Haemonetics Corporation (NYSE:HAE) Q1 2021 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 08:00 am ET


Haemonetics Corporation (NYSE:HAE) Q1 2021 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Haemonetics' First Quarter Fiscal '21 Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference may be recorded [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Dan Goldstein, Vice President, Corporate Controller. Sir, you may begin.

Dan Goldstein

Good morning, everyone. Thank you for joining us for Haemonetics' First Quarter Fiscal '21 Conference Call and Webcast. I'm joined today by Chris Simon, our CEO; Chad Nikel, our President of Blood Center; and Bill Burke, our CFO.

This morning, we posted our first quarter results to our Investor Relations website, including analytical tables with the information that we will refer to you 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 otherwise noted, all revenue growth rates discussed today are on an organic basis and exclude impacts of currency, strategic exits of our plasma liquid solutions business, acquisitions and divestitures. As in the past, we will 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 on excluded items, including comparisons with the same periods of fiscal '20 and a reconciliation to our GAAP results.

Our remarks today may 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

Good morning, everyone, and thank you for joining. We continue to live in extraordinary times. And today, we will give perspective on the impact of the COVID-19 pandemic on our performance, and we will provide our view of the strength of our markets and the effectiveness of our strategy.

Our response to crisis prioritized safety, business continuity and cash preservation, allowing our manufacturing, supply chain and customer service to avoid disruptions. We remain fully operational in all of our markets across all of our product lines. We chose to build inventory to safeguard against pandemic-related stockouts and to prepare for recovery.

Importantly, our through-cycle approach kept our turnaround on track. We are executing as planned and laying the foundation for continued growth. For example, we recently completed our third annual all employee survey, and the results showed exceptionally strong morale in spite of challenging circumstances.

Our value drivers are intact and will propel us through recovery and the new normal. Let me provide a few highlights.

Despite current marketplace challenges, plasma and hospital remain attractive markets