Financial release accessible onlineBOSTON, May 9, 2024 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) announced that financial results for its fourth quarter and fiscal year 2024, which ended March 30, 2024, are available on its Investor Relations website.The Company will host a conference call and webcast with investors and analysts to discuss and answer questions about the results at 8:00 a.m. ET on May 9, 2024. The conference call and webcast can be accessed with the following information: Teleconf ...

Investors interested in stocks from the Medical - Products sector have probably already heard of Royal Philips (PHG) and Haemonetics (HAE) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank puts an emphasis ...

In its upcoming report, Haemonetics (HAE) is predicted by Wall Street analysts to post quarterly earnings of $0.88 per share, reflecting an increase of 14.3% compared to the same period last year. Revenues are forecasted to be $326.95 million, representing a year-over-year increase of 7.4%.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections ove ...

Haemonetics’ (HAE) major growth drivers include Plasma and the Hospital business. However, rising costs are a concern. The stock carries a Zacks Rank #3 (Hold) currently.Haemonetics’ Plasma business unit focuses on the collection of source plasma for pharmaceutical manufacturers using apheresis devices that only collect plasma. The demand for source plasma has been growing due to an expanding end-user market for plasma-derived biopharmaceuticals. The business also offers software solutions to support the op ...

Haemonetics (HAE) is likely to grow in the coming quarters due to its evolving Hospital portfolio, which is creating new opportunities for growth and diversification. The favorable prospects within the Plasma franchise also buoy optimism. The robust utilization of TEG disposables in the United States and China is driving revenues in Hemostasis Management, which is highly encouraging.Meanwhile, the impacts of economic uncertainties and foreign exchange remain concerns for the company’s operations.In the past ...

BOSTON, April 10, 2024 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) announced that the Company intends to publish fourth quarter and fiscal year 2024 financial results at 6:00 am ET on Thursday, May 9, 2024. The Company will hold a conference call with investors and analysts to discuss results and answer questions at 8:00 am ET on May 9, 2024.The call can be accessed via teleconference at: Q4 2024 Haemonetics Corporation Earnings Conference Call. Once registration is completed, participants will rece ...

Haemonetics Corporation (HAE) announced receipt of the FDA 510(k) clearance for the TEG 6s hemostasis analyzer system Global Hemostasis-HN assay cartridge. This new cartridge expands Haemonetics' TEG 6s viscoelastic testing capabilities to include fully heparinized patients undergoing adult cardiovascular surgeries/procedures and liver transplants in both laboratory and point-of-care settings.The recent development will fortify Haemonetics’ portfolio of hemostasis diagnostic systems.More on TEG 6s Cartridge ...

BOSTON, April 4, 2024 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE), a global medical technology company focused on delivering innovative medical solutions to drive better patient outcomes, announced today that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the TEG® 6s hemostasis analyzer system Global Hemostasis-HN assay cartridge. This new cartridge extends Haemonetics' TEG 6s viscoelastic testing capabilities to serve fully heparinized patients in adult cardio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: December 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☐ 1934 Commission File Number: 001-14041 HAEMONETICS CORPORATION (Exact name of registrant as specified in its charter) Massachusetts 04-2882273 (State or other jurisdiction of incorporation or organizat ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q2 FY24 detail income, balance sheet, equity, and cash flow performance Condensed Consolidated Statements of Income (Six Months Ended) | Metric | Six Months Ended Sep 30, 2023 (in thousands) | Six Months Ended Oct 1, 2022 (in thousands) | | :--- | :--- | :--- | | Net revenues | $629,515 | $558,943 | | Gross profit | $337,775 | $300,141 | | Operating income | $88,962 | $77,499 | | Net income | $65,950 | $53,074 | | Diluted EPS | $1.28 | $1.03 | Condensed Consolidated Balance Sheet Highlights | Metric | Sep 30, 2023 (in thousands) | Apr 1, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $351,005 | $284,466 | | Total current assets | $865,744 | $769,722 | | Total assets | $2,011,275 | $1,934,825 | | Long-term debt | $748,662 | $754,102 | | Total stockholders' equity | $893,660 | $817,997 | Condensed Consolidated Statements of Cash Flows (Six Months Ended) | Metric | Six Months Ended Sep 30, 2023 (in thousands) | Six Months Ended Oct 1, 2022 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $118,210 | $129,032 | | Net cash used in investing activities | ($40,396) | ($89,282) | | Net cash used in financing activities | ($7,770) | ($49,081) | | Net Change in Cash and Cash Equivalents | $66,539 | ($18,296) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, OpSens acquisition, restructuring, impairment, debt, and legal contingency disclosures - On October 10, 2023, the company entered into a definitive agreement to acquire OpSens, Inc. for approximately **USD $253.0 million** in an all-cash transaction, expected to close by the end of January 2024[21](index=21&type=chunk) - Under the Operational Excellence Program (2020 Program), the company incurred **$4.2 million** in restructuring and related costs during the six months ended September 30, 2023. Total cumulative charges under the program are **$71.4 million**[28](index=28&type=chunk) - In Q2 fiscal 2024, the company recorded an intangible asset impairment charge of **$10.4 million** related to the enicor GmbH acquisition within the Hospital business unit[46](index=46&type=chunk) - In August 2023, a voluntary recall of certain Whole Blood products resulted in cumulative charges of **$6.5 million** for inventory, returns, and customer claims as of September 30, 2023[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting revenue growth, operating income changes, and strategic focus on Plasma and Hospital Financial Summary (Three Months Ended Sep 30, 2023) | Metric | Q2 FY24 (in thousands) | Q2 FY23 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Net revenues | $318,183 | $297,485 | 7.0% | | Gross profit | $170,510 | $157,878 | 8.0% | | Operating income | $35,303 | $46,732 | (24.5)% | | Net income | $24,908 | $33,197 | (25.0)% | - The company's strategy focuses on growth in the Plasma and Hospital segments, while managing the challenging Blood Center market through cost reduction and portfolio evaluation[92](index=92&type=chunk) - The company announced plans to end-of-life the ClotPro system (Hospital) and whole blood inline collection products (Blood Center), which are not expected to materially impact fiscal 2024 results[95](index=95&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) This section details Q2 FY24 revenue by business unit, gross profit, and operating expense drivers, including impairment Net Revenues by Business Unit (Three Months Ended Sep 30, 2023) | Business Unit | Q2 FY24 Revenue (in thousands) | Q2 FY23 Revenue (in thousands) | Reported Growth | | :--- | :--- | :--- | :--- | | Plasma | $141,900 | $127,893 | 11.0% | | Blood Center | $68,098 | $73,683 | (7.6)% | | Hospital | $103,143 | $90,856 | 13.5% | - The increase in operating expenses for Q2 FY24 was driven by a **$10.4 million** impairment of intangible assets related to the enicor GmbH acquisition[111](index=111&type=chunk)[115](index=115&type=chunk) - SG&A expenses increased **14.0%** in Q2 FY24 due to higher investments in sales and marketing, costs for an ERP system upgrade, and litigation-related charges[113](index=113&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on cash, operations, and credit facilities, sufficient for the OpSens acquisition and future needs Key Liquidity Indicators | Metric | Sep 30, 2023 (in thousands) | Apr 1, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $351,005 | $284,466 | | Working capital | $601,529 | $517,906 | | Net debt position | ($411,223) | ($481,420) | - Net cash from operating activities decreased to **$118.2 million** for the six months ended Sep 30, 2023, from **$129.0 million** in the prior year, primarily due to an increase in inventory[126](index=126&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=32&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to foreign exchange and interest rate market risks, mitigated by derivative instruments and swaps - The company utilizes forward foreign currency contracts to hedge anticipated cash flows, primarily in Japanese Yen and Euro[134](index=134&type=chunk)[143](index=143&type=chunk) - As of September 30, 2023, the company had **$269.5 million** in variable-rate debt, with interest rate swaps on a notional amount of **$217 million** to effectively convert borrowings to a fixed rate[146](index=146&type=chunk) [Controls and Procedures](index=32&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with a new ERP system potentially impacting future internal controls - The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2023[147](index=147&type=chunk) - The company is implementing a new global ERP system in phases, which may materially affect internal control over financial reporting in the future[149](index=149&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=33&type=section&id=ITEM%201.%20Legal%20Proceedings) This section refers to Note 14 for legal matters, including a qui tam action and a BIPA class action lawsuit - The company is cooperating with a subpoena from the U.S. Attorney's Office regarding its apheresis and autotransfusion devices. The Department of Justice has declined to intervene in the related qui tam action[81](index=81&type=chunk) - The company has recorded a total accrual of approximately **$8.7 million** related to a putative class action complaint alleging violations of the Illinois Biometric Information Privacy Act (BIPA)[82](index=82&type=chunk) [Risk Factors](index=33&type=section&id=ITEM%201A.%20Risk%20Factors) There are no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K - There are no material changes from the Risk Factors previously disclosed in the company's Annual Report on Form 10-K[151](index=151&type=chunk) [Other Information](index=33&type=section&id=ITEM%205.%20Other%20Information) This section discloses an executive officer adopted a Rule 10b5-1 trading plan for common stock sales - On August 31, 2023, Josep Llorens, EVP of Global Manufacturing and Supply Chain, adopted a Rule 10b5-1 trading plan to sell **8,857 shares** of common stock, expiring August 16, 2024[155](index=155&type=chunk)