Monday, healthcare company Haemonetics Corp. (HAE), reported an increase in profit for the second quarter, reflecting a rise in revenues from both plasma disposables and software solutions. While, earnings per share was higher than analysts' expectations, revenues were below Street view. However, the company reaffirmed its full year guidance.
The Braintree, Massachusetts-based company's net income rose to $18.05 million or $0.69 per share from $14.81 million or $0.57 per share for the same period a year-ago. For the year ago period excluding restructuring costs, non-GAAP net income was $15.01 million or $0.58 per share. On average, eight analysts polled by Thomson Reuters expected earnings per share of $0.65 for the second quarter. Analysts' estimate typically excludes one-time items.
Net revenues for the second quarter increased 7.6% to $157.07 million from $145.92 million for the same period last year. Analysts had estimated revenues of $157.84 million.
Revenues from plasma disposables grew by 19% to $59.42 million from $49.92 million a year-ago and software solutions revenues increased by 28.5% to $9.1 million from $7.08 million for the year earlier period.
Operating income rose by 14.5% to $27.02 million from $23.61 million for the year-ago period and operating expenses increased by 5.6% to $53.94 million from $51.08 million a year earlier.
For the six-months, net income grew to $36.12 million or $1.37 per share from $29.15 million or $1.11 per share for the same period last year. Non-GAAP net income for the year-ago period was $30.56 million or $1.17 per share.
Half-yearly net revenues rose by 7.3% to $311.16 million from $290.03 million a year-ago.
Looking ahead, Haemonetics reaffirmed its fiscal-year earnings guidance in the range of $2.75 - $2.85 per share and revenue guidance of 8-11% sales growth. Eight analysts currently expect earnings per share of $2.81 for the full year on revenues of $650.30 million.
HAE is currently trading at $54.44, up $2.94 or 5.71% on NYSE.
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