10 of the best performing medical device stocks of 2018

Haemonetics: +72%

The Haemonetics CellSaver Elite+ [Image courtesy of Haemonetics]

The Braintree, Mass.–based blood management company spent its fiscal year 2018 “reorganizing and transforming,” according to CEO Chris Simon. Those efforts paid off as the stock experienced a fairly steady rise in the past 12 months, topping $100.05 by the end of the year.

“In the first half of fiscal 2019, we grew revenue 7% and adjusted net income 42%. Strong market demand and early launch success, together with benefits from complexity reduction and investments, drove our performance,” Simon said in a press release. “Based on first-half results and our confidence in our prospects for continued profitable growth, we are raising our fiscal 2019 revenue and adjusted earnings per share guidance,”

In June, Haemonetics (NYSE:HAE) said it had closed the refinancing of some $700 million in debt as part of its restructuring plan and took out a new, $700 million credit line. The refinancing will provide greater flexibility in a variety of areas, including expanded options for permitted debt and investments, Simon said, adding that funds from those facilities plus strong cash flow will help the company to execute on its growth plans.

The company hit a bump in September when the French government reportedly decided on a precautionary suspension of the use of a blood collection device made by Haemonetics – used in half of all donations there – after receiving numerous reports of problems with the devices.