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Dec 31, 2022
Haemonetics Q3 2023 Earnings Report
Haemonetics reported strong Q3 results, driven by plasma growth and overall revenue increase, while updating fiscal year 2023 guidance.
Key Takeaways
Haemonetics Corporation reported a 17.5% increase in revenue for the third quarter of fiscal 2023, reaching $305.3 million. Earnings per diluted share increased to $0.64, and adjusted earnings per diluted share rose to $0.85. The company updated its fiscal 2023 revenue and earnings guidance, reflecting confidence in its performance.
Revenue increased by 17.5% to $305.3 million, with organic revenue growth of 21.2%.
Earnings per diluted share (EPS) reached $0.64, while adjusted EPS was $0.85.
Plasma revenue grew by 40.4%, driven by strong demand and strategic initiatives.
The company updated its fiscal 2023 guidance, projecting revenue growth of 15-17% and organic revenue growth of 18-20%.
Haemonetics
Haemonetics
Haemonetics Revenue by Segment
Revenue by Segment
Plasma Revenue
CapyFin.comBlood Center Revenue
CapyFin.comHospital Revenue
CapyFin.com Forward Guidance
Haemonetics updated its fiscal 2023 GAAP total revenue growth guidance from 12-15% to 15-17% and its fiscal 2023 organic revenue growth guidance from 15-18% to 18-20%. The company reaffirmed its adjusted operating margin guidance of 18-19% and updated its adjusted earnings per diluted share guidance from $2.70-$3.00 to $2.90-$3.00. Free cash flow before restructuring and restructuring related costs guidance was updated from $150M-$180M to $160M-$180M.
Positive Outlook
- Total revenue growth is projected to be 15-17%.
- Organic revenue growth is expected to be 18-20%.
- Plasma revenue growth is anticipated to be 35-40%.
- Adjusted earnings per diluted share are projected to be $2.90-$3.00.
- Free cash flow before restructuring and restructuring related costs is expected to be $160M-$180M.
Challenges Ahead
- Currency impact is expected to be 3%.
- Strategic exits within the liquid solution business are projected to have a less than 1% impact on plasma revenue.
- Blood Center revenue is projected to decline by 2-4%.
- Hospital revenue growth is expected to be around 19%.
- The company does not provide a quantitative reconciliation of its forward-looking organic revenue growth guidance by business unit to the comparable GAAP measure because forecasting the impact of foreign currency fluctuations by business unit is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income