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    HAE
    Earnings call· Jun 2026(Q1 FY27)

    HAEMONETICS Q1 FY27 earnings call HAE

    Aug 6, 2026 Source

    Executive summary

    Haemonetics Q1 FY27 — Strong Start with Raised Full-Year Guidance

    Haemonetics delivered a strong start to FY27, driven by broad-based execution across its core platforms, leading to profitable growth and robust cash generation. The company raised its full-year revenue and earnings guidance, reflecting first-quarter outperformance and confidence in its strategic investments, while maintaining a disciplined outlook for the remainder of the year. Strategic investments in portfolio enhancement and commercial execution are fueling durable growth.

    Highlights

    5

    • First quarter revenue was $339 million, increasing 6% reported and organic.

    • Adjusted earnings per diluted share increased 4% to $1.14.

    • MedSurg revenue increased 6% reported and organic to $148 million.

    • Apheresis revenue grew 6% organic to $191 million, with Plasma revenue growing 8% organic.

    • Free cash flow conversion reached 106% of adjusted net income over the last 12 months.

    Concerns

    3

    • Gross margin was 60.4%, down 40 basis points from the prior year, impacted by a 200 basis point benefit in Q1 FY26 from software license revenue.

    • Adjusted operating margin was 23.4%, down 70 basis points year-over-year, also impacted by the prior year software benefit and sequential decline in MedSurg revenue.

    • Operating expenses increased 7% to $126 million, primarily due to higher personnel costs, the Vivasure Medical acquisition, and higher freight expense.

    Guidance & targets

    10
    CategoryTargetConfidence
    Full-year FY27 Reported Revenue Growth
    5% to 8%
    high materiality
    High
    Full-year FY27 Organic Revenue Growth
    4% to 7%
    high materiality
    High
    Full-year FY27 Apheresis Revenue Growth
    low to mid-single-digit growth
    medium materiality
    High
    Full-year FY27 Adjusted Operating Margin Expansion
    50 to 100 basis points
    high materiality
    High
    Full-year FY27 Adjusted EPS Growth
    broadly in line with our increased reported revenue growth guidance
    high materiality
    High
    Full-year FY27 Free Cash Flow Conversion
    approximately 80% of adjusted net income
    medium materiality
    High
    Full-year FY27 MedSurg Growth
    mid-single-digit
    medium materiality
    High
    VASCADE MVP XL Japan Approval
    anticipated this year
    low materiality
    Medium
    PerQseal Elite US Launch
    this fiscal year
    low materiality
    Medium
    Plasma Collection Volume Growth Assumption
    0% to 2%
    medium materiality
    Low

    Segment performance

    7
    SegmentRevenueYoYQoQMargin
    MedSurg
    Growth across both franchises, reemerging as a driver of long-term growth.
    		$148 million6% reported and organic——
    Blood Management Technologies
    Double-digit growth in Hemostasis and Transfusion Management, partially offset by slowing Cell Salvage capital upgrades. HN cartridge success contributing to durable growth.
    Hemostasis Management disposable growth: mid-teensHemostasis Management utilization: higherHemostasis Management share gains: continuedTransfusion Management software implementations: strongTransfusion Management recurring revenue base: expanding
    		—8% organically——
    Interventional Technologies
    Returned to growth, primarily driven by Vascular Closure.
    		—3% organically——
    Vascular Closure
    Outperformance driven by reacceleration of access site growth following PFA stabilization, stronger commercial execution, and the VASCADE MVP XL expanded indication. Real-world study demonstrated rapid hemostasis, >92% same-day discharge, and excellent safety.
    PFA penetration: 80% to 85%Access site growth rate: 6% to 7%
    		—low-double-digitslow-single-digits sequentially—
    Apheresis
    Strong first quarter performance, leading to raised fiscal 2027 guidance.
    		$191 million5% reported, 6% organic——
    Plasma
    Reflects double-digit growth in disposables globally, partially offset by a difficult prior year software comparison. Supported by share gains, strong plasma collection trends, and the rollout of Persona PLUS. CSL overhang is now fully out of the numbers.
    Disposables growth globally: double-digitNorth American disposables growth: mid-20%Collections among U.S. customers: high single to low-double-digitsPersona PLUS yield improvements: in excess of 5%
    		—8% organic——
    Other Apheresis
    Reflecting portfolio optimization and order timing.
    		—declined 3% organic——

    Operational metrics

    15
    Gross margin
    60.4%down 40 bps YoY
    Q1 FY27

    Excluding the software benefit, adjusted gross margin expanded due to favorable product mix, Persona PLUS adoption, pricing actions, and strong commercial execution.

    Adjusted operating margin
    23.4%down 70 bps YoY
    Q1 FY27

    The company remains confident in delivering 50 to 100 basis points of adjusted operating margin expansion in fiscal '27.

    Operating expenses
    $126 millionincreased 7%
    Q1 FY27

    Reflects investments and cost pressures.

    Adjusted tax rate
    25.7%vs 24.9% prior year
    Q1 FY27

    Contributed to headwinds for adjusted EPS growth.

    Adjusted earnings per diluted share
    $1.14increased 4% YoY
    Q1 FY27

    Reflects strong underlying operating performance, achieved despite higher interest expense, unfavorable foreign exchange, and a higher tax rate, largely offset by lower diluted share count.

    Free cash flow conversion
    106%
    LTM

    Reflects the strength of the business and provides financial flexibility.

    Cash and investments balance
    $223 million
    Q1 FY27

    Ended the quarter with this balance.

    Revolving credit facility balance repaid
    $50 million
    Q1 FY27

    An additional $50 million was repaid subsequent to quarter end, reducing the outstanding balance to $200 million.

    Tariff refund
    $7 million
    Q2 FY27

    Expected to be largely offset by headwinds from higher oil prices, transportation costs, and material inflation later in the year.

    Share buyback authorization remaining
    $325 million
    Q1 FY27

    The company has an authorization for this amount, following $100 million in buybacks last year.

    Shares repurchased
    3 million
    prior 18 months

    Executed well on prior buyback program.

    Plasma OUS collections
    20%
    Q1 FY27

    This growth in Europe and the Middle East benefits the company's global contracts.

    TEG compound annual growth rate
    15%
    last 5 years

    The company expects this favorable runway to continue and build momentum.

    TEG revenue split
    85% disposables / 15% capital
    Q1 FY27

    The disposable portion may increase due to the success of the heparinase neutralization cartridge.

    TEG analyzer cost
    below $50,000
    Q1 FY27

    This low cost helps avoid capital budget thresholds for hospitals.

    Industry KPIs

    12
    MetricValueDetails
    Tariff impact$7 millionUSD
    System utilizationhigher
    Pricing realized pricein excess of 5%%
    New product launch rampup to 17 French in outer diameter
    Procedure volume growth6% to 7%%
    FCF conversion leverage guidance106%% of adjusted net income
    Installed base system placements80% to 85%%
    Segment franchise organic growth6%%
    Consumables recurring revenue mix85% disposables / 15% capital
    Sales force commercial capacity buildstronger
    Indicated addressable patient population$400 millionUSD
    Pivotal trial clinical evidence milestoneslargest real-world study

    Deals & partnerships

    1
    Vivasure MedicalAcquisition

    The acquisition of Vivasure Medical was cited as a factor contributing to increased operating expenses in Q1 FY27.

    Risks & headwinds

    8
    Higher interest expenseQ1 FY27

    Not quantified, but cited as a headwind to EPS growth.

    Mitigation: Largely offset by the benefit of a lower diluted share count.

    Unfavorable foreign exchangeQ1 FY27

    Not quantified, but cited as a headwind to EPS growth.

    Mitigation: Largely offset by the benefit of a lower diluted share count.

    Higher tax rateQ1 FY27

    Not quantified, but cited as a headwind to EPS growth.

    Mitigation: Largely offset by the benefit of a lower diluted share count.

    External cost pressures (oil prices, transportation, material inflation)Q2 FY27 and later in the year

    Expected to largely offset $7 million tariff refund in Q2.

    Mitigation: Expected to be offset through revenue growth, favorable mix, Persona PLUS adoption, productivity, and tariff recovery.

    Slowing Cell Salvage capital upgradesQ1 FY27

    Partially offset Blood Management Technologies growth.

    Mitigation: Overall BMT growth remained strong at 8% organically.

    Softness in peripheral and coronary procedures and esophageal coolingQ1 FY27

    Partially offset Interventional Technologies growth.

    Mitigation: More than offset by renewed momentum in U.S. Vascular Closure.

    Difficult prior year software comparison (Apheresis)Q1 FY27

    Partially offset Plasma organic growth.

    Mitigation: Overcome by share gains, strong collection trends, and Persona PLUS rollout.

    OEM business 'back sliding' within Sensor-Guided TechnologiesQ1 FY27

    Had a 5% effect on the overall IVT segment.

    Mitigation: The company will work to address this, while focusing on driving the guidewire business into structural heart.

    What to watch in Q2 FY27

    5

    Persona PLUS adoption rate

    next quarter
    Currentahead of schedule
    Targetsnowball and build momentum

    Why it matters

    Persona PLUS drives plasma yield and center productivity, offering significant economic benefits for customers and contributing to Apheresis growth.

    As I said, we're excited. We're ahead of schedule and expect that to continue. The response has been outstanding. Customers are getting higher-than-expected, plus 5% off of the base Persona yields they already attained, and we'll continue to lean into that.

    Q&A highlights

    5

    What are the key drivers behind IVT's return to growth, particularly in Vascular Closure, including share recapture and the attach rate to Pulsed Field Ablation (PFA)?

    Chris Simon attributed IVT's 3% organic growth, led by low-double-digit Vascular Closure growth, to a stabilizing market backdrop with PFA penetration at 80-85%, stronger commercial execution from sales and marketing investments, and the VASCADE MVP XL label expansion coupled with real-world evidence driving utilization and share gains.

    “A rising tide raises the whole category. That's the access site growth resuming and eventually regressing to whatever the AFib growth rate is, probably in the low to mid-double-digit, mid-teens.”

    asked by Anthony Petrone · answered by Christopher Simon

    2 min read5 chapters

    Detailed Narrative

    01

    Strategic Investments & Portfolio Strength

    Haemonetics' strategic investments in portfolio enhancement, operating model improvement, and commercial execution are driving consistent growth and strong cash generation. All three core platforms—Plasma, Blood Management Technologies, and Interventional Technologies—contributed to the first quarter's performance, demonstrating the breadth and durability of the business. The company's focus on these areas is reinforcing confidence in its ability to deliver sustainable long-term growth.

    02

    MedSurg Re-emergence and Vascular Closure Outperformance

    MedSurg is re-emerging as a key driver of Haemonetics' long-term growth, with Q1 revenue up 6% reported and organic to $148 million. Interventional Technologies returned to 3% organic growth, primarily led by low-double-digit growth in Vascular Closure. This outperformance is attributed to the stabilization of PFA and atrial fibrillation procedures (80-85% penetration), stronger commercial execution, and the expanded indication of VASCADE MVP XL up to 17 French, supported by real-world clinical data demonstrating rapid hemostasis and high same-day discharge rates.

    03

    Apheresis and Persona PLUS Momentum

    Apheresis revenue grew 6% organic to $191 million, with Plasma revenue up 8% organic, reflecting double-digit disposables growth globally. This was supported by share gains, robust plasma collection trends, and the successful rollout of Persona PLUS. Persona PLUS, a firmware upgrade, is progressing ahead of schedule, with early adopters achieving yield improvements exceeding 5%, delivering meaningful economic benefits to customers and reinforcing the value proposition of the integrated plasma collection platform.

    04

    Financial Discipline & Capital Allocation

    The company's financial results highlight broader-based growth, improving revenue quality, and a strengthening earnings algorithm. Gross margin was 60.4% and adjusted operating margin was 23.4%, with the latter expected to expand by 50-100 basis points for the full year. Strong cash generation is a key focus, with operating cash flow at $52 million in Q1 and free cash flow conversion at 106% of adjusted net income over the last 12 months. This financial strength provides flexibility for strategic investments, debt paydown (including $100 million repaid on the revolving credit facility), and opportunistic share buybacks.

    05

    Board Appointment

    Haemonetics welcomed Dr. Martin Madaus to its Board of Directors. Dr. Madaus brings a distinguished career in leading global healthcare businesses through transformation, strengthening execution, and creating long-term value. His strategic perspective and operating experience are expected to be invaluable as the company continues to execute its strategy.

    AI-generated summary of the company’s earnings call. Not investment advice.