Revenue growth turned positive at 5.6% YoY in Q1 FY2027, with gross margin expanding to 59.8% from 53.3% a year earlier, though TTM revenue remains down 2.0%.
Haemonetics Corporation (HAE) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 1.35B | 1.33B | 1.36B | 1.31B | 1.17B | 993.2M | 870.46M | 988.48M | 967.58M | 903.92M | 886.12M | 908.83M | 910.37M | 938.51M | 891.99M | 727.84M | 676.69M | 645.43M | 597.88M | 516.44M | 449.61M | 419.73M | 383.6M | 364.23M | 336.96M | 319.97M | 293.86M | 277.92M | 282.1M | 285.8M | 309.8M |
| Revenue Growth % | 0.44% | -1.97% | 3.95% | 12.01% | 17.67% | 14.1% | -11.94% | 2.16% | 7.04% | 2.01% | -2.5% | -0.17% | -3% | 5.22% | 22.55% | 7.56% | 4.84% | 7.95% | 15.77% | 14.86% | 7.12% | 9.42% | 5.32% | 8.09% | 5.31% | 8.88% | 5.73% | -1.48% | -1.29% | -7.75% | 11.36% |
| Cost of Goods Sold | 576.17M | 590.44M | 582.28M | 597.14M | 545.79M | 462.43M | 442.02M | 500.66M | 550.04M | 492.01M | 507.62M | 502.92M | 475.95M | 470.14M | 463.86M | 358.6M | 321.49M | 307.95M | 289.71M | 258.71M | 222.31M | 199.2M | 185.72M | 192.11M | 182.26M | 165.13M | 126.95M | 121.7M | 124M | 127.1M | 137.8M |
| COGS % of Revenue | - | 44.26% | 42.79% | 45.62% | 46.7% | 46.56% | 50.78% | 50.65% | 56.85% | 54.43% | 57.29% | 55.34% | 52.28% | 50.09% | 52% | 49.27% | 47.51% | 47.71% | 48.46% | 50.1% | 49.44% | 47.46% | 48.42% | 52.74% | 54.09% | 51.61% | 43.2% | 43.79% | 43.96% | 44.47% | 44.48% |
| Gross Profit | 775.84M | 743.59M | 778.55M | 711.91M | 622.87M | 530.77M | 428.45M | 487.82M | 417.54M | 411.91M | 378.49M | 405.91M | 434.42M | 468.37M | 428.13M | 369.24M | 355.21M | 337.48M | 308.17M | 257.73M | 227.3M | 220.53M | 197.88M | 172.12M | 154.7M | 154.83M | 166.91M | 156.22M | 158.1M | 158.7M | 172M |
| Gross Margin % | 57.38% | 55.74% | 57.21% | 54.38% | 53.3% | 53.44% | 49.22% | 49.35% | 43.15% | 45.57% | 42.71% | 44.66% | 47.72% | 49.91% | 48% | 50.73% | 52.49% | 52.29% | 51.54% | 49.9% | 50.56% | 52.54% | 51.58% | 47.26% | 45.91% | 48.39% | 56.8% | 56.21% | 56.04% | 55.53% | 55.52% |
| Gross Profit Growth % | - | -4.49% | 9.36% | 14.3% | 17.35% | 23.88% | -12.17% | 16.83% | 1.37% | 8.83% | -6.76% | -6.56% | -7.25% | 9.4% | 15.95% | 3.95% | 5.25% | 9.51% | 19.57% | 13.39% | 3.07% | 11.45% | 14.96% | 11.26% | -0.09% | -7.24% | 6.84% | -1.19% | -0.38% | -7.73% | 2.56% |
| Operating Expenses | 530.1M | 502.19M | 556.73M | 547.03M | 466.84M | 450.02M | 338.7M | 384.47M | 333.99M | 355.75M | 397.88M | 449.86M | 393.88M | 421.04M | 367.45M | 282.06M | 244.66M | 240.86M | 222.6M | 187.44M | 155.48M | 121.52M | 137.93M | 126.24M | 117.22M | 108.39M | 110.39M | 122.59M | 126.4M | 127.7M | 123.6M |
| OpEx % of Revenue | - | 37.64% | 40.91% | 41.79% | 39.95% | 45.31% | 38.91% | 38.9% | 34.52% | 39.36% | 44.9% | 49.5% | 43.27% | 44.86% | 41.19% | 38.75% | 36.16% | 37.32% | 37.23% | 36.29% | 34.58% | 28.95% | 35.96% | 34.66% | 34.79% | 33.87% | 37.56% | 44.11% | 44.81% | 44.68% | 39.9% |
| Selling, General & Admin | 449.95M | 442.42M | 422.05M | 420.82M | 373.95M | 332.2M | 263.83M | 266.33M | 298.28M | 316.52M | 301.73M | 317.22M | 339.69M | 366.84M | 318.81M | 245.26M | 213.9M | 214.48M | 198.74M | 163.12M | 137.07M | 121.35M | 118.04M | 108.45M | 97.7M | 88.87M | 86.73M | 82.76M | 86.7M | 86.9M | 92.3M |
| SG&A % of Revenue | - | 33.16% | 31.01% | 32.15% | 32% | 33.45% | 30.31% | 26.94% | 30.83% | 35.02% | 34.05% | 34.9% | 37.31% | 39.09% | 35.74% | 33.7% | 31.61% | 33.23% | 33.24% | 31.58% | 30.49% | 28.91% | 30.77% | 29.78% | 29% | 27.78% | 29.52% | 29.78% | 30.73% | 30.41% | 29.79% |
| Research & Development | 59.46M | 59.77M | 69.42M | 63.03M | 58.63M | 55.2M | 40.66M | 39.08M | 35.71M | 39.23M | 47.26M | 55.87M | 54.19M | 54.2M | 48.64M | 36.8M | 32.66M | 26.38M | 23.86M | 24.32M | 23.88M | 26.52M | 19.99M | 17.79M | 19.51M | 19.51M | 19.04M | 14.93M | 15.1M | 17.9M | 19M |
| R&D % of Revenue | - | 4.48% | 5.1% | 4.82% | 5.02% | 5.56% | 4.67% | 3.95% | 3.69% | 4.34% | 5.33% | 6.15% | 5.95% | 5.78% | 5.45% | 5.06% | 4.83% | 4.09% | 3.99% | 4.71% | 5.31% | 6.32% | 5.21% | 4.89% | 5.79% | 6.1% | 6.48% | 5.37% | 5.35% | 6.26% | 6.13% |
| Other Operating Expenses | 2M | 0 | 65.26M | 63.18M | 34.26M | 62.62M | 34.21M | 79.05M | 0 | 0 | 48.89M | 76.77M | 0 | 1.71M | 0 | 0 | -1.89M | 0 | 0 | 0 | -5.47M | -26.35M | -100K | 0 | 0 | 0 | 4.61M | 24.91M | 24.6M | 22.9M | 12.3M |
| Operating Income | 245.74M | 241.4M | 221.82M | 164.88M | 156.03M | 80.75M | 89.75M | 103.35M | 83.55M | 56.16M | -19.38M | -43.94M | 40.54M | 47.33M | 56.44M | 88.76M | 110.55M | 83.28M | 85.57M | 70.29M | 62.74M | 99.02M | 59.94M | 45.88M | 37.48M | 36.45M | 13.42M | 33.63M | 31.7M | 31M | 48.4M |
| Operating Margin % | 18.18% | 18.1% | 16.3% | 12.6% | 13.35% | 8.13% | 10.31% | 10.46% | 8.63% | 6.21% | -2.19% | -4.83% | 4.45% | 5.04% | 6.33% | 12.19% | 16.34% | 12.9% | 14.31% | 13.61% | 13.96% | 23.59% | 15.63% | 12.6% | 11.12% | 11.39% | 4.57% | 12.1% | 11.24% | 10.85% | 15.62% |
| Operating Income Growth % | - | 8.83% | 34.53% | 5.67% | 93.23% | -10.02% | -13.16% | 23.71% | 48.77% | 389.75% | 55.89% | -208.39% | -14.34% | -16.14% | -36.41% | -19.71% | 32.74% | -2.67% | 21.74% | 12.02% | -36.63% | 65.19% | 30.66% | 22.41% | 2.83% | 171.59% | -60.1% | 6.1% | 2.26% | -35.95% | -10.87% |
| EBITDA | 355.81M | 397.12M | 330.7M | 253.5M | 240.84M | 167.3M | 174.03M | 195.54M | 192.96M | 145.4M | 64.65M | 41.07M | 126.59M | 129.07M | 121.92M | 138.72M | 158.69M | 126.52M | 122.03M | 101.48M | 90.25M | 124.17M | 87.52M | 76.03M | 65.91M | 62.06M | 37.92M | 58.54M | 56.3M | 53.9M | 60.7M |
| EBITDA Margin % | 26.32% | 29.77% | 24.3% | 19.36% | 20.61% | 16.84% | 19.99% | 19.78% | 19.94% | 16.09% | 7.3% | 4.52% | 13.91% | 13.75% | 13.67% | 19.06% | 23.45% | 19.6% | 20.41% | 19.65% | 20.07% | 29.58% | 22.82% | 20.87% | 19.56% | 19.4% | 12.9% | 21.06% | 19.96% | 18.86% | 19.59% |
| EBITDA Growth % | 7.41% | 20.08% | 30.46% | 5.26% | 43.96% | -3.87% | -11% | 1.34% | 32.71% | 124.9% | 57.42% | -67.56% | -1.92% | 5.86% | -12.11% | -12.58% | 25.43% | 3.68% | 20.24% | 12.45% | -27.32% | 41.88% | 15.12% | 15.35% | 6.2% | 63.68% | -35.22% | 3.98% | 4.45% | -11.2% | -9.94% |
| D&A (Non-Cash Add-back) | 110.07M | 155.72M | 108.89M | 88.61M | 84.81M | 86.55M | 84.29M | 92.19M | 109.42M | 89.25M | 84.03M | 85.01M | 86.05M | 81.74M | 65.48M | 49.97M | 48.15M | 43.24M | 36.46M | 31.2M | 27.5M | 25.15M | 27.58M | 30.15M | 28.43M | 25.62M | 24.5M | 24.91M | 24.6M | 22.9M | 12.3M |
| EBIT | 151.14M | 156.73M | 247.1M | 206.84M | 167.2M | 105.17M | 100.1M | 165.75M | 83.55M | 64.16M | 39.21M | 43.73M | 43.06M | 48.19M | 60.68M | 87.18M | 108.65M | 82.01M | 85.07M | 70.29M | 71.82M | 99.02M | 59.94M | 47.29M | 37.48M | 46.45M | 56.52M | 48.22M | 56.19M | 31M | 52.5M |
| Net Interest Income | -30.59M | -28.7M | -9.75M | -13.02M | -14.63M | -17.12M | -16.83M | -16.2M | -9.91M | -4.53M | -8.1M | -9.47M | -9.38M | -10.93M | -6.54M | 0 | 378K | -343K | 1.9M | 0 | 7.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 384K | 399K | 1.97M | 0 | 7.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 30.59M | 28.7M | 9.75M | 13.02M | 14.63M | 17.12M | 16.83M | 16.2M | 9.91M | 4.53M | 8.1M | 9.47M | 9.38M | 10.93M | 6.54M | 0 | 6K | 742K | 64K | 0 | 97K | 0 | 0 | 0 | 0 | 13.58M | 59.39M | 13.1M | 0 | 74.9M | 0 |
| Other Income/Expense | -115.31M | -113.37M | -9.75M | -13.02M | -14.63M | -17.12M | -16.83M | -16.2M | -9.91M | 3.48M | -8.1M | -9.47M | -9.38M | -10.93M | -6.54M | 740K | -467K | -2.01M | -565K | 7.01M | 9.59M | 7.86M | -102K | -65K | 1.13M | 2.06M | 3.91M | 3.25M | 969K | -26.5M | 2.3M |
| Pretax Income | 130.44M | 128.03M | 212.07M | 151.87M | 141.4M | 63.63M | 72.91M | 87.15M | 73.63M | 59.63M | -27.48M | -53.42M | 31.16M | 36.4M | 49.9M | 89.5M | 110.08M | 81.27M | 85M | 77.3M | 72.34M | 106.88M | 59.84M | 45.81M | 38.61M | 38.51M | 17.33M | 27.32M | 32.6M | 4.5M | 50.7M |
| Pretax Margin % | 9.65% | 9.6% | 15.58% | 11.6% | 12.1% | 6.41% | 8.38% | 8.82% | 7.61% | 6.6% | -3.1% | -5.88% | 3.42% | 3.88% | 5.59% | 12.3% | 16.27% | 12.59% | 14.22% | 14.97% | 16.09% | 25.46% | 15.6% | 12.58% | 11.46% | 12.03% | 5.9% | 9.83% | 11.56% | 1.57% | 16.37% |
| Income Tax | 34.15M | 30.72M | 44.39M | 34.31M | 26M | 20.25M | -6.56M | 10.63M | 18.61M | 14.06M | -1.21M | 2.16M | 14.27M | 1.25M | 11.1M | 22.61M | 30.1M | 22.89M | 25.7M | 25.32M | 23.23M | 37.81M | 20.2M | 16.49M | 10.23M | 10.78M | 10.09M | 8.47M | 11.4M | 3.9M | 17.7M |
| Effective Tax Rate % | 26.18% | 24% | 20.93% | 22.59% | 18.39% | 31.83% | -8.99% | 12.19% | 25.28% | 23.58% | 4.4% | -4.05% | 45.78% | 3.44% | 22.24% | 25.27% | 27.34% | 28.17% | 30.23% | 32.76% | 32.11% | 35.37% | 33.76% | 36% | 26.49% | 28% | 58.24% | 31% | 34.97% | 86.67% | 34.91% |
| Net Income | 96.29M | 97.31M | 167.68M | 117.56M | 115.4M | 43.38M | 79.47M | 76.53M | 55.02M | 45.57M | -26.27M | -55.62M | 16.9M | 35.15M | 38.8M | 66.89M | 79.98M | 58.38M | 59.3M | 51.98M | 49.11M | 69.08M | 39.64M | 29.32M | 28.38M | 30.03M | 7.24M | 19M | 21.1M | -24.8M | 33M |
| Net Margin % | 7.12% | 7.29% | 12.32% | 8.98% | 9.87% | 4.37% | 9.13% | 7.74% | 5.69% | 5.04% | -2.96% | -6.12% | 1.86% | 3.75% | 4.35% | 9.19% | 11.82% | 9.04% | 9.92% | 10.07% | 10.92% | 16.46% | 10.33% | 8.05% | 8.42% | 9.38% | 2.46% | 6.84% | 7.48% | -8.68% | 10.65% |
| Net Income Growth % | -41.05% | -41.97% | 42.64% | 1.87% | 166.05% | -45.42% | 3.85% | 39.09% | 20.73% | 273.49% | 52.77% | -429.17% | -51.93% | -9.41% | -41.99% | -16.37% | 37.01% | -1.57% | 14.09% | 5.85% | -28.91% | 74.26% | 35.19% | 3.32% | -5.49% | 314.97% | -61.91% | -9.96% | 185.08% | -175.15% | -8.08% |
| Net Income (Continuing) | 96.29M | 97.31M | 167.68M | 117.56M | 115.4M | 43.38M | 79.47M | 76.53M | 55.02M | 45.57M | -26.27M | -55.58M | 16.9M | 35.15M | 38.8M | 66.89M | 79.98M | 58.37M | 59.3M | 51.98M | 49.11M | 69.08M | 39.64M | 29.32M | 28.38M | 27.72M | 7.24M | 15.23M | 21.18M | 600K | 35.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.11 | 2.05 | 3.31 | 2.29 | 2.24 | 0.84 | 1.55 | 1.48 | 1.04 | 0.85 | -0.51 | -1.09 | 0.32 | 0.67 | 0.74 | 1.30 | 1.56 | 1.12 | 1.14 | 0.97 | 0.89 | 1.25 | 0.75 | 0.60 | 0.56 | 0.56 | 0.14 | 0.29 | 0.39 | -0.47 | 0.60 |
| EPS Growth % | -37.61% | -38.07% | 44.54% | 2.23% | 166.67% | -45.81% | 4.73% | 42.31% | 22.35% | 266.67% | 53.21% | -440.63% | -52.24% | -9.46% | -43.08% | -16.67% | 39.29% | -1.75% | 17.53% | 8.99% | -28.8% | 66.67% | 25% | 7.14% | 0% | 300% | -51.72% | -25.64% | 182.98% | -178.33% | -7.69% |
| EPS (Basic) | - | 2.05 | 3.31 | 2.32 | 2.27 | 0.85 | 1.57 | 1.51 | 1.07 | 0.86 | -0.51 | -1.09 | 0.33 | 0.68 | 0.76 | 1.30 | 1.59 | 1.15 | 1.17 | 1.00 | 0.92 | 1.29 | 0.77 | 0.60 | 0.57 | 0.57 | 0.14 | 0.30 | 0.39 | -0.47 | 0.61 |
| Diluted Shares Outstanding | 45.7M | 47.35M | 50.73M | 51.4M | 51.42M | 51.35M | 51.29M | 51.81M | 52.94M | 53.5M | 51.52M | 50.91M | 52.09M | 52.38M | 52.26M | 51.59M | 51.19M | 52.13M | 52.35M | 53.49M | 55.3M | 54.95M | 52.85M | 49.28M | 50.1M | 54.31M | 52.01M | 53M | 53.77M | 53.33M | 54.83M |
| Basic Shares Outstanding | 45.36M | 47.18M | 50.33M | 50.71M | 50.78M | 51.05M | 50.69M | 50.69M | 51.53M | 52.76M | 51.51M | 50.91M | 51.53M | 51.61M | 51.35M | 50.73M | 50.15M | 50.9M | 50.78M | 51.65M | 53.49M | 52.96M | 51.05M | 48.87M | 49.18M | 52.43M | 50.6M | 52.17M | 53.49M | 52.77M | 54.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HAE stock.
For fiscal year 2026, Haemonetics Corporation (HAE) reported total revenue of $1.33B. This represents a 330.6% increase compared to $309.8M in 1997.
Haemonetics Corporation (HAE) is profitable, generating $97.3M in net income for the fiscal year ending 2026 with a net profit margin of 7.3%.
Haemonetics Corporation (HAE) reported an operating income of $241.4M, resulting in an operating profit margin of 18.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Haemonetics Corporation (HAE) generated $743.6M in gross profit for the year, representing a gross profit margin of 55.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent TTM revenue decline
Metrics are mathematically derived from official filings.
Top-Line Inflection Still Unconfirmed
Despite a 5.6% YoY revenue increase in Q1 FY2027, TTM revenue remains down 2.0%, suggesting the quarterly beat may not yet signal a durable reversal of the prior decline.
The most recent quarter shows a rebound to $339.4M, up from $321.4M in the year-ago period, but the trailing twelve-month figure still reflects contraction. This mixed picture implies that while near-term momentum is improving, the sustainability of growth is not yet established. Investors should monitor whether the positive quarterly trend persists over the next two quarters to confirm a genuine inflection.
Gross Margin Recovery Masks Cost Pressures
Gross margin expanded to 59.8% in Q1 FY2027 from 53.3% a year earlier, yet COGS as a percentage of revenue remains elevated, indicating that input cost volatility may still threaten margin durability.
The sequential improvement from 55.0% in Q4 FY2026 to 59.8% suggests better pricing or product mix, but the absolute COGS level of $136.6M is only modestly below prior quarters. This implies that the margin gain may be partly driven by one-time factors or favorable mix shifts rather than structural cost reduction. Given the company's exposure to resin and sterilization costs, the sustainability of this margin level warrants close monitoring.
Operating Leverage Emerging in Q1
Operating income grew 6.7% sequentially to $57.5M in Q1 FY2027, outpacing the 2.0% revenue increase, as SG&A efficiency improved, suggesting early signs of operating leverage.
SG&A in Q1 was $118.9M, down from $121.8M in Q4 FY2026, while revenue rose, indicating that overhead costs are being managed tightly. However, the prior quarters show volatile SG&A figures, with some periods reporting zero, which may reflect reclassifications or data gaps. The recent trend suggests that as revenue scales, operating income can expand faster, but the consistency of this leverage is not yet proven.
Net Income Volatility Raises Quality Concerns
Net income swung from a -$20.1M loss in Q4 FY2026 to a $33.0M profit in Q1 FY2027, with EPS swinging from -$0.44 to $0.72, indicating that reported earnings are subject to significant non-operating volatility.
The Q4 loss appears to be an anomaly, possibly driven by one-time charges or tax adjustments, while Q1's profit aligns more closely with operating income. Stock-based compensation of $9.3M in Q1 is relatively stable, but the large EPS swings suggest that investors should focus on operating income trends rather than net income for underlying performance. The tax rate and non-operating items warrant further investigation to assess earnings quality.
COGS and SG&A Drive Margin Dynamics
COGS as a percentage of revenue fell to 40.2% in Q1 FY2027 from 46.7% a year earlier, while SG&A remained elevated at 35.0% of revenue, indicating that cost control is primarily occurring in production, not overhead.
The gross margin improvement is notable, but SG&A has not declined proportionally, suggesting that the company is investing in sales and marketing to support growth. R&D spending of $16.2M is relatively stable, indicating a consistent commitment to innovation. The cost structure appears to be shifting toward higher variable costs in SG&A, which could pressure operating margins if revenue growth stalls.
Q1 FY2027 Marks Potential Turnaround
Q1 FY2027 stands out as a potential inflection point, with revenue growth turning positive at 5.6% YoY and operating margin expanding to 16.9%, the highest in the past five quarters.
This quarter follows a period of declining revenue and margin compression, and the simultaneous improvement in both top-line and profitability suggests that the company's strategic initiatives, such as the NexSys platform rollout and portfolio diversification, may be gaining traction. However, the TTM revenue decline of 2.0% indicates that the inflection is not yet broad-based. The durability of this improvement will depend on sustained demand across all segments.
What Could Invalidate the Base Case
The persistent TTM revenue decline of 2.0% and elevated SG&A at 35.0% of revenue suggest that the recent quarterly beat may not translate into sustained growth, especially if plasma collection volumes stagnate.
Short-sellers could argue that the Q1 FY2027 improvement is a one-off, driven by favorable mix or timing, rather than a structural shift. The high SG&A burden, combined with the company's reliance on the plasma segment, leaves it vulnerable to customer concentration and regulatory changes. If the TTM decline continues, the current valuation may not be justified, and the market could reassess the durability of the company's growth narrative.