Haemonetics Corporation reported a net revenue of $348.5 million for the three months ended December 28, 2024, marking a 3.7% increase from $336.3 million in the same period last year. For the nine months, revenue rose 6.7% to $1.03 billion compared to $965.8 million in the prior year. The company’s gross profit for the third quarter was $193.5 million, an 8.8% increase from $177.9 million, while the gross profit margin improved to 55.5% from 52.9%. Net income for the quarter was $37.5 million, or $0.74 per diluted share, up 20% from $31.2 million, or $0.61 per diluted share, in the prior year.
The financial performance reflects significant operational changes, including the impact of recent acquisitions. Haemonetics completed the acquisition of Attune Medical for $187.7 million on April 1, 2024, which is expected to enhance its Hospital business unit. The company also acquired OpSens Inc. for approximately $254.5 million in December 2023, further expanding its portfolio in interventional cardiology. These strategic moves contributed to a 23.9% increase in Hospital segment revenues for the third quarter, driven by strong performance in Interventional Technologies.
Operationally, Haemonetics reported a decrease in revenues from its Plasma and Blood Center segments, with Plasma revenues declining 9.1% and Blood Center revenues down 2.8% in the third quarter. The company attributed these declines to lower sales volumes, particularly in North America, and the divestiture of its Whole Blood product line, which was completed in January 2025. The company has reclassified related assets as held for sale, impacting its balance sheet.
As of December 28, 2024, Haemonetics had total assets of $2.53 billion, up from $2.20 billion at the end of the previous fiscal year. The company’s cash and cash equivalents increased to $320.8 million, compared to $178.8 million at the end of March 2024. The company’s long-term debt rose significantly to $1.22 billion, primarily due to the issuance of $700 million in convertible senior notes in May 2024. The company’s outlook remains positive, with expectations of continued revenue growth driven by its strategic acquisitions and operational efficiencies, despite challenges in certain segments.
About HAEMONETICS CORP
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