Haemonetics: Takeaways from Our F1Q27 Call with Management

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

Haemonetics

Takeaways from Our F1Q27 Call with Management

Neutral

HAE, HAE US

Price (05 Aug 26):$83.60

Medical Supplies & Devices

Haemonetics is starting its fiscal year on the right foot, as strength in key franchises

helped drive a beat-and-raise to guidance for both organic sales and EPS. Despite

this, we still believe the outlook for the balance of the year looks to be a

conservative one; management has essentially left expectations for the balance of

the year unchanged from previous ranges provided after F1Q. Guidance continues

to contemplate sequential increases in revenues on a dollar basis through the

balance of the year, although we’re staying a touch more conservative down the

P&L, as inflationary pressures that began hitting numbers in the quarter will only

be partially offset by a $7M tariff refund expected in F2Q. In the current market

environment for MedTech, we believe it makes sense to stay overly conservative

on the outlook; we’ll be looking for continued beat-and-raise quarters in the

balance of FY27 to build confidence in mid-single-digit plus growth in the years

to come.

FY27 guidance was raised to $1.40-1.44B (+4-7% organic) from the

previous $1.39-1.43B (+3-6% organic) with little of the F1Q strength

carried forward. The outlook for the restated Apheresis line likely has some

of the most upside to current forecasts, with expected growth of low-single

digits to mid-single digits continuing to reflect collections growth of just +02% despite the high-single digit growth seen in F1Q. We should see continued

benefits from last year’s share capture normalizing over the balance of the year,

with additional upside on tap from the continued rollout of Persona Plus.

MedSurg was reiterated at mid-single digits as well, although comps should

ease going forward as last year’s pressures from PFA adoption and OEM

softness moderate throughout the year.

Looking at cadence, F2Q should fall somewhere between $345-348M, a

step above the Street at $343M today. There was some benefit from order

timing in F1Q that we’re treating as a pullforward from F2Q, although current

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