Acquisitions drive Haemonetics' Q2 earnings jump

Haemonetics ($HAE), which makes blood management devices and technology, said its revenue growth burst 22% higher in its 2013 second quarter compared to last year, thanks in large part to acquisitions. On its own, however, the company still grew revenue at a healthy 6% clip. Net income dropped by half, though, compared to last year as the company absorbed M&A-related expenses.

The Braintree, MA,company booked $218.2 million in revenue during the quarter up from $179.4 million in the fiscal 2012 second quarter. Net income plunged, however, hitting $6.5 million, down 52.8% from the more than $13.8 million in net income reported over the same period last year.

Among the individual positive results Haemonetics cited: 23% revenue growth in diagnostic disposables, a 16% revenue hike in surgical disposable sales, and 21% overall revenue growth in China--a crucial market for many medical device and equipment companies these days.

At the end of April Haemonetics disclosed a $551 million deal to acquire Pall Corp's blood collection, filtration and processing systems and equipment. Separately, Haemonetics agreed to acquire the business assets of Hemerus Medical in Minnesota in a deal worth up to $27 million, giving it access to technology that enables whole blood collection, plus processing and storage of blood components.

- read the release

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