Group 1 - The article is authored by Terry Chrisomalis, who operates the Biotech Analysis Central pharmaceutical service on Seeking Alpha Marketplace, offering a two-week free trial for new subscribers [1] - Biotech Analysis Central provides a library of over 600 biotech investing articles, a model portfolio of more than 10 small and mid-cap stocks, and various analysis and news reports to assist healthcare investors [2] - The subscription for Biotech Analysis Central is priced at $49 per month, with a yearly plan available at a discounted rate of $399, reflecting a 33.50% discount [1][2] Group 2 - The article does not contain any stock, option, or similar derivative positions in the companies mentioned, nor does it plan to initiate any such positions within the next 72 hours [3] - Seeking Alpha clarifies that past performance does not guarantee future results and that no specific investment recommendations are provided [4]

Group 1 - Pharvaris (NASDAQ: PHVS) is set to release topline results for its Phase 3 trial, Rapide-3, for immediate-release deucrictibant in Q4 2025 [1] - Analysis of clinical trial data and medical literature suggests a favorable chance of success for Pharvaris [1] Group 2 - The author has a background in medicine and statistics, which led to an interest in biotech investing [1]

Investment Rating - The report maintains a "Buy" rating for Boston Scientific (BSX), Edwards Lifesciences (EW), GE Healthcare (GEHC), Intuitive Surgical (ISRG), and Haemonetics (HAE), while downgrading Tandem Diabetes (TNDM) to "Sell/High Risk" from "Neutral/High Risk" [1][5][20]. Core Insights - The MedTech sector has shown resilience against healthcare headwinds, with a focus on returning to fundamentals and several catalysts expected to drive momentum in the second half of 2025 [1][9]. - The S&P Equipment and Supplies Index has outperformed the broader market, with a year-to-date increase of 7.2%, while relative P/E multiples remain below historical averages [2][12]. - Key upcoming catalysts include product launches and data readouts from various companies, which are anticipated to influence stock performance positively [3][10][11]. Summary by Sections Market Overview - The MedTech industry has largely absorbed tariff impacts, with a weakening USD providing additional support [1][9]. - The S&P 500 is up 6.2% year-to-date, while the S&P Equipment and Supplies Index has increased by 7.2% [2][12]. Company-Specific Insights - Boston Scientific (BSX) is expected to benefit from Farapulse and new product launches, projecting a revenue increase of 80.1% year-over-year in 2Q25 [3][10]. - Edwards Lifesciences (EW) anticipates pivotal data releases and the reopening of TAVR NCD, which could enhance its market position [3][10]. - Intuitive Surgical (ISRG) plans a broad launch of its DV5 system, which is expected to drive stock performance [4][10]. - Haemonetics (HAE) has been upgraded to "Buy" due to improved guidance and revenue growth expectations [5][20]. - Tandem Diabetes (TNDM) faces competitive pressures, leading to its downgrade to "Sell/High Risk" [5][20]. Valuation and Target Prices - Target prices have been adjusted for several companies, with BSX at $125, EW at $95, GEHC at $86, and ISRG at $650 [20][21]. - The report highlights that the relative P/E multiple for the MedTech sector is currently at 1.14x, below historical averages, indicating potential undervaluation [2][12][14].

Core Viewpoint - Haemonetics Corporation will release its first quarter fiscal year 2026 financial results on August 7, 2025, and will hold a conference call for discussion with investors and analysts [1][2]. Company Information - Haemonetics is a global medical technology company focused on enhancing healthcare quality, effectiveness, and efficiency through innovative solutions [3]. - The company offers a range of technologies for hospitals, plasma collection centers, and blood centers to improve patient outcomes and operational efficiency [3]. Investor Relations - The conference call will take place at 8:00 am ET on August 7, 2025, with access available via teleconference and a live webcast on the investor relations website [2]. - A replay of the conference call will be available for one year starting from August 7, 2025 [2][4].

Core Insights - KalVista Pharmaceuticals, Inc. received FDA approval for its oral on-demand Hereditary Angioedema plasma kallikrein inhibitor drug EKTERLY (sebetralstat) on July 7, 2025, marking a significant milestone for the company [2]. Company Overview - KalVista Pharmaceuticals is focused on developing treatments for hereditary angioedema, a rare genetic condition that causes severe swelling [2]. Market Context - The approval of EKTERLY positions KalVista favorably within the biotech sector, particularly in the niche market of hereditary angioedema treatments, which may enhance its competitive edge [2].

Core Viewpoint - CSL has received FDA approval for ANDEMBRY®, a novel treatment for hereditary angioedema (HAE), marking a significant advancement in the management of this rare genetic disorder [1][3][11] Group 1: Product Overview - ANDEMBRY is the first monoclonal antibody developed entirely by CSL, targeting factor XIIa to prevent HAE attacks in patients aged 12 and older [1][3][11] - The treatment offers once-monthly subcutaneous self-injection, providing a convenient administration method [1][3] - ANDEMBRY has shown a median reduction of more than 99% in HAE attacks compared to placebo, with a least squares mean reduction of 89.2% [6][7] Group 2: Clinical Trial Data - The approval is based on data from the pivotal Phase 3 VANGUARD trial, which demonstrated the efficacy and safety of ANDEMBRY [3][12] - In the pivotal trial, 62% of patients treated with ANDEMBRY remained attack-free throughout the treatment period [7] - The most common adverse reactions reported were nasopharyngitis and abdominal pain, with injection-site reactions occurring in 14% of patients [4][7] Group 3: Market Impact and Availability - ANDEMBRY's approval expands CSL's HAE franchise and reinforces the company's commitment to innovation in the HAE community [6][8] - The product is set to launch commercially immediately, with availability expected before the end of June 2025 [9] - ANDEMBRY has also received approvals in multiple regions, including Australia, the UK, the EU, Japan, Switzerland, and the UAE [8]

Company Overview - Haemonetics Corporation is a global medical technology company focused on enhancing the quality, effectiveness, and efficiency of healthcare [2] - The company offers innovative solutions for critical medical needs, including hospital technologies, plasma collection technologies, and products for blood centers [2] Upcoming Event - Chris Simon, President and CEO of Haemonetics, will participate in a fireside chat with investors at the Goldman Sachs 46th Annual Global Healthcare Conference on June 9, 2025, at 8:40 a.m. ET [1] - A live webcast of the event will be available on Haemonetics' Investor Relations website, with a replay accessible 12 hours after the event for 90 days [1]

Financial Performance - Net revenues for fiscal 2025 increased by 4.0% to $1,360,824, compared to $1,309,055 in fiscal 2024 [230]. - Operating income rose by 34.5% to $221,817 in fiscal 2025, driven by operating leverage and a gain from the sale of a manufacturing facility [232]. - Gross profit increased by 8.3% to $748,958, representing 55.0% of net revenues in fiscal 2025, up from 52.8% in fiscal 2024 [242]. - Hospital revenue surged by 23.7% to $564,269, primarily due to growth in Interventional Technologies and Blood Management Technologies [241]. - Plasma revenue decreased by 6.0% to $535,431, primarily due to lower sales volumes in North America [239]. - Blood Center revenue fell by 7.8% to $261,124, driven by declines in the Whole Blood business [240]. - Research and development expenses increased by 15.2% to $62,722, reflecting increased headcount from recent acquisitions [243]. - Interest and other expenses decreased by 25.1% to $(9,746), primarily due to gains on extinguishment of convertible notes [250]. - The reported income tax rate decreased to 20.9% in fiscal 2025 from 22.6% in fiscal 2024 [251]. - For the year ended March 29, 2025, the company recorded a pre-tax income of $212.1 million and an income tax expense of $44.4 million, resulting in a reported tax rate of 20.9% [253]. Cash Flow and Financing Activities - As of March 29, 2025, the company had $306.8 million in cash and cash equivalents, an increase from $178.8 million as of March 30, 2024 [254][255]. - Net cash provided by operating activities was $181.7 million during fiscal 2025, relatively flat compared to fiscal 2024 [265]. - Net cash used in investing activities was $161.9 million during fiscal 2025, an increase of $160.5 million compared to fiscal 2024 [266]. - Net cash provided by financing activities was $108.8 million during fiscal 2025, an increase of $70.7 million compared to fiscal 2024 [267]. - The company authorized a share repurchase program of up to $500 million to offset the dilutive impact of employee equity grants [262]. - The company repurchased $150.0 million of common stock through an ASR with Goldman Sachs, completing the ASR in April 2025, and has fully funded a $300.0 million Share Repurchase Authorization [205]. Acquisitions and Divestitures - The company completed the divestiture of its Whole Blood product line for total cash consideration of up to $65.8 million, including $43.3 million upfront and up to $22.5 million in contingent consideration based on sales growth over the next three years [204]. - The acquisition of Attune Medical was completed for total consideration of $187.7 million, enhancing the Hospital business unit's presence in electrophysiology [210][211]. - The acquisition of OpSens was finalized for approximately $254.5 million, expanding the Hospital business unit portfolio in interventional cardiology [212][213]. - The company completed the acquisition of Attune Medical for a purchase price of $187.7 million, including contingent consideration with an initial fair value of $25.3 million [300]. - The fair value of identified intangible assets from the acquisition totaled $105.8 million, primarily consisting of developed technology [301]. Market and Operational Insights - The company has seen declining transfusion rates in mature markets due to minimally invasive procedures, impacting growth in the Blood Center market [218]. - The Vascular Closure market continues to grow with the launch of VASCADE MVP in Japan and CE mark clearance for VASCADE systems in fiscal 2023 [221]. - Advanced hemostasis testing is increasingly utilized in clinical decision-making, with TEG systems achieving high market penetration in North America and Europe [224][226]. - The company expanded its market presence in the U.K. with SafeTraceTX, addressing operational efficiency and cybersecurity needs [229]. - Approximately 42% of the company's revenue during fiscal 2025 was generated by its ten largest customers, indicating a concentration of credit risk [269]. - 25.7% of the company's sales in fiscal 2025 were generated outside the U.S., primarily in foreign currencies, with significant exposure to Japanese Yen, Euro, and Chinese Yuan [273]. Debt and Financial Instruments - As of March 29, 2025, total outstanding debt under the senior unsecured term loan was $245.3 million with an effective interest rate of 5.7% [293]. - The company has scheduled principal payments of $6.3 million during fiscal 2026 related to its term loan [261]. - The company utilizes interest rate swaps to convert variable rate borrowings to fixed rates, with a notional amount of $204.5 million as of March 29, 2025 [293]. - A 10% strengthening of the U.S. Dollar would result in a $5.6 million increase in the fair value of forward contracts, while a 10% weakening would lead to a $6.8 million decrease [292]. - The company has a program to mitigate foreign currency exchange rate exposure using derivative financial instruments, including forward foreign currency contracts [275]. Accounting and Valuation - The consolidated financial statements present fairly the financial position of the company as of March 29, 2025, in conformity with U.S. generally accepted accounting principles [295]. - The fair value of contingent consideration in business combinations is recorded at fair value and remeasured at each reporting period based on changes in underlying assumptions [289]. - The company reviews intangible assets for impairment at least annually, considering factors such as market size declines and increased competition [282]. - The income tax provision process involves assessing temporary differences and maintaining a valuation allowance for deferred tax assets that are not more-likely-than-not realizable [285]. - Sensitivity analyses were performed to evaluate changes in fair value resulting from changes in significant assumptions [303].

Core Viewpoint - Haemonetics Corporation reported strong fourth-quarter fiscal 2025 results with adjusted EPS growth and revenue performance that exceeded estimates, reflecting effective execution of its long-term strategy and adaptation to market trends [11]. Financial Performance - The adjusted EPS for Q4 fiscal 2025 was $1.24, a 37.8% increase year over year, surpassing the Zacks Consensus Estimate by 1.6% [1] - Full-year fiscal 2025 adjusted EPS reached $4.57, up 15.4% year over year [1] - Revenues for Q4 decreased by 3.7% to $330.6 million, but still exceeded the Zacks Consensus Estimate by 1% [2] - Full-year fiscal 2025 revenues totaled $1.36 billion, reflecting a 4% year-over-year increase [2] Segment Performance - Plasma segment revenues were $126.7 million, accounting for 38.3% of total revenues, down 9.1% year over year due to lower sales volumes in North America [3] - Blood Center revenues fell 22.8% to $56 million, primarily due to Whole Blood portfolio rationalization [4] - Hospital segment revenues increased by 12.2% to $147.9 million, driven by new product lines and growth in vascular closure and Blood Management Technologies [5] Margin and Operating Performance - Adjusted gross margin for Q4 was 58.4%, up 715 basis points year over year, attributed to volume growth and pricing benefits [6] - Adjusted operating income was $61.8 million, a 60.9% increase year over year, with an adjusted operating margin of 18.7%, up 751 basis points [7] Financial Position - Cash and cash equivalents at the end of Q4 were $306.8 million, up from $178.8 million a year ago, while long-term debt increased to $921.2 million from $797.6 million [8] - Cumulative net cash flow from operating activities was $181.7 million, remaining flat year over year [9] Future Guidance - For fiscal 2026, the company expects GAAP revenues to decline by 3-6%, with organic revenues anticipated to range from negative 2% to positive 1% compared to fiscal 2024 [10] - Full-year 2026 adjusted EPS is projected to be between $4.70 and $5.00, with the Zacks Consensus Estimate at $4.98 [10]

Core Insights - Haemonetics reported revenue of $330.6 million for the quarter ended March 2025, a decrease of 3.7% year-over-year, but exceeded the Zacks Consensus Estimate by 1.00% [1] - The company's EPS for the quarter was $1.24, up from $0.90 in the same quarter last year, representing a surprise of 1.64% over the consensus estimate of $1.22 [1] Revenue Breakdown - Plasma segment net revenues were $126.74 million, slightly below the estimated $127.03 million, reflecting an 8.6% decline year-over-year [4] - Hospital segment net revenues reached $147.86 million, surpassing the average estimate of $147.41 million, with a year-over-year increase of 14.5% [4] - Blood Center segment net revenues were $56.01 million, exceeding the estimated $53.14 million, but showed a significant decline of 20.3% compared to the previous year [4] Stock Performance - Haemonetics shares have returned +14.8% over the past month, outperforming the Zacks S&P 500 composite's +13.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]