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Haemonetics Reports 3rd Quarter Fiscal 2013 Revenue Up 29% and $0.50 Adjusted EPS; Year-To-Date Organic Revenue Up 3%; Reaffirms Fiscal 2013 Adjusted EPS Guidance of $1.65-$1.70
Date:1/30/2013

ird quarter fiscal 2013 organic revenue growth of 11% in Asia and 2% in Europe, partially offset by declines of 1% in North America and 2% in Japan.  On a year-to-date basis, organic revenue increased 3% in North America, 2% in Europe, 12% in Asia and was flat in Japan. 

Adjusted gross profit was $124.6 million up $28.7 million or 29.9% for the third quarter and $326.2 million up $50.3 million or 18.2% year-to-date.  Adjusted gross margin was 50.4% up 20 basis points in the third quarter and 50.8% down 20 basis points year-to-date.  In the quarter, margin improvement in the core business offset the impact of revenue mix toward lower margin whole blood disposables.

Adjusted operating expenses were $83.7 million for the third quarter, up $17.5 million or 26.4%, and $232.3 million up $35.8 million or 18.2% year-to-date.  Operating expense increases included $14 million in the quarter and $22 million year-to-date in the new whole blood collection business. The remainder of the increase was associated with planned investments in global growth initiatives, emerging markets and infrastructure to support anticipated organic and acquisition revenue growth.  As expected, these expenses accelerated in the third quarter and will continue to accelerate in the fourth quarter.  

Adjusted operating income was $40.8 million for the third quarter, up $11.2 million or 37.7%, and $93.9 million, up $14.5 million or 18.3% year-to-date and reflected the inclusion of the profits of the newly acquired whole blood business.  Adjusted operating margin of 16.5% was up 100 basis points in the third quarter and, on a year-to-date basis, adjusted operating margin of 14.6% was down 10 basis points.  Leverage achieved through operating discipline enabled the funding of a ramp-up of investments in global growth initiatives and certain expenditures related to infrastructure build for the acquired whole blood business. 

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SOURCE Haemonetics Corporation
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