In a report released today, David Turkaly from JMP Securities reiterated a Buy rating on Haemonetics (HAE – Research Report), with a price target of $115.00.
David Turkaly bestowed a Buy rating to Haemonetics due to a variety of factors.
Firstly, Haemonetics continues to exhibit solid performance quarter after quarter, with plasma production being a significant contributor to this success. This was particularly evident in the F2Q24 results, which marked the eighth consecutive quarter where volume exceeded traditional trends. This consistency in positive performance has led to an upward revision in the FY24 guidance, further justifying the Buy rating.
Further, Haemonetics’ financial results have outperformed consensus estimates. Total sales for F2Q24 came in at $318.2 million, approximately 2% ahead of the consensus estimate. The adjusted EPS also exceeded the street’s estimate by roughly 11%. This impressive financial performance, along with an upward revision in FY24 targets, has contributed to the buy rating.
Lastly, Turkaly highlights the potential of Haemonetics’ new products in the plasma collection industry. These products hold the potential to enhance donor yield and save time, which is a significant advantage in the industry. In addition, the recent FDA clearance for their system and the upcoming Express Plus offering are expected to further improve efficiency. This potential for enhanced efficiency and value delivery, coupled with a solid financial performance, led to Turkaly’s Buy rating.
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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.
Read More on HAE:
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