Haemonetics Corporation (HAE) Bundle
A Brief History of Haemonetics Corporation
Haemonetics Corporation, a global healthcare company, specializes in blood management solutions. Established in 1971, the company has grown through strategic acquisitions and product innovations, focusing on improving patient outcomes and operational efficiencies within healthcare systems.
Recent Acquisitions
In 2024, Haemonetics completed two significant acquisitions to enhance its product offerings:
- Acquisition of Attune Medical on April 1, 2024, for $187.7 million, netting $176.2 million after accounting for cash acquired. This acquisition includes the innovative ensoETM technology for patient temperature management during critical procedures.
- Acquisition of OpSens Inc. on December 12, 2023, for approximately $254.5 million, enhancing Haemonetics' capabilities in interventional cardiology.
Financial Performance
As of September 28, 2024, Haemonetics reported the following financial highlights:
| Financial Metric | Three Months Ended September 28, 2024 | Three Months Ended September 30, 2023 | % Change |
|---|---|---|---|
| Net Revenues | $345,511,000 | $318,183,000 | 8.6% |
| Gross Profit | $187,437,000 | $170,510,000 | 9.9% |
| Operating Income | $51,697,000 | $35,303,000 | 46.4% |
| Net Income | $33,831,000 | $24,908,000 | 35.8% |
| Net Income Per Share (Diluted) | $0.66 | $0.48 | 37.5% |
Debt and Liquidity
As of September 28, 2024, the company reported:
- Total long-term debt of $1,219,523,000.
- Cash and cash equivalents amounting to $299,283,000.
- Net debt position of $(925,674,000), indicating a strong liquidity position.
Operational Developments
Haemonetics has been actively involved in restructuring efforts to optimize operational efficiency. As of September 28, 2024, the company reported:
- Total restructuring costs incurred amounting to $6,363,000 for the three months ended September 28, 2024.
- Restructuring liabilities of $14.8 million, all payable within the next twelve months.
Market Position and Strategy
Haemonetics continues to strengthen its market position through innovative technologies and strategic partnerships. The company focuses on:
- Enhancing its product lines in blood management and hospital solutions.
- Leveraging recent acquisitions to expand its market reach and service offerings.
With a commitment to improving patient care and operational efficiencies, Haemonetics is well-positioned for continued growth in the healthcare sector.
A Who Owns Haemonetics Corporation (HAE)
Ownership Structure
As of 2024, Haemonetics Corporation (HAE) has a diverse ownership structure comprising institutional investors, mutual funds, and individual shareholders. The company has approximately 50.2 million shares outstanding.
Top Institutional Shareholders
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| The Vanguard Group, Inc. | 7,224,475 | 14.4% |
| BlackRock, Inc. | 6,178,903 | 12.3% |
| State Street Corporation | 4,310,283 | 8.6% |
| Invesco Ltd. | 2,952,532 | 5.9% |
| Wellington Management Group LLP | 2,800,000 | 5.6% |
Insider Ownership
Insider ownership is also significant, with executive officers and directors holding a combined total of approximately 3.2 million shares, translating to about 6.4% of the total shares outstanding.
Recent Changes in Ownership
In the past year, Haemonetics has experienced changes in its ownership landscape, particularly with institutional investors increasing their stakes. The company’s stock repurchase program, authorized for up to $300 million through August 2025, may also influence ownership dynamics.
Shareholder Composition
| Category | Percentage of Shares Owned |
|---|---|
| Institutional Investors | 73.2% |
| Retail Investors | 26.8% |
Stock Performance and Market Capitalization
As of September 28, 2024, Haemonetics Corporation has a market capitalization of approximately $2.5 billion. The stock has shown a year-to-date performance increase of around 15%, reflecting positive investor sentiment and market conditions.
Conclusion on Ownership Trends
The ownership of Haemonetics Corporation is characterized by a strong institutional presence, with major investment firms holding significant stakes. This trend is indicative of the company's robust financial performance and strategic growth initiatives.
Haemonetics Corporation (HAE) Mission Statement
Overview
The mission statement of Haemonetics Corporation reflects its commitment to advancing the quality of healthcare through innovative solutions in blood management. The company aims to enhance patient outcomes while providing value to healthcare providers and stakeholders. This mission underpins its strategic operations and product development initiatives.
Financial Performance
As of September 28, 2024, Haemonetics reported the following financial metrics:
| Metric | Three Months Ended | Six Months Ended |
|---|---|---|
| Net Revenues | $345,511,000 | $681,683,000 |
| Gross Profit | $187,437,000 | $362,361,000 |
| Operating Income | $51,697,000 | $91,453,000 |
| Net Income | $33,831,000 | $72,204,000 |
| Net Income per Share (Diluted) | $0.66 | $1.40 |
Revenue Breakdown by Business Unit
For the three months ended September 28, 2024, revenues by business unit were as follows:
| Business Unit | Revenue |
|---|---|
| Plasma | $138,561,000 |
| Apheresis | $54,332,000 |
| Whole Blood | $14,196,000 |
| Blood Center | $68,528,000 |
| Interventional Technologies | $61,923,000 |
| Blood Management Technologies | $76,499,000 | Hospital | $138,422,000 |
| Total Net Revenues | $345,511,000 |
Market Presence
Haemonetics operates globally, with a significant portion of its revenue generated outside the United States. For the three months ended September 28, 2024, the revenue distribution was:
| Region | Revenue | Percentage of Total Revenue |
|---|---|---|
| United States | $256,061,000 | 74.1% |
| International | $89,450,000 | 25.9% |
| Total | $345,511,000 | 100% |
Operational Highlights
Haemonetics has focused on enhancing its product offerings and expanding its market reach. Key operational metrics for the six months ended September 28, 2024, include:
| Operational Metric | Value |
|---|---|
| Research and Development Expenses | $30,979,000 |
| Selling, General and Administrative Expenses | $215,194,000 |
| Total Operating Expenses | $270,908,000 |
| Gross Profit Margin | 54.2% |
| Net Income Margin | 10.6% |
Strategic Initiatives
Haemonetics is actively engaged in restructuring efforts aimed at optimizing its operational efficiency and market competitiveness. The company has incurred restructuring costs amounting to:
| Period | Restructuring Costs |
|---|---|
| Three Months Ended September 28, 2024 | $4,792,000 |
| Six Months Ended September 28, 2024 | $9,414,000 |
Future Outlook
Looking forward, Haemonetics aims to continue its investment in innovation and expand its global footprint, leveraging its mission to improve healthcare outcomes through advanced blood management solutions.
How Haemonetics Corporation (HAE) Works
Overview of Operations
Haemonetics Corporation operates primarily in the healthcare sector, focusing on blood management solutions. The company markets its products in approximately 90 countries through a combination of direct sales and independent distributors.
Financial Performance
As of September 28, 2024, Haemonetics reported net revenues of $681.7 million for the six months ended, reflecting an increase of 8.3% compared to $629.5 million for the same period in 2023.
| Financial Metric | September 28, 2024 | September 30, 2023 | % Change |
|---|---|---|---|
| Net Revenues | $681,683,000 | $629,515,000 | 8.3% |
| Gross Profit | $362,361,000 | $337,775,000 | 7.3% |
| Operating Income | $91,453,000 | $88,962,000 | 2.8% |
| Net Income | $72,204,000 | $65,950,000 | 9.5% |
| Net Income per Share (Diluted) | $1.40 | $1.28 | 9.4% |
Revenue Breakdown by Geography
For the three months ended September 28, 2024, revenues by geography were as follows:
| Region | Revenue (in thousands) | % Change |
|---|---|---|
| United States | $256,061 | 8.3% |
| International | $89,450 | 9.3% |
Business Unit Performance
Haemonetics' revenues by business unit for the three months ended September 28, 2024, are as follows:
| Business Unit | Revenue (in thousands) | % Change |
|---|---|---|
| Plasma | $138,561 | (3.0)% |
| Apheresis | $54,332 | (1.2)% |
| Whole Blood | $14,196 | (3.3)% |
| Blood Center | $68,528 | (1.6)% |
| Interventional Technologies | $61,923 | 60.7% |
| Blood Management Technologies | $76,499 | 13.9% |
| Hospital | $138,422 | 30.9% |
Operating Expenses
Operating expenses for the six months ended September 28, 2024, are detailed below:
| Expense Type | Amount (in thousands) |
|---|---|
| Research and Development | $30,979 |
| Selling, General and Administrative | $215,194 |
| Amortization of Acquired Intangible Assets | $24,735 |
| Total Operating Expenses | $270,908 |
Debt and Cash Flow
As of September 28, 2024, Haemonetics had total long-term debt of $1.22 billion. The company reported net cash provided by operating activities of $21.4 million for the six months ended September 28, 2024.
| Cash Flow Activity | Amount (in thousands) |
|---|---|
| Net Cash Provided by Operating Activities | $21,402 |
| Net Cash Used in Investing Activities | ($162,564) |
| Net Cash Provided by Financing Activities | $258,888 |
Share Repurchase Program
In August 2022, Haemonetics announced a share repurchase program authorizing the repurchase of up to $300 million of its common stock through August 2025. As of September 28, 2024, the company had repurchased shares amounting to $75.2 million under this program.
Research and Development Focus
Research and development expenses increased by 30.5% in the three months ended September 28, 2024, totaling $16.5 million, reflecting Haemonetics' commitment to innovation.
How Haemonetics Corporation (HAE) Makes Money
Business Units and Revenue Streams
Haemonetics Corporation generates revenue through several key business units, primarily focusing on products and services related to blood management. The company's offerings can be categorized into the following segments:
- Plasma
- Apheresis
- Whole Blood
- Blood Center
- Interventional Technologies
- Blood Management Technologies
- Hospital
Financial Performance Overview
As of September 28, 2024, Haemonetics reported net revenues of $681.7 million, an increase of 8.3% compared to the previous year. The breakdown of net revenues by business unit for the six months ended September 28, 2024 is as follows:
| Business Unit | Net Revenues (in thousands) | Growth Rate |
|---|---|---|
| Plasma | $274,471 | (2.8)% |
| Apheresis | $103,426 | (0.7)% |
| Whole Blood | $31,347 | (9.7)% |
| Blood Center | $134,773 | (2.9)% |
| Interventional Technologies | $124,967 | 64.1% |
| Blood Management Technologies | $147,472 | 11.7% |
| Hospital | $272,439 | 30.8% |
Geographic Revenue Distribution
The company's revenue is also distributed across various geographic locations. For the six months ended September 28, 2024, net revenues by geography are as follows:
| Region | Net Revenues (in thousands) | Growth Rate |
|---|---|---|
| United States | $504,963 | 6.7% |
| International | $176,720 | 13.2% |
Gross Profit and Operating Income
For the six months ended September 28, 2024, Haemonetics reported a gross profit of $362.4 million, representing a gross margin of 53.2%. Operating income for the same period was $91.5 million, with an operating margin of 13.4%.
Operating Expenses
Operating expenses for the six months ended September 28, 2024 totaled $270.9 million, representing an increase of 8.9% from the prior year. The operating expenses are broken down as follows:
| Expense Category | Amount (in thousands) | Growth Rate |
|---|---|---|
| Research and Development | $30,979 | 22.4% |
| Selling, General and Administrative | $215,194 | 3.1% | Amortization of Acquired Intangible Assets | $24,735 | 68.3% |
Net Income
Haemonetics reported net income of $72.2 million for the six months ended September 28, 2024, which translates to a net income margin of 10.6%. The net income per share, both basic and diluted, was $1.42 and $1.40, respectively.
Cash Flow and Liquidity
As of September 28, 2024, Haemonetics had cash and cash equivalents amounting to $299.3 million. The company's working capital stood at $681.9 million, with a current ratio of 3.5.
Recent Acquisitions and Investments
In fiscal 2025, Haemonetics acquired Attune Medical for approximately $150.9 million, which contributed to the growth in the Interventional Technologies segment.
Conclusion
Haemonetics continues to expand its market presence through strategic acquisitions and robust product offerings across various segments, driving revenue growth and profitability.
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Resources:
- Haemonetics Corporation (HAE) Financial Statements – Access the full quarterly financial statements for Q2 2025 to get an in-depth view of Haemonetics Corporation (HAE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Haemonetics Corporation (HAE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.