Our Take on HAE Ahead of Meetings with Management; Updating our Model for Reclassified Segments

研报英文原文证据摘录

Our Take on HAE Ahead of Meetings with Management; Updating our Model for Reclassified Segments

the HAE story and what we'll be

asking the team next week. We also update our HAE model for the reclassified historical FY28E EPS 5.73 5.73

segments and restated FY2027 guidance. Our underlying estimates do not change. FY27E REV 1,388.92 1,388.92

FY28E REV 1,481.06 1,481.06

■ Latest updates: The Vascade MVP XL label expansion was approved in late March,

expanding the approved sheath range to up to 14F Inner Diameter (max 17F outer EPS (Adjusted)

diameter). This is expected to help with IDN contracting and ASC penetration by FY Mar 2026A 2027E 2028E

giving the salesforce expanded selling access. PerQseal Elite, a fully bioabsorbable, Q1 1.10 1.11 1.23

large-bore (up to 26F) vessel closure system, remains under FDA review. Persona Q2 1.27 1.25 1.43

Plus is entering the market and represents a pricing catalyst for Plasma, though Q3 1.31 1.36 1.47

management has not embedded this potential pricing benefit in its FY27 outlook.

Q4 1.29 1.44 1.60 For FY27, HAE is guiding to +3%-6% org. growth (+4%-7% y/y rep.), with MSD growth

in both Plasma and Hospital and a MSD decline in Blood Center. The guide also FY EPS 4.96 5.17 5.73

includes 50-100 bps of adj. EBIT margin expansion, adj. EPS comparable to revenue FY P/E 15.5x 14.9x 13.4x

growth, and ~80% FCF conversion. Revenue (M)

■ In early June, HAE announced an update to its reportable segments, effective FY Mar 2026A 2027E 2028E

F1Q27. The Apheresis segment will include the Plasma and Blood Center segments Q1 321.39 322.26 342.47

while the Hospital segment will be renamed MedSurg, which continues to include Q2 327.32 345.02 367.92

Blood Management Technologies and Interventional Technologies. We update our Q3 338.97 361.34 386.18