Haemonetics Slips To Q1 Loss, Adj. Earnings Top View; Backs FY22 Outlook

(RTTNews) - Haemonetics Corp. (HAE), a medical technology company, reported Wednesday that its first-quarter net loss was $4.5 million or $0.09 per share, compared to net income of $10.5 million or $0.21 per share a year ago.

Adjusted net income was $25.4 million, compared to $23.73 million a year ago. Adjusted earnings per share were $0.50, compared to $0.46 last year.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.46 per share. Analysts' estimates typically exclude special items.

Gross margin was 47.3 percent, compared with 46.0 percent in fiscal 2021.

First-quarter revenue was $228.5 million, up 16.8 percent from last year. Analysts expected revenues of $219.35 million. Revenue increased 6 percent organically.

For fiscal 2022, the company continues to expect adjusted earnings per share $2.60 - $3.00, adjusted operating margin of 19 to 20 percent. Analysts expect earnings of $2.78 per share for the year.

The company affirmed its total revenue growth guidance of 13 - 18 percent and organic revenue growth guidance of 8 - 12 percent.

Chris Simon, Haemonetics' CEO, said, "Our first quarter performance is a positive start to the year, supported by recovery across all of our businesses, especially Hospital, and the initial Plasma Persona rollouts. We remain confident in the strong end-market demand for our products and continue to anticipate full recovery from the pandemic by the end of this fiscal year."