Haemonetics Corporation (NYSE:HAE) Q4 2020 Earnings Conference Call - Final Transcript

May 05, 2020 • 08:00 am ET


Haemonetics Corporation (NYSE:HAE) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Haemonetics Fourth Quarter and Fiscal Year '20 Conference Call and Webcast. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Ms. Olga Guyette. Ma'am, you may begin.

Olga Guyette

Thank you. Good morning, everyone. Thank you for joining us for Haemonetics' fourth quarter and fiscal year '20 conference call and webcast. I'm joined today by Chris Simon, our CEO; and Bill Burke, our CFO. This morning, we posted our fourth quarter and fiscal year '20 results to our Investor Relations website, including the analytical tables with the information that we'll refer to on this call. Additionally, we provided a complete P&L, balance sheet, summary statement of cash flows as well as reconciliations of our GAAP to non-GAAP financial results.

Before we get started, unless noted otherwise, all revenue growth rates discussed today are on an organic basis and exclude impacts from currency, product and the slide [Phonetic] decision, strategic exits of our plasma liquid solutions business and divestitures. As in the past, we'll refer to non-GAAP financial measures throughout this call to help investors understand Haemonetics ongoing business performance. Please note that these measures exclude certain charges and income items. Please refer to this morning's earnings release for details and excluded items, including comparisons with the same periods of fiscal year '19 and a reconciliation to our GAAP results.

Our remarks today include forward-looking statements and our actual results may differ materially from the anticipated results. Haemonetics cautions that these forward-looking statements are subject to risks and uncertainties, including the potential impacts from the COVID-19 pandemic on our results and other factors referenced in the Safe Harbor statement in our earnings release and in our filings with the SEC. We do not undertake any obligation to update these forward-looking statements.

And now I'd like to turn it over to Chris.

Christopher Simon

Thank you, and good morning. Our thoughts are with those around the world affected by the coronavirus outbreak, which is, first and foremost, a human tragedy. We know the pandemic is top of mind. I want to begin by thanking our 3,000 employees worldwide who have risen to the challenge of battling this virus, especially our manufacturing, supply chain, customer service and technical support teams on the front lines, they've worked tirelessly to support our customers.

Three broad objectives guide our response to the crisis. Our first priority is business continuity and employee health and safety. All of our plants and distribution centers are open and operational with enhanced safety protocols, and we are committed to high service levels as our teams drive supply chain resilience. With a few exceptions, the vast majority of our products continue to be shipped on time, and we have ample inventory to meet our commitments.

Our second priority is preserving cash. We are making pragmatic decisions around contingencies and expense controls for what could be a protracted recovery. Our strong balance sheet allows us to fund important programs. Our third priority is