Haemonetics reports third-quarter financial results

Haemonetics today revealed its results for the third fiscal quarter of 2010.

The group reported net revenues of $165 million (105.9 million pounds), a figure up by six per cent, as well as net income of $18 million – marking an increase of 13 per cent.

On a year-to-date basis, Haemonetics’ net revenues stand at $476 million, representing a rise of seven per cent, while net income amounted to $54 million. This marks an increase of 20 per cent.

The company finished the quarter with $169 million in cash and $20 million of debt, generating $21 million of free cash flow.

Brian Concannon, the organisation’s president and chief executive officer, stated: “As we close out the year, we are well positioned to continue our legacy of delivering consistent, double-digit operating income and earnings per share growth.”

Earlier this month, Haemonetics revealed that it plans to buy Global Med Technologies for approximately $60 million – a sum based on the latter company’s 49 million diluted common equivalent shares outstanding.