To what extent were Q1 Plasma results driven by Persona PLUS upgrades versus share gains, and is the impact of the CSL customer loss now fully out of the numbers?

Chris Simon confirmed that the $153 million impact from the CSL divestiture and customer loss is now fully out of the numbers, making Q1 results clean. He stated that Plasma's 8% organic growth was a combination of prior and new share gains globally, robust collection volumes, and the early stage rollout of Persona PLUS, which is accelerating adoption and contributing meaningfully. “Yes, this is us finally outrunning any overhang. So both the divestiture and the customer loss, that $153 million is out. And so what you see from us is clean and recurring going forward.”

How should we think about the progression of gross margins for the rest of the year, given the Q1 performance and the impact of prior year comparisons?

James D'Arecca explained that Q1 operating margin was as expected, offsetting a 200 basis point gross margin headwind from prior year software benefit through favorable mix and manufacturing execution. He noted sequential margin decline from Q4 was due to lower MedSurg revenue, not structural issues. He expects sequential margin expansion throughout the year from stable SG&A, revenue growth, favorable mix, and Persona PLUS pricing, reaffirming full-year margin guidance. “So as we move forward and we look at the rest of the year, the earnings algorithm that I mentioned in my opening remarks is pretty straightforward. SG&A should stay relatively stable in dollar terms. So as revenue builds, we should see better leverage flow through the P&L.”

What is the timing for the Persona PLUS rollout, and what are the underlying plasma market volume growth assumptions in the updated Apheresis guidance?

Chris Simon stated Persona PLUS is a firmware upgrade allowing rapid conversion of centers, with adoption accelerating and customers seeing over 5% yield improvements. He noted the company's guidance is conservative, including only contracted rollouts. For Apheresis guidance, the underlying plasma market volume growth assumption remains 0% to 2%, despite current robust collection volumes, as the company focuses on controllable factors like share gains and Persona PLUS adoption. “We're in a great position to be able to support whatever upside comes from collection volumes, but we want to get out of the business of trying to predict things that we don't control. So if you are so inclined, use your own number on collection volumes, the number that we've put into the guidance is 0% to 2%.”

HAE

Haemonetics (HAE) Q1 FY27 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q1 FY27)· Health Care· Aug 6, 2026

Source: earnings call transcript

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

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

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

Category	Target	Timeline	Confidence
Full-year FY27 Reported Revenue Growth	5% to 8% high materiality	FY27 · 2027	High
Full-year FY27 Organic Revenue Growth	4% to 7% high materiality	FY27 · 2027	High
Full-year FY27 Apheresis Revenue Growth	low to mid-single-digit growth medium materiality	FY27 · 2027	High
Full-year FY27 Adjusted Operating Margin Expansion	50 to 100 basis points high materiality	FY27 · 2027	High
Full-year FY27 Adjusted EPS Growth	broadly in line with our increased reported revenue growth guidance high materiality	FY27 · 2027	High
Full-year FY27 Free Cash Flow Conversion	approximately 80% of adjusted net income medium materiality	FY27 · 2027	High
Full-year FY27 MedSurg Growth	mid-single-digit medium materiality	FY27 · 2027	High
VASCADE MVP XL Japan Approval	anticipated this year low materiality	FY27 · 2027	Medium
PerQseal Elite US Launch	this fiscal year low materiality	FY27 · 2027	Medium
Plasma Collection Volume Growth Assumption	0% to 2% medium materiality	FY27 · 2027	Low

Segment performance

Segment	Revenue	YoY	QoQ	Margin
MedSurg Growth across both franchises, reemerging as a driver of long-term growth.	$148 million	6% 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-digits	low-single-digits sequentially	—
Apheresis Strong first quarter performance, leading to raised fiscal 2027 guidance.	$191 million	5% 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	—	—

Deals & partnerships

Vivasure Medical Acquisition

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

Risks & headwinds

Higher interest expense Q1 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 exchange Q1 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 rate Q1 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 upgrades Q1 FY27

Partially offset Blood Management Technologies growth.

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

Softness in peripheral and coronary procedures and esophageal cooling Q1 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 Technologies Q1 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

Persona PLUS adoption rate

next quarter

Current ahead of schedule

Target snowball 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.

Find out whether HAE delivers this. Inve re-checks your case every morning.

Q&A highlights

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 read 5 chapters

Detailed narrative

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.

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.

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.

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.

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.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.