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A maker of medical devices and software for collecting, processing, and managing blood and plasma, Haemonetics builds the machines and disposable kits used by blood banks, hospitals, and plasma centers — including its NexSys plasma collection systems and apheresis devices that pull out specific components like platelets. The company was founded in 1971 by Dr. Allen "Jack" Latham, Jr., who invented the "Latham Bowl," a transparent disposable centrifuge bowl that automated blood separation. Its name blends "haemo," the Greek word for blood, with "-netics," a nod to genetics and cybernetics.
Plasma returns to growth and gross margin holds at 59.8%, but a higher tax rate pushes net income down 3%.
Plasma grew for a second straight quarter, confirming the business has stabilized after the CSL contract expiration. Total revenue rose 5.6% to $339.4 million and held at 59.8%, but fell 3.0% to $33.0 million as the rose to 30.6%. The CSL overhang is gone, but the tax rate is now a drag on earnings.
Key takeaways
Plasma rose 5.3% on volume growth and share gains, the second consecutive quarter of growth after the CSL Plasma supply agreement expired in December 2025.
Hospital rose 6.0%, driven by Vascular Closure market expansion and Hemostasis Management volume and share gains, a recovery from the flat performance in the prior quarter.
held at 59.8%, helped by favorable product mix and the absence of Attune Medical that had weighed on prior periods.
Section summaries
Management's Discussion and Analysis
Q1 FY2027 net revenues rose 5.6% to $339.4M, driven by Apheresis Plasma volume and MedSurg share gains.
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Net revenues increased 5.6% to $339.4M, with Apheresis up 5.3% on Plasma volume growth and share gains, and MedSurg up 6.0% on Vascular Closure market expansion and Hemostasis Management volume/share gains.
fell 3.0% to $33.0 million despite a 6.7% increase in , as the rose to 30.6% from 24.7% on higher stock compensation shortfalls and unrecognized tax benefits.
The company repaid $50 million on its , leaving $250 million outstanding, and $325 million remained under the $500 million authorization.
Restructuring costs of $2.3 million were incurred under the market and regional alignment initiative, bringing cumulative charges to $7.9 million toward the projected $20 million total.
What changed
The CSL Plasma supply agreement expired in December 2025, and the company has not disclosed a renewal or replacement. Plasma has now grown for two consecutive quarters, suggesting the business has stabilized without the CSL minimum purchase commitment.
Hospital growth of 6.0% marks a recovery from the roughly flat performance in Q3 FY2026, when Interventional Technologies volume declines offset Hemostasis Management gains. The Vivasure Medical acquisition, which closed after Q3 FY2026, has not yet contributed to reported results.
The restructuring initiative flagged in FY2025 has now incurred $7.9 million in cumulative charges toward the projected $20 million total, with $30 million in annualized savings still expected by fiscal 2027.
The $325 million remaining authorization was unchanged during the quarter, and the company repaid $50 million of debt rather than deploying additional buybacks.
What to watch
Whether the remains elevated near 30% or returns toward the mid-20% range, and how that affects conversion from .
Whether Plasma sustains its return to growth now that the CSL contract has fully expired and no renewal has been disclosed.
The contribution from the Vivasure Medical acquisition to Hospital and profitability, and whether the integration costs pressure margins.
Whether the restructuring initiative delivers the remaining savings toward the $30 million annualized target by fiscal 2027, and whether the remaining $7.9 million in charges is contained.
held flat at 59.8% as rose 5.5%, helped by favorable product mix and the absence of Attune Medical .
rose 6.7% to $57.5M, but fell 3.0% to $33.0M as the jumped to 30.6% from 24.7% on higher stock compensation shortfalls and unrecognized tax benefits in certain jurisdictions.
SG&A increased 7.4% on higher personnel-related costs and freight charges, while of acquired intangibles fell 10.4% to $10.2M as certain assets became fully amortized or impaired in fiscal 2026.
rose $34.9M to $52.3M, and the company repaid $50M on its , leaving $250M outstanding; $325M remained under the $500M authorization.
The company incurred $2.3M in restructuring costs in Q1 under its market and regional alignment initiative, bringing cumulative charges to $7.9M.
Quantitative and Qualitative Disclosures About Market Risk
Market risk is driven mainly by foreign exchange, variable-rate debt, customer credit concentration, and private strategic investments.
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About 24% of sales were generated outside the U.S. in Q1 FY2027, with primary currency exposures in Japanese Yen, Euro, and Chinese Yuan.
The company uses forward foreign currency contracts, mainly on Yen and Euro, as over a rolling 18-month horizon to mitigate FX risk.
A 10% strengthening of the U.S. Dollar would increase the fair value of all forward contracts by $1.4 million, while a 10% weakening would decrease it by $1.8 million.
All debt is variable-rate; a 100 rise in Term SOFR would add $2.9 million in annual , partially offset by $198.0 million notional interest rate swaps.
Credit risk is concentrated in the Plasma reporting unit within the Apheresis , where sales depend on several large biopharmaceutical customers.
Strategic investments in privately held entities totaled $24.7 million as of June 27, 2026, with a $1.0 million loss recognized on an during the quarter.
Information with respect to this Item may be found in Note 14, Commitments and Contingencies to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
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Information with respect to this Item may be found in Note 14, Commitments and Contingencies to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.