BRAINTREE, Mass., Jan. 30, 2012 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) today reported third quarter 2012 GAAP net revenue of $191.2 million, up 8%, net income of $18.3 million, down 8%, and diluted earnings per share of $0.72, down 7%. Excluding restructuring and transformation costs, adjusted third quarter net income was $22.0 million, down 3%, and adjusted earnings per share were $0.86, down 2%. Excluding currency impacts, net revenue was up 7% in the quarter.(1)
Year to date, Haemonetics reported GAAP net revenue of $541.2 million, up 7%, net income of $49.1 million, down 17%, and diluted earnings per share of $1.90, down 18%. Excluding restructuring and transformation costs and contingent consideration income, adjusted year to date net income was $57.7 million, down 7%, and adjusted earnings per share were $2.24, down 8%. Excluding currency impacts, year to date fiscal 2012 net revenue was up 5%.(1)
Brian Concannon, Haemonetics' President and CEO, commented: "This marks the third quarter of solid revenue performance with Plasma growth continuing and blood management solutions gaining traction as blood collectors and hospitals continue to focus increased efforts to reduce costs under the mounting pressures of healthcare reform. Blood Center disposables grew once again and Hospital disposables improved quarter over quarter as we recover from the OrthoPAT® recall and resolve our quality issues. We expect Hospital disposables to return to growth in Q4."
STRATEGIC AND PRODUCT GROWTH HIGHLIGHTS
Haemonetics continues to make progress expanding its business. The Company reported the following third quarter fiscal 2012 highlights:
-- Extension of several key plasma contracts representing 75% of our existing commercial plasma business through Q3 of fiscal 2017. -- 15% revenue growth in plasma disposables, as collection volume remains robust. -- 7% revenue growth in Blood Center disposables, as Blood Management Solutions drives revenues. -- 9% revenue growth in diagnostic disposables products, with leading US hospitals driving growth. -- 18% growth in equipment sales, giving confidence that revenue growth will continue. -- IMPACT® accounts increased to 237 as more customers embrace the value of blood management. -- The OrthoPAT device recall remains on track with the new device build complete and nearly 900 devices replaced to date.
Haemonetics recently signed multi-year extensions of its comprehensive equipment and disposables supply agreements with several of its major plasma collection customers. These agreements provide for continued use of Haemonetics' plasma collection devices and single-use disposable supplies to separate plasma from donor blood at plasma collection facilities. With these key contract extensions in place, 75% of Haemonetics' current commercial plasma business is under contract through Q3 of fiscal 2017 and over 90% is under contract through Q3 of fiscal 2015.
Mr. Concannon added: "These contract extensions serve as validation that our plasma collection customers are realizing economic and operational benefits from our product and service offerings. We appreciate their confidence in our ability to continue supporting their needs well into the future. With these key contract extensions in place, we and our customers can confidently plan for and accommodate the growth in demand that is expected in the plasma collection market."
Revenue was $191.2 million in the quarter, up 8% and $541.2 million year to date, up 7%. Details of the prior year quarter and year to date period follow:
Plasma
Plasma disposables revenue was $69.0 million for the quarter, up 15%, and $196.2 million year to date, up 14%. In the quarter, momentum continued in Haemonetics' North America plasma business while revenue was flat in Japan as the amount of plasma recovered from whole blood appears to be reaching its limit. The company expects its plasma business to remain robust in 4Q fiscal 2012 and then to return to mid-single digit percentage growth in fiscal 2013 consistent with end market growth rates for plasma derived biopharmaceuticals.
Blood Center
Platelet disposables revenue was $44.4 million for the quarter, up 8% and $123.9 million year to date, up 6%. Platelet revenue continues to benefit from strong sales in emerging markets.
Red cell disposables revenue was $12.2 million for the quarter and $35.7 million year to date, both up 4%. Though the clinical demand for blood remains flat, red cell revenue grew due to increased collections on the Company's devices as the Company leveraged its IMPACT selling approach to advance Blood Management Solutions.
Hospital
Surgical disposables revenue was $17.3 million for the quarter, up 1% and $49.3 million year to date, flat with the prior year. Notably 3% growth was realized in North America, representing the second consecutive increase after eight consecutive quarters of decline, as the product launch of the Cell Saver Elite® device began to accelerate as expected. OrthoPAT orthopedic perioperative autotransfusion system disposables revenue was $7.8 million for the quarter, down 16%, and $22.8 million year to date, down 14%, as the effects of the voluntary recall of pre-2002 devices continued to impact disposables usage by our customers. With nearly 900 devices replaced, the Company is well on its way toward its target of completing the replenishment of its OrthoPAT fleet by the end of fiscal 2012.
Diagnostics revenue was $5.7 million for the quarter, up 9%, and $17.0 million year to date, up 16%, as the company's IMPACT initiative continues to drive growth in disposables utilized in the TEG® Thrombelastograph® Hemostasis Analyzer business. TEG equipment sales were especially strong toward the end of the quarter, a key indicator for near-term future disposables revenue growth. TEG disposables sales increased 194% in the quarter in China. Strong equipment sales and additions to clinical resources should provide continued TEG disposables growth.
Software Solutions revenue was $15.8 million for the quarter, down 4%, and $51.2 million year to date, up 4%. The enhanced offering of software products for Blood Center and Hospital customers continues to drive revenue growth in North America, but was offset by a decline in Europe where the business has not yet achieved the size and scale needed for quarter-to-quarter revenue stability.
Equipment and other revenue was $19.0 million in the quarter, up 18% following a first half decline of 4%. Equipment and other revenue finished at $45.2 million year to date, up 4%. Equipment revenue is influenced by the timing of tenders and capital budgets. Sales of TEG analyzers and Cell Saver Elite devices in North America were particularly strong in the quarter.
Haemonetics reported third quarter fiscal 2012 revenue growth of 15% in North America, 13% in Japan, 7% in Asia and a decline of 5% in Europe. Year to date, North America revenue was up 11%, Japan revenue was up 9%, Asia revenue was up 9% and Europe revenue was down 3%.
In the quarter, Haemonetics reported adjusted gross margin of 50.2%, down 270 basis points, and adjusted operating margin of 15.5%, down 280 basis points. The Company's adjusted operating expenses were $66.2 million, up 8%. Gross and operating margins continued to be significantly impacted by the recall of OrthoPAT devices and the quality issues associated with our HS Core disposable in Europe. The negative impact on operating results due to our product quality initiatives was approximately 170 basis points of gross margin and $4 million of operating earnings, which equates to $0.11 per share in the quarter; and 170 basis points of gross margin and $11 million of operating earnings, which equates to $0.31 per share year to date.
Balance Sheet and Cash Flow
Cash on hand was $205 million, an increase of $22 million during the quarter. The Company reported continued strong cash flows, though at somewhat reduced levels from the prior year due to the impact of the OrthoPAT recall and other quality-related issues. The cash balance on hand is after completing a $50 million share buy back in the second quarter of fiscal 2012.
Guidance
Fiscal 2012 revenue growth is expected to be approximately 6-7%. For the full year, Plasma is now expected to grow 13-14%, Blood Center 3-4%, Hospital products 0-2% and Software Solutions 5-7%. Full year adjusted gross margin is expected to finish in a range of 51-52%, operating income of between $108 - $110 million, earnings per share of $3.00 - $3.10 and free cash flow in excess of $70 million.
More information on the impact of the cost of quality on our adjusted operating results and our outlook for the full year can be found on our web site at http://www.haemonetics.com.(1)
CONFERENCE CALL
Haemonetics will host a webcast on Monday, January 30, 2012 at 10:00 am Eastern time to discuss these results. Interested parties can participate at: http://phoenix.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=72118&eventID=4702718.
Haemonetics (NYSE: HAE) is a global healthcare company dedicated to providing innovative blood management solutions for our customers. Together, our devices and consumables, information technology platforms, and consulting services deliver a suite of business solutions to help our customers improve clinical outcomes and reduce the cost of healthcare for blood collectors, hospitals, and patients around the world. Our technologies address important medical markets: blood and plasma component collection, the surgical suite, and hospital transfusion services. To learn more about Haemonetics, visit our web site at http://www.haemonetics.com.
This release contains forward-looking statements that involve risks and uncertainties, including technological advances in the medical field and standards for transfusion medicine and our ability to successfully implement products that incorporate such advances and standards, product demand, product quality, market acceptance, regulatory uncertainties, the effect of economic and political conditions, the impact of competitive products and pricing, blood product reimbursement policies and practices, foreign currency exchange rates, changes in customers' ordering patterns, the effect of industry consolidation as seen in the plasma market, the effect of communicable diseases and the effect of uncertainties in markets outside the U.S. (including Europe and Asia) in which we operate and other risks detailed in the Company's filings with the Securities and Exchange Commission. The foregoing list should not be construed as exhaustive.
The forward-looking statements are based on estimates and assumptions made by management of the Company and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results and experience could differ materially from the forward-looking statements. Information set forth in this press release is current as of today and the Company undertakes no duty or obligation to update this information.
(1) A reconciliation of GAAP to adjusted financial results is included at the end of the financial sections of this press release as well as on the web athttp://www.haemonetics.com. GAAP results include the following items which are excluded from adjusted results: $4.3 million of pre-tax restructuring and transformation costs in the third quarter of fiscal 2012; $3.7 million in pre-tax restructuring and transformation costs in the third quarter of fiscal 2011; $13.2 million of pre-tax restructuring and transformation costs and $1.6 million of contingent consideration income in the first nine months of fiscal 2012; and $6.6 million in pre-tax restructuring and integration costs and $1.9 million of contingent consideration in the first nine months of fiscal 2011. The first nine month period of fiscal 2012 pre-tax restructuring and transformation costs excluded from adjusted financial results include $4.1 million of expenses for customer claims arising from the HS Core Bowl quality issue. Fiscal 2012 guidance excludes: $13-14 million of planned costs associated with the restructuring of the infrastructure supporting research, manufacturing and supply chain organizations and the software solutions business; and inventory write-downs and customer claims arising from the HS Core Bowl quality issue.
Haemonetics Corporation Financial Summary (Unaudited data in thousands, except per share data) Consolidated Statements of Income for the Third Quarter of FY12 and FY11 12/31/2011 1/1/2011 % Inc/(Dec) As As Reported Reported vs Prior Year --------- --------- ------------- Net revenues $191,160 $176,789 8.1 % Gross profit 95,931 93,490 2.6 % R&D 9,232 7,996 15.5 % S,G&A 61,376 56,935 7.8 % ------ ------ Operating expenses 70,608 64,931 8.7 % Operating income 25,323 28,559 (11.3)% Other income (expense), net 140 (585) (123.9)% Income before taxes 25,463 27,974 (9.0)% Tax expense 7,211 8,240 (12.5)% Net income $18,252 $19,734 (7.5)% ======= ======= Net income per common share assuming dilution $0.72 $0.77 (6.5)% Weighted average number of shares: Basic 25,077 24,973 Diluted 25,438 25,517 Inc/(Dec) vs Profit Margins: prior year profit margin % --------------- Gross profit 50.2 % 52.9 % (2.7)% R&D 4.8 % 4.5 % 0.3 % S,G&A 32.1 % 32.2 % (0.1)% Operating income 13.2 % 16.2 % (3.0)% Income before taxes 13.3 % 15.8 % (2.5)% Net income 9.5 % 11.2 % (1.7)%
Haemonetics Corporation Financial Summary (Unaudited data in thousands, except per share data) Consolidated Statements of Income for Year-to-Date FY12 and FY11 12/31/2011 1/1/2011 % Inc/(Dec) As As Reported Reported vs Prior Year --------- --------- ------------- Net revenues $541,174 $506,661 6.8 % Gross profit 274,629 267,708 2.6 % R&D 28,190 23,870 18.1 % S,G&A 180,221 164,079 9.8 % Contingent consideration income (1,580) (1,894) (16.6)% ------ ------ Operating expenses 206,831 186,055 11.2 % Operating income 67,798 81,653 (17.0)% Other income (expense), net 370 (144) (356.9)% Income before taxes 68,168 81,509 (16.4)% Tax expense 19,088 22,517 (15.2)% Net income $49,080 $58,992 (16.8)% ======= ======= Net income per common share assuming dilution $1.90 $2.32 (18.1)% Weighted average number of shares: Basic 25,409 24,933 Diluted 25,833 25,477 Inc/(Dec) vs Profit Margins: prior year profit margin % --------------- Gross profit 50.7 % 52.8 % (2.1)% R&D 5.2 % 4.7 % 0.5 % S,G&A 33.3 % 32.4 % 0.9 % Operating income 12.5 % 16.1 % (3.6)% Income before taxes 12.6 % 16.1 % (3.5)% Net income 9.1 % 11.6 % (2.5)%
Revenue Analysis for the Third Quarter and Year-To-Date FY12 and FY11 Three Months Ended ------------------ % Inc/ 12/31/2011 1/1/2011 (Dec) vs Prior As Reported As Reported Year ----------- ----------- --------- Revenues by geography United States $92,123 $79,844 15.4 % International 99,037 96,945 2.2 % ------ ------ Net revenues $191,160 $176,789 8.1 % ======== ======== Disposable revenues Plasma disposables $69,040 $59,814 15.4 % Blood center disposables Platelet 44,383 41,056 8.1 % Red cell 12,162 11,676 4.2 % ------ ------ 56,545 52,732 7.2 % Hospital disposables Surgical 17,333 17,116 1.3 % OrthoPAT 7,755 9,248 (16.1)% Diagnostics 5,681 5,220 8.8 % ----- 30,769 31,584 (2.6)% ------ ------ Subtotal 156,354 144,130 8.5 % Software solutions 15,849 16,571 (4.4)% Equipment & other 18,957 16,088 17.8 % ------ Net revenues $191,160 $176,789 8.1 % ======== ======== Nine Months Ended ----------------- % Inc/ 12/31/2011 1/1/2011 (Dec) vs Prior As Reported As Reported Year ----------- ----------- --------- Revenues by geography United States $264,857 $237,892 11.3 % International 276,317 268,769 2.8 % ------- ------- Net revenues $541,174 $506,661 6.8 % ======== ======== Disposable revenues Plasma disposables $196,206 $172,245 13.9 % Blood center disposables Platelet 123,888 117,120 5.8 % Red cell 35,676 34,284 4.1 % ------ ------ 159,564 151,404 5.4 % Hospital disposables Surgical 49,281 49,479 (0.4)% OrthoPAT 22,804 26,486 (13.9)% Diagnostics 16,955 14,575 16.3 % 89,040 90,540 (1.7)% ------ ------ Subtotal 444,810 414,189 7.4 % Software solutions 51,208 49,155 4.2 % Equipment & other 45,156 43,317 4.2 % ------ Net revenues $541,174 $506,661 6.8 % ======== ========
Consolidated Balance Sheets (Unaudited data in thousands) As of ----- 12/31/2011 4/2/2011 ---------- -------- Assets Cash and cash equivalents $205,372 $196,707 Accounts receivable, net 127,443 127,166 Inventories, net 107,913 84,387 Other current assets 26,445 40,571 ------ ------ Total current assets 467,173 448,831 Net PP&E 157,703 155,528 Other assets 222,897 228,905 Total assets $847,773 $833,264 ======== ======== As of ----- 12/31/2011 4/2/2011 ---------- -------- Liabilities & Stockholders' Equity Short term debt & current maturities $2,545 $913 Other current liabilities 106,823 107,758 ------- ------- Total current liabilities 109,368 108,671 Long-term debt 3,107 3,966 Other long-term liabilities 30,065 34,491 Stockholders' equity 705,233 686,136 Total liabilities & stockholders' equity $847,773 $833,264 ======== ========
Free Cash Flow Reconciliation (Unaudited data in thousands) Three Months Ended ------------- 12/31/2011 1/1/2011 ---------- -------- GAAP cash flow from operations $28,804 $47,030 Capital expenditures (13,116) (10,898) Proceeds from sale of property, plant and equipment 387 72 --- Net investment in property, plant and equipment (12,729) (10,826) Free cash flow after restructuring and transformation costs 16,075 36,204 Restructuring and transformation costs 4,663 2,962 ----- 4,663 2,962 Free cash flow before restructuring and transformation costs $20,738 $39,166 ======= ======= Nine Months Ended 12/31/2011 1/1/2011 ---------- -------- GAAP cash flow from operations $81,343 $91,316 Capital expenditures (36,959) (34,986) Proceeds from sale of property, plant and equipment 517 334 --- Net investment in property, plant and equipment (36,442) (34,652) Free cash flow after restructuring and transformation costs 44,901 56,664 Restructuring and transformation costs 9,248 9,345 Global Med employment contracts - 2,122 ----- 9,248 11,467 Free cash flow before restructuring and transformation costs $54,149 $68,131 ======= =======
Haemonetics Corporation Financial Summary
Reconciliation of Non-GAAP Measures
Haemonetics has presented supplemental non-GAAP financial measures as part of this earnings release. A reconciliation is provided below that reconciles each non-GAAP financial measure with the most comparable GAAP measure. The presentation of non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the most directly comparable GAAP measures. There are material limitations to the usefulness of non-GAAP measures on a standalone basis, including the lack of comparability to the GAAP financial results of other companies.
These measures are used by management to monitor the financial performance of the business, inform business decision making, and forecast future results. Performance targets for management are established based upon these non-GAAP measures. In the reconciliations below, we have removed restructuring and transformation costs from our GAAP expenses. Our restructuring and transformation costs are principally related to HS Core customer related expenses, restructuring of certain departments and the disposal of a product line. We believe this information is useful for investors because it allows for an evaluation of the Company with a focus on the performance of our core operations.
Non-GAAP Gross Profit
The use of these non-GAAP measures allows management to monitor the level of total gross profits without the costs of our business transformation. We establish our budgets, forecasts, and performance targets on this basis.
Non-GAAP S,G&A and Non-GAAP Operating Expenses
The use of this non-GAAP measure allows management to monitor the ongoing level of spend that is necessary to support the business in a period when we are not transforming our business or completing an acquisition of in-process research and development. We establish our budgets, forecasts, and performance targets excluding these costs.
Non-GAAP Operating Income and Non-GAAP Income before Income Taxes
The use of these non-GAAP measures allows management to monitor the level of operating and total pre-tax profits without the costs of our business transformation. We establish our budgets, forecasts, and performance targets on this basis.
Non-GAAP Net Income and Earnings per Share
The use of these non-GAAP measures allows management to monitor the level of net income and earnings per share excluding both the costs of our business transformation, as well as any related tax effects. We establish our budgets, forecasts, and performance targets on this basis.
Reconciliation of Non-GAAP Measures for the Third Quarter of FY12 and FY11 Three Months Ended ------------------ 12/31/2011 1/1/2011 ---------- -------- Non-GAAP gross profit GAAP gross profit $95,931 $93,490 Restructuring and transformation costs (38) - --- Non-GAAP gross profit $95,893 $93,490 ======= ======= Non-GAAP R&D GAAP R&D $9,232 $7,996 Restructuring and transformation costs (546) - ---- Non-GAAP R&D $8,686 $7,996 ====== ====== Non-GAAP S,G&A GAAP S,G&A $61,376 $56,935 Restructuring and transformation costs (3,821) (3,735) ------ Non-GAAP S,G&A $57,555 $53,200 ======= ======= Non-GAAP operating expenses GAAP operating expenses $70,608 $64,931 Restructuring and transformation costs (4,367) (3,735) Contingent consideration income - - --- --- Non-GAAP operating expenses $66,241 $61,196 ======= ======= Non-GAAP operating income GAAP operating income $25,323 $28,559 Restructuring and transformation costs 4,329 3,735 Contingent consideration income - - Non-GAAP operating income $29,652 $32,294 ======= ======= Non-GAAP income before taxes GAAP income before taxes $25,463 $27,974 Restructuring and transformation costs 4,329 3,735 Contingent consideration income - - Non-GAAP income before taxes $29,792 $31,709 ======= ======= Non-GAAP net income GAAP net income $18,252 $19,734 Restructuring and transformation costs 4,329 3,735 Contingent consideration income - - Tax benefit associated with non-GAAP items (595) (873) ---- Non-GAAP net income $21,986 $22,596 ======= ======= Non-GAAP net income per common share assuming dilution GAAP net income per common share assuming dilution $0.72 $0.77 Non-GAAP items after tax per common share assuming dilution $0.14 0.12 Non-GAAP net income per common share assuming dilution $0.86 $0.89 ===== =====
Presented below are additional Constant Currency performance measures. We measure different components of our business at constant currency. We believe this information is useful for investors because it allows for an evaluation of the Company without the effect of changes in foreign exchange rates. These results convert our local foreign currency operating results to the US Dollar at constant exchange rates of 0.833 Euro to 1.00 US Dollar and 110 Yen to 1.00 US Dollar. They also exclude the results of our foreign currency hedging program described in Note 7 to our consolidated financial statements in our Form 10-K.
Three Months Ended ------------------ 12/31/2011 1/1/2011 ---------- -------- Non-GAAP revenues GAAP revenue $191,160 $176,789 Foreign currency effects (15,498) (13,369) ------- Non-GAAP revenue - constant currency $175,662 $163,420 ======== ======== Non-GAAP net income Non-GAAP net income, adjusted for restructuring and $21,986 $22,596 transformation costs Foreign currency effects (6,878) (5,541) Income tax associated with foreign currency effects 1,803 1,590 ----- Non-GAAP net income - constant currency $16,911 $18,645 ======= ======= Non-GAAP net income per common share assuming dilution Non-GAAP net income per common share assuming dilution, $0.86 $0.89 adjusted for restructuring and transformation costs Foreign currency effects after tax per common share assuming dilution $(0.20) $(0.16) ------ Non-GAAP net income per common share assuming dilution - $0.66 $0.73 constant currency ===== =====
Reconciliation of Non-GAAP Measures for FY12 and FY11 Nine Months Ended ----------------- 12/31/2011 1/1/2011 ---------- -------- Non-GAAP gross profit GAAP gross profit $274,629 $267,708 Restructuring and transformation costs 1,343 - Non-GAAP gross profit $275,972 $267,708 ======== ======== Non-GAAP R&D GAAP R&D $28,190 $23,870 Restructuring and transformation costs (1,902) - Non-GAAP R&D $26,288 $23,870 ======= ======= Non-GAAP S,G&A GAAP S,G&A $180,221 $164,079 Restructuring and transformation costs (9,949) (6,598) ------ Non-GAAP S,G&A $170,272 $157,481 ======== ======== Non-GAAP operating expenses GAAP operating expenses $206,831 $186,055 Restructuring and transformation costs (11,851) (6,598) Contingent consideration income 1,580 1,894 Non-GAAP operating expenses $196,560 $181,351 ======== ======== Non-GAAP operating income GAAP operating income $67,798 $81,653 Restructuring and transformation costs 13,194 6,598 Contingent consideration income (1,580) (1,894) Non-GAAP operating income $79,412 $86,357 ======= ======= Non-GAAP income before taxes GAAP income before taxes $68,168 $81,509 Restructuring and transformation costs 13,194 6,598 Contingent consideration income (1,580) (1,894) Non-GAAP income before taxes $79,782 $86,213 ======= ======= Non-GAAP net income GAAP net income $49,080 $58,992 Restructuring and transformation costs 13,194 6,598 Contingent consideration income (1,580) (1,894) Tax benefit associated with non-GAAP items (2,944) (1,939) ------ Non-GAAP net income $57,750 $61,757 ======= ======= Non-GAAP net income per common share assuming dilution GAAP net income per common share assuming dilution $1.90 $2.32 Non-GAAP items after tax per common share assuming dilution $0.34 $0.10 Non-GAAP net income per common share assuming dilution $2.24 $2.42 ===== =====
Presented below are additional Constant Currency performance measures. We measure different components of our business at constant currency. We believe this information is useful for investors because it allows for an evaluation of the Company without the effect of changes in foreign exchange rates. These results convert our local foreign currency operating results to the US Dollar at constant exchange rates of 0.833 Euro to 1.00 US Dollar and 110 Yen to 1.00 US Dollar. They also exclude the results of our foreign currency hedging program described in Note 7 to our consolidated financial statements in our Form 10-K.
Nine Months Ended ----------------- 12/31/2011 1/1/2011 ---------- -------- Non-GAAP revenues GAAP revenue $541,174 $506,661 Foreign currency effects (40,105) (29,788) ------- Non-GAAP revenue - constant currency $501,069 $476,873 ======== ======== Non-GAAP net income Non-GAAP net income, adjusted for restructuring, transformation $57,750 $61,757 costs and contingent consideration income Foreign currency effects (13,293) (12,589) Income tax associated with foreign currency effects 3,628 3,576 ----- ----- Non-GAAP net income - constant currency $48,085 $52,744 ======= ======= Non-GAAP net income per common share assuming dilution Non-GAAP net income per common share assuming dilution, $2.24 $2.42 adjusted for restructuring, transformation costs and contingent consideration income Foreign currency effects after tax per common share assuming dilution $(0.38) $(0.35) Non-GAAP net income per common share assuming dilution - $1.86 $2.07 constant currency ===== =====
CONTACT:
Gerry Gould, VP-Investor Relations
Tel. (781) 356-9402
gerry.gould@haemonetics.com
Alt. (781) 356-9613
SOURCE Haemonetics Corporation