BOSTON - Haemonetics Corporation (NYSE: NYSE:HAE), a global medical technology company with a market capitalization of $3.26 billion and annual revenue of $1.37 billion, has announced changes to its executive leadership team. Frank Chan, Ph.D., has been appointed as the Executive Vice President, Chief Operating Officer, set to begin his role on April 7, 2025. Additionally, Roy Galvin has assumed the position of Executive Vice President, Chief Commercial Officer, effective immediately. According to InvestingPro analysis, the company maintains a strong financial health score, supported by robust liquidity metrics and steady profitability.
As the new Chief Operating Officer, Chan will be responsible for overseeing the company’s research and development, regulatory affairs, and global manufacturing and supply chain operations. Chan brings over 25 years of experience in the medical device and healthcare technology sectors, having held leadership positions at Medtronic (NYSE:MDT) plc, Covidien plc, and DePuy Orthopaedics, Inc. The company’s operational efficiency is reflected in its impressive 55.94% gross profit margin and strong current ratio of 3.97, indicating solid working capital management.
Galvin, who joined Haemonetics in 2022, will now oversee the company’s Global Hospital business in addition to the Global Plasma and Blood Center. His expanded role includes directing all commercialization efforts for Haemonetics’ full product portfolio. Galvin’s experience spans over 25 years in the healthcare technology industry, with a focus on scaling businesses in hospitals and surgical environments, particularly at Medtronic plc.
Chris Simon, President and Chief Executive Officer of Haemonetics, expressed confidence that the new appointments will support the company’s growth strategy and long-term success. The leadership updates are part of Haemonetics’ efforts to drive innovation and operational excellence in delivering medical solutions that aim to improve patient outcomes and reduce healthcare costs.
Haemonetics specializes in products and solutions for blood and plasma component collection, surgical suites, and hospital transfusion services. The leadership changes are based on a press release statement from Haemonetics Corporation. While the company’s stock has experienced a 16.11% decline year-to-date, InvestingPro analysis suggests the stock is currently undervalued, with analysts maintaining a positive outlook and setting price targets up to $120. For detailed insights and additional ProTips about Haemonetics’ financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Haemonetics Corporation reported its third-quarter earnings for fiscal year 2024, with an adjusted earnings per share (EPS) of $1.19, surpassing analyst expectations of $1.17. However, the company’s revenue of $349 million fell short of the anticipated $352.98 million. Despite this revenue miss, Haemonetics achieved a 14% year-over-year increase in adjusted EPS and reported a 4% revenue growth on a reported basis, though organic growth remained flat. The company has revised its full-year 2025 sales guidance downward while narrowing its EPS guidance.
Analysts from BTIG, Needham, and JMP Securities have adjusted their price targets for Haemonetics, with BTIG reducing it to $105, Needham to $108, and JMP to $100, all while maintaining positive ratings. These revisions reflect a more conservative outlook amidst the company’s recent financial performance. Haemonetics continues to innovate in the plasma collection industry, with new technologies like Express Plus and Persona expected to enhance efficiency and donor experience. The company has also secured new long-term contracts with significant customers, which are anticipated to bolster its market share in the Plasma business.
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