HAEMONETICS CORPORATION (HAE): what the price assumes

In the published model solve dated 2026-Q2, anchored at $103.96, HAEMONETICS CORPORATION (HAE) is priced for +16.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-06-27.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/HAE

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 7.2% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: elevated (limited comparison data)

Valuation X-Ray

Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.1%); the inversion above states its own rate.

Per-Model Detail (n=11)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• Haemonetics sells the equipment and disposables used to collect plasma and manage blood in hospitals, a razor-and-blade model where the recurring disposable sales follow each installed device.
• The defining event is the loss of a major plasma customer: reported plasma revenue fell 2% for the year, but stripping out that departing customer, the franchise grew about 20%, which is the number that tells you whether the core business is healthy.
• The price embeds about 9% annual operating-profit growth for five years, within what the company has delivered, with the next read coming from whether the ex-customer momentum and hospital growth offset the wind-down.

Bull Case

The moat is in the share gains the headline numbers hide. Haemonetics is winning customers in its core plasma business even as it loses one large account, and that distinction is the whole bull case. Excluding the departing customer, plasma revenue grew about 20% for the full year and 13% in the fourth quarter, and the company's share of U.S. plasma collections rose in the high single digits while Europe posted double-digit growth. A business that is taking share across two continents while absorbing the loss of a major account is structurally healthier than the reported, customer-blended figure suggests. The 10-K frames the demand backdrop as durable: an "aging patient population increase[s] the demand for plasma" and "geographical expansion of biopharmaceuticals also increases demand for plasma." Plasma is the raw material for a growing class of immunoglobulin therapies, and Haemonetics sells the picks and shovels to collect it.

The model itself is the second strength. Haemonetics designs equipment it describes in the 10-K as "durable, dependable, and easy to use" with "comprehensive training and support," then earns recurring revenue on the disposables each device consumes. Once a plasma center or hospital standardizes on Haemonetics equipment, the consumable stream follows for years, which is why new product launches like Persona PLUS matter beyond their first-year sales: they lock in the installed base that drives the annuity. That recurring mix is why the company can grow operating profit even when device placements are lumpy.

The hospital businesses diversify the story and carry higher growth. Beyond plasma, Haemonetics runs interventional technologies and blood-management technologies for hospitals, which together are more than 40% of the company and grow faster than the legacy blood-center work. The fourth quarter delivered total revenue of $346.4 million, up 4.8%, ahead of expectations, and the company guided fiscal 2027 to 4% to 7% reported revenue growth. The share count has been falling about 2% a year through buybacks. The bull case is a share-gaining, recurring-revenue medtech with a structural plasma tailwind, priced as if the customer loss defines it rather than the underlying momentum.

Bear Case

The bear case names the disruption directly: Haemonetics is losing its largest plasma customer, and a customer that big leaving is exactly the kind of event that resets a company's earnings power. Reported plasma revenue fell 2% for the full year even with strong underlying growth, because the departing account was a meaningful slice of the business. The 10-K acknowledges the strategic recalibration, noting the company has "sharpened our focus accordingly on targeted opportunities, particularly in plasma and platelets." The risk is concentration: when one customer can move the whole segment's reported revenue by leaving, the business was more dependent on that relationship than a diversified franchise would be, and the ex-customer growth has to keep running well above the headline just to stand still while the wind-down completes.

The second pressure is the competitive and regulatory nature of medical devices. Haemonetics competes on "product quality, safety and cost effectiveness" and on "continual and rigorous documentation of clinical performance," and the 10-K is candid that some competitive factors are "outside of our control," including potential "changes in regulatory s[tandards]." The blood-center side faces a structural headwind the filing states plainly: total demand for blood is expected "to remain stable to slightly declining." So part of the company is tied to a flat-to-shrinking market, and the growth has to come from plasma share gains and the hospital businesses carrying the rest. If a competitor wins a large plasma account or a hospital-product launch disappoints, the growth the price assumes gets harder to reach.

Leverage frames the downside. Net debt sits at roughly $1 billion, about six times operating income, and the 10-K lists total contractual obligations near $1.68 billion including the term loan. That is real leverage for a company with low-double-digit operating margins, and it means the equity is a leveraged claim on the earnings recovering past the customer loss. A buyer at this price is paying about 28 times operating income for roughly 9% annual growth, and the bear case is that the customer departure, the flat blood-collection market, and the debt together make that growth less certain than the multiple assumes, with little cushion if the ex-customer momentum fades before the wind-down finishes.

Valuation

Haemonetics trades at about 28 times company-wide operating income, and inverting that says the market is paying for roughly 9% annual operating-profit growth over five years. The current operating margin near 12% is above the roughly 6% the price strictly requires, so this is a growth bet rather than a margin-recovery bet, and the implied pace is within what the company has delivered, which is why the framework labels the priced-in assumption within range rather than stretched.

The families of method read the way they do for a quality medtech priced at a fair-to-full multiple. Asset value and earnings power both flag the price as expensive, by roughly three times, because they capitalize what the company has earned and owns. Peer multiples, by contrast, place Haemonetics essentially in line with the medical-device cohort, barely above it. Only the forward-growth method clears the price comfortably. The pattern says this is not an outlier valuation; it is a medtech priced about where its peers trade, so the bet is less about a cohort re-rating and more about whether Haemonetics specifically grows into its multiple as the customer loss anniversaries and the share gains compound. The peer comparison is the most useful anchor, and it says the price is reasonable if the underlying franchise momentum is real, which is precisely what the ex-customer growth figures are testing.

Solvency is the constraint that argues for some caution. Net debt of roughly $1 billion at about six times operating income is meaningful leverage for a low-double-digit-margin business, and interest coverage is not cleanly computable from the latest filings, with the 10-K detailing contractual obligations near $1.68 billion. The offsetting positives are the recurring disposable revenue that makes the cash flows predictable and the steady buyback that has cut the share count about 2% a year. A buyer at this price is underwriting Haemonetics to grow operating profit at a high-single-digit rate while it replaces a departed customer with share gains, paying a peer-level multiple, and relying on the recurring-revenue base and the plasma demand tailwind to carry the bet through the wind-down.

Catalysts

Haemonetics closed fiscal 2026 with a beat. Fourth-quarter revenue was $346.4 million, up 4.8% and ahead of the roughly $337 million forecast, and the quarter capped a multi-year transformation plan. The most important catalyst was the underlying plasma trajectory: full-year plasma revenue was down 2% reported but up about 20% excluding the departing customer, exceeding the company's own revised 17% to 19% guidance for that organic measure, with high-single-digit U.S. collection share gains and double-digit European growth.

The forward guidance and product cadence are the catalysts to track. For fiscal 2027 the company guided total revenue growth of 4% to 7% reported and 3% to 6% organic, adjusted for an extra week and currency. New product launches such as Persona PLUS in plasma, and the growth of the hospital interventional and blood-management franchises, are what have to carry the reported numbers as the departing customer's revenue rolls off, so each quarter's ex-customer plasma growth and hospital segment growth are the figures that matter.

The variables that move the fundamental story are the completion of the large customer's wind-down, the pace of U.S. and European plasma share gains, immunoglobulin demand that drives plasma collection, and the growth of the hospital businesses against a stable-to-declining blood-collection market. The next quarterly report will show whether the ex-customer momentum holds and whether the fiscal 2027 guidance is tracking, which is what the valuation depends on.

Peer Cohorts (Per Segment, With Filing Citations)

Plasma (reported)

• TFX (TELEFLEX INCORPORATED)
• FY2025 10-K: …are located in the Czech Republic, Malaysia, Mexico and the United States (the "U.S."). We are focused on achieving consistent, sustainable and profitable growth and improving our financial performance by increasing our market share and improving our operating efficiencies through: • development of new products and…
• FY2025 10-K: …approval application ("PMA")) from the FDA pursuant to the FDC Act. To obtain 510(k) clearance, a manufacturer must demonstrate to the FDA that the proposed device is substantially equivalent to a legally marketed device (a 510(k)-cleared device, a pre-amendment device for which FDA has not called for PMAs or a…
• ICUI (ICU MEDICAL INC/DE)
• FY2025 10-K: Volume Pump ("LVP") Hardware: • Plum Duo™ and Plum Solo™ precision infusion pumps (together, the "Plum precision pumps") are single-channel and dual-channel infusion pump systems that received FDA 510(k) clearance in April 2025. The Plum precision pumps are designed to deliver compatible intravenous medications…
• FY2025 10-K: …costly and time consuming than the 510(k) process. Through the PMA application process, the applicant must submit data and information demonstrating reasonable assurance of the safety and effectiveness of the device for its intended use to the FDA's satisfaction. Accordingly, a PMA application typically includes, but…
• MMSI (MERIT MEDICAL SYSTEMS INC)
• FY2025 10-K: …inflation devices and hemostasis valves, including the BasixSKY®, BasixCompak®, basixTOUCH®, Blue Diamond® and DiamondTouch™ inflation devices, the PhD™ Hemostasis Valve, and the 10Fore™ Hemostasis Valve, the latest addition to our hemostasis valve portfolio. 6 Table of Contents Custom Procedural Solutions Our custom…
• FY2025 10-K: The products in our intervention (peripheral) portfolio are chiefly used to remove blood clots, retrieve foreign bodies in blood vessels and assist with placing balloons and stents to treat arterial disease. The principal product offerings in our intervention (peripheral) portfolio include our: ● ClariVein® Specialty…
• ATRC (AtriCure, Inc.)
• FY2025 10-K: …a coverage denial. Outside of the United States, third-party reimbursement varies widely by geography and by the type of therapy in which our devices are used. For example, even though a new medical device may have been approved for commercial distribution, we may find limited demand for the device until coverage and…
• FY2025 10-K: …AtriClip FLEX-Mini device and EnCompass clamp meaningfully contributed to our growth in 2025. There are limited competitors in our key markets; however, new entrants are developing and marketing competing products, procedures, and/or clinical solutions that may cause variability in our results. Highlights of the…

Blood Center (reported)

• ICUI (ICU MEDICAL INC/DE)
• FY2025 10-K: …in San Clemente, California, ICU was founded in 1984. Our primary customers are acute care hospitals, wholesalers, ambulatory clinics and alternate site facilities, such as outpatient clinics, home health care providers, and long-term care facilities. Since our inception we have grown organically and through…
• FY2025 10-K: …Components of the ChemoClave and ChemoLock product lines are used both in pharmacies and on the nursing floors for the preparation and administration of hazardous drugs. Vascular Access Our Vascular Access products are used by clinicians to access the patients' bloodstream to deliver fluids and medication or to…
• TFX (TELEFLEX INCORPORATED)
• FY2025 10-K: Center, we have implemented a program focused on hiring candidates coming from a disadvantaged or vulnerable background. This program has also had a very meaningful impact on our local community and employee engagement. Talent Management, Development and Learning We are committed to building a high performance culture…
• FY2025 10-K: …by reference to Exhibit 4.1.4 to the Company's Form 10-K filed on March 1, 2022). *4.1.5 - Ninth Supplemental Indenture, dated November 7, 2022, by and among Standard Bariatrics, Inc., Traverse Vascular, Inc., the Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association)…
• MMSI (MERIT MEDICAL SYSTEMS INC)
• FY2025 10-K: …of the heart. Cardiac rhythm management ("CRM") is the field of cardiac disease therapy that relates to the diagnosis and treatment of cardiac arrhythmias or the improper beating of the heart. The principal product offerings in our electrophysiology and CRM portfolio include our: ● Evolution® system for lead removal…
• FY2025 10-K: …endoprosthesis which is designed to maintain long-term vessel patency in patients with obstructions in the dialysis outflow circuit; ● HeRO® (Hemodialysis Reliable Outflow) Graft, a fully subcutaneous vascular access system, which is intended for use in maintaining long-term vascular access for chronic hemodialysis…
• LMAT (LEMAITRE VASCULAR, INC.)
• FY2025 10-K: March 2023, and the results were satisfactory. We have also registered our Burlington facility as a tissue processing, storage, and distribution center in anticipation of relocation of these processes to Burlington in 2026. AATB We voluntarily comply with the standards of the tissue bank industry's accreditation…
• FY2025 10-K: …in 2025, 2024, or 2023. Our product offerings include a suite of biologic products. These offerings include the XenoSure patch (bovine pericardium), CardioCel and VascuCel patches (bovine pericardium), Artegraft (bovine carotid artery), Omniflow II biosynthetic graft (ovine tissue and synthetic mesh), and RestoreFlow…
• ATRC (AtriCure, Inc.)
• FY2025 10-K: …the body of clinical evidence. We believe publication of additional scientific evidence, in addition to robust ongoing research activities, will ultimately create an increased demand for our products. Build Physician and Societal Relationships. We have formed consulting relationships with cardiothoracic surgeons,…
• FY2025 10-K: …of opioid and non-opioid pain medications. Our cryoICE cryoSPHERE ® and cryoXT™ probes for pain management (known as Cryo Nerve Block) provide temporary relief of post-operative pain, allowing the patient's body to heal after surgery while the nerves regenerate and sensation is regained. We sell our products to…

Hospital (reported)

• MMSI (MERIT MEDICAL SYSTEMS INC)
• FY2025 10-K: …the Second Restatement of the Merit Medical Systems, Inc. 401(k) Profit Sharing Plan, dated December 29, 2014.*† ​ S-8 ​ 4.16 ​ August 11, 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 96 Table of Contents 10.13 ​ Employment Agreement, dated May 26, 2016 between Merit Medical Systems, Inc. and Brian G. Lloyd.*† ​ 10-Q ​ 10.3 ​ August…
• FY2025 10-K: 10.51 ​ February 24, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10.41 ​ Second Amendment to Lease Agreement dated March 10, 2022, between MM (UT) QRS 11-59, Inc. and Merit Medical Systems, Inc. for office and manufacturing facility.* ​ 10-K ​ 10.61 ​ February 24, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 98 Table of Contents 10.42 ​ Deferred…
• PEN (Penumbra, Inc)
• FY2025 10-K: …determine whether to provide coverage for a particular procedure and to reimburse hospitals for inpatient treatment at a fixed rate based on the Medicare severity diagnosis-related group ("MS-DRG") as determined by the U.S. Centers for Medicare and Medicaid Services ("CMS"). The fixed rate of reimbursement is…
• FY2025 10-K: …which involves removal of the clot causing the blockage by mechanical means and restoring blood flow to the blocked vessels. Outside of the United States, we estimate, based on published sources, that there are approximately 9.7 million ischemic strokes annually and that 1.9 million of these patients are treatable…
• ATRC (AtriCure, Inc.)
• FY2025 10-K: …the body of clinical evidence. We believe publication of additional scientific evidence, in addition to robust ongoing research activities, will ultimately create an increased demand for our products. Build Physician and Societal Relationships. We have formed consulting relationships with cardiothoracic surgeons,…
• FY2025 10-K: …the largest single payor in the United States, is a federal health benefit program administered by the Centers for Medicare and Medicaid Services (CMS) and covers certain medical care items and services for eligible beneficiaries, primarily individuals over 65 years old, as well as chronically disabled individuals.…
• GMED (GLOBUS MEDICAL, INC.)
• FY2025 10-K: …in sufficient quantities so that products are available when needed for surgical procedures. Safety stock levels are determined based on a number of factors, including demand, manufacturing lead times, and quantities required to maintain service levels. Surgical Instrument, Implant Sets and Equipment Sales For many…
• FY2025 10-K: …used by all providers, including physicians and facilities, for reporting patient diagnosis(es) and hospitals for reporting inpatient procedures. The granularity and specificity of the ICD-10-CM/PCS coding system may impact reimbursement in the future, particularly hospital inpatient reimbursement. Physician and…
• TFX (TELEFLEX INCORPORATED)
• FY2025 10-K: …to items or services reimbursed by any third-party payor, including commercial insurers. If our operations are found to be in violation of any of these laws or any other government regulations, we may be subject to penalties, including civil and criminal penalties, damages, fines, the curtailment or restructuring of…
• FY2025 10-K: , by and between the Company and Lotus US Bidco Inc. (incorporated by reference to Exhibit 2.1 to the Company's Form 8-K filed on December 9, 2025). #*2.2 - Equity Purchase Agreement, dated December 9, 2025, by and between the Company, Intersurgical Limited, Intersurgical AG, Intersurgical Inc., Engineered Medical…
• ICUI (ICU MEDICAL INC/DE)
• FY2025 10-K: …to our business. If we fail to effectively complete the integration of our business in a manner that preserves our reputation with customers and the key aspects of our corporate culture, our business, financial condition and results of operations could be harmed. • For the Smiths Medical acquisition, we incurred a…
• FY2025 10-K: …statement filed April 3, 2013 (File No. 001-34634). 10.6^ Amended and Restated ICU Medical, Inc. 2011 Stock Incentive Plan. Filed as an Exhibit to Registrant's Quarterly Report on Form 10-Q for the Quarter ended March 31, 2018 (File No. 001-34634). 10.7^ First Amendment to ICU Medical, Inc. Amended and Restated 2011…
• LMAT (LEMAITRE VASCULAR, INC.)
• FY2025 10-K: …due from customers, net of an allowance for credit losses and sales returns, other than in certain European markets where the payment cycle is customarily longer. Opening balance accounts receivable at January 1, 2024 was $ 25.1 million. The Company performs ongoing credit evaluations of the financial condition of…
• FY2025 10-K: …revenue contracts. Additionally, the Company has elected as a policy that incremental costs (such as commissions) incurred to obtain contracts are expensed as incurred, due to the short-term nature of the contracts. Customers returning products may be entitled to full or partial credit based on the condition and…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.