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Haemonetics Reports 8% Revenue Growth for Second Quarter of Fiscal 2012, Adjusted Earnings Per Share of $0.72 and Updates Previously Provided Full Year Earnings Guidance
Date:10/31/2011

he software business, a key enabler of blood management solutions.
  • 22% revenue growth in diagnostic disposables products, with rapid uptake by leading US hospitals.
  • IMPACT® accounts increasing to 226 as more customers embrace the value of blood management.
  • The OrthoPAT recall remains on track with over 500 devices replaced to date.

  • In the quarter Haemonetics reported adjusted gross margin of 50.9%, down 170 basis points, and adjusted operating margin of 14.2%, down 270 basis points.  The Company's adjusted operating expenses were $65.8 million, up 10%.  Gross and operating margins were significantly impacted by the recall of OrthoPAT devices.  The negative impact on operating results associated with the OrthoPAT recall and other product quality initiatives was approximately 180 basis points of gross margin, $4 million of operating earnings or $0.12 per share in the quarter and 170 basis points of gross margin, $7 million of operating earnings or $0.20 per share year to date.

    Mr. Concannon added: "Despite the quality issues, the fundamentals of this business remain strong.  With the exception of OrthoPAT disposables, where the recall impacted revenues, we saw continued growth across all other product categories.  We continue to see a growing demand for our products and services as more customers seek economic savings and improved clinical outcomes using our blood management solutions."

    As noted, in the quarter revenues were $179.4 million, up 8%.  A break-down vs. the prior year quarter follows:

    Plasma

    Plasma disposables revenue was $64.4 million, up 14%.  Momentum continued in Haemonetics' plasma business in the quarter following a cyclical adjustment in the commercial Plasma business last year.  Plasma revenues are still being negatively impacted by a change in collection practices in Japan.

    Blood bank

    Platelet disposables revenue was $42.2 mil
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    SOURCE Haemonetics Corporation
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