Investors were not kind to Haemonetics (HAE) on Thursday, trading the stock down by more than 13%. The sell-off occurred in the wake of the blood and plasma collection systems company's 2021 earnings release for the fiscal fourth quarter of 2021.
The quarter saw Haemonetics earn $221 million in revenue, down 6% on a year-over-year basis. Non-GAAP (adjusted) net income also went south, declining by almost 33% to $23.9 million, or $0.46.
This meant a mixed quarter for the healthcare company, as analysts tracking the stock were modeling just under $223 million on the top line and $0.67 for adjusted, per-share net income.
Haemonetics blamed the declines on the coronavirus pandemic, which particularly affected its business related to plasma. However, the company quoted its CEO Chris Simon as saying that "We remain confident in the strong end-market demand for our products and expect full recovery from the pandemic by the end of this fiscal year."
Reflecting this, Haemonetics is counting on notable growth for its fiscal 2022. The company proffered guidance indicating that total revenue will increase organically by 8% to 12%, with adjusted earnings per share coming in at $2.60 to $3 (2021 result: $2.35).
The company's business should improve now that the coronavirus pandemic is receding, with would-be patients scheduling the procedures many postponed during the outbreak. The market's reaction to the earnings release, however, indicates that investors are skeptical about Haemonetics' optimistic 2022 forecasts.