefits of the VCC initiatives." 

STRATEGIC AND PRODUCT GROWTH HIGHLIGHTSHaemonetics cited the following highlights in its first fiscal 2014 quarter:

  • 24% total revenue growth.
  • 11% growth in North American plasma disposables revenue.
  • 17% growth in diagnostics disposables revenue.
  • 12% organic revenue growth in China.
  • $51 million of revenue from the acquired whole blood business.
  • Added 15 new IMPACT® accounts in North America.
  • 270 basis point improvement in adjusted opera
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  • SOURCE Haemonetics Corporation
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