Haemonetics Corporation: Upside ahead; upgrade to Buy

研报英文原文证据摘录

Haemonetics Corporation: Upside ahead; upgrade to Buy

Other factors that could drive upside in FY27 and beyond

Japan indication expansion for vascular closure to come late FY27

Japan MVP XL indication expansion is expected toward the end of FY27. Japan is seen a

as a more conservative market than the US (docs don’t use devices off label) and the

label expansion will allow Vascade MVP XL to work with devices like Farapulse that

require larger openings. Japan is 15-20% of vascular closure revenues.

Japanese Red Cross plasma apheresis transition at the end of FY27

HAE had won the contract for exclusively supplying the Japanese Red Cross in early

2025. This transition will likely take place at the end of FY27 and benefit the Apheresis

business in Blood Center. HAE is giving up its platelets business which is lower margin

and lower growth for the Japan plasma business. We note the Japanese Red Cross is

HAE’s largest customer outside the US.

15% tariffs assumed in guide but paying 10% currently

HAE assumes 18c of tariff impact in FY27 vs 10c in FY26 and that anticipates 15% tariff

rates. If tariff rates stay at 10% HAE sees it as upside. HAE says it feels its assumption

here appropriately covered inflation impact. Tariff refunds if received are also

incremental to guidance.

Vivasure expenses in guide, potential revenues not

HAE is assuming 20c of Vivasure dilution in FY27 but has not baked in any revenues

prior to approval. PerQseal Elite is expected to be approved by the FDA at some time in

FY27. The product was submitted to the FDA in June 2025.

Further plasma innovation pipeline

Beyond Persona Plus, we think HAE has an innovation pipeline in Plasma that will

continue to benefit HAE’s value proposition to centers and enable share gains and/or

pricing.