Haemonetics Corp

Haemonetics delivered a cleaner-than-expected first quarter of fiscal 2026, posting adjusted EPS of $1.10 against a consensus of $1.02, an 8.31% beat, while revenue of $321.39 million topped estimates by 5.51% despite falling 4.4% year-over-year on a reported basis. The headline revenue decline, however, obscures the real story: strip out the January 2025 divestiture of the Whole Blood product line and the wind-down of the CSL Plasma transitional supply agreement, and organic growth came in at 12.9%, underscoring genuine momentum across all three business segments. Margin expansion was the quarter's defining theme, with GAAP gross margin widening 780 basis points to 59.8% and adjusted operating margin improving 300 basis points to 24.1%, driven by pricing benefits and favorable product mix. The positive results were tempered, though, as shares fell sharply following the report amid investor concerns over a slowdown in the Vascular Closure business. Management reaffirmed full-year guidance, including adjusted EPS of $4.70 to $5.00 and free cash flow of $160 million to $200 million.