Haemonetics shares rise on Street-beating FY2019 Q1

Shares in Haemonetics (NYSE:HAE) rose today after the medical device maker beat expectations on Wall Street with its first quarter fiscal year 2019 earnings results.

The Braintree, Mass.-based company posted losses of $2.8 million, or 5¢ per share, on sales of $229.4 million for the three months ended June 30, seeing a swing to red ink on the bottom line while sales grew 8.7% compared with the same period last year.

Adjusted to exclude one-time items, earnings per share were 59¢, well ahead of the 42¢ consensus on The Street, where analysts were looking for sales of approximately $220 million, which the company also topped.

“Our first quarter revenue and adjusted earnings provide evidence that our turnaround plans are working and increase our confidence in achieving profitable accelerated growth. The investments we are making, coupled with strong market demand, drove overall revenue growth and operating leverage,” CEO Chris Simon said in a press release.

The company reaffirmed its previous fiscal year 2019 guidance, expecting to see sales growth of between 3% and 5% and adjusted earnings per diluted share of between $2.00 and $2.30.

Shares in Haemonetics are up approximately 6.5% in early morning trading, at $103.42 as of 9:39 a.m. EDT.

In June, Haemonetics said that it closed the refinancing of some $700 million in debt as part of its restructuring plan.

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