Hahaemonetics Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011; Provides Earnings Guidance for the Fiscal Year 2012
January 30, 2012 at 08:00 am
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Haemonetics Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2011. For the quarter, the company reported GAAP net revenues of $191.160 million compared to $176.789 million for the same period a year ago. GAAP operating income was $25.323 million compared to $28.559 million for the same period a year ago. GAAP income before taxes was $25.463 million compared to $27.974 million for the same period a year ago. GAAP net income was $18.252 million or $0.72 per diluted share compared with $19.734 million or $0.77 per diluted share a year ago. GAAP cash flow from operations was $28.804 million compared to $47.030 million for the same period a year ago. Capital expenditures were $13.116 million compared to $10.898 million for the same period a year ago. Non-GAAP operating income was $29.652 million compared to $32.294 million for the same period a year ago. Non-GAAP income before taxes was $29.792 million compared to $31.709 million for the same period a year ago. Non-GAAP net income was $21.986 million or $0.86 diluted per share compared to $22.596 million or $0.89 diluted per share for the same period a year ago. The negative impact on operating results due to its product quality initiatives was approximately 170 basis points of gross margin and $4 million of operating earnings, which equates to $0.11 per share in the quarter; and 170 basis points of gross margin and $11 million of operating earnings, which equates to $0.31 per share year to date.
For the nine months, the company reported GAAP net revenues of $541.174 million compared to $506.661 million for the same period a year ago. GAAP operating income was $67.798 million compared to $81.653 million for the same period a year ago. GAAP income before taxes was $68.168 million compared to $81.509 million for the same period a year ago. GAAP net income was $49.080 million or $1.90 diluted per share compared to $58.992 million or $2.32 diluted per share for the same period a year ago. GAAP cash flow from operations was $81.343 million compared to $91.316 million for the same period a year ago. Capital expenditures were $36.959 million compared to $34.986 million for the same period a year ago. Non-GAAP operating income was $79.412 million compared to $86.357 million for the same period a year ago. Non-GAAP income before taxes was $79.782 million compared to $86.213 million for the same period a year ago. Non-GAAP net income was $57.750 million or $2.24 diluted per share compared to $61.757 million or $2.42 diluted per share for the same period a year ago.
For fiscal 2012, the company's revenue growth is expected to be approximately 6%-7%. Full year adjusted gross margin is expected to finish in a range of 51%-52%, operating income of between $108 million - $110 million, earnings per share of $3.00 - $3.10 and free cash flow in excess of $70 million. The company's outlook for the tax rate is approximately 28%, slightly improved from its previous estimate, which was 28.5%.
Haemonetics Corporation is a global healthcare company. The Company is engaged in providing a suite of medical products and solutions for customers, to help them improve patient care and reduce the cost of healthcare. Its technology addresses various medical markets, including blood and plasma component collection, the surgical suite, and hospital transfusion services. The Companyâs Plasma segment includes plasma collection devices and disposables, donor management software and supporting software solutions sold to plasma customers. Its Blood Center segment includes blood collection and processing devices and disposables for red cells, platelets and whole blood. The Companyâs Hospital segment consists of Interventional Technologies, which includes vascular closure devices and sensor-guided technologies, and Blood Management Technologies, which includes devices and methodologies for measuring coagulation characteristics of blood, and blood transfusion management software, among others.
Hahaemonetics Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2011; Provides Earnings Guidance for the Fiscal Year 2012