EXHIBIT 99.2

3rd 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 third 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 on the call.  Today we announced our
financial results for the third quarter ended September 30,
2004.  We reported net income of $475,000, which represents
our fourth consecutive quarter of profitable results since
the implementation of our restructuring plan in the third
quarter of 2003.  In the year since we implemented the
restructuring plan the Company has earned, on a pretax
basis, nearly $1.5 million which represents one of the most
profitable four consecutive quarter periods in the history
of the Company.  On a year to date basis, our pretax net
income has improved by over three million dollars compared
to the first nine 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 and the costs associated with the
implementation of this 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.

Our ongoing blood product operations reported a revenue gain
of $513,000, or 13.1%, to $4,436,000 compared with the third
quarter of last year.  This increase helped to offset the
loss of revenue from the closures of several of our donor
centers over the last twelve months.  Our blood services
business segment also reported a revenue gain of $60,000, or
3.3%, despite a decrease of 7.6% 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.
We remain very pleased with the performance of this business
unit; however, historically the number of procedures and
product mix in this business segment has varied
substantially and we expect this variability to continue for
the foreseeable future.  In addition, all of our business
units are highly dependent upon our ability to attract and
retain qualified staff.

We are working diligently to continue to increase sales
volumes in our current operations.  We are exploring
business opportunities that will add revenue through
increased utilization of our existing capacity.  In
addition, we are developing a priority list of deferred
infrastructure projects that we intend to address in the
coming months. One of these is the installation of a new
computer system that will enhance the Company's ability to
collect, process and deliver blood products more efficiently
and with greater assurance of compliance with the Company's
safety protocols.  This project is expected to involve an
investment of approximately $2 million over a two-year
period.

I will 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 information
regarding the financial results we announced earlier today.

As Judi mentioned, HemaCare's third quarter results produced
net income of $475,000, or $.06 per share basic and diluted,
compared with a net loss of $4,679,000 for the third quarter
of 2003.  The Company finished the quarter with a decrease
in revenue of $662,000, or 9.5% to $6,318,000, compared with
the third quarter of 2003.  This is primarily 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.  This decrease was offset in part by the Company's
ongoing blood product operations that generated $513,000, or
13.1% more revenue, during the quarter than the same period
in 2003.  This growth is primarily the result of a 31.7%
increase in single donor platelet volume during the quarter
and selected increases in prices for some blood products.
This increase was offset by a 12.7% decrease in whole blood
volume primarily due to staffing shortages in the California
mobile collection operations.  The blood services segment
generated $60,000, or 3.3%, greater revenue to $1,874,000,
compared with the third quarter of 2003.  This growth
reflects a 7.6% decline in overall procedure volume, offset
by a higher average charge per procedure.  The number of
therapeutic procedures performed during the quarter was
1,502, compared with 1,626 for the same period in 2003.
This decrease is attributable to the closure of blood
service operations in Illinois, North Carolina, and
Pennsylvania, as well as a decline in the number of
procedures performed in the New York market.  Offsetting
this decrease, is a 17.4% increase in the number of
procedures performed in the Southern California market.
This geographic shift of procedures performed increased the
average fee per procedure.  Charges associated with
California procedures include a charge for the use of
Company owned equipment, which is not always the case
outside of California.  As we have noted in the past, our
experience is that the number of  procedures, and type of
procedures performed, can fluctuate greatly from quarter to
quarter.

Gross profit for the quarter from the blood products segment
increased $1,326,000, to $738,000 compared to an operating
loss of $588,000 in 2003.  This improvement was due to the
elimination of losses from under-performing donor centers
that were closed in late 2003, the elimination of the costs
associated with the implementation of the restructuring
plan, and increased operating efficiencies derived from
larger platelet sales volumes at the ongoing donor centers.
The gross profit percentage for the ongoing donor centers
during the third quarter improved to 16.5%, compared with
just 4.3% during the same period in 2003.

General and administrative expenses decreased in the third
quarter of 2004 by $377,000, or 26.2%, when compared with
the same period in 2003. This is the result of several
factors including a $217,000 decrease in bad debt expense, a
$55,000 decrease in accounting fees, a $58,000 decrease in
depreciation expense, and a $57,000 decrease in overhead
salary expense.  The decrease in bad debt expense reflects
the elimination of additions to the allowance for doubtful
accounts in the third quarter of 2003 associated with the
closure of donor centers as part of the restructuring plan.
The reduction in accounting fees reflects a change to a
lower cost auditing firm, and a change in the third quarter
of 2003 to expense audit and tax preparation fees in the
year under audit and the year of the tax return.  The
decrease in depreciation expense reflects the elimination of
depreciation expense recognized in the third quarter of 2003
associated with selected assets that were determined to have
no remaining value to the Company.  Finally, the decrease in
overhead salary reflects the elimination of several overhead
positions related to the implementation of management's
restructuring plan.  These reductions in general and
administrative expenses were partially offset by
a $48,000 increase in bonus expense compared with the same
period in 2003.  This is the result of the accrual of
management bonuses based on the achievement of profit
targets.

The balance sheet as of September 30, 2004 shows cash and
cash equivalents of $1,506,000 compared to $935,000 as of
the end of 2003.  Working capital increased substantially to
$2,564,000 from $1,179,000 as of the end of 2003.  Our
operations are now producing a steady stream of positive cash
flow, enabling the Company to eliminate debt and build cash
reserves.  As an example, the Company has paid off all of
the debt owed to Comerica Bank, or $695,000, in 2004.  Net
accounts receivable increased to $3,259,000 from $3,128,000
as of December 31, 2003.  The Company experienced an
increase in the days sales outstanding statistic since the
end of 2003 to 47 days compared with 42 days as of December
31, 2003; however, this level is consistent with the days
sales outstanding statistic as of September 30, 2003 which
stood at 45 days.

Finally, the Company continues to derive the benefit of
deferred tax carryforwards that has eliminated the need to
recognize federal income tax expense this year.  We continue
to evaluate the level of our deferred tax valuation reserve
given our recent improved profitability, but plan to proceed
cautiously when considering changes to this reserve.

This concludes my prepared remarks regarding the third
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 pleased with the performance of the
Company over the past year.  Our consistent profitability
has strengthened our balance sheet and provides the
resources we need to invest back into the business.  We are
prioritizing a list of deferred infrastructure improvement
projects, that we feel are necessary for revenue growth.  We
will continue to work hard to solidify the gains we have
made and take all appropriate steps to enhance the
opportunity for future profitability.

This concludes our prepared remarks.

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