Solid revenue and organic growth
Q3 revenue of $339M and year-to-date revenue of $988M; organic revenue growth ex CSL of 8% in the quarter and 10% year-to-date (management notes reported results include a $153M impact from prior-year portfolio transitions).
Earnings per share growth and raised EPS outlook
Adjusted EPS of $1.31 in the quarter (up 10% year-over-year) and $3.67 year-to-date (up 11%); updated full-year adjusted EPS guidance of $4.90 to $5.00 per share.
Plasma franchise acceleration
Plasma revenue of $139M in the quarter (reported growth +3%); organic plasma growth ex CSL of 20% in the quarter and 22% year-to-date; U.S. plasma collections grew in the low double digits in Q3; management raised full-year plasma organic guidance ex CSL to 17%–19% (from 14%–17%).
Margin expansion across the P&L
Adjusted gross margin 60.2% in Q3 (+250 basis points YoY) and 60.5% year-to-date (+390 basis points YoY); adjusted operating margin expanded to 26.3% in Q3 (+60 bps YoY) and to 25.7% year-to-date (+200 bps YoY); company expects full-year adjusted operating margin ~26%–27%.
Strong free cash flow conversion and upgraded cash guidance
Q3 free cash flow $74M, year-to-date FCF $165M, operating cash flow $94M in Q3 and $222M year-to-date; FCF conversion 121% of adjusted net income in Q3 and 95% year-to-date; raising FY26 free cash flow guidance to $200M–$220M (from $170M–$210M) and expect FCF conversion to exceed 80%.
Outsized growth in blood management technologies (Nexus/TEG)
Blood management technologies revenue up 8% in the quarter and 11% year-to-date driven by Nexus/Persona adoption, TEG 6s disposable sales, and adoption of the heparinase neutralization cartridge; management highlights runway to upgrade legacy TEG systems and increase utilization.
Improved company revenue guidance
Company raised full-year reported revenue guidance to a decline of 1%–3% (from prior 1%–4%) and raised organic revenue guidance ex CSL to 8%–10% (midpoint up ~50 bps).
Strategic capital deployment and tuck-in acquisition
Management repurchased ~360,000 shares for $25M late in the quarter, previously repurchased $75M, and completed a $61M acquisition (VIVUSHORE / PercuSeal Elite) to strengthen interventional technologies; cash on hand $363M (up 18% since start of fiscal year).