EXHIBIT 99.2


2nd Quarter 2004 Results Conference Call Script

JoAnn Mannise:

Good afternoon.  My name is JoAnn Mannise, and I am the
Director of Investor Relations at HemaCare.  I would like
to welcome everyone here today to our second quarter 2004
Financial Results Conference Call.  With us here today is
Judi Irving, HemaCare's President and Chief Executive
Officer, and Robert Chilton, Executive Vice President and
Chief Financial Officer.

During this call there will be forward-looking statements
on a number of subjects that are based on the Company's
current expectations and are subject to various risks and
uncertainties.  Actual results could differ materially.
Our press releases and quarterly reports on Form 10-Q, as
well as our other SEC filings, identify factors that could
affect those results.  I refer you to those documents.  We
do not undertake to update forward-looking statements to
reflect later events and circumstances or actual outcomes.

And now I would like to introduce Judi Irving who will
start with our prepared comments.

Judi Irving:

Thank you, JoAnn.

Welcome to all of you.  Today we announced our financial
results for the second quarter ended June 30, 2004.  We
reported net income of $488,000, which represents our third
consecutive quarter of profitable results since the
implementation of our restructuring plan in the third
quarter of 2003 and, on a pretax basis, the most profitable
quarter in over 15 years.  On a year to date basis for the
first six months, our net income has improved by nearly one
million dollars compared to the first six months of 2003.
Our improved performance not only reflects the elimination
of the financial drain associated with the donor centers we
closed as part of the restructuring plan, but more
importantly reflects the improved performance of our
ongoing facilities now that we are able to focus our
efforts on improving our core businesses.

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Our ongoing blood product operations reported a revenue
gain of $810,000, or 20.8%, to $4,713,000 compared with the
second quarter of last year.  This increase essentially
replaced the revenues lost by the closure of under-
performing donor centers.  Our blood services business
segment also reported a revenue gain of $41,000 or 2.2%,
despite a decrease of 11.4% in the number of therapeutic
procedures performed during the quarter compared to last
year.  This result is primarily attributable to increased
procedure volume in the California market, which has a
higher average price than the other markets we serve, and
an increase in the surcharges per procedure performed.
Although we are very pleased with the performance of this
business unit, past experience has shown that the number of
procedures and product mix in this business segment are
highly variable.  We expect this fluctuation in TA volume
to continue for the foreseeable future.

We are now well underway on implementing the primary
elements of our long-term strategy to increase sales volume
at our existing operations.  In addition, we plan to
explore other business opportunities that will add to our
bottom line through increased utilization of our existing
capacity, and take advantage of our core competencies.  In
addition, the recent improvement in profitability provides
us with the opportunity to invest in several important
deferred infrastructure projects.

I would like to now turn the call over to Bob Chilton, who
will review the operating results in more detail.

Bob Chilton

Thank you, Judi.

I would like to provide some additional detail information
regarding the financial results we announced earlier today.

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As Judi mentioned, HemaCare's second quarter results
produced net income of $488,000, or $.06 per share basic
and diluted, compared with a net loss of $272,000 for the
second quarter of 2003.  This represents the best quarterly
result for HemaCare in the past 15 years, with the
exception of the fourth quarter of 2000 when the Company
recognized nearly $3 million in income tax benefit.

The Company finished the quarter with a total decrease in
revenue of only $16,000 to $6,921,000, or .2%, compared
with the second quarter of 2003.  As Judi mentioned, this
is mostly as a result of the elimination of revenue from
donor centers closed as part of the restructuring plan
implemented in the third quarter of 2003.  The Company's
ongoing blood product operations generated $810,000 more
revenue, or a 20.8% increase, during the quarter when
compared with the same period in 2003.  This is primarily
as a result of a 28.9% increase in single donor platelet
volume during the quarter, while whole blood volume
remained relatively flat.  In addition, the Company
increased selected prices for some of our blood products,
which has contributed to the increase in ongoing operations
revenue.  The blood services segment generated $41,000 more
revenue in the quarter, or 2.2%, to $1,885,000, compared
with the second quarter of 2003.  The Company experienced
an 11.4% decrease in the number of therapeutic procedures
performed during the quarter to 1,489, compared with 1,680
for the same period in 2003.  This decrease is attributable
to the closure of some blood service operations in
Illinois, North Carolina, New Jersey and Pennsylvania, as
well as a decline in the number of referrals in the New
York market.  As we have noted in the past, our experience
is that the number of  procedures perform can fluctuate
from quarter to quarter.

Gross profit for the quarter from the blood products
segment increased $866,000, from a small operating loss of
$9,000 to a gross profit of $857,000 compared with 2003.
This was due to increases in product pricing, the closure
of under-performing donor centers in late 2003, and
increased operating efficiencies derived from larger sales
volumes at the ongoing donor centers.  During the second
quarter of 2003, the closed donor centers generated
operating losses of $140,000.  The closure of these
facilities eliminated these operating losses in the first
quarter of 2004.  In addition, as a result of increasing

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sales volumes at the ongoing donor centers, gross profits
from these centers increased $675,000, to $806,000,
representing a 515.3% improvement.  The gross profit
percentage for the ongoing donor centers during the second
quarter improved to 17.1%, compared with 3.4% during the
same period in 2003.

During the second quarter of 2004, the Company was informed
that the donor center management contracts with Dartmouth-
Hitchcock Medical Center in Lebanon, New Hampshire and
with Presbyterian Intercommunity Hospital in Whittier,
California, would not be renewed.  As a result, the Company
ceased to manage these donor centers in June 2004.
Therefore, we included the results from these donor centers
in the closed center category for the quarter and six month
periods representing revenue of $372,000 and $888,000
respectively in 2004.

General and administrative expenses increased in the second
quarter of 2004 by $109,000, or 12%, when compared with
2003. This is the result of several factors including an
increase in accrued management bonuses of $78,000, an
increase in insurance expense of $52,000, and an increase
in accrued 401(k) employer matching  contribution expense
compared with the same period in 2003.  The increase in
accrued management bonuses is the result of the achievement
of profitability targets and other improvements in Company
operations compared with prior years.  The increase in
insurance expense was the result of a substantial increase
in professional liability insurance when this policy was
renewed in mid 2003.  Finally, the increase in accrued
401(k) matching expense is the result of the overall
improved performance of the Company and the expectation
that the Company will make a matching contribution to the
401(k) plan as a result.


The balance sheet as of June 30, 2004 shows cash and cash
equivalents of $1,399,000 which is comparable to $935,000
as of the end of 2003.  Working capital increased
substantially to $1,942,000 from $1,179,000 as of the end
of 2003.  The main reason for this improvement is an
increase in cash and relatively little change in current

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liabilities. In fact, accounts payable increased $261,000
since the end of 2003, which contributed to the increase in
cash; however, this was mostly the result of the timing of
vendor payments relative to the quarter end, not an
intentional decision by management to age vendor payables.
The reason for the improvement in working capital is
the payoff of the Comerica Bank line of credit of $450,000
since the end of 2003 that was classified in current
obligations under notes payable.  Net accounts receivable
decreased to $3,047,000 from $3,128,000 as of December 31,
2003.  The Company experienced a decrease in the days sales
outstanding statistic since the end of 2003 to 40 days
compared with 42 days as of December 31, 2003.
Management's efforts to aggressively pursue outstanding
receivables over the past year continues to produce
positive results since the days sales outstanding statistic
stood at 57 days as of June 30, 2003.

This concludes my prepared remarks regarding the second
quarter 2004 financial results.  I would like to now turn
the call back over to Judi for some concluding remarks.

Judi Irving

Thank you Bob.

In closing, we are very pleased with the improvement in
profitability that we have accomplished over the past three
quarters.  We feel that the record profits we reported for
the quarter clearly demonstrate that HemaCare is moving in
the right direction.  We continue to see the results of our
efforts to implement a strategic plan to increase revenue
at our existing operations, and we are now beginning to
explore other business opportunities to improve our future
profitability.

This concludes our prepared remarks.

We are now prepared to open the conference for your
questions.  Operator, would you please provide the callers
with the necessary instructions.

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