Haemonetics Corporation

What they do

Haemonetics sells automated apheresis devices, disposables and donor-management software to source plasma collectors and blood centers, and hospital products for vascular closure, sensor-guided procedures, esophageal protection, hemostasis management, cell salvage and transfusion management. Source plasma is collected by dedicated plasma-only apheresis for pharmaceutical fractionation, while transfusion plasma is collected mainly by blood centers. As of June 5, 2026 the company reorganized into two reporting segments: Apheresis (combining the former Plasma and Blood Center segments) and MedSurg (renamed from Hospital).

Revenue drivers

• Apheresis — Plasma collection devices, disposables, donor-management software plus blood collection and processing devices; $191.3 million of first quarter fiscal 2027 revenue, up 5.3% reported and 6.0% organic, about 56% of total quarterly revenue.
• MedSurg — Interventional Technologies (Vascular Closure, Sensor-Guided Technologies, Esophageal Protection) and Blood Management Technologies (Hemostasis Management, Cell Salvage, Transfusion Management); $148.1 million in the first quarter of fiscal 2027, up 6.0% reported and 5.9% organic.
• Plasma franchise within Apheresis — Sales are concentrated: one Plasma customer accounted for approximately 13% of total fiscal 2026 net revenues, and the ten largest customers were about 44% of net revenues.

Recent performance

First quarter fiscal 2027 revenue was $339.4 million, up 5.6% reported and 5.9% organic versus the prior-year quarter. Gross margin was 59.8%, flat year over year; operating income was $57.5 million (16.9% margin) versus $53.9 million (16.8%). Net income was $33.0 million and GAAP diluted EPS $0.72, versus $34.0 million and $0.70; adjusted diluted EPS was $1.14. The effective tax rate rose to 30.6% from 24.7%, driven by stock compensation shortfalls and valuation allowance impacts in recently acquired jurisdictions. Fiscal 2026 full-year revenue was $1.33 billion, down from $1.36 billion in fiscal 2025, with operating cash flow of $293.2 million.

Strategy

Management believes Plasma and Hospital (now MedSurg) have the greatest growth potential while Blood Center faces more challenging markets, so it is targeting plasma and platelet opportunities within the blood collection business. The company realigned into two global segments, Apheresis and MedSurg, effective June 5, 2026, to reflect how it manages operations and allocates resources. It is shifting its product portfolio toward higher-margin offerings through innovation, and it continues to invest in plasma collection technology that lowers the cost per liter while maintaining quality and safety. In fiscal 2027 it used a $300.0 million revolving credit facility draw to settle convertible notes due 2026 and repaid $50.0 million in the first quarter plus another $50.0 million in the second quarter.

Risks

• Customer concentration — One Plasma customer was approximately 13% of fiscal 2026 net revenues and the ten largest customers about 44%, so reduced purchasing or lower per-unit pricing by a large customer could materially hurt results.
• Blood Center market weakness — The company states Blood Center operates in more challenging markets, and misjudging which product categories have the greatest growth potential would lead to misallocated resources.
• Tax rate volatility — The effective tax rate rose to 30.6% in the first quarter of fiscal 2027 from 24.7% on stock compensation shortfalls and valuation allowances tied to losses in recently acquired jurisdictions.
• Leverage from convertible note settlement — The company borrowed $300.0 million under its revolving credit facility to settle convertible notes due 2026, leaving $250.0 million outstanding as of June 27, 2026 and $1.17 billion of long-term debt on the balance sheet.

Outlook

Management said it raised total company fiscal 2027 guidance after a strong first quarter, citing Plasma share gains, continued Blood Management Technologies momentum and a return to growth in Interventional Technologies. The CEO stated the company is well positioned to deliver sustainable long-term growth and shareholder value with its evolved portfolio, transformed operating model and disciplined execution. Adjusted operating margin was 23.4% in the first quarter, down 70 basis points year over year.