HAENYSESurgical & Medical Instruments & ApparatusUS GAAP · USD

Haemonetics Corporation

Haemonetics is a U.S.-based medical technology company that designs and sells systems used to collect, process, and manage blood and plasma. Its portfolio spans plasma collection technologies, blood center collection and processing equipment, and hospital products for vascular closure, blood management, and related procedures.

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Revenue1,334m USD
−2.0 %y/y
Operating profit (EBIT)157m USD
−29.3 %y/y
EBIT margin11.7%
−4.6 ppy/y
Net income97.3m USD
−42.0 %y/y
Free cash flow260m USD
+82.8 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

05001,0001,500m USD2021: 870 m USD2021: EBIT 90 m USD20212022: 993 m USD2022: EBIT 81 m USD20222023: 1,169 m USD2023: EBIT 156 m USD20232024: 1,309 m USD2024: EBIT 165 m USD20242025: 1,361 m USD2025: EBIT 222 m USD20252026: 1,334 m USD2026: EBIT 157 m USD20261,334157
RevenueOperating profit (EBIT)
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Business

Share of revenue
Plasma35 %

Devices, disposables, and software used by plasma centers to collect plasma efficiently and manage donor operations.

Blood Center23 %

Collection and processing systems for blood centers handling plasma, red cells, and platelets.

Hospital - Interventional Technologies22 %

Products used in interventional procedures, including vascular closure, sensor-guided technologies, and esophageal protection.

Hospital - Blood Management Technologies20 %

Products that help hospitals manage bleeding and blood use, including hemostasis, cell salvage, and transfusion management.

Customers

Haemonetics sells primarily to healthcare and blood-collection institutions rather than individual patients. Its main buyers are biopharmaceutical plasma companies, blood collection groups, independent blood centers, hospitals, hospital service providers, group purchasing organizations, and national health organizations. The business is concentrated in a relatively small number of large accounts, especially in Plasma, where customer renewals and pricing decisions can materially affect revenue.

Plasma collection customers

Biopharmaceutical plasma operators buy collection devices, disposables, and software to run donor centers efficiently and reliably.

Blood centers

Independent and institutional blood centers buy collection and processing systems for plasma, red cells, and platelets.

Hospitals

Hospitals buy interventional and blood management products to support procedures, reduce blood loss, and improve workflow.

Group purchasing organizations

GPOs influence purchasing decisions and contract access for hospital products.

National health organizations

Public health systems and agencies buy blood collection solutions through tenders and centralized procurement.

Strategy

Haemonetics is prioritizing the Plasma and Hospital segments, which management believes have the strongest growth potential and best long-term value creation. The company is sharpening its focus in Blood Center toward targeted opportunities, especially plasma and platelets, while continuing to invest in internal development and selective inorganic growth. Capital allocation also includes share repurchases to offset equity dilution and support shareholder returns.

Expand Plasma and Hospital franchisesMedium term

Management sees these as the highest-growth businesses and the main drivers of long-term value.

Refocus Blood Center on targeted opportunitiesShort term

Blood Center operates in more challenging markets, so resources are being concentrated on the most attractive niches.

Invest in product innovation and regulatory executionMedium term

New products and approvals are needed to defend share and keep pace with clinical and technology changes.

Use capital allocation to support growth and dilution managementShort term

Repurchases and disciplined investment help balance shareholder returns with funding for the business.

Geography

Haemonetics generates most of its revenue in the United States, with the remainder coming from international markets across Europe, Japan, and other parts of Asia. In fiscal 2025, the company reported 74.3% of revenue from the U.S., 12.9% from Europe, 4.6% from Japan, 6.8% from Rest of Asia, and 1.4% from Other markets. The company sells in roughly 95-96 countries and is exposed to foreign exchange movements, especially the yen, euro, and yuan.

Risks

Haemonetics is exposed to customer concentration, especially in Plasma, where a small number of accounts drive a meaningful share of sales and contract renewals can shift quickly. The company also faces regulatory, competitive, and foreign exchange risk because it sells regulated medical products globally and earns a substantial portion of revenue outside the U.S. Accounting and operational results can be affected by demand changes, product approvals, and inventory or rebate estimates.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration and contract non-renewal1Regulatory and clinical adoption risk2Competitive pressure3Foreign exchange volatility4Cybersecurity and data integrity5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentration and contract non-renewalImpact: HighLikelihood: High

    A limited number of Plasma customers account for a material portion of sales, so renewal or pricing changes can quickly affect revenue.

    Exposure: Plasma segment

  2. Regulatory and clinical adoption riskImpact: HighLikelihood: Medium

    Products require approvals and must keep pace with evolving clinical practice and standards.

    Exposure: All segments

  3. Competitive pressureImpact: HighLikelihood: Medium

    Large global competitors have substantial resources and similar product offerings, which can affect pricing and market share.

    ExposurePlasmaBlood CenterHospital
  4. Foreign exchange volatilityImpact: MediumLikelihood: Medium

    International sales are denominated in local currencies, especially yen, euro, and yuan, creating translation and transaction exposure.

    ExposureEuropeJapanRest of Asia
  5. Cybersecurity and data integrityImpact: MediumLikelihood: Low

    Medical devices and software handle sensitive patient and customer information and could be targeted by attackers.

    Exposure: Connected products and internal systems

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Accounting

Judgemental items
Revenue recognition and variable consideration

Product sales are recorded net of estimated rebates, returns, and discounts, which can shift revenue timing and margins.

Impact: Affects reported sales and gross margin

Inventory excess and obsolescence reserves

Forecast errors, product recalls, or delayed approvals can require additional inventory write-downs.

Impact: Affects cost of sales and operating profit

Goodwill and intangible asset impairment

Changes in competition, customer loss, or market size can trigger impairment charges.

Impact: Affects operating income and balance sheet carrying values

Foreign currency hedging

The company uses hedges to mitigate exposure to yen, euro, and yuan movements.

Impact: Affects reported earnings and cash flow volatility

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Last updated: 24/09/2026