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Haemonetics fiscal 3Q net income rises 8 percent

Mon, 01/31/2011 - 10:45am
The Associated Press

Blood collection and processing systems maker Haemonetics Corp. said Monday its fiscal third-quarter net income climbed about 8 percent, helped in part by a recovering plasma products business.

The Braintree, Mass., company earned $19.7 million, or 77 cents per share, in the three months that ended Jan. 1. That compares to earnings of $18.3 million, or 71 cents per share, in the prior-year quarter. Revenue rose 7 percent to $176.8 million.

Excluding integration-related costs, adjusted earnings were 89 cents per share.

Analysts surveyed by FactSet expected, on average, earnings of 82 cents per share on $176.1 million in revenue.

Haemonetics said plasma disposables revenue rose 1 percent to $59.8 million, and its average weekly plasma shipments were up 17 percent from the low point of a downturn that occurred in the fourth quarter of fiscal 2010. Haemonetics CEO Brian Concannon said in a statement the company expects a recovery in demand for its plasma products to last into fiscal 2012.

Revenue from blood bank disposables also rose about 2 percent to $52.7 million. Software Solutions revenue doubled to $16.6 million primarily due to the company's Global Med acquisition.

Operating expenses climbed 9 percent to $64.9 million.

For the full year, the company narrowed its guidance and now expects to earn $3.20 to $3.28 per share on an adjusted basis on revenue growth of 6 to 7 percent. Analysts forecast earnings per share of $3.18 and revenue of $688 million, on average.

Shares of Haemonetics climbed 28 cents to $59.12 in afternoon trading.

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