Friday, Haemonetics Corp. (HAE), a blood processing system maker, reported an increase in its earnings for the first quarter as revenues improved 18% from the year ago quarter. The company also revised its full year forecast, lifting earnings and revenue guidance.
Net income rose by 17% to $14.34 million or $0.54 per share, from $12.68 million or $0.46 per share last year.
Excluding charges, net income on a non-GAAP basis rose to $15.54 million or $0.59 per share from $13.75 million or $0.50 per share in the prior-year quarter.
Analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.54 per share for the first quarter.
Quarterly net revenue grew 18.2% to $144.12 million from $121.94 million in the prior-year quarter. Revenues indicated a 20% growth in the U.S., while international revenues improved 18.2%. Product-wise, plasma disposables revenue advanced 30% to $47 million for the quarter. Surgical/diagnostics disposables revenues were up 34% to $22 million for the quarter.
Operating expenses for the quarter increased 17.5% to $53.70 million from the year ago quarter with nearly half of the incremental spending from Arryx and acquired businesses, expenses that were not included in the first quarter fiscal 2008 results. Adjusted operating expenses increased 18% to $52.0 million.
Operating income improved 22.5% to 19.33 million from last year.
Looking ahead, the company expects fiscal year adjusted earnings in the range of $2.33 to $2.43 per share, from the previous range of $2.31 per share to $2.41 per share. Analysts currently expect earnings of $2.36 per share for the quarter.
Haemonetics raised its annual revenue guidance growth to the range of 10%-13% from the previous range of 8%-11% due to strength across multiple product lines. The company also expects to generate $40 million of free cash flow.
Adjusted fiscal 2009 guidance excludes $7-8 million, or approximately $0.17-$0.20 per share, of costs to restructure Haemonetics' business, including manufacturing, quality, R&D, and Europe Phase II.
HAE is currently trading at $61.17, up $3.11 or 5.35%, on a volume of 3.08 million on the New York Stock Exchange.
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