Shares in Haemonetics (NYSE:HAE) have fallen nearly 10% today after the medical device maker posted fiscal year 2019 third quarter earnings that topped earnings per share estimates but missed sales consensus on Wall Street.
The Braintree, Mass.-based company posted profits of approximately $18.3 million, or 35¢ per share, on sales of approximately $247.4 million for the three months ended December 29, seeing a swing into the black on the bottom line while sales grew 5.7% compared with the same period during the previous year.
After adjusting for one-time items, earnings per share were 63¢, ahead of the 59¢ consensus on Wall Street, where analysts expected to see sales of $250.1 million, which the company missed.
“Our third quarter performance met our expectations and reinforces that our strategy is working. Our plasma and hospital launches are propelling us forward while our complexity reduction initiative is improving profitability and freeing up resources needed for investments. We are confident that our value drivers will continue to strengthen Haemonetics’ growth trajectory,” CEO Chris Simon said in a prepared statement.
Haemonetics reaffirmed its fiscal year 2019 guidance, expecting to see adjusted EPS of between $2.25 and $2.35 with an adjusted operating margin of between 16% and 18%.
Shares in Haemonetics have dropped 9.6% so far today, trading at $87.82 as of 11:20 a.m. EST.
Last month, Haemonetics said that it plans to relocate to downtown Boston from its previous home in Braintree, Mass.