Haemonetics Corp (HAE) · Nov 5, 2026 · Earnings
Beat — Adj. EPS $1.35 vs ~$1.29 consensus
Haemonetics earnings beat Q2 expectations and raised FY27 revenue growth guidance, though the operating-margin outlook was reduced.
Haemonetics is in the middle of a business reshaping: it has reorganized around Apheresis and MedSurg, with Plasma share gains and MedSurg innovation carrying the growth story after earlier portfolio exits. The quarter cleared the market’s bar. Adjusted EPS was $1.35 versus published consensus of roughly $1.29, while revenue reached $357.8 million versus about $345 million expected; that is a genuine earnings beat, not merely growth against a weak prior-year comparison.
| Metric | Q2 FY27 | Q2 FY26 | Consensus / prior guide |
|---|---|---|---|
| Revenue (Financial Summary) | $357.8M (+9.3%) | $327.3M | ~$345.2M consensus |
| Adjusted EPS (Adjusted Measures) | $1.35 (+6.3%) | $1.27 | ~$1.29 consensus |
| Organic revenue growth (Financial Highlights) | 10.0% | — | — |
| Adjusted operating margin (Adjusted Measures) | 26.3% (-40 bps) | 26.7% | — |
| FY27 reported revenue growth (Guidance) | 8–11% | — | Prior: 5–8% |
| FY27 organic revenue growth (Guidance) | 6–9% | — | Prior: 4–7% |
| FY27 adjusted operating-margin change (Guidance) | 0–50 bps expansion | — | Prior: 50–100 bps |
The growth engine is accelerating, especially in Apheresis. Total organic growth was 10.0%, led by Apheresis at 13.6% and Plasma at 17.7%; MedSurg also grew organically by 5.5%. That supports the company’s claim that the core commercial strategy is gaining traction rather than relying only on acquisitions or accounting adjustments. 〔0〕
Management raised the top-line outlook, but gave back part of the profitability promise. FY27 reported revenue guidance moved from 5–8% growth to 8–11%, and organic growth from 4–7% to 6–9%. However, expected adjusted operating-margin expansion was cut from 50–100 basis points to 0–50 basis points. The message is that demand is better than previously assumed, but personnel, freight and other operating costs are absorbing more of the benefit. 〔1〕
Cash generation improved, though the quality of the cash increase is mixed. First-half operating cash flow rose to $180.4 million from $128.7 million and free cash flow reached $142.9 million from $91.2 million, but the release attributes much of the operating-cash improvement to favorable working-capital timing. The company also repaid $103.1 million of debt during the first half, which strengthens the balance sheet but limits near-term financial flexibility.
Bottom line: This was a real earnings beat with a meaningful growth-guide increase, confirming that Apheresis and MedSurg are executing ahead of the prior plan. The read is only narrowly positive because the stronger sales outlook came with a materially softer margin trajectory, leaving the business story improved but less clean than the headline growth suggests.
Q3 fiscal 2027 earnings report
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