HAE

Haemonetics is a three-segment medical-technology business (Plasma, Blood Center, Hospital) with a 59.0% gross margin and a strong $293M operating cash flow in FY2026 (+61.4% YoY) — the underlying franchise is clearly cash-generative. Management explicitly states Plasma and Hospital have the greatest growth potential, and the January 2026 Vivasure acquisition ($164.4M net) extends the Hospital interventional-cardiology portfolio with the PerQseal Elite large-bore vessel-closure system (PMA submitted to FDA, CE Mark in Europe). That positions Hospital as the forward growth engine while Blood Center is acknowledged to operate in 'more challenging markets.'

The FY2026 numbers, however, mark a clear deceleration. Revenue slipped 2.0% to $1.33B — the first decline in the five-year history shown (FY22 $993M → FY25 $1.36B → FY26 $1.33B) — while net income collapsed 42.0% to $97.3M and diluted EPS fell 38.1% to $2.05. Operating income dropped 29.3% even as gross profit grew 5.2%, signaling that the margin pressure is below the gross line (likely opex, integration, and amortization). Net margin compressed to 7.3% and ROE to 12.2%. At $72.87, the stock trades at 35.5x trailing EPS and 2.5x sales — a premium multiple on depressed earnings, which is the core tension.