8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 23, 2007

HEMACARE CORPORATION

(Exact name of registrant as specified in its charter)

California	000-15223	95-3280412
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer Identification No.)
of incorporation or organization)

15350 Sherman Way, Suite 350 Van Nuys, California	91406
(Address of principal executive offices)	(Zip Code)

(Registrant's telephone number, including area code): 818-226-1968

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosures

On May 23, 2007, HemaCare Corporation (the “Company”) held its annual meeting of shareholders. During this meeting, Judi Irving, the Company’s President and Chief Executive Officer gave a presentation on the current status of the Company. A copy of the slides used during this presentation is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibits, will not be treated as "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section. This information will not be incorporated by reference into a filing under the Securities Act of 1933, or into another filing under the Exchange Act, unless that filing expressly refers to specific information in this report.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Slides used during Judi Irving’s presentation to shareholders at the annual meeting of shareholders held on May 23, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	May 29, 2007	HEMACARE CORPORATION
		By:	/s/ Robert S. Chilton
			Robert S. Chilton
			Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Slides used during Judi Irving’s presentation to shareholders at the annual meeting of shareholders held on May 23, 2007.

EX-99.1

Exhibit 99.1

2007 Annual Meeting
May 23, 2007

Safe Harbor Provision

This presentation contains “forward-looking statements” under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.) Statements herein that are not historical facts are forward-looking statements pursuant to the safe harbor provisions referenced above. You may also identify forward-looking statements by use of the words “anticipates,” “expects,” “intends,” “plans” and similar expressions. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified. Such risks and uncertainties include, without limitation, the Company’s ability to continue or maintain the improvement in the revenues and margins of its blood products or blood services segments; its ability to continue to control general and administrative expenses as a percent of sales; the need to successfully complete its operating plan to improve profits; the potential inability of the Company to meet future capital needs; changing demand for blood products could affect profitability; market prices might not rise as costs increase; competition may cause a loss of customers and an increase in costs; operations depend on obtaining the services of qualified medical professionals and competition for their services is strong; declining blood donations; the Company’s dependence on reimbursement rates of third party providers; targeted partner blood drives involve higher collection costs; reliance on relatively few vendors for significant supplies and services could affect the Company’s ability to operate; limited access to insurance; the competitive advantage enjoyed by not-for-profit companies; potential changes in the healthcare industry; future technology for blood collection and blood replacement; the impact of heavy regulation in the Company’s industry; potential liability for undetected blood pathogens and other product safety and liability concerns; environmental risks associated with biohazardous substances; business interruption due to hurricanes or earthquakes could adversely impact profitability; the threat of business interruption due to terrorism and the security measures taken in response to terrorism; the provisions of the Company’s charter documents that might delay or prevent an acquisition or sale of the Company; lack of liquidity and market risk associated with OTC Bulletin Board stocks; volatility in stock price; potential dilution that could result from future sales of the Company’s common stock; and the other risks and uncertainties discussed from time to time in the documents HemaCare files with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlined in the forward-looking statements contained herein. The Company undertakes no obligation to update any of these forward-looking statements to reflect actual results or events or circumstances after the date hereof.

Board of Directors

• Julian Steffenhagen (1997)

Chairman, HemaCare Corporation

• Judi Irving (2002)

President and CEO, HemaCare Corporation

• Steven Gerber, MD (2003)

Managing Director/Director of Research, Wedbush Morgan Securities

• Teresa S. Sligh, MD (2006)

President and Medical Director, Translational Research Group, Inc.

• Terry Van Der Tuuk (2003)

Vice Chairman, Graphic Technology

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Senior Management

• Joshua Levy, MD, National Medical Director, Founder

• Robert Chilton, CPA, Executive Vice President & CFO

• Joseph Mauro, President, HemaCare BioScience

• Annabelle Baltierra, Director of Human Resources

• Ann Coviello, Director of Mobile Operations, California

• Thomas Dick, Director of Planning and Special Projects

• Gaytha McPherson, National Director of Regulatory Affairs & Quality Assurance

• Keith McWilliams, Chief Information Officer

• Jaime Oblitas, Director of Operations, New England

• Rose Shaw, RN, Regional Director of Therapeutics

• Anna Stock, Director of California Fixed Site Operations

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Company Overview

• HemaCare is a leading provider of blood products and services

• Founded in 1978

• Publicly traded since 1986

• 2006 Annual sales $36.5 million

• Operations in 8 states

• Two segments:

Blood Products

•   Transfusable

•   Research

Blood Services

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Path Forward

Presented at the
2006 Annual Meeting

• Profitably grow blood products and services

• Invest in infrastructure

• Develop Research opportunities

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Path Forward

• Profitably grow blood products and services

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Revenue Trends - 2003 to 2006

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Income Trends - 2003 to 2006

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Revenue Trends – Blood Products

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Revenue Trends – Blood Services

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Path Forward

• Invest in infrastructure

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Infrastructure Investments

2006

• California product manufacturing and distribution moved lab to a new expanded and upgraded/state of the art facility

• Installed new financial and document control information systems

2007

• Commencement of a blood bank information system

• Move of the donor center to new Van Nuys site

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Path Forward

• Develop Research Opportunities

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Develop Research Opportunities

2006

• Acquired HemaCare BioScience

• Grew/Integrated Customer base for research business

• Blood Products

• Blood Services

2007

• Expand research product offerings

• Explore acquisition targets

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2007 Goals

• Grow Research Business

• Enhance Donor Recruitment Programs

• Expand Therapeutic Apheresis Customer Base

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Q1    2007

• Growth in Research Revenue

• Net Loss Driven by California Blood Products

• Donor Recruitment Staffing

• Donor Recruitment programs

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2007 Annual Meeting
May 23, 2007