Haemonetics Corporation

    HAE ·NYSE ·Surgical & Medical Instruments & Apparatus ·Inc. in MA
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    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

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    From 10-Q filed 2026-02-05 (period ending 2025-12-27).

    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with both our interim condensed consolidated financial statements and notes thereto which appear elsewhere in this Quarterly Report on Form 10-Q and our annual consolidated financial statements, notes thereto and the MD&A contained in our Annual Report on Form 10-K for the fiscal year ended March 29, 2025. The following discussion may contain forward-looking statements and should be read in conjunction with the “Cautionary Statement Regarding Forward-Looking Information” in this discussion. When used in this report, the terms “we,” “us,” “our,” “Haemonetics” and the “Company” mean Haemonetics Corporation.
    Introduction
    Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Our innovative solutions addressing critical medical needs include a suite of hospital technologies designed to advance standards of care and help enhance outcomes for patients; end-to-end plasma collection technologies to optimize operations for plasma centers; and products to enable blood centers to collect in-demand blood components.
    We view our operations and manage our business in three principal reporting segments: Plasma, Blood Center and Hospital. For that purpose, “Plasma” includes plasma collection devices and disposables, donor management software and supporting software solutions sold to plasma customers. “Blood Center” includes blood collection and processing devices and disposables for plasma, red cells, and platelets. “Hospital” is comprised of Interventional Technologies, which includes Vascular Closure, Sensor-Guided Technologies and Esophageal Protection product lines, and Blood Management Technologies, which includes Hemostasis Management, Cell Salvage and Transfusion Management product lines.
    We believe that Plasma and Hospital have the greatest growth potential and are well positioned to drive long-term value. Blood Center operates in more challenging markets, and we have sharpened our focus accordingly on targeted opportunities – particularly in plasma and platelets – while ensuring continued alignment of this business with our broader strategic objectives.
    Recent Developments
    Acquisition of Vivasure Medical Limited
    On January 9, 2026, subsequent to the end of the third quarter of fiscal 2026, we acquired Vivasure Medical Limited (“Vivasure”) for gross upfront consideration of $116.4 million, with $60.7 million paid in cash at closing after giving effect to the value of certain prior investments and loans made by us to Vivasure, as well as other customary closing adjustments. The definitive agreement between the parties also provides for up to $98.9 million of additional contingent consideration based on sales growth and the achievement of certain other milestones, also subject to adjustment based on the value of certain prior investments and loans. We financed this transaction through available cash on hand.
    Vivasure is a Galway, Ireland-based company pioneering next-generation technology for percutaneous vessel closure. Vivasure’s PerQseal Elite system uses a proprietary bioabsorbable patch to seal large-bore (up to 26 F) arteriotomies and venotomies from inside the vessel, offering a sutureless, fully absorbable solution for structural heart and endovascular procedures. In 2025, Vivasure submitted a Premarket Approval application to the U.S. FDA for the PerQseal Elite arterial closure system and received CE Mark approval in Europe for both arterial and venous indications. The addition of Vivasure expands our Hospital business unit portfolio in the interventional cardiology market and will be included in the Hospital reportable segment.
    Share Repurchases
    During the fourth quarter of fiscal 2026, we repurchased 360,457 shares of our common stock for $25.0 million under a previously executed Rule 10b5-1 trading plan. The total remaining authorization for repurchases of our common stock under the 2025 share repurchase program is $400.0 million.
    37
    Financial Summary
     Three Months EndedNine Months Ended
    December 27, 2025December 28, 2024Reported growthDecember 27, 2025December 28, 2024Reported growth
    (Dollars in Thousands, Except Per Share Data)
    Net revenues$338,967 $348,542 (2.7)%$987,676 $1,030,225 (4.1)%
    Gross profit$202,386 $193,547 4.6 %$589,374 $555,908 6.0 %
    % of net revenues59.7 %55.5 %59.7 %54.0 %
    Operating expenses$134,990 $134,518 0.4 %$409,615 $405,426 1.0 %
    Operating income$67,396 $59,029 14.2 %$179,759 $150,482 19.5 %
    % of net revenues19.9 %16.9 %18.2 %14.6 %
    Interest and other expense, net$(7,421)$(9,112)(18.6)%$(23,330)$(9,148)155.0 %
    Income before provision for income taxes$59,975 $49,917 20.1 %$156,429 $141,334 10.7 %
    Provision for income taxes$15,235 $12,423 22.6 %$38,974 $31,636 23.2 %
    % of pre-tax income25.4 %24.9 %24.9 %22.4 %
    Net income$44,740 $37,494 19.3 %$117,455 $109,698 7.1 %
    % of net revenues13.2 %10.8 %11.9 %10.6 %
    Net income per share – basic$0.96 $0.75 28.0 %$2.47 $2.16 14.4 %
    Net income per share – diluted$0.95 $0.74 28.4 %$2.46 $2.14 15.0 %
    Net revenues decreased 2.7% and 4.1% during the three and nine months ended December 27, 2025, respectively, as compared with the same periods of fiscal 2025. During the three months ended December 27, 2025, a revenue decrease in Blood Center, primarily driven by the divestiture of the Whole Blood product line in fiscal 2025, was partially offset by an increase in Plasma, primarily attributable to growth in U.S. plasma collections and prior innovation benefits. During the nine months ended December 27, 2025, revenue decreases in Plasma and Blood Center, primarily driven by the previously announced customer transition of CSL Plasma and the divestiture of the Whole Blood product line in fiscal 2025, were partially offset by an increase in Hospital, primarily attributable to the Hemostasis Management product line within the Blood Management Technologies franchise.
    Operating income increased 14.2% and 19.5% during the three and nine months ended December 27, 2025, respectively, as compared with the same periods of fiscal 2025. The increase during the three and nine months ended December 27, 2025 was primarily due to pricing benefits across all business units, as well as decreased restructuring costs related to portfolio rationalization initiatives and decreased amortization of fair value inventory step-up related to the acquisition of Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”), partially offset by lower gains on sales of property, plant and equipment.
    Management’s Use of Non-GAAP Measures
    Management uses non-GAAP financial measures, in addition to financial measures in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), to monitor the financial performance of the business, make informed business decisions, establish budgets and forecast future results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with U.S. GAAP. Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency conversion rate. We have provided this non-GAAP financial measure because we believe it provides meaningful information regarding our results on a consistent and comparable basis for the periods presented.
    38
    Results of Operations
    Net Revenues by Geography
     Three Months Ended
    December 27, 2025December 28, 2024Reported growthCurrency impact
    Constant currency growth(1)
    (Dollars in Thousands)
    United States$247,713 $257,665 (3.9)%— %(3.9)%
    International91,254 90,877 0.4 %2.7 %(2.3)%
    Total net revenues$338,967 $348,542 (2.7)%0.8 %(3.5)%
    Nine Months Ended
    December 27, 2025December 28, 2024Reported growthCurrency impact
    Constant currency growth (1)
    (Dollars in Thousands)
    United States$730,206 $762,628 (4.3)%— %(4.3)%
    International257,470 267,597 (3.8)%2.5 %(6.3)%
    Net revenues$987,676 $1,030,225 (4.1)%0.7 %(4.8)%
    __________
    (1)    Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.”
    Our principal operations are in the United States, Europe, Japan and other parts of Asia. We market and sell our products in approximately 96 countries through a combination of our direct sales force and independent distributors. During the three and nine months ended December 27, 2025, our revenue generated outside the U.S. was 26.9% and 26.1%, respectively, of total net revenues, as compared with 26.1% and 26.0% during the three and nine months ended December 28, 2024, respectively. International sales are generally conducted in local currencies, primarily Japanese Yen, Euro and Chinese Yuan. Our results of operations are impacted by changes in foreign exchange rates, particularly in the value of the Yen, Euro and Yuan, relative to the U.S. Dollar. We have placed foreign currency hedges on certain foreign currencies to mitigate our exposure to foreign currency fluctuations.
    Please see the section entitled “Foreign Exchange” in this discussion for a more complete explanation of how foreign currency affects our business and our strategy for managing this exposure.
    39
    Net Revenues by Business Unit
     Three Months Ended
    December 27, 2025December 28, 2024Reported growthCurrency impact
    Constant currency growth(1)
    (Dollars in Thousands)
    Plasma
    Plasma net revenues$138,905 $134,224 3.5 %0.7 %2.8 %
    Blood Center
    Apheresis56,560 55,388 2.1 %1.3 %0.8 %
    Whole Blood— 14,957 (100.0)%— %(100.0)%
    Blood Center net revenues56,560 70,345 (19.6)%1.1 %(20.7)%
    Hospital
    Interventional Technologies(2)
    		56,054 63,253 (11.4)%0.2 %(11.6)%
    Blood Management Technologies(3)
    		87,448 80,720 8.3 %0.7 %7.6 %
    Hospital net revenues143,502 143,973 (0.3)%0.6 %(0.9)%
    Total net revenues$338,967 $348,542 (2.7)%0.8 %(3.5)%
    Nine Months Ended
    December 27, 2025December 28, 2024Reported growthCurrency impact
    Constant currency growth(1)
    (Dollars in Thousands)
    Plasma
    Plasma net revenues$394,166 $408,695 (3.6)%0.5 %(4.1)%
    Blood Center
    Apheresis164,447 158,814 3.5 %1.3 %2.2 %
    Whole Blood406 46,304 (99.1)%— %(99.1)%
    Blood Center net revenues164,853 205,118 (19.6)%1.2 %(20.8)%
    Hospital
    Interventional Technologies(2)
    		173,610 188,220 (7.8)%0.3 %(8.1)%
    Blood Management Technologies(3)
    		255,047 228,192 11.8 %0.7 %11.1 %
    Hospital net revenues428,657 416,412 2.9 %0.5 %2.4 %
    Total net revenues$987,676 $1,030,225 (4.1)%0.7 %(4.8)%
    __________
    (1)    Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.”
    (2)    Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the Hospital business unit.
    (3)    Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the Hospital business unit.
    40
    Plasma
    Plasma revenue increased by 3.5% and decreased by 3.6%, respectively, on an as reported basis and increased by 2.8% and decreased by 4.1%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The increase during the three months ended December 27, 2025 was driven by increased growth in U.S. plasma collections and prior innovation benefits. The decrease during the nine months ended December 27, 2025, was driven by lower sales volumes in North America, primarily relating to the previously announced customer transition of CSL Plasma, which was partially offset by prior innovation benefits, share gains and upfront revenue recognition on execution of a renegotiated long-term software agreement with an existing software customer in the first quarter of fiscal 2026. We do not expect any North America disposable sales to CSL Plasma in fiscal 2026.
    Blood Center
    Blood Center revenue decreased by 19.6% and 19.6%, respectively, on an as reported basis and by 20.7% and 20.8%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The decrease was primarily driven by the divestiture of our Whole Blood product line, which was completed in January 2025, partially offset by product mix.
    Hospital
    Hospital revenue decreased by 0.3% and increased by 2.9%, respectively, on an as reported basis and decreased by 0.9% and increased by 2.4%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The decrease during the three months ended December 27, 2025 was driven by lower sales volume in the Interventional Technologies franchise, offset by an increase in sales volume in the Hemostasis Management product line within the Blood Management Technologies franchise. The increase during the nine months ended December 27, 2025 was primarily attributable to the Hemostasis Management product line within the Blood Management Technologies franchise, driven by volume growth and pricing benefits, which was partially offset by lower volume in the Interventional Technologies franchise.
    Gross Profit
     Three Months Ended
    December 27, 2025December 28, 2024Reported growthCurrency impact
    Constant currency growth(1)
    (Dollars in Thousands)
    Gross profit$202,386 $193,547 4.6 %1.2 %3.4 %
    % of net revenues59.7 %55.5 % 
    Nine Months Ended
    December 27, 2025December 28, 2024Reported growthCurrency impact
    Constant currency growth(1)
    (Dollars in Thousands)
    Gross profit$589,374 $555,908 6.0 %1.1 %4.9 %
    % of net revenues59.7 %54.0 %
    __________
    (1)    Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.”
    Gross profit increased by 4.6% and 6.0%, respectively, on an as reported basis and by 3.4% and 4.9%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The increase was driven primarily by the continued transformation of the product portfolio to higher margin offerings, benefits from product innovation, decreased restructuring costs related to portfolio rationalization initiatives, and decreased amortization of fair value inventory step-up related to the Attune Medical acquisition.
    41
    Operating Expenses
     Three Months Ended
    December 27, 2025December 28, 2024Reported growthCurrency impact
    Constant currency growth(1)
    (Dollars in Thousands)
    Research and development$14,187 $15,829 (10.4)%0.2 %(10.6)%
    % of net revenues4.2 %4.5 %
    Selling, general and administrative$109,154 $106,459 2.5 %1.5 %1.0 %
    % of net revenues32.2 %30.5 %
    Amortization of acquired intangible assets$10,933 $12,230 

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    Next expected filings

    • ~2026-08-06 10-Q expected by 2026-08-06 (in 78 days)
    • ~2026-11-05 10-Q expected by 2026-11-05 (in 169 days)
    • ~2027-02-04 10-Q expected by 2027-02-04 (in 260 days)
    • ~2027-05-20 10-K expected by 2027-05-27 (in 365 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

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    • 2026-05-01 8-K Officer/Director Change
    • 2026-02-05 10-Q Quarterly Report
    • 2026-02-05 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-01-09 8-K Other Events; Financial Statements and Exhibits
    • 2025-11-06 10-Q Quarterly Report
    • 2025-11-06 8-K Earnings Release; Financial Statements and Exhibits
    • 2025-08-07 10-Q Quarterly Report
    • 2025-08-07 8-K Earnings Release; Financial Statements and Exhibits
    • 2025-05-21 10-K Annual Report
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    • 2025-02-06 8-K Earnings Release; Financial Statements and Exhibits
    • 2025-01-14 8-K Other Events; Financial Statements and Exhibits