CluenexHaemonetics HAE
Haemonetics scores weak on business quality (4.0 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Haemonetics does
Haemonetics makes medical devices and consumables for blood and plasma management, selling directly to hospitals and collection centers. The business relies on recurring sales of single-use disposables tied to its installed base of specialized medical equipment.
- What it does best
Haemonetics builds reliable switching costs through its specialized blood collection devices, securing recurring sales of single-use consumables. Its 59.1% gross margin outpaces peers like LNTH at 61.0% while matching scale, though ALGN achieves 69.0%. Hospitals rarely switch hardware mid-cycle due to regulatory and training hurdles.
- The main risk
A debt-to-equity ratio of 1.5x combined with $980 million of net debt leaves the balance sheet vulnerable to earnings shocks. With revenue contracting 2.0% to $1.35 billion, debt servicing limits operational flexibility as the company prepares its upcoming quarterly report.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin stands at 18.1% alongside an 11.4% ROE, reflecting stable baseline margins. Free cash flow margin lands in the top quartile at 65th percentile, proving the business converts revenue into cash efficiently.
Equipment switching costs lock in hospitals and plasma centers, supported by an operating margin sitting in the 55th sector percentile. Competitors face steep regulatory hurdles to unseat installed devices within a short timeframe.
Revenue declined 2.0% to $1.35 billion over the latest period, reversing the steady gains seen from 2021 through 2024 when revenue climbed from $870 million to $1.31 billion.
Net debt sits at $980 million against $245 million of cash, creating a leveraged capital structure. Free cash flow reached $245 million, showing solid conversion despite softening fundamentals.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on HAE
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Haemonetics scores weak on the Cluenex quality check (4.0 of 10), measured against its own industry. Profitability is fair, moat fair, growth slow and financial health weak.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Nov 4, 2026.
See HAE today
- Today's verdict on HAE, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Haemonetics (HAE)”, https://cluenex.com/stocks/hae/, data as of Oct 10, 2026.