Last Update 25 Mar 26

Fair value Decreased 5.41%

HAE: Vivasure Deal And Pipeline Progress Will Support Future Share Recovery

Analysts have reduced the Haemonetics fair value estimate to $70 from $74. Recent target resets in the group, including Citi's move to $70, reflect updated assumptions around growth, margins and the P/E multiple for the stock.

Analyst Commentary

Recent price target moves on Haemonetics show a more cautious tone from several research desks. While one firm increased its target following the Vivasure Medical acquisition, multiple bearish analysts have reduced their targets, which feeds into a more conservative fair value view for the stock.

Bullish voices have pointed to the Vivasure deal as a potential positive for Haemonetics, and one firm raised its target to $93 from $90 after the transaction was announced. However, the weight of recent commentary has shifted toward lower targets and a more measured stance on valuation and execution risk.

Citi, for example, has moved its target to $70, in line with the reduced fair value estimate. The bank described sector fundamentals as "healthy" despite recent volatility, but Haemonetics is not among its preferred names, with iRhythm and Medtronic highlighted as top picks instead.

Bearish Takeaways

Several bearish analysts have cut price targets on Haemonetics, signaling concern that prior assumptions on growth, margins and P/E may have been too optimistic.
Recent target resets to levels around $70 suggest reduced confidence that the company can fully deliver on earlier expectations embedded in higher targets such as $75 or $93.
The focus of bearish analysts on other medtech names as top picks indicates that Haemonetics is seen as relatively less attractive on risk and execution compared with some peers.
Multiple downward target revisions in a short period point to ongoing debate around how much future value to assign to recent moves, including the Vivasure acquisition, and whether the current share price already reflects those potential benefits.

What's in the News

Haemonetics received U.S. FDA 510(k) clearance for its NexSys PCS Plasma Collection System with Persona PLUS technology, which tailors plasma collections to each donor and is supported by a pivotal trial involving over 30,000 donations from nearly 3,000 donors, showing a mid single digit percent higher plasma volume per donation compared with Persona (Key Developments).
The company reported that from September 28, 2025 to December 27, 2025 it repurchased 0 shares for $0 under its existing buyback program and that, in total, it has repurchased 1,430,579 shares for $75 million, representing 2.97 percent of shares under the buyback announced on May 8, 2025 (Key Developments).
For the first quarter of 2026, Haemonetics issued guidance for total revenue of US$300 million to US$310 million and product revenue of US$171 million to US$176 million (Key Developments).
For full year 2026, the company guided to total revenue of US$1.215 billion to US$1.255 billion and product bookings of US$510 million to US$560 million (Key Developments).

Valuation Changes

Fair Value: reduced slightly to $70.0 from $74.0. This implies a modest reset in the central valuation anchor used in the model.
Discount Rate: increased slightly to 8.69% from 8.61%. This indicates a small uplift in the required return applied to future cash flows.
Revenue Growth: adjusted slightly higher to 5.16% from 4.93%. This suggests a marginally stronger topline outlook in the updated assumptions.
Net Profit Margin: moved modestly higher to 16.12% from 15.96%. This reflects a small change in expected profitability levels.
Future P/E: lifted to 15.28x from 14.44x. This points to a slightly higher multiple applied to projected earnings in the revised framework.

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Key Takeaways

Advances in bloodless surgery and intensifying competition could limit revenue growth and margin improvement in key segments if operational risks are not addressed.
Exposure to reimbursement pressures, regulatory changes, and supply chain challenges may constrain earnings growth and cash flow sustainability despite strong innovation and partnerships.
Heavy reliance on core U.S. markets and short-term gains exposes Haemonetics to competitive, regulatory, and cyclical risks that threaten long-term growth and profitability.

Catalysts

About Haemonetics

A medical technology company, provides a suite of hospital technologies solutions in the United States and internationally.What are the underlying business or industry changes driving this perspective?

While Haemonetics benefits from a global demographic tailwind fueled by an aging population and rising chronic diseases-which should ensure longer-term demand for plasma and transfusion products-there is a risk that continued medical advances in bloodless surgery and improved surgical techniques could eventually plateau demand, limiting topline revenue growth over time.
Although strong innovation in plasma collection platforms and software adoption (especially NexSys and NexLynk) are driving share gains, operational execution risk remains in Vascular Closure and Interventional Technologies, where recent underperformance, increasing competition, and complex customer dynamics could stall expected margin expansion and subdue net margin improvement if not promptly addressed.
While the company's increasing strategic partnerships and long-term contracts in plasma software promise recurring revenue and improved earnings visibility, reimbursement pressures from government and private payors globally could weigh on gross margins and threaten sustainable EPS growth.
Even with firm momentum in hemostasis management and TEG 6S adoption, the hospital portfolio is concentrated in the U.S., heightening exposure to potential U.S. healthcare cost containment and regulatory policy changes, which could limit the pace of market expansion and dampen revenue growth if adverse conditions arise.
Despite long-term growth opportunities in emerging markets driven by improved healthcare access, supply chain fragility, raw material shortages, and higher regulatory hurdles could result in intermittent disruptions and elevated operating expenses, which may constrain operating income growth and pressure long-term cash flow conversion.

Haemonetics Future Earnings and Revenue Growth

Assumptions

How have these above catalysts been quantified?

This narrative explores a more pessimistic perspective on Haemonetics compared to the consensus, based on a Fair Value that aligns with the bearish cohort of analysts.
The bearish analysts are assuming Haemonetics's revenue will grow by 5.2% annually over the next 3 years.
The bearish analysts assume that profit margins will increase from 13.3% today to 16.1% in 3 years time.
The bearish analysts expect earnings to reach $247.1 million (and earnings per share of $5.0) by about March 2029, up from $175.4 million today. The analysts are largely in agreement about this estimate.
In order for the above numbers to justify the price target of the more bearish analyst cohort, the company would need to trade at a PE ratio of 15.3x on those 2029 earnings, up from 15.0x today. This future PE is lower than the current PE for the US Medical Equipment industry at 27.5x.
The bearish analysts expect the number of shares outstanding to decline by 3.26% per year for the next 3 years.
To value all of this in today's terms, we will use a discount rate of 8.69%, as per the Simply Wall St company report.

Risks

What could happen that would invalidate this narrative?

Haemonetics' concentration of revenue and growth in three core products, with roughly 80% of revenue generated in the U.S., exposes the company to geographic and product-specific risks; shifts in U.S. healthcare policy or market saturation could limit revenue growth and compress margins over the longer term.
The company acknowledges increased competition in its Vascular Closure and Interventional Technologies segments, including from low-cost competitors, with recent below-market growth in electrophysiology procedures; if Haemonetics fails to regain competitiveness, this could erode market share, reduce pricing power, and pressure segment revenues and margins.
Plasma business momentum has been driven in part by one-time software licensing revenue and share gains, while underlying plasma collection volumes in the U.S. were described as flat and macrocyclical; overreliance on near-term pricing and share wins, rather than secular collection growth, could result in slower sustainable revenue expansion if volumes do not recover as projected.
Investments in expanding salesforce capabilities, restructuring commercial teams, and ongoing R&D are required to address execution gaps and reignite underperforming business lines, but these add to operating expenses and could negatively impact net earnings growth if improvements do not materialize as expected.
Long-term risks are highlighted by the cyclical nature of plasma collection, heightened productivity among customers reducing total collection needs, and persistent pressure from healthcare consolidation and cost containment, any of which could limit Haemonetics' pricing power, slow top-line growth, and compress operating margins in future years.

Valuation

How have all the factors above been brought together to estimate a fair value?

The assumed bearish price target for Haemonetics is $70.0, which represents up to two standard deviations below the consensus price target of $87.5. This valuation is based on what can be assumed as the expectations of Haemonetics's future earnings growth, profit margins and other risk factors from analysts on the more bearish end of the spectrum.
However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of $108.0, and the most bearish reporting a price target of just $70.0.
In order for you to agree with the more bearish analyst cohort, you'd need to believe that by 2029, revenues will be $1.5 billion, earnings will come to $247.1 million, and it would be trading on a PE ratio of 15.3x, assuming you use a discount rate of 8.7%.
Given the current share price of $56.66, the analyst price target of $70.0 is 19.1% higher.
We always encourage you to reach your own conclusions though. So sense check these analyst numbers against your own assumptions and expectations based on your understanding of the business and what you believe is probable.

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Disclaimer

AnalystLowTarget is a tool utilizing a Large Language Model (LLM) that ingests data on consensus price targets, forecasted revenue and earnings figures, as well as the transcripts of earnings calls to produce qualitative analysis. The narratives produced by AnalystLowTarget are general in nature and are based solely on analyst data and publicly-available material published by the respective companies. These scenarios are not indicative of the company's future performance and are exploratory in nature. Simply Wall St has no position in the company(s) mentioned. Simply Wall St may provide the securities issuer or related entities with website advertising services for a fee, on an arm's length basis. These relationships have no impact on the way we conduct our business, the content we host, or how our content is served to users. The price targets and estimates used are consensus data, and do not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that AnalystLowTarget's analysis may not factor in the latest price-sensitive company announcements or qualitative material.

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