Haemonetics Corporation reported strong financial performance for the three and six months ended September 28, 2024, with net revenues reaching $345.5 million and $681.7 million, respectively, marking increases of 8.6% and 8.3% compared to the same periods in the previous fiscal year. The growth was driven by significant contributions from the Hospital segment, particularly in Interventional Technologies, which saw a 60.7% increase in revenue for the quarter. However, revenues from the Plasma and Blood Center segments experienced declines, attributed to lower sales volumes in North America.

Gross profit for the quarter was $187.4 million, up 9.9% from $170.5 million in the prior year, while operating income surged 46.4% to $51.7 million. Net income for the quarter was $33.8 million, a 35.8% increase from $24.9 million in the same period last year, resulting in a basic earnings per share of $0.66, up from $0.49.

The company’s strategic developments included the acquisition of Attune Medical on April 1, 2024, for a total consideration of $187.7 million, which is expected to enhance its Hospital business unit. Additionally, Haemonetics completed the acquisition of OpSens Inc. in December 2023 for approximately $254.5 million, further expanding its portfolio in interventional cardiology.

Financially, Haemonetics reported cash and cash equivalents of $299.3 million as of September 28, 2024, a significant increase from $178.8 million at the end of the previous fiscal year. Total assets rose to $2.5 billion, while long-term debt increased to $1.2 billion, reflecting the financing of recent acquisitions. The company also reported a net cash provided by financing activities of $258.9 million, primarily due to the issuance of $700 million in convertible senior notes.

Restructuring efforts under the Operational Excellence Program continued, with costs totaling $4.1 million for the six months ended September 28, 2024. The company also announced plans to discontinue certain products within its Blood Center business unit, leading to associated manufacturing closures.

Overall, Haemonetics demonstrated robust revenue growth and profitability, supported by strategic acquisitions and operational improvements, despite facing challenges in specific product lines.