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- **Revenue Growth**: Q2 organic +9% ex CSL, full year guidance raised to +7% to +10% organic. Adjusted EPS guidance $4.80-$5.00.
- **Plasma Strength**: Organic +19% Q2, U.S. collections +high single digits. Full year organic ex CSL +14% to +17%.
- **Blood Management Excellence**: +12% Q2, HN cartridge adoption and TEG innovation driving margins.
- **Vascular Closure Turnaround**: Field force realignment, MVP/XL growth, and Vivasure acquisition nearing completion.
- **Cash Generation**: Free cash flow $89M Q2, full year guidance $170M-$210M. Share buybacks $75M year-to-date.


**【CEO Summary Section】**
- **Revenue Performance**: Q2 revenue $327M (-5% YoY reported, +9% organic ex CSL). Full year guidance updated to -1% to -4% reported, +7% to +10% organic ex CSL. Adjusted EPS $1.27 (+13%), full year raised to $4.80-$5.00.
- **Business Highlights**: 
  - **Blood Management Technologies**: +12% Q2, driven by TEG disposable utilization and HN cartridge adoption. Global heparinase neutralization cartridge launched in EMEA/Japan.
  - **Plasma**: Organic +19% Q2, U.S. collections +high single digits. Full year organic ex CSL guidance raised to +14% to +17%.
  - **Interventional Technologies**: Vascular Closure +2% Q2, MVP/XL growth offset by legacy VASCADE softness. Esophageal cooling (-$3M Q2) impacting near-term performance.
  - **Blood Center**: Organic +4% Q2, NexSys device adoption driving margin expansion.
- **Strategic Initiatives**: 
  - VASCADE/MVP-XL FDA submission completed. Vivasure acquisition nearing completion for large bore closure market.
  - NexSys, TEG, and Vascular Closure positioned as core growth drivers.

**【CFO Financial Commentary】**
- **Profitability**: 
  - Adjusted gross margin 60.5% (380bps YoY expansion). Operating margin 26.7% (250bps YoY). Free cash flow $89M Q2, full year guidance $170M-$210M.
  - Adjusted operating expenses $111M (-1% Q2), disciplined cost management.
  - Cash balance $296M, debt $1.2B, net leverage 2.5x.
- **Segment Performance**: 
  - **Hospital**: Operating margin +370bps, driven by Blood Management Technologies.
  - **Plasma**: Margin +190bps, share gains and technology upgrades.
  - **Blood Center**: Margin +320bps, whole blood divestiture benefits.

**【Q&A Key Highlights】**
- **Plasma Collections**: U.S. +high single digits Q2, driven by NexSys adoption. Full year organic ex CSL +14% to +17%.
- **Vascular Closure Strategy**: 
  - 80/20 field force allocation, new sales tools, and MVP-XL clinical trial data.
  - Japan label expansion expected to boost growth in FY '27.
- **Share Repurchases**: $75M year-to-date, targeting excess cash deployment.
- **Vivasure Acquisition**: FDA submission nearing completion, targeting FY '27 launch in large bore closure market.
- **Blood Management Sustainability**: HN cartridge adoption driving double-digit growth, transfusion management +double digits.


Haemonetics Corporation (HAE) Q2 2026 Earnings Call Transcript

- **Revenue Growth**: 13% organic ex CSL driven by BMT (14% growth) and plasma (29% organic). 
- **Margin Expansion**: Gross margin 60.8% (550bps YoY), operating margin 24.1% (300bps YoY). 
- **Plasma Dominance**: 80% U.S. DMS market share, 11-14% organic growth ex CSL. 
- **Vascular Closure Recovery**: 6% growth in MVP/XL, new leadership and initiatives to regain momentum. 
- **Free Cash Flow**: $160-$200M target with 70%+ conversion rate. 
- **EPS Guidance**: $4.70-$5.00, up 8-16% YoY.

**【CEO Summary Section】**
- **Revenue Performance**: Q1 FY26 revenue was $321 million, down 4% reported but up 13% organically ex CSL. Growth driven by Blood Management Technologies (BMT) and plasma segments.
- **Core Products**: 75% of revenue from three U.S.-focused products: NexSys (plasma), TEG (hospital), and VASCADE (interventional). 
- **Segment Guidance**:
  - **Plasma**: Organic growth ex CSL 11-14% (Q1: 29% organic growth), driven by share gains and software agreement benefits.
  - **Hospital**: 8-11% reported/organic growth, with BMT up 14% (TEG disposable utilization, new account openings).
  - **Interventional Tech**: Vascular closure growth 3% (MVP/XL 6%), but legacy VASCADE softness (15% of revenue).
- **Execution Focus**: Strengthening interventional tech through leadership hires, commercial realignment, and targeted initiatives.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - GAAP net income: $53 million (up 2% YoY)
  - Adjusted EPS: $1.10 (up 8% YoY)
  - Gross margin: 60.8% (up 550bps YoY, 210bps from software agreement)
  - Operating expenses: $118 million (+$3M YoY)
  - Free cash flow: $2.5M (vs -$17M YoY)
- **Guidance**: 
  - Full year adjusted EPS: $4.70-$5.00
  - Free cash flow: $160-$200 million (70%+ conversion rate)
  - Tax rate: ~24.5%

**【Q&A Key Highlights】**
- **Plasma Share Gains**: 29% organic growth in Q1, half from software agreement. Share gains ahead of schedule, with 80% U.S. DMS market share.
- **Vascular Closure Challenges**: Executional issues in legacy VASCADE (15% of revenue). 6% growth in MVP/XL, but need utilization improvement.
- **Gross Margin Drivers**: Mix shift to higher-margin BMT and plasma, cost savings from regional alignment program.
- **M&A Update**: No active M&A; focused on organic growth and $500M share buyback program.
- **Plasma Collections**: Modest U.S. volume recovery possible in H2, but controlled by productivity gains rather than demand.
- **TEG Growth**: 22% U.S. growth, 70% share. New cartridge adoption in half of T700 accounts, with international expansion planned.


Haemonetics (HAE)-7 Aug 25-2026 Q1 Earnings call transcript

- **Hospital Growth Accelerates**: FY 2025 Hospital revenue up 24% (12% organic), driven by Blood Management (10% growth) and Interventional (46% growth). FY 2026 guidance: 8-11% organic growth, 26-27% operating margin. 
- **Plasma Resilience**: FY 2025 ex-CSL growth 5%, U.S. collections down 1% due to cost optimization. FY 2026 ex-CSL growth 11-14% (share gains, tech adoption). 
- **Vascular Closure Dominance**: EP revenue up 28% Q4, 26% FY 2025. Japan contributed 700bps FY 2025. FY 2026 EP addressable market +8.6%. 
- **Margin Expansion**: Gross margin >60% Q4, targeting high-50s by FY 2026. Operating expenses flat as % of revenue. 
- **Cash Generation**: FY 2025 free cash flow $145M (63% conversion). FY 2026 target $160-200M (>70% conversion). $500M share buyback program announced.

**【CEO Summary Section】**
- Total revenue for FY 2025: $1.4 billion (1% organic growth, 8% excluding Whole Blood divestiture). Hospital business grew 24% reported, 12% organic, driven by Blood Management Technologies (10% growth) and Interventional Technologies (46% growth). Vascular Closure in EP grew 28% Q4 and 26% FY 2025, with Japan contributing 900bps to EP growth. Plasma revenue declined 9% Q4 (11% ex-CSL), with U.S. collections down 4% Q4 due to cost optimization. FY 2026 guidance: 8-11% organic growth (ex-CSL), 6-9% reported decline due to Whole Blood divestiture. Margins expected to expand 200-300bps to 26-27% operating margin. $500M share buyback program announced.

**【CFO Financial Commentary】**
- Q4 FY 2025: Adjusted EBITDA $82.3M (27% growth), adjusted EPS $1.24 (39% growth). FY 2025: Adjusted net income $231.5M (14% growth), adjusted EPS $4.57 (15% growth). Free cash flow $145M (24% growth). FY 2026 guidance: Adjusted EPS $4.70-$5.00, free cash flow $160-200M. Tariff impact estimated at $0.20 annualized, partially offset by inventory builds and supply chain diversification. Gross margin expansion driven by higher-margin Hospital products (e.g., Vascular Closure, TEG). Operating expenses flat as % of revenue (33.5%), with $30M savings from regional alignment initiatives.

**【Q&A Highlights】**
- **Plasma Growth**: FY 2026 ex-CSL growth 11-14% (share gains, tech adoption). U.S. collections expected modest rebound H2 2026. Japan and Europe driving international expansion. 
- **Vascular Closure**: MVP/MVP XL growth 28% Q4, 26% FY 2025. Japan contributed 700bps FY 2025. Focus on utilization in U.S. and Japan, with 8.6% EP addressable market growth in FY 2026. 
- **Margins**: Gross margin >60% in Q4, targeting high-50s by FY 2026. Operating expenses to leverage off Hospital growth. 
- **Tariffs**: $0.20 annualized impact, but 70%+ of revenue in U.S./MCA-compliant regions. Inventory builds and diversification reducing risk. 
- **Free Cash Flow**: $145M FY 2025 (63% conversion). FY 2026 target $160-200M (>70% conversion).

Haemonetics Corporation (HAE) Q4 2025 Earnings Call Transcript

- **Hospital Segment Dominance**: 24% Q3 revenue growth highlights leadership in blood management, hemostasis (26% growth), and vascular closure (47% growth). TEG 6s adoption and new accounts drive momentum.
- **Plasma Innovation Payoff**: 9% decline masked by underlying U.S. collections growth, driven by Persona/Express Plus tech and BioLife/Grifols share gains. Europe up double digits.
- **Margin Expansion Acceleration**: 240bps gross margin expansion to 57.7%, record EBIT ($89.4M/25.7% of rev), and $4.50-$4.70 EPS guidance reflect strategic execution.
- **Key Risks & Mitigations**: Temporary U.S. plasma collection slowdown, Vascular Closure coronary lag, but offset by EP growth and Whole Blood divestiture reducing tariff exposure.


**【CEO Summary Section】**
- **Hospital Business Growth**: Q3 revenue grew 24% on a reported basis, driven by double-digit growth in Blood Management Technologies, Hemostasis Management (26% Q3 growth), and Vascular Closure (47% Q3 growth). TEG 6s adoption and new account openings contributed to this momentum.
- **Plasma Business Resilience**: Despite a 9% decline due to CSL transition, underlying U.S. collections grew low single digits, supported by technology upgrades (Persona, Express Plus) and share gains with BioLife and Grifols. Europe saw double-digit growth.
- **Strategic Divestiture**: Whole Blood business divestiture to GVS expected to improve margin expansion and focus on high-growth opportunities. Updated FY25 guidance: 3-5% reported revenue growth, 24%+ adjusted operating margin.

**【CFO Financial Commentary】**
- **Profitability Expansion**: Adjusted gross margin rose 240bps to 57.7%, driven by hospital mix and pricing. Adjusted EBIT reached $89.4M (25.7% of revenue), a new record. Full-year adjusted EPS guidance tightened to $4.50-$4.70.
- **Cash Flow Management**: Q3 free cash flow $49.7M (vs. $62.3M prior year) due to inventory build and timing. Updated FY25 free cash flow guidance: $120-140M.
- **Tax Efficiency**: Adjusted tax rate 24% YTD, with full-year expected at ~23%.

**【Q&A Key Takeaways】**
- **Vascular Closure Dynamics**: VASCADE MVP/XL growth in EP (mid-20s) offset slower VASCADE performance in coronary procedures. PFA adoption (e.g., ensoETM) is reshaping closure strategies, with 60%+ market penetration expected.
- **Plasma Collections Outlook**: Temporary pullback in U.S. collections due to cost per liter focus, but long-term growth (mid-single digits) supported by fractionation expansion and innovation premium.
- **International Expansion**: Japanese Red Cross signed exclusive NexSys PCS agreement, positioning for FY27+ growth. Europe seeing slower adoption of Vascular Closure due to suturing preference.
- **Risk Mitigation**: Whole Blood divestiture reduces Mexico manufacturing exposure to tariffs. Pittsburgh facility expansion ensures plasma bowl/TEG cartridge supply resilience.


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