JMP Securities analyst David Turkaly reiterated a Buy rating on Haemonetics (HAE – Research Report) today and set a price target of $115.00.
David Turkaly provided a Buy rating for Haemonetics Corporation’s stock due to several factors. First and foremost, Turkaly highlighted the company’s recent move to acquire OpSens, Inc., a transaction valued at $253 million. This strategic acquisition, paid in all-cash, is set to bolster Haemonetics’ hospital offerings and enhance its current portfolio in the interventional cardiology segment, an area that has become increasingly critical to the company’s investment strategy.
The OpSens acquisition is projected to be immediately accretive to Haemonetics’ adjusted EPS, despite the expected slight dilution to EPS in FY24 due to transaction and integration expenses. Furthermore, OpSens’ impressive sales and growth figures, coupled with Haemonetics’ planned funding of the acquisition through a combination of cash and revolving credit, also contribute to Turkaly’s positive outlook. In addition, Turkaly underscores Haemonetics’ innovative product development, particularly in the plasma collection industry, and the firm’s ability to augment donor yield. The strength of its Vascular Closure business and the potential cross-selling opportunities from the recent addition of OpSens were also cited as key growth pillars for the company in the next 3-5 years.
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Haemonetics (HAE) Company Description:
Haemonetics Corp. engages in the development and distribution of hematology products and solutions. It operates through the following geographical segments: Japan, EMEA (Europe, the Middle East, and Africa), North America Plasma, and All Other. Its products include surgical and diagnostic devices, blood and plasma center devices, blood center software, hospital software, and plasma center software. The company was founded by Allen Latham, Jr. in 1971 and is headquartered in Braintree, MA.
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