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Haemonetics (HAE - Free Report) is a $4 billion provider of blood management solutions to hospitals and healthcare providers globally.
The Haemonetics suite of innovative medical products and technology solutions addresses important medical markets: blood and plasma component collection, the surgical suite and hospital transfusion services.
The stock became a Zacks #1 Rank after a solid beat-and-raise quarter delivered last week which inspired analysts to raise EPS estimates and price targets.
Rising Estimates
For fiscal year 2023 (ends March), the new consensus EPS estimate is $2.91, with the high mark among analysts at $3.00. The new consensus represents 12.8% annual growth.
For fiscal 2024 (begins April), the EPS consensus jumped 8.6% to $3.28, for a 12.7% projected advance.
On the topline, revenues are expected to cross $1.14 billion this fiscal year, for 15% annual growth. And it looks like analysts are waiting for the company's Q4 report and new fiscal year outlook to get more visibility beyond the current $1.19B estimate for FY24.
But among MedTech names, HAE currently trades below peer valuations at under 4 times sales.
Growth at a Reasonable Price
Haemonetics has built a portfolio of integrated devices, information management, and consulting services that offer blood management solutions for each facet of the blood supply chain, helping better clinical outcomes.
Blood and its components (plasma, platelets, and red cells) have several vital and frequently life-saving clinical applications and the quality and supply of these components are critical to hospitals for patient care.
For 2023, Haemonetics now expects GAAP total revenue growth in the range of 15-17% on a reported basis (up from the prior projection of 12-15%). Organic revenue growth is currently expected in the range of 18-20% (up from the prior projection of 15-18%).
Here were two analyst reactions after the quarterly report...
Haemonetics price target raised to $103 from $94 at Barrington: Analyst Michael Petusky kept an Outperform rating on the shares following the strong Q3 where mgmt also significantly increased the lower end of its previously provided fiscal 2023 outlook.
Haemonetics price target raised to $115 from $110 at Mizuho: Analyst Anthony Petrone raised his price target and kept a Buy rating on the shares after the fiscal Q3 beat displayed continued momentum in Plasma and a strong performance in Blood Center.
Disclosure: I own HAE shares for the Zacks Healthcare Innovators portfolio.
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Bull of the Day: Haemonetics (HAE)
Haemonetics (HAE - Free Report) is a $4 billion provider of blood management solutions to hospitals and healthcare providers globally.
The Haemonetics suite of innovative medical products and technology solutions addresses important medical markets: blood and plasma component collection, the surgical suite and hospital transfusion services.
The stock became a Zacks #1 Rank after a solid beat-and-raise quarter delivered last week which inspired analysts to raise EPS estimates and price targets.
Rising Estimates
For fiscal year 2023 (ends March), the new consensus EPS estimate is $2.91, with the high mark among analysts at $3.00. The new consensus represents 12.8% annual growth.
For fiscal 2024 (begins April), the EPS consensus jumped 8.6% to $3.28, for a 12.7% projected advance.
On the topline, revenues are expected to cross $1.14 billion this fiscal year, for 15% annual growth. And it looks like analysts are waiting for the company's Q4 report and new fiscal year outlook to get more visibility beyond the current $1.19B estimate for FY24.
But among MedTech names, HAE currently trades below peer valuations at under 4 times sales.
Growth at a Reasonable Price
Haemonetics has built a portfolio of integrated devices, information management, and consulting services that offer blood management solutions for each facet of the blood supply chain, helping better clinical outcomes.
Blood and its components (plasma, platelets, and red cells) have several vital and frequently life-saving clinical applications and the quality and supply of these components are critical to hospitals for patient care.
For 2023, Haemonetics now expects GAAP total revenue growth in the range of 15-17% on a reported basis (up from the prior projection of 12-15%). Organic revenue growth is currently expected in the range of 18-20% (up from the prior projection of 15-18%).
Here were two analyst reactions after the quarterly report...
Haemonetics price target raised to $103 from $94 at Barrington: Analyst Michael Petusky kept an Outperform rating on the shares following the strong Q3 where mgmt also significantly increased the lower end of its previously provided fiscal 2023 outlook.
Haemonetics price target raised to $115 from $110 at Mizuho: Analyst Anthony Petrone raised his price target and kept a Buy rating on the shares after the fiscal Q3 beat displayed continued momentum in Plasma and a strong performance in Blood Center.
Disclosure: I own HAE shares for the Zacks Healthcare Innovators portfolio.