| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 63.08 | -5 |
| Intrinsic value (DCF) | 30.27 | -55 |
| Graham-Dodd Method | 20.96 | -69 |
| Graham Formula | 39.83 | -40 |
Haemonetics Corporation (NYSE: HAE) is a leading global healthcare company specializing in blood and plasma management solutions. Founded in 1971 and headquartered in Boston, Massachusetts, Haemonetics operates across three key segments: Plasma, Blood Center, and Hospital. The company provides innovative medical products, including automated plasma and blood collection systems, hemostasis analyzers, and integrated software platforms that enhance donor management and transfusion safety. Haemonetics serves a critical role in the healthcare supply chain, ensuring efficient blood and plasma collection, processing, and transfusion. Its flagship products, such as NexSys PCS for plasma collection and TEG hemostasis analyzers, are widely adopted by hospitals, blood centers, and plasma donation facilities. With a strong focus on automation and data-driven solutions, Haemonetics helps healthcare providers improve operational efficiency and patient outcomes. The company's diversified product portfolio and global distribution network position it as a key player in the medical instruments and supplies industry.
Haemonetics presents a compelling investment case due to its leadership in niche blood and plasma management markets, recurring revenue from disposables, and strong cash flow generation. The company benefits from high barriers to entry in its specialized segments and long-term contracts with plasma collection customers. However, risks include regulatory scrutiny in the plasma industry, competition from larger medtech players, and potential reimbursement pressures in hospital settings. With a market cap of ~$3.3B, no debt burden, and consistent profitability (FY2025 net income of $167.7M), Haemonetics offers stable growth potential in the healthcare sector. Investors should monitor plasma industry trends and hospital capital expenditure cycles that could impact demand for its capital equipment.
Haemonetics maintains a strong competitive position through its specialized focus on blood and plasma management, where it competes against both large diversified medtech companies and smaller niche players. In plasma collection (its largest segment), Haemonetics' NexSys PCS system competes primarily with Terumo BCT's Autopheresis-C system, holding an estimated 60-70% market share in automated plasmapheresis. The company's vertically integrated approach—combining hardware, disposables, and software—creates switching costs and recurring revenue streams. In hospital hemostasis testing, Haemonetics' TEG systems compete against Werfen's ROTEM and Instrumentation Laboratory's ACL TOP systems, differentiating through whole blood analysis capabilities. The Blood Center segment faces competition from Fresenius Kabi's Compomat and Macopharma's blood processing systems. Haemonetics' competitive advantages include: 1) Deep domain expertise in hematology workflows, 2) Strong relationships with plasma collectors through long-term contracts, 3) High-margin disposable consumables (70%+ of revenue), and 4) Integrated software platforms that improve customer stickiness. However, the company faces pressure from larger competitors with greater R&D budgets in adjacent markets like coagulation testing.