Haemonetics Reports 12% Revenue Increase

By Bobby Samwell • Monday, May 20 11:06 • Permanent Link

Haemonetics Corporation has recently released its 10-K report, providing a detailed look into the company's operations and financial performance. The company, founded in 1971 and headquartered in Boston, Massachusetts, is a global healthcare company that offers a suite of medical technology solutions aimed at improving the quality, effectiveness, and efficiency of care. Haemonetics operates in three principal reporting segments: Plasma, Blood Center, and Hospital.

In the Plasma segment, Haemonetics provides plasma collection devices, donor management software, and supporting software solutions. The company's Blood Center segment includes automated blood component and manual whole blood collection systems, while the Hospital segment encompasses Interventional Technologies and Blood Management Technologies.

Financially, Haemonetics reported a 12.0% increase in net revenues for the fiscal year ending March 30, 2024, reaching $1.31 billion compared to $1.17 billion in the previous year. The company's gross profit also increased by 12.4% to $691.5 million. Operating income grew by 5.7% to $164.9 million, driven by increased revenues in the Plasma and Hospital segments. However, the company incurred charges of $13.9 million related to portfolio rationalization initiatives.

Haemonetics also made significant acquisitions during the fiscal year. It acquired Attune Medical for total upfront consideration of $160.0 million and OpSens Inc. for total consideration of approximately $254.5 million, net of cash acquired. These acquisitions expand the company's presence in electrophysiology and interventional cardiology markets, complementing its existing product lines.

The company's international operations saw a 4.1% growth in net revenues, with the United States contributing $970.0 million, reflecting a 15.1% increase. Despite the overall growth, the company noted the impact of foreign exchange, with a 0.7% decrease in net revenues when excluding this effect.

Today the company's shares have moved -1.3% to a price of $94.45. For the full picture, make sure to review Haemonetics's 10-K report.

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