Haemonetics' Q4 2025 Earnings Call: Discrepancies in Plasma Growth, Vascular Closure Expectations, and Margin Projections

Plasma growth projections, vascular closure growth expectations, gross margin improvement, plasma collection and demands, and vascular closure product performance are the key contradictions discussed in Haemonetics' latest 2025Q4 earnings call.



Revenue and Growth:
- Haemonetics reported total revenue of $1.4 billion for Q4 2025, reflecting 4% growth on a reported basis and 1% organic growth.
- Growth was driven by robust margin expansion and strong cash flow, with notable contributions from the industry-leading NexSys, TEG, and VASCADE technologies in attractive markets.

Hospital Business Performance:
- Hospital revenue grew 12% in Q4 and 24% in fiscal 2025 on a reported basis, with organic growth of 9% and 12%, respectively.
- Expansion in both Blood Management Technologies and Interventional Technologies, driven by strong utilization, share gains, and price benefits, underpinned this growth.

Plasma Segment Dynamics:
- Excluding CSL, Plasma revenue grew 11% in Q4 and 5% in fiscal 2025.
- Growth was primarily driven by technology adoption and share gains, with the addition of significant benefits from customer yield and productivity improvements.

Operational Efficiency and Margin Expansion:
- Haemonetics achieved an adjusted gross margin of 60.2% in Q4 2025, representing an increase of 620 basis points compared to the prior year.
- Margin expansion was supported by strategic actions, improved efficiencies, and a shift towards higher-margin products