Haemonetics post Street-beating FY 2019 Q2

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Shares in Haemonetics (NYSE:HAE) have risen today after the medical device maker posted fiscal year 2019 second quarter earnings that topped expectations on Wall Street and lifted its guidance for the remaining 2019 fiscal year.

The Braintree, Mass.-based company posted profits of $18.7 million, or 35¢ per share, on sales of approximately $241.6 million for the three months ended September 29, seeing profits shrink 6.8% while sales grew 7.2% compared with the same period during the previous year.

Adjusted to exclude one-time items, earnings per share were 56¢, ahead of the 54¢ consensus on Wall Street where analysts were looking for sales of $233.5 million, which the company topped.

“In the first half of fiscal 2019, we grew revenue 7% and adjusted net income 42%. Strong market demand and early launch success, together with benefits from complexity reduction and investments, drove our performance. Based on first half results and our confidence in our prospects for continued profitable growth, we are raising our fiscal 2019 revenue and adjusted earnings per share guidance,” CEO Chris Simon said in a press release.

The company lifted its fiscal year 2019 earnings guidance, now expecting to post adjusted EPS of between $2.25 and $2.35, up from previous guidance of between $2 and $2.30. The company also expects to see revenue growth of 6% to 8%, up from previous guidance of between 3% and 5%.

Shares in Haemonetics have risen 5.6% so far today, at $114.91 as of 1:29 p.m. EST.

In September, the French government reportedly decided on a precautionary suspension of the use of a blood collection device made by Haemonetics – used in half of all donations there – after receiving numerous reports of problems with the devices.

The post Haemonetics post Street-beating FY 2019 Q2 appeared first on MassDevice.

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