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Haemonetics Corporation (HAE) has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $345.5 million from $318.2 million in the same quarter of the previous year. This increase is attributed to growth in the Hospital segment, driven by recent acquisitions.
Operating income for the quarter was $51.7 million, compared to $35.3 million in the previous year, reflecting a 46.4% increase. The increase was primarily due to operating leverage and growth in the Hospital business.
Net income for the quarter was $33.8 million, up from $24.9 million in the previous year. The company reported a basic net income per share of $0.66, compared to $0.49 in the previous year.
Cash provided by operating activities was $21.4 million, while cash used in investing activities was $162.6 million, primarily due to the acquisition of Attune Medical.
Cash provided by financing activities was $258.9 million, reflecting proceeds from the issuance of convertible senior notes and share repurchases.
Haemonetics had a working capital of $682 million as of September 28, 2024. The company continues to focus on integrating recent acquisitions and expanding its Hospital business unit.
The filing also details the company's share repurchase program, under which $75 million of shares were repurchased during the quarter.
Haemonetics does not anticipate any changes to its dividend policy and continues to focus on strategic investments and acquisitions to drive growth.
The company identified no material changes to its risk factors and continues to monitor its exposure to foreign exchange and interest rate fluctuations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Haemonetics Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.