Haemonetics Corp. (HAE, Financial) filed Quarterly Report for the period ended 2011-01-01.
Haemonetics Corp. has a market cap of $1.44 billion; its shares were traded at around $60.53 with a P/E ratio of 19.4 and P/S ratio of 2.2. Haemonetics Corp. had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Haemonetics Corp. the business predictability rank of 4.5-star.Hedge Fund Gurus that owns HAE: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns HAE: Columbia Wanger of Columbia Wanger Asset Management, Pioneer Investments, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Gross profit increased 9.4% and 7.4% in the third quarter and first nine months of fiscal year 2011, respectively, as compared to the third quarter and the first nine months of fiscal year 2010. The effects of foreign exchange increased gross profit by 1.5% for the quarter and decreased gross profit by 1.1% for the first nine months of fiscal year 2011. Absent foreign exchange, gross profit increased 7.9% for the quarter and 8.5% for the nine months. The increase was largely driven by higher software sales and, to a lesser extent, cost improvements in our manufacturing operations.
Operating expenses increased 8.9% and 9.3% for the third quarter and the first nine months of fiscal year 2011, respectively, over the comparable periods of fiscal year 2010. Foreign exchange accounted for an increase in operating expenses of 0.5% for the quarter and a decrease of 0.1% for the nine months. Without the effects of foreign exchange, operating expenses increased 8.4% and 9.4% in the third quarter and the first nine months of fiscal year 2011, respectively. The higher operating expenses are attributable to the newly acquired businesses, SEBRA and Global Med, and restructuring and integration costs related to the acquisition of Global Med. The noted increases in operating expenses were offset by cost reductions from planned synergies in other business areas, contingent consideration income associated with the Neoteric acquisition recognized in the second quarter of this fiscal year, and a reduction in the expense associated with cash bonus incentive compensation for this fiscal year.
Net income increased 7.9% and 8.4% for the third quarter and the first nine months of fiscal year 2011, respectively, over the comparable periods of fiscal year 2010. Without the effects of foreign exchange which accounted for an increase of 4.0% for the quarter and a decrease of 3.1% for the nine months, net income increased 3.9% and 11.5% for the third quarter and the first nine months ended January 1, 2011, respectively. The increases in operating income, lower foreign exchange losses, and lower income tax expense were the principal reasons for the improvement in net income.
Our revenues generated outside the U.S. approximated 55% of total revenues for the third quarter of both fiscal years 2011 and 2010, and 53% of total revenues for the first nine months of both fiscal years 2011 and 2010. Revenues in Japan accounted for approximately 17.0% and 18.8% of total revenues for the third quarter and 16.3% and 17.2% of total revenues for the first nine months of fiscal year 2011 and 2010, respectively. Revenues in Europe accounted for approximately 28.4% and 27.4% of total revenues for the third quarter and first nine months, respectively, of fiscal year 2011, and 27.7% of total revenues for both the third quarter and first nine months of fiscal year 2010. International sales are generally conducted in local currencies, primarily the Japanese Yen and the Euro. As discussed above, our results of operations are impacted by changes in the value of the Yen and the Euro relative to the U.S. Dollar.
Diagnostics product revenue consists principally of the TEG products. Revenues from our diagnostics products increased 20.5% and 22.6% for the third quarter and the first nine months of fiscal year 2011, respectively, compared to the same periods in fiscal year 2010. Foreign exchange accounted for an increase of 0.3% and a decrease of 0.3% for the quarter and nine months, respectively. Without the effect of foreign currency, diagnostic product revenues increased by 20.2% and 22.9% for the quarter and nine months, respectively. The revenue increase is due to new adoption and continued penetration of this product as we continue to create this new market, particularly as it relates to blood management solutions.
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Haemonetics Corp. has a market cap of $1.44 billion; its shares were traded at around $60.53 with a P/E ratio of 19.4 and P/S ratio of 2.2. Haemonetics Corp. had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Haemonetics Corp. the business predictability rank of 4.5-star.Hedge Fund Gurus that owns HAE: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns HAE: Columbia Wanger of Columbia Wanger Asset Management, Pioneer Investments, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Highlight of Business Operations:
Net revenues increased 7.0% and 6.4% for the third quarter and the first nine months, respectively, of fiscal year 2011 over the comparable periods of fiscal year 2010. Foreign exchange accounted for an increase of 1.3% and a decrease of 0.1% for the third quarter and the first nine months of fiscal year 2011, respectively. Without the effects of foreign exchange, net revenues increased 5.7% and 6.5% for the third quarter and the first nine months of fiscal year 2011, respectively. This increase reflects the impact of recent acquisitions, which contributed 4.1% and 5.1% to revenue growth for the third quarter and first nine months of fiscal year 2011, respectively, as well as strong year over year growth from emerging markets, notably Russia and Asia.Gross profit increased 9.4% and 7.4% in the third quarter and first nine months of fiscal year 2011, respectively, as compared to the third quarter and the first nine months of fiscal year 2010. The effects of foreign exchange increased gross profit by 1.5% for the quarter and decreased gross profit by 1.1% for the first nine months of fiscal year 2011. Absent foreign exchange, gross profit increased 7.9% for the quarter and 8.5% for the nine months. The increase was largely driven by higher software sales and, to a lesser extent, cost improvements in our manufacturing operations.
Operating expenses increased 8.9% and 9.3% for the third quarter and the first nine months of fiscal year 2011, respectively, over the comparable periods of fiscal year 2010. Foreign exchange accounted for an increase in operating expenses of 0.5% for the quarter and a decrease of 0.1% for the nine months. Without the effects of foreign exchange, operating expenses increased 8.4% and 9.4% in the third quarter and the first nine months of fiscal year 2011, respectively. The higher operating expenses are attributable to the newly acquired businesses, SEBRA and Global Med, and restructuring and integration costs related to the acquisition of Global Med. The noted increases in operating expenses were offset by cost reductions from planned synergies in other business areas, contingent consideration income associated with the Neoteric acquisition recognized in the second quarter of this fiscal year, and a reduction in the expense associated with cash bonus incentive compensation for this fiscal year.
Net income increased 7.9% and 8.4% for the third quarter and the first nine months of fiscal year 2011, respectively, over the comparable periods of fiscal year 2010. Without the effects of foreign exchange which accounted for an increase of 4.0% for the quarter and a decrease of 3.1% for the nine months, net income increased 3.9% and 11.5% for the third quarter and the first nine months ended January 1, 2011, respectively. The increases in operating income, lower foreign exchange losses, and lower income tax expense were the principal reasons for the improvement in net income.
Our revenues generated outside the U.S. approximated 55% of total revenues for the third quarter of both fiscal years 2011 and 2010, and 53% of total revenues for the first nine months of both fiscal years 2011 and 2010. Revenues in Japan accounted for approximately 17.0% and 18.8% of total revenues for the third quarter and 16.3% and 17.2% of total revenues for the first nine months of fiscal year 2011 and 2010, respectively. Revenues in Europe accounted for approximately 28.4% and 27.4% of total revenues for the third quarter and first nine months, respectively, of fiscal year 2011, and 27.7% of total revenues for both the third quarter and first nine months of fiscal year 2010. International sales are generally conducted in local currencies, primarily the Japanese Yen and the Euro. As discussed above, our results of operations are impacted by changes in the value of the Yen and the Euro relative to the U.S. Dollar.
Diagnostics product revenue consists principally of the TEG products. Revenues from our diagnostics products increased 20.5% and 22.6% for the third quarter and the first nine months of fiscal year 2011, respectively, compared to the same periods in fiscal year 2010. Foreign exchange accounted for an increase of 0.3% and a decrease of 0.3% for the quarter and nine months, respectively. Without the effect of foreign currency, diagnostic product revenues increased by 20.2% and 22.9% for the quarter and nine months, respectively. The revenue increase is due to new adoption and continued penetration of this product as we continue to create this new market, particularly as it relates to blood management solutions.
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