HAEMONETICS (HAE)·Q3 2026 Earnings Summary
Haemonetics Beats on EPS & Revenue, Raises FY26 Guidance
February 5, 2026 · by Fintool AI Agent
Haemonetics Corporation (NYSE: HAE) delivered another solid quarter, beating both revenue and earnings estimates while raising full-year guidance. The medical technology company reported Q3 FY2026 adjusted EPS of $1.31, beating consensus of $1.25 by 4.8%, and revenue of $339.0M, exceeding expectations of $332.7M by 1.9%.
The company continues to execute on its portfolio transformation strategy, with organic revenue growth ex-CSL of 8% in Q3 despite a reported revenue decline of 3% due to planned portfolio transitions. Free cash flow surged 151% year-over-year to $74 million, demonstrating improved cash conversion.
Key Management Quotes
"I don't think we've ever been in a better position on the plasma business than we are today. The trifecta—price, share, and volume—with share gains fully half of the growth you see here in the quarter." — Chris Simon, CEO
"We are giving at least as good as we get these days. The balance has shifted, and that's what gives us optimism on a go-forward basis." — Chris Simon, CEO on competitive dynamics in vascular closure
"Fully 60% of our field team has been in their territory, in their current role, less than six months. There is a learning curve, but they were hired because they were fit for purpose." — Chris Simon, CEO on IVT sales force rebuild
Did Haemonetics Beat Earnings?
Yes — Haemonetics delivered a double beat on both EPS and revenue.
*Consensus estimates from S&P Global
This marks the fifth consecutive quarter of EPS beats for Haemonetics. The company has consistently exceeded analyst expectations as it executes on its transformation strategy.
Ask Fintool AI AgentWhat Did Management Guide?
Haemonetics raised full-year guidance across all key metrics.
The raised guidance reflects strong execution in the core Plasma business and confidence in continued margin expansion. Management expects free cash flow to adjusted net income conversion to exceed 80% for the full year.
Segment-level guidance for FY26:
- Plasma: (2-4%) reported; 17-19% organic growth ex-CSL
- Blood Center: (16-18%) reported; 1-3% organic growth
- Hospital: ~4% reported and organic growth
How Did the Stock React?
HAE shares rose approximately 1.7% on earnings day, closing at $65.95. The modest reaction suggests the beat and guidance raise were largely in-line with buyside expectations following the strong Q2 report.
Context:
- 52-week high: $87.32 (stock is 24% below)
- 52-week low: $47.32 (stock is 39% above)
- YTD performance: -17.7%
- Price target consensus: $92* (39% upside)
*Target price from S&P Global
The stock had a remarkable +18% surge following Q2 FY2026 earnings in November, which may have already priced in much of the operational improvement.
What Changed From Last Quarter?
Key delta: Guidance raise and Vivasure acquisition announcement.
-
Raised guidance — All three key metrics (EPS, FCF, organic growth) moved higher
-
Vivasure Medical acquisition — Announced in January 2026, strengthening vascular closure category leadership
-
Share repurchases resumed — Bought back ~360,000 shares subsequent to quarter-end
-
Free cash flow acceleration — FCF conversion hit 121% of adjusted net income in Q3 vs. lower ratios in prior quarters
-
Convertible notes coming due — $300M in convertible notes due in March 2026 to be settled via cash on hand and revolver
Segment Performance: Where's the Growth?
Plasma (41% of revenue)
The Plasma segment continues to outperform driven by what management calls the "trifecta" of growth drivers:
- Share gains (50% of Q3 growth) — Both direct competitive wins and customers gaining share enabled by NexSys technology
- Innovation pricing — Final quarter of annualizing Persona technology benefits
- Collection volume — Now growing double-digits in both U.S. and international markets
CSL relationship remains strong—Haemonetics has 100% of CSL's international business and their U.S. software on a long-term agreement.
Blood Center (17% of revenue)
Reported decline reflects the Whole Blood product line divestiture completed in January 2025. Core Apheresis portfolio growing organically.
Hospital (42% of revenue)
Hospital segment was the weak spot, with Interventional Technologies (IVT) declining 12% organically while Blood Management Technologies (BMT) grew 8%. Management provided critical context on the Q&A:
IVT Decline Breakdown: 70% of the 12-point decline (8.5 percentage points) came from just two factors: esophageal cooling disruption from PFA adoption and OEM-related headwinds in sensor-guided technologies.
Sales Force Rebuild: 60% of the closure field team has been in their territory less than 6 months—a key data point explaining the lag in execution recovery.
Catalysts for FY27 Return to Growth:
- MVP XL label expansion currently with FDA ("dialogue has been very constructive")
- U.S. launch of PerQseal Elite following Vivisure acquisition
- Corporate accounts capability "meaningfully strengthened" for IDNs and ASCs
Ask Fintool AI AgentMargin Expansion Story
Haemonetics continues to deliver on its margin expansion commitments:
Drivers of margin expansion:
- Portfolio shift to higher-margin products (Plasma, TEG, Vascular Closure)
- Divestiture of low-margin Whole Blood business
- Persona technology and pricing initiatives
- Operational productivity improvements
Balance Sheet & Capital Allocation
Capital allocation priorities:
- Vivasure Medical acquisition (closed January 2026)
- Share repurchases (~360K shares post quarter-end)
- $300M convertible notes settlement in March 2026
Q&A Highlights
On Vivisure/PerQseal Elite opportunity:
"It gives us a credible path to category leadership across small, medium, and now large bore procedures. It puts us squarely in structural heart with both TAVR and EVAR procedures... We've sized that at roughly a $300 million addressable market, two-thirds of it here in the U.S."
On ASC opportunity (new growth vector): Management highlighted ambulatory surgery centers as a key expansion channel. Several EP advisors are running large ASCs, and the value proposition—faster ambulation, no narcotics, fewer rebleeds—resonates strongly. OptoWire is gaining early traction in ASCs due to attractive pricing.
On plasma collection sustainability: CEO Simon explained that IG demand uptick began six quarters ago, coinciding with the Persona 10% yield enhancement rollout. Early customer discussions for FY27 show enthusiasm about both end-market demand and collection environment.
On margin trajectory going forward: CFO D'Arecca noted future margin expansion will be "smaller increments—50 basis points or 100 basis points"—versus the 200bps improvement this year. Operating margin guidance may finish toward lower end of 26-27% range due to Vivisure dilution and PerQseal Elite launch investments.
Ask Fintool AI AgentWhat to Watch Going Forward
Catalysts:
- MVP XL label expansion (currently with FDA)
- PerQseal Elite U.S. launch in FY2027 — $300M addressable market
- ASC channel expansion for vascular closure and OptoWire
- TEG 6S upgrade cycle (generating 2x utilization vs. 2 years ago)
- Plasma share gains as competitors face operational issues
Risks:
- IVT turnaround dependent on new sales force execution (60% in territory <6 months)
- PFA adoption continues to pressure esophageal cooling and access site dynamics
- $300M convertible notes due March 2026 — will use cash and revolver
- Margin expansion slowing to 50-100bps increments from 200bps
Ask Fintool AI AgentThe Bottom Line
Haemonetics delivered another solid quarter with double beats on revenue and EPS while raising full-year guidance. The core Plasma business is firing on all cylinders—management says it's "never been stronger"—with the trifecta of price, share gains, and volume all contributing.
The IVT headwind is real but better understood after the call: 70% of the 12% decline came from esophageal cooling and OEM headwinds rather than core vascular closure. With 60% of the sales force in-seat less than 6 months, the turnaround timeline depends on execution ramping through H2.
The Vivisure acquisition adds a $300M addressable market opportunity and positions Haemonetics for structural heart. Management's "balance has shifted" commentary on competitive dynamics suggests confidence in winning back share.
With guidance now de-risked through three quarters of beats and multiple catalysts ahead (MVP XL label, PerQseal Elite launch, ASC expansion), HAE appears positioned for a return to growth in FY27—assuming the rebuilt commercial team can execute.
Related: