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Haemonetics (NYSE: HAE) reported fiscal fourth-quarter revenue of $346 million, up 5% on a reported basis and 9% organically excluding CSL. The company said strength in its Plasma and Blood Management Technologies businesses offset continued pressure in Interventional Technologies.
President and CEO Christopher Simon said adjusted earnings were $1.29 per share in the quarter, up 4% from a year earlier. For fiscal 2026, Haemonetics reported revenue of $1.3 billion and adjusted earnings of $4.96 per share. Simon attributed the results to higher adjusted margins and stronger free cash flow, despite $153 million of non-recurring revenue impacts from portfolio transitions.
Plasma revenue was $130 million in the fourth quarter, up 3% reported and 13% organically excluding CSL. Haemonetics said the quarter reflected annualization of the discontinued CSL U.S. disposable supply agreement. For the full year, Plasma revenue was $524 million, down 2% reported but up 20% organically excluding CSL, above the company’s revised guidance range of 17% to 19%.
Simon said Plasma benefited from resilient immunoglobulin demand and expansion in global plasma collections. He added that Haemonetics’ share of U.S. plasma collections grew in the high single digits in both the quarter and full year, while Europe posted double-digit growth.
The company also cited U.S. Food and Drug Administration clearance of Persona PLUS. Simon said the product improves yield by a mid-single-digit percentage on average and has generated “strong customer enthusiasm,” with multiple adoptions underway.
During the question-and-answer portion of the call, Simon said fiscal 2026 was a record year for Plasma, supported by price from the Persona rollout, share gains, and a return to double-digit collection volume growth in the latter part of the year. For fiscal 2027, he said guidance assumes only 0% to 2% collection volume growth, leaving potential upside if collection trends remain strong or Persona PLUS adoption accelerates.
Hospital revenue was $160 million in the fourth quarter and $588 million for the full year, growing 8% in the quarter and 4% for the year. On an organic basis, Hospital revenue rose 7% in the quarter and 4% for the year.
Blood Management Technologies delivered what Simon called a record quarter, with revenue up 21% in the quarter and 14% for the year. Hemostasis management grew in the high teens, driven by TEG 6s strength, higher disposable utilization, capital placements, and momentum in Europe following the HN cartridge launch. Transfusion management also contributed meaningfully, accounting for nearly half of franchise growth in the quarter.
Interventional Technologies remained a drag, with revenue declining 10% in the quarter and 9% for the full year. Vascular closure revenue fell 8% in the quarter, reflecting a 6% decline in MVP and MVP XL in electrophysiology and continued softness in coronary and peripheral procedures. Simon said electrophysiology performance was affected by share loss early in fiscal 2026 and shifting procedure dynamics.
Simon said the company has “renewed confidence” in the trajectory of Interventional Technologies. He said two headwinds that drove about 80% of the fiscal 2026 decline—OEM-related softness in sensor-guided technologies and the impact of pulsed-field ablation on esophageal cooling—have been lapped or reduced to a non-material base.
In response to an analyst question, Simon said the fourth quarter could later be viewed as the point when Interventional Technologies “turned the corner,” citing a stronger commercial organization, better tools, improved products, and a more favorable market backdrop.
EVP and CFO James D’Arecca said adjusted gross margin was 59.7% in the fourth quarter, down 50 basis points from a year earlier. The decline reflected the absence of a prior-year CSL shortfall payment and tariff impacts, partly offset by a higher-margin portfolio.
For the full year, adjusted gross margin expanded 280 basis points to 60.3%, driven by portfolio transformation, volume growth in Plasma and Blood Management Technologies, and demand for the company’s products. Adjusted operating margin expanded 140 basis points for the year to 25.4%.
Fourth-quarter adjusted operating expenses were $122 million, up 5% year over year. D’Arecca attributed the increase to the Vivasure acquisition, tariffs, higher self-insured benefits costs, higher performance-based compensation, and targeted commercial investments.
Free cash flow was $45 million in the fourth quarter and $210 million for the full year, with a free cash flow to adjusted net income conversion ratio of 89%. D’Arecca said full-year free cash flow increased by $65 million, largely due to working capital improvement and lower capital expenditures.
Haemonetics ended the year with $245 million in cash after repurchasing more than 3 million shares for $175 million and investing $61 million in the Vivasure acquisition. Total debt remained $1.2 billion, and the company reported net leverage of 2.73 times EBITDA as defined in its credit agreement.
Haemonetics issued fiscal 2027 guidance calling for reported revenue growth of 4% to 7% and organic revenue growth of 3% to 6%, adjusted for foreign exchange and the 53rd week.
By segment, Simon said the company expects:
D’Arecca said adjusted operating margin is expected to improve 50 to 100 basis points in fiscal 2027, driven by growth franchises, innovation, and operating leverage. The outlook includes a full year of dilution from Vivasure with no revenue contribution assumed, additional tariff impacts, ERP-related costs, and continued targeted investments.
Adjusted EPS is expected to grow broadly in line with reported revenue, with operating leverage and mix benefits offset by higher interest and tax expense. D’Arecca said the company expects free cash flow conversion of approximately 80%, reflecting working capital discipline and flexibility to invest in growth, reduce leverage, and pursue opportunistic share repurchases.
Haemonetics said its fiscal 2027 guidance does not include revenue from PerQseal Elite, the large-bore vascular closure product acquired through Vivasure, which is currently under FDA review. Simon said the company included launch expenses in its guidance but excluded sales because the timing of clearance remains uncertain.
Simon said, “Whenever it comes, we will be ready to go,” adding that the product could strengthen Haemonetics’ position in vascular closure and structural heart.
Simon said fiscal 2026 marked the culmination of Haemonetics’ long-range transformation plan. He said the company is now more focused, with a higher-quality portfolio, stronger margins, and improved cash flow. For fiscal 2027, he said priorities include continuing to win in Plasma, extending leadership in TEG, and reinvigorating growth in vascular closure.
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