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Haemonetics Corporation (HAE-5.33%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $348,542,000 from $336,250,000 in the same quarter the previous year. This increase is attributed to higher sales in the Hospital business unit, partially offset by declines in the Plasma and Blood Center units.
Gross profit for the quarter was $193,547,000, representing 55.5% of net revenues, compared to 52.9% in the same quarter of the previous year. The increase in gross profit margin is due to higher sales volumes and pricing in the Hospital business.
Operating expenses for the quarter were $134,518,000, up from $131,889,000 in the previous year. This increase is primarily due to higher research and development expenses related to recent acquisitions.
The company reported an operating income of $59,029,000 for the quarter, compared to $45,978,000 in the previous year, with the increase driven by improved gross profit and controlled operating expenses.
Interest and other expense, net, increased to $9,112,000 from $1,949,000, primarily due to higher interest expense on the 2029 Notes issued in fiscal 2025.
Net income for the quarter was $37,494,000, up from $31,241,000 in the previous year. The effective tax rate for the quarter was 24.9%, down from 29.0% in the previous year.
Cash provided by operating activities was $65,168,000, while cash used in investing and financing activities was $179,935,000 and $260,268,000, respectively.
Haemonetics had a working capital of $752,635,000 as of December 28, 2024. The company continues to focus on its strategic initiatives, including the divestiture of the Whole Blood product line and the acquisition of Attune Medical.
The filing also details various financial agreements, including the issuance of $700 million in convertible senior notes due 2029 and the refinancing of its credit facilities.
Haemonetics does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its Hospital business unit and managing its Plasma and Blood Center units amid challenging market conditions.
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 February 6, 2025. To report an error, please email earnings@qz.com.