BTIG Reaffirms Haemonetics (HAE) at 'Neutral'; Q2 Solid, but FY17 Outlook Appears Conservative

November 7, 2016 3:55 PM EST
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Price: $40.02 +1.27%

Rating Summary:
    2 Buy, 11 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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BTIG affirmed its Neutral rating on Haemonetics (NYSE: HAE) following Q2 results and outlook offered earlier Monday.

Analyst Karen Koski commented on Monday, In-line with our thesis and recent channel checks showing a stabilization in U.S. transfusion volumes, HAE posted a solid revenue and EPS beat. This was the second quarterly revenue beat since Mr. Simon took the helm and the first time sales have come in above expectations for two consecutive quarters since late FY13. Despite this outperformance mgmt reiterated full-yr guidance and though our forecasts move higher, we continue to see room for continued beats in 2H17.

Elaborating on FY17 guidance, Koski commented, Higher revenue and gross margins resulted in F2Q EPS coming in ten cents above our model. Though HAE remains in the early stages of a multi-year turnaround and we applaud mgmt’s decision to remain conservative, we now model F17 EPS seven cents above the top end of guidance.

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