Haemonetics fiscal Q1 earnings top expectations

Haemonetics (NYSE:HAE) today reported fiscal 1st quarter earnings that topped analyst expectations, while missing revenue marks.

The Braintree, Mass.-based company reported a net loss of $267,000, a loss of 1¢ per share, on sales of $213.4 million for the 3 months ending June 27. The company pared its losses by 92.7% as it saw sales shrink 5.1% compared to the same period last year.

Adjusted to exclude 1 time items, earnings per share were 35¢, beating Wall Street analysts expectations by 3¢. The news lifted shares 0.42% to $38.67 as of mid-day.

With the earnings announcement, Haemonetics reaffirmed its fiscal 2016 guidance, expecting revenue growth of 4-6% and adjusted earnings per share in the range of $1.98 to $2.08, representing growth of 7-12% according to a press release. The company expects approximately 35% of fiscal 2016 earnings to come in during the 1st half of the year and 65% in the 2nd half.

“I am pleased with our 1st quarter performance which positions us well to achieve our full year expectations. We expect a positive trajectory in revenue growth over the course of the year, driven by the moderation of current headwinds, new product launches, our saline and sodium citrate agreement with CSL Plasma and the inclusion of a 53rd week,” CEO Brian Concannon said in a press release.

In April, Haemonetics finished out its 2015 fiscal 4th quarter in the red, hammered by a U.S. market shift that affected its blood center business, uncertainty in Russia, currency fluctuations and restructuring.

The Massachusetts medtech company said it lost more than $2.9 million, or -6¢ per share, during the quarter ended March 28, compared with profits of $10.2 million, or 47¢ per share, during the fiscal 2014 4th quarter. Revenues also dipped, falling -6.1% to $226.5 million compared with the prior-year period.

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