Haemonetics Reports 4.4% Revenue Decline in Q1 Fiscal 2026, Operating Income Rises 35.5%

Haemonetics Corporation reported a decline in net revenues for the first quarter of fiscal 2026, totaling $321.4 million, down 4.4% from $336.2 million in the same period last year. The decrease was primarily attributed to revenue declines in the Plasma and Blood Center segments, driven by a customer transition at CSL Plasma and the divestiture of the Whole Blood product line. However, the Hospital segment saw a revenue increase, largely due to growth in the Hemostasis Management product line, which contributed to a gross profit of $192.2 million, reflecting a 9.9% increase compared to the prior year.

Operating income for the quarter rose significantly by 35.5% to $53.9 million, up from $39.8 million in the previous year. This increase was primarily due to improved pricing across all business units and a favorable product mix, alongside reduced restructuring costs related to portfolio rationalization initiatives. Despite the rise in operating income, net income fell to $34.0 million, or $0.70 per diluted share, down from $38.4 million, or $0.74 per diluted share, in the same quarter last year.

In terms of strategic developments, Haemonetics completed the acquisition of Attune Medical in April 2024 for $176.2 million, enhancing its Hospital business unit with the ensoETM® esophageal cooling device. Additionally, the company acquired OpSens Inc. in December 2023 for $243.9 million, further expanding its portfolio in interventional cardiology. The company also divested its Whole Blood product line to GVS, S.p.A. for $43.3 million, which is expected to streamline operations and focus on higher-growth areas.

Operationally, Haemonetics reported a slight increase in its employee headcount, reflecting ongoing investments in research and development, which rose by 12.5% to $16.3 million. The company also noted a current ratio of 1.7 and a net debt position of $(931.9 million), indicating a strong liquidity position. Looking ahead, Haemonetics anticipates continued focus on its market and regional alignment initiative, aimed at enhancing operational performance and directing resources toward high-growth opportunities. The company expects to recognize approximately 86% of its remaining performance obligations as revenue within the next twelve months, indicating a stable outlook for the upcoming quarters.