Haemonetics Corporation

Haemonetics supplies medical devices, software and disposables used in plasma and blood collection, surgical procedures and hospital blood management. It trades on the New York Stock Exchange under HAE. Its two reporting segments are Apheresis and MedSurg.

Latest financial results

Adjusted profit excludes items including acquired-intangible amortization, acquisition and integration costs, digital-transformation costs and specified impairment and tax items. Tariff refunds helped quarterly gross profit and were retained in adjusted results; their amount was not separately quantified in the release.

Demand and earlier expectations

Apheresis quarterly sales rose 12.6% to $204.8 million, with 13.6% organic growth. Plasma-business organic growth was 17.7%. MedSurg sales increased 5.1% to $153.0 million, or 5.5% organically, led by blood-management technologies.

For fiscal 2027, which ends April 3, 2027, Haemonetics raised its organic revenue-growth forecast to 6% to 9% from August's 4% to 7%. Reported revenue growth is now expected to be 8% to 11%, up from 5% to 8%, including roughly two percentage points from the extra fiscal week.

Organic comparisons remove currency movements and the effects of discontinued liquid-solution products, and include nominal historical pre-acquisition Vivasure revenue.

The Apheresis outlook improved to high-single-digit growth from low- to mid-single digits. MedSurg's mid-single-digit outlook stayed unchanged. Annual adjusted operating-margin guidance is now zero to 50 basis points of expansion, compared with 50 to 100 previously. Haemonetics expects adjusted earnings-per-share growth comparable to reported revenue growth.

CSL relationship and completed Vivasure purchase

The August 14, 2026, CSL Plasma supply agreement covers NexSys devices and related disposables in the United States. It is non-exclusive and contains no minimum purchase commitment. In October, Haemonetics disclosed CSL's expectation to transition all its current U.S. centers by the end of calendar 2027, with implementation details still being determined.

Haemonetics completed the Vivasure acquisition on January 9, 2026. The approximately $166 million accounting purchase price included prior investments and loans, $60.2 million of cash paid at closing net of acquired cash, and contingent consideration. It was funded from available cash and added vessel-closure technology to MedSurg.

Purchase accounting remained preliminary at September 26. The company reported October U.S. approval of Vivasure's PerQseal Elite system for large-bore arterial procedures. The remaining contingent-consideration liability was $3.3 million after first-half cash settlements of $18.5 million.

Cash flow and debt

First-half operating cash flow was $180.4 million, compared with $128.7 million. The payables and accrued-expenses contribution was positive $41.0 million versus a $30.2 million cash use a year earlier. Inventory released $1.0 million versus $25.1 million.

Issuer-defined free cash flow rose to $142.9 million from $91.2 million. It deducts capital spending and additions to Haemonetics equipment, including transfers from inventory, and adds proceeds from property sales. Annual free-cash-flow conversion is targeted above 80% of adjusted net income, up from roughly 80%.

At September 26, cash and cash equivalents were $260.7 million. Debt was $1.1238 billion at its balance-sheet carrying value, compared with approximately $1.1366 billion of scheduled principal. This included $200 million drawn on the revolving credit facility. Haemonetics repaid $50 million of revolving borrowings in each of the first two quarters.

The $750 million revolver had approximately $548.7 million available after drawings and letters of credit. The company's $700 million convertible notes mature June 1, 2029. No shares were repurchased in the first half, with $325 million of authorization remaining.