Haemonetics Q4 Earnings Exceed Expectations On Volume And Price Benefits

Haemonetics Corporation HAE reported fourth-quarter FY23 revenues of $304.42 million, beating the consensus of $289.64 million. Revenues rose 14.9% year over year.
The medical products firm reported an adjusted EPS of $0.77, beating the analyst consensus of $0.70.
Volume and price benefits and lower restructuring and related spending bolstered quarterly performance. Strength in the Plasma unit, which jumped 31.2% organically Y/Y, also aided Q4 revenues.
The adjusted gross margin was 51.8%, down 180 basis points due to inflationary pressures, increased depreciation expense, and foreign exchange.
Adjusted operating margin was 17.7%, up 10 basis points Y/Y.
The company exited the quarter with cash on hand of $284.5 million on April 1, 2023.
“We are outperforming in a challenging economic environment and meeting the needs of our customers while positioning us for future growth and success,” CEO Chris Simon said.
FY24 Outlook: HAE expects Adjusted EPS of $3.45 - $3.75, versus the consensus of $3.40.
Organic revenue growth is expected to be 5% - 8%, while adjusted operating margin is expected to be 20% - 21%.
Price Action: HAE shares closed higher by 2.09% at $83.10 on Wednesday.

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