Automated blood processing systems supplier Haemonetics Corporation (HAE), Monday, reported an increase in profit for the third quarter, helped by higher sales across all segments. However, the results were below analysts' estimates. The company also tightened its guidance for the full year. Separately, the company announced a definitive deal to acquire healthcare information technology firm Global Med Technologies, Inc. (GLOB.OB) for about $60 million in a cash tender offer.
For the quarter, net income improved 12.8% to $18.29 million from $16.22 million last year. On a per-share basis, net income grew 13.4% to $0.71 from $0.62 last year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share. Analysts' estimates typically exclude special items.
Net revenue for the quarter was $165.17 million, up 6.3% compared to $155.45 million last year. Nine analysts were looking for revenue of $168.48 million for the quarter.
By geography, revenue rose 2.1% in United States to $75.0 million and International revenue grew 10% to $90.17 million compared to prior-year quarter.
Revenue from Plasma disposables grew 10.4% year-over-year reaching $59.18 million. Blood bank disposables revenue was $51.82 million, up 4.7%, which consists Platelet revenue of $39.79 million and revenue from Red cell to $12.02 million. Platelet revenue grew 9.2% as the distribution business in key markets strengthened. Red cells revenue declined 7.9% as demand for red cells by hospitals remained down, partly due to increased focus by hospitals on transfusion triggers and the reduction in elective surgeries.
Hospital disposables revenue increased 4.6% to $33.54 million as the company's blood management solutions began to influence hospitals' purchasing. Software solutions had 9% higher revenue at $8.26 million compared to last year. Equipment and other revenues fell 2.6% year-over-year to $12.38 million.
For the nine-month period, net income was $54.41 million, up 19.9% from $45.37 million last year. Earnings per share increased 20% to $2.08 from $1.73. Net revenue improved 6.9% to $476.33 million from $445.48 million last year.
Looking ahead, Haemonetics revised its full-year guidance ranges and now expects earnings per share in a range of $2.80 to $2.85 on a revenue growth of 8% to 9%. Previous guidance called for earnings per share in the range of $2.75 to $2.85 on a revenue growth of between 8% and 11%. Analysts currently estimate full year earnings per share of $2.82 on revenues of $647.81 million.
Under the terms of the deal to acquire Global Med, Haemonetics will commence a tender offer to purchase all outstanding shares of Global Med's common stock at $1.22 per share and preferred stock at about $1,694 per share.
The estimated $60 million net value is based on Global Med's 49 million diluted common equivalent shares outstanding. Haemonetics intends to fund the deal from available cash.
Commenting on third quarter results and the acquisition, Brian Concannon, chief executive officer of Haemonetics, said "Our blood management solutions are gaining traction particularly in our hospital products, and that is translating into results. And our announcement this morning of our intent to acquire Global Med Technologies, Inc. reinforces our commitment to being the leading provider of blood management solutions for our customers."
Meanwhile, Michael Ruxin, M.D., Chairman and CEO of Global Med, said, "We share a common strategy to provide blood management tools to hospitals and blood centers that improve patient care and reduce costs. In the blood management arena, Global Med brings a broad-based information technology platform offering that spans the blood supply chain, while Haemonetics brings devices, software, and consulting services for optimal blood management."
Haemonetics expects the transaction to close in its fourth quarter and anticipates minimal dilution to earnings in fiscal 2010, excluding one-time costs associated with the transaction. The dilution impact is included in the company's revised guidance range of $2.80-$2.85 per share.
HAE shares are currently trading at $53.63 per share, down 5.26% on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.