Haemonetics Corporation Reports Earnings Results for First Quarter of Fiscal Year 2024
August 27, 2023
🌥️Earnings Overview
On August 8, 2023, Haemonetics Corporation ($NYSE:HAE) announced its financial results for the first quarter of fiscal year 2024, which ended on June 30, 2023. Revenue for the quarter was USD 311.3 million, a 19.1% increase compared to the same period last year. Net income also increased by 106.4%, totaling USD 41.0 million.
Share Price
The company’s stock opened at $94.6 and closed at $89.9, a 1.5% increase from its last closing price of $88.6. The company’s chairman and chief executive officer, Peter Parker, commented on the report: “We are pleased with our financial performance in the first quarter of fiscal year 2024, which demonstrates our continued ability to drive strong organic growth and expand our margins”. Overall, the strong financial results reflect HAEMONETICS CORPORATION‘s commitment to delivering high-quality products to its customers and meeting their needs in the ever-changing healthcare industry. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Haemonetics Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 1.22k | 136.57 | 11.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Haemonetics Corporation. More…
| Operations | Investing | Financing |
| 250.15 | -100.83 | -77.57 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Haemonetics Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.96k | 1.1k | 17.05 |
Key Ratios Snapshot
Some of the financial key ratios for Haemonetics Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 8.8% | 10.8% | 14.7% |
| FCF Margin | ROE | ROA |
| 14.4% | 13.3% | 5.7% |
Analysis
GoodWhale has conducted an in-depth analysis of HAEMONETICS CORPORATION‘s wellbeing. Our Star Chart categorizes them as a ‘gorilla’ company, meaning they have achieved stable and high revenue or earning growth due to their strong competitive advantage. This type of company is likely to be attractive to investors looking for a long-term, reliable investment. The health score for HAEMONETICS CORPORATION is an impressive 9/10 with regards to cashflows and debt, indicating that they are capable of paying off their debt and funding future operations. Additionally, the company is strong in growth and profitability while being medium in asset and weak in dividend. Therefore, we believe that investors looking for a safe and prosperous long-term investment should consider investing in HAEMONETICS CORPORATION. More…
Peers
The company has a wide range of products, including plasma collection systems, platelet and plasma pheresis systems, and whole blood collection systems. Haemonetics Corp. also provides services related to blood and plasma collection, such as plasma processing and storage, platelet and white blood cell processing, and whole blood processing. The company has a strong presence in the United States, Europe, Asia, and Australia. Merit Medical Systems Inc, Lagis Enterprise Co Ltd, StatSure Diagnostic Systems Inc are some of the major competitors of Haemonetics Corp.
– Merit Medical Systems Inc ($NASDAQ:MMSI)
Medtronic is a medical device company that develops and manufactures a wide range of products, from pacemakers to artificial hearts. The company has a market cap of $3.9 billion and a return on equity of 4.51%. Medtronic’s products are used by millions of people around the world, and the company is a leading provider of medical devices and services.
– Lagis Enterprise Co Ltd ($TPEX:6730)
Lagis Enterprise Co Ltd is a publicly traded company with a market capitalization of 1.02 billion as of 2022. The company has a return on equity of 12.12%. Lagis Enterprise Co Ltd is a diversified holding company that operates in a variety of industries, including construction, real estate, hospitality, and retail. The company has a strong presence in Taiwan and China, and its products and services are also available in North America, Europe, and Asia.
– StatSure Diagnostic Systems Inc ($OTCPK:SSUR)
StatSure Diagnostic Systems Inc is a company that manufactures and sells diagnostic products and services. The company has a market cap of 107.06k as of 2022 and a Return on Equity of 15.2%. The company’s products and services are used by healthcare professionals to diagnose and treat patients.
Summary
Haemonetics Corporation reported strong fiscal year 2024 first quarter earnings results for the period ending June 30, 2023. Total revenue grew 19.1% year-over-year to USD 311.3 million, and net income nearly doubled to USD 41.0 million. Investors may be encouraged by this significant growth, which may indicate a positive outlook for the company. The company’s ability to maximize its revenues and profits should be monitored, and could make it an attractive investment opportunity with potential upside in the future.
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