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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

cquisition related amortization expense included in third quarter adjusted earnings was $6.2 million in fiscal 2013 and $2.4 million in fiscal 2012, or $0.08 and $0.03 per share respectively.  Year-to-date adjusted earnings included $14.5 million in fiscal 2013 and $7.4 million in fiscal 2012, or $0.19 and $0.09 per share respectively, of acquisition-related amortization expense.

Adjustments To Reported EarningsThe Company included approximately $15 million of adjustments to the cost of goods sold in the second and third quarters upon the sale of acquired whole blood and other filter inventories, which were excluded from adjusted earnings.  The Company also continues to expect to incur costs in the current fiscal year for integration activities of $30-$35 million, which are excluded from adjusted earnings guidance.  Annual guidance also excludes approximately $3 million of transaction related costs and other restructuring and transformation costs of approximately $5 million expected to be incurred within the base business.  

During the third quarter, the Company issued a field action letter to blood center customers requesting visual inspection of a component of certain whole blood collection sets, due to the potential for a leak to occur at a very low frequency.  The component, referred to as a Y connector, was supplied by a contract manufacturer.  The Company subsequently recorded inventory reserves of $6.1 million for removal of affected whole blood collection sets from inventory for destruction or rework.  The Company will pursue all available means of financial recovery related to this inventory loss.  Accordingly, the costs incurred have been excluded from adjusted earnings in the third quarter and in fiscal 2013 guidance.  Any recovery of such costs will similarly be excluded from adjusted earnings and have been excluded from earnings estimates for the guidance periods.

Fiscal 2013 Guidance T
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SOURCE Haemonetics Corporation
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