$HAE: Q4 FY2026: Revenue of approximately $346 million (in line with or slightly above expectations), adjusted EPS of $1.29 (beat expectations). Solid performance for the full year, with growth driven by the Plasma/Apheresis business. TTM revenue of approximately $1.33 billion, EPS of $2.05. Cash reserves of approximately $246 million; has debt but healthy cash flow (strong leveraged FCF).
Announced an update to its financial reporting segments, shifting from three (Plasma, Blood Center, Hospital) to two (Apheresis, combining Plasma and Blood Center; MedSurg, formerly Hospital). This enhances transparency and management alignment, and the market has interpreted it positively as a better way to showcase core businesses.
Other: FDA label expansions (vascular closure products such as VASCADE MVP XL), new product launches, ERP system rollout (execution risks but long-term benefits), and appearances at conferences including those hosted by Goldman Sachs. A history of acquisitions and integrations supports platform expansion.
Core thesis: A story of steady growth in medical devices, with a focus on plasma collection, blood management, and hospital interventions (vascular closure, hemostasis, etc.). Strong demand for Apheresis (plasma product shortages improved collection efficiency), while innovative MedSurg products (such as TEG and VASCADE) provide differentiation. The divisional restructuring enhances visibility, and organ/blood-related demand is expected to remain stable in the long term.
Key Focus Areas
Execution of new segment reporting (starting Q1 FY2027), ERP rollout progress, and product adoption rates.
Improvements in gross margin and operational efficiency, macro healthcare spending, and supply chain.
Competition, regulation (FDA), and currency impacts.
Buy Price: $75–$76.5
#HAE #MedicalDevices #Apheresis #BloodManagement #MedSurg #HealthcareStocks #GrowthStocks