HAE

ANALYST NOTE: HAE (Haemonetics Corporation) Date: 2026-06-13

(1) Structural Readiness As of the close on 2026-06-13, Haemonetics Corporation presents a confirmed coil setup. The structural quality is defined by a conservative entry level of $87.84. The current price is $86.61, representing an extension of -1.4% relative to the conservative entry. The setup is currently in a "forming" phase relative to the breakout trigger, meaning the base structure is in place but the price has not yet cleared the defined entry threshold to fire the breakout signal. The volatility environment is supportive, with an ATR at the breakout point of 3.5% (productive) and a current ATR of 3.5% (productive), indicating a healthy volatility profile for position sizing. The absence of a confirmed breakout does not imply a structural failure; rather, it indicates the setup is active and awaiting a price action confirmation.

(2) The Thesis Layer At this date, HAE is classified as a TACTICAL, setup-led name. There is no named secular thesis attached to this specific setup in the current evidence base. Consequently, the investment case must be judged strictly on the quality of the technical setup (the coil structure) and the underlying business fundamentals provided in the recent earnings and filings. No macro or thematic thesis should be inferred or invented to support the position.

(3) The Business Haemonetics Corporation operates as a healthcare enterprise structured into three principal reporting segments: Plasma, Blood Center, and Hospital.

• Plasma Segment: The company provides automated plasma collection systems (e.g., NexSys PCS, PCS2) and integrated IT platforms (NexLynk DMS). Management expects mid-single-digit growth in this segment, driven by share gains, the rollout of the Persona PLUS innovation, and modest collection volume growth.
• Blood Center Segment: This division offers automated blood component collection technologies, including the MCS brand apheresis equipment. In the most recent quarter, blood management technologies delivered a record performance with revenue growth of 21% in the quarter and 14% for the year.
• Hospital Segment: This area focuses on hemostasis analyzer systems (TEG, ClotPro, HAS) and vascular closure solutions. Following the acquisition of Vivasure Medical Limited (completed January 9, 2026, for $116.4 million upfront), the company now offers the PerQseal Elite system, a bioabsorbable patch for sealing large-bore arteriotomies.
• Financial Performance: As of the December 27, 2025 period, operating income increased 14.2% (three months) and 19.5% (nine months) year-over-year, primarily driven by pricing benefits and decreased restructuring costs. Management has recorded $36.6 million of transaction price allocated to remaining performance obligations for contracts with an original duration of one year or more.

(4) The Archetype and Conviction HAE fits the Growth Leader archetype. The company demonstrates a clear margin inflector profile, with management guiding for adjusted operating margin expansion of 50 to 100 basis points year-over-year, driven by operating leverage and the scaling of the IVT (In-Vitro Diagnostics/Therapeutics) franchise.

• Valuation Context: The financial spine indicates a forward consensus EPS of $4.94 for FY1 and $5.22 for FY2.
• Conviction Stack: The conviction is built on the convergence of a confirmed structural setup (coil) and strong fundamental momentum. The evidence quality is high, with multiple primary sources (earnings transcripts and SEC filings) confirming revenue growth, margin expansion, and successful integration of the Vivasure acquisition. The ATR of 3.5% places the stock in the "productive" bucket, suggesting sufficient volatility to support a trade without the elevated risk of the "very high" or "extreme" buckets. The setup readiness is partial (forming), which historically offers a supportive but incomplete signal, requiring the price to clear $87.84 to fully activate the positive readiness.

(5) Invalidating or Strengthening Factors & Gaps

• Strengthening Factors: A daily close above $87.84 would confirm the breakout, activating the full positive readiness of the coil. Continued execution of the FY2027 revenue guidance (4-7% reported growth) and margin expansion would further validate the Growth Leader thesis.
• Invalidating Factors: A sustained move significantly below the base structure (without a specific "invalidation" label, but rather a failure to hold the base) would negate the setup's structural integrity. A miss on the FY2027 guidance or a failure to realize the anticipated synergies from the Vivasure acquisition would weaken the fundamental case.
• Gaps in Evidence: While the setup is confirmed, the specific "aggressive entry" level is not provided in the evidence block, only the conservative entry. Additionally, there is no explicit mention of the company's current cash position or debt levels in the provided evidence, which limits a full balance sheet assessment.

PRIVATE ANALYST CALL

Judgment: Buy Confidence: medium Key evidence: Confirmed coil setup with productive ATR of 3.5%; Management guidance for 4-7% FY2027 revenue growth and 50-100 bps margin expansion; Record 21% quarterly growth in blood management technologies. Key risks: Setup remains in forming phase (price below conservative entry); Integration risk and contingent consideration ($98.9M) tied to Vivasure sales milestones; No named secular thesis to provide macro tailwinds. Rating boundary: This is rated Buy rather than Strong Buy because the setup is currently forming (price at -1.4% extension) rather than a confirmed breakout, and the lack of a named secular thesis limits the conviction ceiling. It is rated Buy rather than Speculative because the fundamental evidence (earnings beats, margin expansion, acquisition integration) is robust and the structural setup is confirmed, not merely a pattern search. Sizing hint: Position size should reflect the forming nature of the setup; standard sizing for a confirmed breakout would be appropriate only upon the $87.84 close. Expected path: Management expects FY2027 revenue growth of 4-7% and margin expansion; the business is scaling the IVT franchise and integrating Vivasure's PerQseal Elite. Expected horizon: 3 to 6 months for the setup to resolve and for the margin expansion thesis to materialize in reported results. Failure mode to watch: A sustained failure to clear the $87.84 conservative entry level combined with a miss on the FY2027 revenue guidance.