Haemonetics Corp (HAE.N): Strong Out of the Gate, Some Conservatism in Guidance (We Think)

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06 Aug 2026 12:53:30 ET │ 14 pages

Haemonetics Corp (HAE.N)

Strong Out of the Gate, Some Conservatism in Guidance (We Think)

CITI'S TAKE

This was a strong start to FY27, with updated guidance that appears

prudent. FY1Q27 revenue of $339.4M (up 5.9% y/y organic, up ~11%

excluding a ~$14M 1x benefit in the FY1Q26) surpassed FactSet consensus’s

$327.9M. Apheresis sales of $191.3M (up 6.0% organic, up ~15% adjusted)

were above consensus’s $183.0M (unclear if comparable) and MedSurg of

$148.1M (up 5.9%) surpassed consensus’s $146.0M. Operating margins

contracted to 23.4% from 24.1% y/y, delivering EPS of $1.14 (up 4%) beating

consensus’s $1.08. Management raised FY2027 organic revenue growth

guidance to 4-7% from 3-6%, including: 1) Apheresis up LSD-MSD% y/y

from LSD; and 2) MedSurg up MSD (unchanged). The guidance raise

incorporates the FY1Q27’s Plasma delivery, but remains conservative

despite an improving U.S. collections market, which is prudent as

management has one quarter under its belt. Overall, not much to poke holes

in, we are raising our TP to $92 from $79, maintaining our Neutral.

Several growth drivers aligned in Plasma — Revenue of $155.5M increased 8.2%

y/y ex-fx, or ~20% when excluding the prior period 1x software benefit of $14M. A

trifecta of robust U.S. collection volumes, shares gains, and benefits from the rollout

of Persona Plus drove the performance. Management estimates global collection

volumes grew DD, including U.S. volumes up HSD-LDD driven by strong

fundamentals and continued Ig demand. While management went into FY27

expecting 0-2% collection growth in the U.S., the market has far surpassed that this

quarter. Yet, its updated guidance continues to bake in 0-2% U.S. volume growth,

with management guiding to what it can control, namely share gains and the

Persona Plus rollout. While it remains “very bullish” on the durability of the

market, management aims to keep its guidance “appropriately derisked.” This

provides breathing room and upside if U.S. collections remain robust, along with any

benefits from a faster than anticipated Plus rollout, which is tracking ahead of

schedule.…