NORCROSS, Ga., June 2, 2010 (GLOBE NEWSWIRE) -- Immucor, Inc. (Nasdaq:BLUD), a global leader in providing automated instrument-reagent systems to the blood transfusion industry, today announced its guidance for its fiscal year ending May 31, 2011.
The Company expects consolidated revenue to be in the range of $345 million to $355 million for fiscal year 2011, which represents an increase of approximately 6% to 8% over the fiscal 2010 guidance range of $326 million to $330 million. In constant currencies, the year-over-year revenue growth rate for fiscal 2011 would be between 9% and 11%. The Company's guidance assumes that the average U.S. dollar to Euro exchange rate over the last month will be the average exchange rate throughout fiscal 2011.
Revenue growth expectations include $10 million to $15 million from volume contributions, primarily related to increased sales of reagents from instrument placements, and $8 million to $12 million from price contributions. Approximately two-thirds of the Company's combined Capture® and traditional reagent revenue is under contract.
Consolidated gross margins are expected to be in the range of 70.5% to 71.5% for fiscal 2011. The Company expects diluted earnings per share to be in the range of $1.23 to $1.29 for fiscal 2011, which represents an increase of approximately 8% to 11% over the fiscal 2010 guidance range of $1.14 to $1.16 per diluted share.
The Company expects to receive 100 to 130 NEO™ instrument orders in fiscal 2011 and also expects to receive 200 to 240 Echo® instrument orders in the coming fiscal year.
"As we look to fiscal 2011, we expect growth to be driven by our innovative instrumentation and extensive reagent line," stated Dr. Gioacchino De Chirico, Immucor's President and Chief Executive Officer. "We are committed to delivering on our long-term goals, on a constant currencies basis, of high single digit to low double digit revenue growth with higher diluted earnings per share growth due to the operating leverage in our business."
Conference Call Details
The Company will host a conference call on Thursday, June 3, 2010 at 8:30 AM (Eastern time) to review its fiscal 2011 guidance. Investors are invited to participate in this conference call by dialing 1-888-324-9321 (Passcode: BLUD). Investors can also access the call via Webcast through the "About Us – Investor Information" section at www.immucor.com.
For those unable to listen to the live broadcast, a replay of the conference call will be available shortly after its completion and will be archived on Immucor's website for approximately 60 days. Additionally, investors may access a replay of the call for one week beginning at noon on June 3 by dialing 1-800-789-9018 (Passcode: 7513).
About Immucor
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of its market segments. For more information on Immucor, please visit our website at www.immucor.com.
Safe Harbor Statement
This press release contains statements that are "forward-looking statements" as that term is defined under federal securities laws. Forward-looking statements contained in this press release include the intent, belief or current expectations of the Company and members of its management team with respect to the Company's future business operations as well as the assumptions upon which such statements are based. Forward-looking statements include specifically, but are not limited to: fiscal 2011 revenue projections, price contribution projections, volume contribution projections, gross margin projections, fully diluted earnings per share projections, foreign exchange rate assumptions and order projections for the Echo and NEO instruments. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed in any forward-looking statement include, but are not limited to: the outcome of the administrative action ("notice of intent to revoke our biological license") received from the Food and Drug Administration ("FDA"); customer reaction to the FDA action and the subsequent impact on the business; lower than expected demand for the Company's instruments, including the new NEO; the decision of customers to defer capital spending; the strengthening of the U.S. Dollar versus any of the functional currencies in which the Company operates and its adverse impact on reported results; the unexpected change in the mix of instruments being purchased instead of acquired through other means, which could significantly change costs recognized in the period; the failure of customers to efficiently integrate the Company's instruments into their blood banking operations; increased competition in the sale of instruments and reagents, particularly in the United States; unanticipated operational problems that result in non-compliance with FDA regulations; the failure to effectively integrate BioArray operations into the Company's overall operations; product development obstacles including obstacles related to the development of the next generation automated instrument for the molecular immunohematology products; regulatory obstacles including obstacles in securing regulatory approval of the molecular immunohematology products; the inability to hire and retain, and the unexpected loss of, key managers; changes in interest rates; the inability of the Company's Japanese and French subsidiaries as well as our molecular immunohematology operations to attain expected revenue, gross margin and net income levels; the outcome of any legal claims or regulatory investigations known or unknown, including the ongoing investigations by the Department of Justice and the Federal Trade Commission, and the related customer and shareholder lawsuits; the Company's inability to protect its intellectual property, particularly as to the molecular immunohematology products, or its infringement of the intellectual property of others; lower than expected market acceptance of the molecular immunohematology products; the unexpected application of different accounting rules; general economic conditions; and adverse developments with respect to the operation or performance of the Company, its products and its affiliates or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this Press Release can be found in the Company's Risk Factor disclosures in its Form 10-Q for the quarter ended February 28, 2010 and its Form 10-K for the year ended May 31, 2009. Investors are cautioned not to place undue reliance on any forward-looking statements. Immucor assumes no obligation to update any forward-looking statements.
Reconciliation of GAAP v. Non-GAAP Information
Revenue Growth Rates for Fiscal 2011 in Constant Currencies
| Guidance Range | Guidance Range | ||||
| Low end | High end | ||||
| GAAP year-over-year growth rate for fiscal 2011 | 6% | 8% | |||
| Foreign currency translation impact | 3% | 3% | |||
| Constant Currencies growth rate for fiscal 2011 | 9% | 11% | |||
Revenue growth on a constant currencies basis is a non-GAAP financial measure. The year-over-year growth rates presented in constant currencies were calculated by translating the fiscal 2011 revenue guidance at the prior fiscal year's average exchange rates. We believe this information is useful for investors. Management reviews and analyzes business results excluding the effect of foreign currency translation because they believe this better represents the Company's underlying business trends.