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Haemonetics (HAE) Inks Epic Deal to Expand Hospital Business
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Haemonetics (HAE - Free Report) recently entered into an agreement with Epic, an electronic health records (EHR) system for hospitals and large practices. Per the terms of the deal, Haemnetics will offer its SafeTrace Tx blood bank information system to Epic's global network of hospitals.
However, the financial terms of the deal were not disclosed.
According to Haemonetics, the Epic deal marks another milestone in the continued growth of its Hospital business.
More on Epic
Epic is a cloud-based EHR solution that offers services to a number of specialties. Epic is in use across a broad range of practices, from community hospitals and independent practices to multi-specialty hospital groups and hospice care providers.
How Will SafeTrace Tx Work for Epic?
SafeTrace Tx is a specialized transfusion management system used in the blood bank to provide comprehensive management of patients and blood products and to assist in determining blood product suitability for patient transfusion. It provides full visibility of patients and products in a single database, thereby supporting patient transfusion safety and workflow efficiency.
Image Source: Zacks Investment Research
SafeTrace Tx is currently used by hundreds of hospitals, including top U.S. hospitals, as recognized in the U.S. News & World Report: Best Hospitals 2022-2023 Honor Roll.
According to Haemonetics, amid the complex situation of blood supply and staffing shortages, the SafeTrace Tx transfusion management system will provide greater transfusion safety and efficiency. More hospitals within Epic's network will benefit from the SafeTrace Tx agreement.
On the other hand, Haemonetics’ hospital-based business network will get broader with the EPIC deal.
HAE Hospital Business' Recent Performance
Haemonetics’ fiscal 2023 first-quarter revenues increased 15% year over year, despite staffing shortages and budgetary constraints in U.S hospitals and lockdowns in China. Vascular Closure revenues grew 36% this quarter, backed by new accounts.
Hemostasis Management revenues grew 6% in the fiscal first quarter. North America, Haemonetic’s largest market, grew 11% on increased utilization of TEG technology and favorable pricing.
Transfusion Management revenues grew 21% in the quarter, driven by continuous market share expansion in North America and the execution of software and hardware installations that were postponed from the fourth quarter of last year.
Further, Cell Salvage revenues were flat in the quarter as strong disposable sales in EMEA helped overcome tough comps in the United States, driven by strong procedure recovery and capital upgrades in the first quarter of the prior year.
Share Price Performance
Over the past six months, Haemonetics has outperformed its industry. The stock has gained 28.3% against the industry's 39.8% fall.
Zacks Rank and Key Picks
Currently, Haemonetics carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space that investors can consider are AMN Healthcare Services, Inc. (AMN - Free Report) , Patterson Companies, Inc. (PDCO - Free Report) and McKesson Corporation (MCK - Free Report) .
AMN Healthcare has a long-term earnings growth rate of 3.2%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 15.7%, on average. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare has outperformed its industry in the past year. AMN has lost 6% against the industry’s 34.9% fall.
Patterson Companies has an estimated long-term growth rate of 7.9%. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 16.5%. It currently has a Zacks Rank #2 (Buy).
Patterson Companies has outperformed its industry in the past year. PDCO has lost 5.1% compared with the industry’s 12.4% fall in the past year.
McKesson has an estimated long-term growth rate of 9.9%. The company surpassed earnings estimates in the trailing three quarters and missed in one, delivering a surprise of 13%, on average. It currently carries a Zacks Rank #2.
McKesson has outperformed its industry in the past year. MCK has gained 77.3% against the industry’s 12.4% fall.
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Haemonetics (HAE) Inks Epic Deal to Expand Hospital Business
Haemonetics (HAE - Free Report) recently entered into an agreement with Epic, an electronic health records (EHR) system for hospitals and large practices. Per the terms of the deal, Haemnetics will offer its SafeTrace Tx blood bank information system to Epic's global network of hospitals.
However, the financial terms of the deal were not disclosed.
According to Haemonetics, the Epic deal marks another milestone in the continued growth of its Hospital business.
More on Epic
Epic is a cloud-based EHR solution that offers services to a number of specialties. Epic is in use across a broad range of practices, from community hospitals and independent practices to multi-specialty hospital groups and hospice care providers.
How Will SafeTrace Tx Work for Epic?
SafeTrace Tx is a specialized transfusion management system used in the blood bank to provide comprehensive management of patients and blood products and to assist in determining blood product suitability for patient transfusion. It provides full visibility of patients and products in a single database, thereby supporting patient transfusion safety and workflow efficiency.
Image Source: Zacks Investment Research
SafeTrace Tx is currently used by hundreds of hospitals, including top U.S. hospitals, as recognized in the U.S. News & World Report: Best Hospitals 2022-2023 Honor Roll.
According to Haemonetics, amid the complex situation of blood supply and staffing shortages, the SafeTrace Tx transfusion management system will provide greater transfusion safety and efficiency. More hospitals within Epic's network will benefit from the SafeTrace Tx agreement.
On the other hand, Haemonetics’ hospital-based business network will get broader with the EPIC deal.
HAE Hospital Business' Recent Performance
Haemonetics’ fiscal 2023 first-quarter revenues increased 15% year over year, despite staffing shortages and budgetary constraints in U.S hospitals and lockdowns in China. Vascular Closure revenues grew 36% this quarter, backed by new accounts.
Hemostasis Management revenues grew 6% in the fiscal first quarter. North America, Haemonetic’s largest market, grew 11% on increased utilization of TEG technology and favorable pricing.
Transfusion Management revenues grew 21% in the quarter, driven by continuous market share expansion in North America and the execution of software and hardware installations that were postponed from the fourth quarter of last year.
Further, Cell Salvage revenues were flat in the quarter as strong disposable sales in EMEA helped overcome tough comps in the United States, driven by strong procedure recovery and capital upgrades in the first quarter of the prior year.
Share Price Performance
Over the past six months, Haemonetics has outperformed its industry. The stock has gained 28.3% against the industry's 39.8% fall.
Zacks Rank and Key Picks
Currently, Haemonetics carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space that investors can consider are AMN Healthcare Services, Inc. (AMN - Free Report) , Patterson Companies, Inc. (PDCO - Free Report) and McKesson Corporation (MCK - Free Report) .
AMN Healthcare has a long-term earnings growth rate of 3.2%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 15.7%, on average. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMN Healthcare has outperformed its industry in the past year. AMN has lost 6% against the industry’s 34.9% fall.
Patterson Companies has an estimated long-term growth rate of 7.9%. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 16.5%. It currently has a Zacks Rank #2 (Buy).
Patterson Companies has outperformed its industry in the past year. PDCO has lost 5.1% compared with the industry’s 12.4% fall in the past year.
McKesson has an estimated long-term growth rate of 9.9%. The company surpassed earnings estimates in the trailing three quarters and missed in one, delivering a surprise of 13%, on average. It currently carries a Zacks Rank #2.
McKesson has outperformed its industry in the past year. MCK has gained 77.3% against the industry’s 12.4% fall.