Haemonetics (NYSE:HAE) shares ticked up before hours on first-quarter results that topped the consensus forecast.
Shares of HAE were up 5.1% at $71 apiece before the market opened. They continued to rise and were up 7.8% at $72.84 in early-morning trading.
The Boston-based hematology device company posted profits of $19.9 million, or 38¢ per share, on sales of $261.5 million for the three months ended July 2, 2022, for a massive bottom-line gain out of the red on sales growth of 14.4%.
Adjusted to exclude one-time items, earnings per share were 58¢, 7¢ ahead of Wall Street, where analysts were looking for sales of $249 million.
“Positive first-quarter results across businesses affirm our long-range plan for transformational growth,” Haemonetics CEO Chris Simon said in a news release. Robust growth in plasma is evidence of improving momentum in plasma collections and hospital is an increasingly powerful driver of growth, with vascular closure exceeding our expectations.
“Resilient manufacturing and supply enabled us to consistently deliver for customers and our capital allocation strategy will help create value for stakeholders as we leverage our capacity to accelerate growth in revenue and adjusted earnings per diluted share.”
Haemonetics increased its 2023 sales guidance from revenue growth between 5% and 9% to growth between 8% and 11%. The company also increased the low end of its EPS guidance by 10¢ while sticking with the high end, making it a range between $2.60 and $2.90.