Haemonetics (HAE) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Strategic evolution and financial performance

• Achieved $1.31 billion in revenue in FY'24, with record financial performance and 12% organic revenue growth; earnings growth reached ~31% and is ahead of internal plans.

• Operating income margin expanded to 24.2% in Q2 FY25 and adjusted operating margin reached 21.1% in FY'24, with targets for high twenties margin by FY26.

• Portfolio has shifted from non-core to 77-80% high-growth, high-margin products, aided by the Whole Blood divestiture and expansion in Plasma and Hospital businesses.

• Free cash flow is growing, with cumulative capacity expected to reach $2 billion by FY26 and $600M–$700M from FY'23–FY'26, supporting investments and acquisitions.

• Over $1 billion allocated to M&A since 2020, focusing on enabling technologies, hospital portfolio expansion, and acquisitions like Attune Medical and OpSens.

Plasma collections and technology leadership

• Plasma remains a core, durable business with a 7% CAGR in fractionation capacity among top customers; demand for IgG therapies is expected to grow 6-8% long term.

• NexSys PCS and NexLynk DMS provide market-leading technology, with 80% US DMS share, nearly 100% recurring revenue, and ongoing software upgrades.

• Short-term pullback in collections is seen as temporary; technology adoption has enabled customers to increase yield and efficiency, reducing cost per liter.

• Diversification ensures no single customer accounts for more than 10% of revenue.

• Future growth expected from software innovation, AI, and targeted donor selection.

Hospital business and product innovation

• Hospital segment is now the largest, fastest-growing, and highest-margin business, driven by Blood Management Technologies (TEG 6s) and Interventional Technologies (IVT).

• TEG 6s has 70% share in advanced viscoelastic testing, with consistent double-digit growth and significant market expansion potential.

• IVT, led by vascular closure devices, has grown US market share from 12% to 38% in EP procedures; MVP XL launch expands reach into LAAC and PFA markets.

• VASCADE product family exceeds $175 million in revenue, leading the US electrophysiology vascular closure market, with substantial growth runway.

• International expansion is underway, with early success in Japan and Europe.