Core strength, IVT damage
- Fiscal 2026 revenue fell 2.0%, mainly from the CSL Plasma transition and the Whole Blood sale.
- Hospital grew 4.3%, but that hides a split: Blood Management rose 14.6% while Interventional Technologies fell 8.2%.
- The company took an $86.5 million impairment, mostly tied to Attune Medical and ensoETM.
- Gross margin rose to 59.0% from 55.0%, helped by the shift toward higher-margin products.
- The next key test is FDA approval and launch of Vivasure's PerQseal Elite closure system.
Good core, messy turnaround
Haemonetics has two stories at once. The core Plasma business, excluding the known CSL customer transition, and Blood Management Technologies are still carrying the company. Fiscal 2026 gross margin rose to 59.0% from 55.0%, which shows the portfolio shift toward better products is working.
The harder story is Interventional Technologies, or IVT. IVT revenue fell 8.2% in fiscal 2026. Haemonetics also recorded an $86.5 million impairment, which is a write-down saying an acquired asset is worth less than expected. Most of the damage came from Attune Medical and ensoETM, an esophageal cooling product hurt by Pulsed Field Ablation, or PFA, a newer heart ablation method that may reduce the need for cooling the esophagus.
The bull case needs Plasma and Blood Management to keep producing cash while management fixes IVT. Vivasure's PerQseal Elite system could help in large-bore vascular closure if the FDA approves it and the launch works. The bear case is that IVT's problems are structural, not only sales execution. The stock looks more like a wait-and-see story than a clean growth story.
Devices, disposables, and hospital tools
Haemonetics sells medical devices, single-use disposables, and software. Plasma centers use its systems to collect plasma. Blood centers use its tools to collect and process blood components. Hospitals use its products to manage bleeding, recover blood during surgery, track transfusions, and support certain heart and vascular procedures.
The best parts of the model have repeat use. A machine can lead to recurring disposable sales, and software can tie customers more closely to the platform. Fiscal 2026 operating cash flow was $293.2 million, so the core business still funds investment even after a difficult year for IVT.
Where the model breaks is also clear. Plasma depends on a limited number of large customers. Blood Center is a tougher market after the Whole Blood divestiture. In Hospital, the Blood Management side is growing, but IVT depends on doctors adopting newer tools and on Haemonetics buying and launching the right products.
What Haemonetics sells
Plasma collection systems and disposables
This includes systems such as NexSys PCS and related disposables for plasma centers. Fiscal 2026 Plasma revenue declined 2.0% because of the CSL transition, but the business still gives Haemonetics a large recurring base.
Persona PLUS plasma technology
Persona PLUS is the next generation of Haemonetics' Persona technology. The company received FDA 510(k) clearance in the fourth quarter of fiscal 2026.
Blood Center apheresis
This business sells devices and disposables for red cells and platelets. The Whole Blood product line was divested in January 2025, leaving a smaller but more focused Blood Center segment.
TEG hemostasis management
TEG helps doctors understand a patient's clotting and bleeding risk during procedures such as heart surgery, trauma care, and transplants. It is a key driver inside Blood Management Technologies.
Transfusion and cell salvage tools
These products help hospitals track blood, manage transfusions, and recover a patient's own blood during surgery. They fit the company's push into hospital efficiency and blood management.
Vascular Closure and PerQseal Elite
Vascular Closure includes products for closing access sites after heart and vascular procedures. Vivasure's PerQseal Elite could expand this area if U.S. approval and launch go well.
ensoETM esophageal protection
ensoETM cools the esophagus during certain heart ablation procedures. Its market opportunity has shrunk as PFA adoption has grown.
Fiscal 2026 mix
This mix uses fiscal 2026 net revenue by business unit from the latest 10-K. Hospital is now the largest segment, but Plasma still has customer concentration, with the top ten customers representing 44% of fiscal 2026 revenue.
What could break the thesis
PFA keeps shrinking ensoETM
High impact · High oddsPulsed Field Ablation is a newer method for treating atrial fibrillation. Haemonetics says one perceived benefit is that it may spare the esophagus, which can reduce the need for esophageal cooling. The $86.5 million impairment shows this risk has already hit the company.
IVT fails to stabilize
High impact · Medium oddsInterventional Technologies revenue fell 8.2% in fiscal 2026. Management had framed earlier weakness as executional, but the full-year result and impairment make the question more serious. The internal concern is that the IVT reporting unit's fair value is only 6% above carrying value, leaving less room for error.
Vivasure launch disappoints
High impact · Medium oddsHaemonetics bought Vivasure in January 2026 for a net purchase price of $164.4 million. PerQseal Elite has CE Mark in Europe, and the company has submitted a PMA application to the FDA for a U.S. arterial indication. If approval is delayed or adoption is slow, the IVT recovery has fewer paths.
Debt limits flexibility
Medium impact · Medium oddsAs of March 28, 2026, Haemonetics had $700.0 million of 2029 convertible notes, $239.1 million outstanding under its term loan, and $300.0 million drawn on its revolving credit facility. Debt service can limit choices if growth slows or if more restructuring is needed.
Large customers move slowly or leave
Medium impact · Medium oddsPlasma revenue is tied to a small group of large customers. The CSL transition already weighed on fiscal 2026 revenue. Even when the underlying products are strong, a big customer change can hide that strength for several quarters.
In one breath
What does Haemonetics do?
Haemonetics makes medical technology for plasma centers, blood centers, and hospitals. Its products help collect plasma, process blood components, manage bleeding, recover blood during surgery, and track transfusions.
Why did the Haemonetics thesis get more cautious?
The core business is still performing, but IVT is weaker than expected. The company recorded an $86.5 million impairment tied mostly to Attune Medical and ensoETM because PFA may reduce the need for esophageal cooling.
What is PerQseal Elite?
PerQseal Elite is Vivasure's large-bore vessel closure system. It is designed to close large access sites after procedures such as TAVR and EVAR, and U.S. FDA approval is a major near-term catalyst.
Is Haemonetics mainly a plasma company?
No. In fiscal 2026, Hospital was about 44% of revenue, Plasma was about 39%, and Blood Center was about 17%. Plasma remains very important because it provides recurring revenue, but Hospital is the largest segment.