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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Haemonetics Corp | NYSE:HAE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.16 | 1.21% | 97.37 | 97.75 | 95.97 | 97.17 | 262,742 | 23:56:19 |
Massachusetts
|
|
04-2882273
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
400 Wood Road,
Braintree, Massachusetts 02184-9114
(Address of principal executive offices)
|
|
(781) 848-7100
(Registrant’s telephone number)
|
Title of Each Class
|
|
Trading Symbol
|
|
Name of Exchange on Which Registered
|
Common stock, $.01 par value per share
|
|
HAE
|
|
New York Stock Exchange
|
Large accelerated filer
þ
|
|
|
|
|
Accelerated filer
o
|
Non-accelerated filer
o
|
|
|
|
||
|
|
|
|
|
Smaller reporting company
o
|
|
|
|
|
|
Emerging growth company
o
|
|
|
Page
Number
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
Item 15.
|
•
|
Plasma
|
•
|
Blood Center
|
•
|
We market the MCS
®
brand apheresis equipment which is designed to collect specific blood components from the donor. Utilizing the MCS automated platelet collection protocols, blood centers collect one or more therapeutic “doses” of platelets during a single donation.
|
•
|
Our portfolio of disposable whole blood collection and component storage sets offer flexibility in collecting a unit of whole blood and the subsequent production and storage of blood components, including options for in-line or dockable filters for leukoreduction.
|
•
|
Our SafeTrace Tx
®
and El-Dorado Donor
®
donation and blood unit management systems span blood center operations and automate and track operations from the recruitment of the blood donor to the disposition of the blood product.
|
•
|
Our Hemasphere
®
software solution provides support for more efficient blood drive planning and Donor Doc
®
and e-Donor
®
software help to improve donor recruitment and retention.
|
•
|
Hospital
|
•
|
Plasma
|
•
|
Blood Center
|
•
|
Hospital
|
•
|
FDA's Quality System Regulation, or QSR, which requires manufacturers, including third party manufacturers, to follow quality assurance procedures during all aspects of the manufacturing process;
|
•
|
Labeling regulations including unique device identification;
|
•
|
Clearance of a 510(k) for certain product modifications;
|
•
|
Medical device reporting, or MDR, regulations, which require that manufacturers report to the FDA if their device may have caused or contributed to a death or serious injury or malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction were to recur;
|
•
|
Medical device correction and removal (recall) reporting regulations; and
|
•
|
An order of repair, replacement or refund.
|
•
|
strengthen the rules on placing devices on the market and reinforce surveillance once they are available;
|
•
|
establish explicit provisions on manufacturers’ responsibilities;
|
•
|
improve the traceability of medical devices;
|
•
|
set up a central database to provide comprehensive information on products available in the EU; and
|
•
|
strengthen rules for the assessment of certain high-risk devices before they are placed on the market.
|
•
|
Failure to achieve our long-term strategic and financial-improvement goals;
|
•
|
Demand for and market acceptance risks for new and existing products, including material reductions in purchasing from or loss of a significant customer;
|
•
|
Product quality or safety concerns, leading to product recalls, withdrawals, regulatory action by the FDA (or similar non-U.S. regulatory agencies), reputational damage, declining sales or litigation;
|
•
|
Security breaches of our information technology systems or our products, which could impair our ability to conduct business or compromise sensitive information of the Company or its customers, suppliers and other business partners, or of customers' patients;
|
•
|
Pricing pressures resulting from trends toward health care cost containment, including the continued consolidation among health care providers and other market participants;
|
•
|
The continuity, availability and pricing of plastic and other raw materials, finished goods and components used in the manufacturing of our products (including those purchased from sole-source suppliers) and the related continuity of our manufacturing and distribution;
|
•
|
Our ability to develop new products or enhancements on commercially acceptable terms or at all;
|
•
|
The potential that the expected strategic benefits and opportunities from any planned or completed acquisition or divestiture by the Company may not be realized or may take longer to realize than expected;
|
•
|
Our ability to obtain regulatory approvals in a timely manner consistent with cost estimates;
|
•
|
Our ability to comply with established and developing U.S. and foreign legal and regulatory requirements, including the U.S. Foreign Corrupt Practices Act, or FCPA, and similar laws in other jurisdictions, as well as U.S. and foreign export and import restrictions and tariffs;
|
•
|
Our ability to execute and realize anticipated benefits from our investments in emerging economies;
|
•
|
Our ability to obtain the anticipated benefits of restructuring programs that we have or may undertake, including the Complexity Reduction Initiative;
|
•
|
Our ability to retain and attract key personnel;
|
•
|
Costs and risks associated with product liability and other litigation claims;
|
•
|
Our ability to meet our existing debt obligations and raise additional capital when desired on terms reasonably acceptable to us;
|
•
|
The potential effect of foreign currency fluctuations and interest rate fluctuations on our net sales, expenses and resulting margins;
|
•
|
The impact of changes in U.S. and international tax laws;
|
•
|
Market conditions and the possibility that the Company’s share repurchase program may be delayed, suspended or discontinued;
|
•
|
The effect of communicable diseases on demand for our products; and
|
•
|
Our ability to protect intellectual property and the outcome of patent litigation.
|
(In thousands, except per share and employee data)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Summary of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net revenues
|
$
|
967,579
|
|
|
$
|
903,923
|
|
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
Cost of goods sold
|
550,043
|
|
|
492,015
|
|
|
507,622
|
|
|
502,918
|
|
|
475,955
|
|
|||||
Gross profit
|
417,536
|
|
|
411,908
|
|
|
378,494
|
|
|
405,914
|
|
|
434,418
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Research and development
|
35,714
|
|
|
39,228
|
|
|
37,556
|
|
|
44,965
|
|
|
54,187
|
|
|||||
Selling, general and administrative
|
298,277
|
|
|
316,523
|
|
|
301,726
|
|
|
317,223
|
|
|
337,168
|
|
|||||
Impairment of assets
|
—
|
|
|
—
|
|
|
58,593
|
|
|
92,395
|
|
|
5,441
|
|
|||||
Contingent consideration income
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,727
|
)
|
|
(2,918
|
)
|
|||||
Total operating expenses
|
333,991
|
|
|
355,751
|
|
|
397,875
|
|
|
449,856
|
|
|
393,878
|
|
|||||
Operating income (loss)
|
83,545
|
|
|
56,157
|
|
|
(19,381
|
)
|
|
(43,942
|
)
|
|
40,540
|
|
|||||
Gain on divestiture
|
—
|
|
|
8,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest and other expense, net
|
(9,912
|
)
|
|
(4,525
|
)
|
|
(8,095
|
)
|
|
(9,474
|
)
|
|
(9,375
|
)
|
|||||
Income (loss) before provision (benefit) for income taxes
|
73,633
|
|
|
59,632
|
|
|
(27,476
|
)
|
|
(53,416
|
)
|
|
31,165
|
|
|||||
Provision (benefit) for income taxes
|
18,614
|
|
|
14,060
|
|
|
(1,208
|
)
|
|
2,163
|
|
|
14,268
|
|
|||||
Net income (loss)
|
$
|
55,019
|
|
|
$
|
45,572
|
|
|
$
|
(26,268
|
)
|
|
$
|
(55,579
|
)
|
|
$
|
16,897
|
|
Income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
1.07
|
|
|
$
|
0.86
|
|
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.33
|
|
Diluted
|
$
|
1.04
|
|
|
$
|
0.85
|
|
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.32
|
|
Weighted average number of shares
|
51,533
|
|
|
52,755
|
|
|
51,524
|
|
|
50,910
|
|
|
51,533
|
|
|||||
Weighted average number of shares and common stock equivalent shares
|
52,942
|
|
|
53,501
|
|
|
51,524
|
|
|
50,910
|
|
|
52,089
|
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Financial and Statistical Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Working capital
|
$
|
340,362
|
|
|
$
|
136,474
|
|
|
$
|
298,850
|
|
|
$
|
302,535
|
|
|
$
|
368,985
|
|
Current ratio
|
2.4
|
|
|
1.4
|
|
|
2.4
|
|
|
2.6
|
|
|
3.0
|
|
|||||
Property, plant and equipment, net
|
$
|
343,979
|
|
|
$
|
332,156
|
|
|
$
|
323,862
|
|
|
$
|
337,634
|
|
|
$
|
321,948
|
|
Capital expenditures
|
$
|
118,961
|
|
|
$
|
74,799
|
|
|
$
|
76,135
|
|
|
$
|
102,405
|
|
|
$
|
122,220
|
|
Depreciation and amortization
|
$
|
109,418
|
|
|
$
|
89,247
|
|
|
$
|
89,733
|
|
|
$
|
89,911
|
|
|
$
|
86,053
|
|
Total assets
|
$
|
1,274,767
|
|
|
$
|
1,237,339
|
|
|
$
|
1,238,709
|
|
|
$
|
1,319,128
|
|
|
$
|
1,485,417
|
|
Total debt
|
$
|
350,120
|
|
|
$
|
253,682
|
|
|
$
|
314,647
|
|
|
$
|
408,000
|
|
|
$
|
427,891
|
|
Stockholders’ equity
|
$
|
667,868
|
|
|
$
|
752,429
|
|
|
$
|
739,610
|
|
|
$
|
721,565
|
|
|
$
|
826,122
|
|
Debt as a % of stockholders’ equity
|
52.4
|
%
|
|
33.7
|
%
|
|
42.5
|
%
|
|
56.5
|
%
|
|
51.8
|
%
|
|||||
Employees
|
3,216
|
|
|
3,136
|
|
|
3,107
|
|
|
3,225
|
|
|
3,383
|
|
•
|
Biopharmaceutical companies are seeking more yield from the collected plasma to meet growing demand for biopharmaceuticals without requiring an equivalent increase in plasma supply.
|
•
|
Newly approved indications for auto-immune diseases treated with plasma-derived therapies; the growing understanding and diagnosis of these diseases; longer lifespans and a growing aging patient population increase the demand for plasma.
|
•
|
Geographical expansion of biopharmaceuticals also increases demand for plasma.
|
•
|
Declining transfusion rates in mature markets due to the development of more minimally invasive procedures with lower associated blood loss, as well as better blood management.
|
•
|
Competition in multi-unit collection technology for automated blood component collection systems has intensified and has negatively impacted our sales in markets where these collections are prevalent.
|
▪
|
Industry consolidation through group purchasing organizations has intensified pricing competition particularly in the manual whole blood collection systems, as well as impacting our software business where switching large customers to new or emerging technology platforms has a relatively high cost.
|
|
Fiscal Year
|
|
|
|
|
||||||||||||
(In thousands, except per share data)
|
2019
|
|
2018
|
|
2017
|
|
% Increase/(Decrease)
19 vs. 18 |
|
% Increase/(Decrease)
18 vs. 17 |
||||||||
Net revenues
|
$
|
967,579
|
|
|
$
|
903,923
|
|
|
$
|
886,116
|
|
|
7.0
|
%
|
|
2.0
|
%
|
Gross profit
|
$
|
417,536
|
|
|
$
|
411,908
|
|
|
$
|
378,494
|
|
|
1.4
|
%
|
|
8.8
|
%
|
% of net revenues
|
43.2
|
%
|
|
45.6
|
%
|
|
42.7
|
%
|
|
|
|
|
|
|
|||
Operating expenses
|
$
|
333,991
|
|
|
$
|
355,751
|
|
|
$
|
397,875
|
|
|
(6.1
|
)%
|
|
(10.6
|
)%
|
Operating income (loss)
|
$
|
83,545
|
|
|
$
|
56,157
|
|
|
$
|
(19,381
|
)
|
|
48.8
|
%
|
|
n/m
|
|
% of net revenues
|
8.6
|
%
|
|
6.2
|
%
|
|
(2.2
|
)%
|
|
|
|
|
|
|
|||
Gain on divestiture
|
$
|
—
|
|
|
$
|
8,000
|
|
|
$
|
—
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Interest and other expense, net
|
$
|
(9,912
|
)
|
|
$
|
(4,525
|
)
|
|
$
|
(8,095
|
)
|
|
n/m
|
|
|
(44.1
|
)%
|
Income (loss) before taxes
|
$
|
73,633
|
|
|
$
|
59,632
|
|
|
$
|
(27,476
|
)
|
|
23.5
|
%
|
|
n/m
|
|
Tax expense (benefit)
|
$
|
18,614
|
|
|
$
|
14,060
|
|
|
$
|
(1,208
|
)
|
|
32.4
|
%
|
|
n/m
|
|
% of pre-tax income
|
25.3
|
%
|
|
23.6
|
%
|
|
4.4
|
%
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
55,019
|
|
|
$
|
45,572
|
|
|
$
|
(26,268
|
)
|
|
20.7
|
%
|
|
n/m
|
|
% of net revenues
|
5.7
|
%
|
|
5.0
|
%
|
|
(3.0
|
)%
|
|
|
|
|
|
||||
Net income (loss) per share - basic
|
$
|
1.07
|
|
|
$
|
0.86
|
|
|
$
|
(0.51
|
)
|
|
24.4
|
%
|
|
n/m
|
|
Net income (loss) per share - diluted
|
$
|
1.04
|
|
|
$
|
0.85
|
|
|
$
|
(0.51
|
)
|
|
22.4
|
%
|
|
n/m
|
|
|
Fiscal Year
|
|
Fiscal 2019 versus 2018
|
|
Fiscal 2018 versus 2017
|
||||||||||||||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|
Reported Growth
|
|
Currency impact
|
|
Constant currency growth
(1)
|
|
Reported Growth
|
|
Currency impact
|
|
Constant currency growth
(1)
|
||||||||||||
United States
|
$
|
606,845
|
|
|
$
|
548,731
|
|
|
$
|
522,686
|
|
|
10.6
|
%
|
|
—
|
%
|
|
10.6
|
%
|
|
5.0
|
%
|
|
—
|
%
|
|
5.0
|
%
|
International
|
360,734
|
|
|
355,192
|
|
|
363,430
|
|
|
1.6
|
%
|
|
—
|
%
|
|
1.6
|
%
|
|
(2.3
|
)%
|
|
2.0
|
%
|
|
(4.3
|
)%
|
|||
Net revenues
|
$
|
967,579
|
|
|
$
|
903,923
|
|
|
$
|
886,116
|
|
|
7.0
|
%
|
|
—
|
%
|
|
7.0
|
%
|
|
2.0
|
%
|
|
0.9
|
%
|
|
1.1
|
%
|
(1)
Constant currency growth, a non-GAAP financial measure, measures the change in sales between the current and prior year periods using a constant currency. See
"Management's Use of Non-GAAP Measures."
|
|
Fiscal Year
|
|
|
|
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|
% Increase/(Decrease)
19 vs. 18 |
|
% Increase/(Decrease)
18 vs. 17 |
||||||||
Gross profit
|
$
|
417,536
|
|
|
$
|
411,908
|
|
|
$
|
378,494
|
|
|
1.4
|
%
|
|
8.8
|
%
|
% of net revenues
|
43.2
|
%
|
|
45.6
|
%
|
|
42.7
|
%
|
|
|
|
|
|
|
|
Fiscal Year
|
|
|
|
|
||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|
% Increase/(Decrease)
19 vs. 18 |
|
% Increase/(Decrease)
18 vs. 17 |
||||||||
Research and development
|
$
|
35,714
|
|
|
$
|
39,228
|
|
|
$
|
37,556
|
|
|
(9.0
|
)%
|
|
4.5
|
%
|
% of net revenues
|
3.7
|
%
|
|
4.3
|
%
|
|
4.2
|
%
|
|
|
|
|
|
|
|||
Selling, general and administrative
|
$
|
298,277
|
|
|
$
|
316,523
|
|
|
$
|
301,726
|
|
|
(5.8
|
)%
|
|
4.9
|
%
|
% of net revenues
|
30.8
|
%
|
|
35.0
|
%
|
|
34.1
|
%
|
|
|
|
|
|
|
|||
Impairment of assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
58,593
|
|
|
—
|
%
|
|
(100.0
|
)%
|
% of net revenues
|
—
|
%
|
|
—
|
%
|
|
6.6
|
%
|
|
|
|
|
|||||
Total operating expenses
|
$
|
333,991
|
|
|
$
|
355,751
|
|
|
$
|
397,875
|
|
|
(6.1
|
)%
|
|
(10.6
|
)%
|
% of net revenues
|
34.5
|
%
|
|
39.4
|
%
|
|
44.9
|
%
|
|
|
|
|
|
|
|
Fiscal Year
|
|
|
|
|
|||||||||
|
2019
|
|
2018
|
|
2017
|
|
% Increase/(Decrease)
19 vs. 18 |
|
% Increase/(Decrease)
18 vs. 17 |
|||||
Reported income tax rate
|
25.3
|
%
|
|
23.6
|
%
|
|
4.4
|
%
|
|
1.7
|
%
|
|
19.2
|
%
|
|
Fiscal Year
|
|
|
|
|
||||||||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|
% Increase/(Decrease)
19 vs. 18 |
|
% Increase/(Decrease)
18 vs. 17 |
||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating activities
|
$
|
159,281
|
|
|
$
|
220,350
|
|
|
$
|
159,738
|
|
|
$
|
(61,069
|
)
|
|
$
|
60,612
|
|
Investing activities
|
(116,148
|
)
|
|
(63,041
|
)
|
|
(73,313
|
)
|
|
53,107
|
|
|
(10,272
|
)
|
|||||
Financing activities
|
(50,628
|
)
|
|
(120,643
|
)
|
|
(60,413
|
)
|
|
(70,015
|
)
|
|
60,230
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents
(1)
|
(3,323
|
)
|
|
3,939
|
|
|
(1,571
|
)
|
|
(7,262
|
)
|
|
5,510
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
$
|
(10,818
|
)
|
|
$
|
40,605
|
|
|
$
|
24,441
|
|
|
|
|
|
||||
(1)
The balance sheet is affected by spot exchange rates used to translate local currency amounts into U.S. dollars. In accordance with U.S. GAAP, we have eliminated the effect of foreign currency throughout our cash flow statement, except for its effect on our cash and cash equivalents.
|
|
Payments Due by Period
|
||||||||||||||||||
(In thousands)
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Debt
|
$
|
352,135
|
|
|
$
|
28,262
|
|
|
$
|
39,470
|
|
|
$
|
284,403
|
|
|
$
|
—
|
|
Interest payments
(1)
|
44,318
|
|
|
12,387
|
|
|
31,377
|
|
|
554
|
|
|
—
|
|
|||||
Operating leases
|
17,672
|
|
|
4,041
|
|
|
7,007
|
|
|
5,288
|
|
|
1,336
|
|
|||||
Purchase commitments
(2)
|
147,836
|
|
|
147,836
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Expected retirement plan benefit payments
|
13,443
|
|
|
1,503
|
|
|
2,792
|
|
|
2,701
|
|
|
6,447
|
|
|||||
Total contractual obligations
|
$
|
575,404
|
|
|
$
|
194,029
|
|
|
$
|
80,646
|
|
|
$
|
292,946
|
|
|
$
|
7,783
|
|
(1)
Interest payments reflect the contractual interest payments on our outstanding debt and exclude the impact of interest rate swap agreements. Interest payments are projected using interest rates in effect as of March 30, 2019. Certain of these projected interest payments may differ in the future based on changes in market interest rates.
(2)
Includes amounts we are committed to spend on purchase orders entered in the normal course of business for capital equipment as well as commitments with contractors for the manufacture of certain disposable products and equipment. The majority of our operating expense spending does not require any advance commitment.
|
•
|
Decreases in estimated market sizes or market growth rates due to greater-than-expected declines in procedural volumes, pricing pressures, product actions and/or competitive technology developments,
|
•
|
Declines in our market share and penetration assumptions due to increased competition, an inability to develop or launch new and next-generation products and technology features in line with our commercialization strategies and market and/or regulatory conditions that may cause significant launch delays or product recalls,
|
•
|
Decreases in our forecasted profitability due to an inability to implement successfully and achieve timely and sustainable cost improvement measures consistent with our expectations,
|
•
|
Changes in our reporting units or in the structure of our business as a result of future reorganizations, acquisitions or divestitures of assets or businesses and
|
•
|
Increases in our market-participant risk-adjusted weighted average cost of capital and increases in our market-participant tax rate and/or changes in tax laws or macroeconomic conditions.
|
|
Year Ended
|
||||||||||
|
March 30,
2019 |
|
March 31,
2018 |
|
April 1,
2017 |
||||||
|
|
|
|
|
|
||||||
Net revenues
|
$
|
967,579
|
|
|
$
|
903,923
|
|
|
$
|
886,116
|
|
Cost of goods sold
|
550,043
|
|
|
492,015
|
|
|
507,622
|
|
|||
Gross profit
|
417,536
|
|
|
411,908
|
|
|
378,494
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||
Research and development
|
35,714
|
|
|
39,228
|
|
|
37,556
|
|
|||
Selling, general and administrative
|
298,277
|
|
|
316,523
|
|
|
301,726
|
|
|||
Impairment of assets
|
—
|
|
|
—
|
|
|
58,593
|
|
|||
Total operating expenses
|
333,991
|
|
|
355,751
|
|
|
397,875
|
|
|||
Operating income (loss)
|
83,545
|
|
|
56,157
|
|
|
(19,381
|
)
|
|||
Gain on divestiture
|
—
|
|
|
8,000
|
|
|
—
|
|
|||
Interest and other expense, net
|
(9,912
|
)
|
|
(4,525
|
)
|
|
(8,095
|
)
|
|||
Income (loss) before provision (benefit) for income taxes
|
73,633
|
|
|
59,632
|
|
|
(27,476
|
)
|
|||
Provision (benefit) for income taxes
|
18,614
|
|
|
14,060
|
|
|
(1,208
|
)
|
|||
Net income (loss)
|
$
|
55,019
|
|
|
$
|
45,572
|
|
|
$
|
(26,268
|
)
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) per share - basic
|
$
|
1.07
|
|
|
$
|
0.86
|
|
|
$
|
(0.51
|
)
|
Net income (loss) per share - diluted
|
$
|
1.04
|
|
|
$
|
0.85
|
|
|
$
|
(0.51
|
)
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|||
Basic
|
51,533
|
|
|
52,755
|
|
|
51,524
|
|
|||
Diluted
|
52,942
|
|
|
53,501
|
|
|
51,524
|
|
|
Year Ended
|
||||||||||
|
March 30,
2019 |
|
March 31,
2018 |
|
April 1,
2017 |
||||||
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
55,019
|
|
|
$
|
45,572
|
|
|
$
|
(26,268
|
)
|
|
|
|
|
|
|
||||||
Other comprehensive (loss) income:
|
|
|
|
|
|
||||||
Impact of defined benefit plans, net of tax
|
(204
|
)
|
|
1,949
|
|
|
5,220
|
|
|||
Foreign currency translation adjustment, net of tax
|
(9,108
|
)
|
|
13,430
|
|
|
(7,336
|
)
|
|||
Unrealized loss on cash flow hedges, net of tax
|
(1,877
|
)
|
|
(2,796
|
)
|
|
(364
|
)
|
|||
Reclassifications into earnings of cash flow hedge (gains) losses, net of tax
|
(200
|
)
|
|
1,299
|
|
|
4,647
|
|
|||
Other comprehensive (loss) income
|
(11,389
|
)
|
|
13,882
|
|
|
2,167
|
|
|||
Comprehensive income (loss)
|
$
|
43,630
|
|
|
$
|
59,454
|
|
|
$
|
(24,101
|
)
|
|
March 30,
2019 |
|
March 31,
2018 |
||||
|
|||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
169,351
|
|
|
$
|
180,169
|
|
Accounts receivable, less allowance of $3,937 at March 30, 2019 and $2,111 at March 31, 2018
|
185,027
|
|
|
151,226
|
|
||
Inventories, net
|
194,337
|
|
|
160,799
|
|
||
Prepaid expenses and other current assets
|
27,406
|
|
|
28,983
|
|
||
Total current assets
|
576,121
|
|
|
521,177
|
|
||
Property, plant and equipment, net
|
343,979
|
|
|
332,156
|
|
||
Intangible assets, less accumulated amortization of $263,479 at March 30, 2019 and $249,278 at March 31, 2018
|
127,693
|
|
|
156,589
|
|
||
Goodwill
|
210,819
|
|
|
211,395
|
|
||
Deferred tax asset
|
4,359
|
|
|
3,961
|
|
||
Other long-term assets
|
11,796
|
|
|
12,061
|
|
||
Total assets
|
$
|
1,274,767
|
|
|
$
|
1,237,339
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|
||
Notes payable and current maturities of long-term debt
|
$
|
27,666
|
|
|
$
|
194,259
|
|
Accounts payable
|
63,361
|
|
|
55,265
|
|
||
Accrued payroll and related costs
|
53,200
|
|
|
69,519
|
|
||
Other current liabilities
|
91,532
|
|
|
65,660
|
|
||
Total current liabilities
|
235,759
|
|
|
384,703
|
|
||
Long-term debt, net of current maturities
|
322,454
|
|
|
59,423
|
|
||
Deferred tax liability
|
19,906
|
|
|
6,526
|
|
||
Other long-term liabilities
|
28,780
|
|
|
34,258
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 51,019,918 shares at March 30, 2019 and 52,342,965 shares at March 31, 2018
|
510
|
|
|
523
|
|
||
Additional paid-in capital
|
536,320
|
|
|
503,955
|
|
||
Retained earnings
|
161,418
|
|
|
266,942
|
|
||
Accumulated other comprehensive loss
|
(30,380
|
)
|
|
(18,991
|
)
|
||
Total stockholders’ equity
|
667,868
|
|
|
752,429
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,274,767
|
|
|
$
|
1,237,339
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Income/(Loss)
|
|
Total
Stockholders’ Equity
|
|||||||||||||
|
Shares
|
|
Par Value
|
|
|
|
|
|||||||||||||||
Balance, April 2, 2016
|
50,932
|
|
|
$
|
509
|
|
|
$
|
439,912
|
|
|
$
|
316,184
|
|
|
$
|
(35,040
|
)
|
|
$
|
721,565
|
|
Employee stock purchase plan
|
141
|
|
|
2
|
|
|
3,557
|
|
|
—
|
|
|
—
|
|
|
3,559
|
|
|||||
Exercise of stock options
|
1,048
|
|
|
12
|
|
|
29,425
|
|
|
—
|
|
|
—
|
|
|
29,437
|
|
|||||
Issuance of restricted stock, net of cancellations
|
134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
9,150
|
|
|
—
|
|
|
—
|
|
|
9,150
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,268
|
)
|
|
—
|
|
|
(26,268
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,167
|
|
|
2,167
|
|
|||||
Balance, April 1, 2017
|
52,255
|
|
|
$
|
523
|
|
|
$
|
482,044
|
|
|
$
|
289,916
|
|
|
$
|
(32,873
|
)
|
|
$
|
739,610
|
|
Employee stock purchase plan
|
102
|
|
|
1
|
|
|
3,245
|
|
|
—
|
|
|
—
|
|
|
3,246
|
|
|||||
Exercise of stock options
|
1,014
|
|
|
11
|
|
|
37,083
|
|
|
—
|
|
|
—
|
|
|
37,094
|
|
|||||
Shares repurchased
|
(1,162
|
)
|
|
(12
|
)
|
|
(31,442
|
)
|
|
(68,546
|
)
|
|
—
|
|
|
(100,000
|
)
|
|||||
Issuance of restricted stock, net of cancellations
|
134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
13,025
|
|
|
—
|
|
|
—
|
|
|
13,025
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
45,572
|
|
|
—
|
|
|
45,572
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,882
|
|
|
13,882
|
|
|||||
Balance, March 31, 2018
|
52,343
|
|
|
$
|
523
|
|
|
$
|
503,955
|
|
|
$
|
266,942
|
|
|
$
|
(18,991
|
)
|
|
$
|
752,429
|
|
Employee stock purchase plan
|
67
|
|
|
1
|
|
|
3,253
|
|
|
—
|
|
|
—
|
|
|
3,254
|
|
|||||
Exercise of stock options
|
287
|
|
|
3
|
|
|
10,188
|
|
|
—
|
|
|
—
|
|
|
10,191
|
|
|||||
Shares repurchased
|
(1,841
|
)
|
|
(18
|
)
|
|
1,737
|
|
|
(161,719
|
)
|
|
—
|
|
|
(160,000
|
)
|
|||||
Issuance of restricted stock, net of cancellations
|
164
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
17,188
|
|
|
—
|
|
|
—
|
|
|
17,188
|
|
|||||
Cumulative effect of change in accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
1,176
|
|
|
—
|
|
|
1,176
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
55,019
|
|
|
—
|
|
|
55,019
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,389
|
)
|
|
(11,389
|
)
|
|||||
Balance, March 30, 2019
|
51,020
|
|
|
$
|
510
|
|
|
$
|
536,320
|
|
|
$
|
161,418
|
|
|
$
|
(30,380
|
)
|
|
$
|
667,868
|
|
|
Year Ended
|
||||||||||
|
March 30,
2019 |
|
March 31,
2018 |
|
April 1,
2017 |
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
55,019
|
|
|
$
|
45,572
|
|
|
$
|
(26,268
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Non-cash items:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
109,418
|
|
|
89,247
|
|
|
89,733
|
|
|||
Impairment of assets
|
21,170
|
|
|
2,673
|
|
|
75,348
|
|
|||
Share-based compensation expense
|
17,188
|
|
|
13,025
|
|
|
9,150
|
|
|||
Gain on divestiture
|
—
|
|
|
(8,000
|
)
|
|
—
|
|
|||
Deferred tax provision (benefit)
|
13,351
|
|
|
(5,828
|
)
|
|
(6,800
|
)
|
|||
Unrealized (gain) loss from hedging activities
|
(24
|
)
|
|
(649
|
)
|
|
517
|
|
|||
Provision for losses on accounts receivable and inventory
|
6,325
|
|
|
2,639
|
|
|
11,381
|
|
|||
Other non-cash operating activities
|
(416
|
)
|
|
1,692
|
|
|
860
|
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Change in accounts receivable
|
(38,064
|
)
|
|
5,087
|
|
|
3,155
|
|
|||
Change in inventories
|
(39,322
|
)
|
|
14,385
|
|
|
(1,552
|
)
|
|||
Change in prepaid income taxes
|
(3,594
|
)
|
|
1,436
|
|
|
1,395
|
|
|||
Change in other assets and other liabilities
|
494
|
|
|
17,670
|
|
|
(18,253
|
)
|
|||
Change in accounts payable and accrued expenses
|
17,736
|
|
|
41,401
|
|
|
21,072
|
|
|||
Net cash provided by operating activities
|
159,281
|
|
|
220,350
|
|
|
159,738
|
|
|||
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(118,961
|
)
|
|
(74,799
|
)
|
|
(76,135
|
)
|
|||
Proceeds from divestiture
|
—
|
|
|
9,000
|
|
|
—
|
|
|||
Proceeds from sale of property, plant and equipment
|
2,813
|
|
|
2,758
|
|
|
2,822
|
|
|||
Net cash used in investing activities
|
(116,148
|
)
|
|
(63,041
|
)
|
|
(73,313
|
)
|
|||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|||
Term loan borrowings
|
347,780
|
|
|
—
|
|
|
—
|
|
|||
Repayment of term loan borrowings
|
(266,853
|
)
|
|
(61,654
|
)
|
|
(42,683
|
)
|
|||
Net increase (decrease) in short-term loans
|
15,000
|
|
|
671
|
|
|
(50,727
|
)
|
|||
Proceeds from employee stock purchase plan
|
3,254
|
|
|
3,246
|
|
|
3,560
|
|
|||
Proceeds from exercise of stock options
|
10,191
|
|
|
37,094
|
|
|
29,437
|
|
|||
Share repurchases
|
(160,000
|
)
|
|
(100,000
|
)
|
|
—
|
|
|||
Net cash used in financing activities
|
(50,628
|
)
|
|
(120,643
|
)
|
|
(60,413
|
)
|
|||
Effect of exchange rates on cash and cash equivalents
|
(3,323
|
)
|
|
3,939
|
|
|
(1,571
|
)
|
|||
Net Change in Cash and Cash Equivalents
|
(10,818
|
)
|
|
40,605
|
|
|
24,441
|
|
|||
Cash and Cash Equivalents at Beginning of Year
|
180,169
|
|
|
139,564
|
|
|
115,123
|
|
|||
Cash and Cash Equivalents at End of Year
|
$
|
169,351
|
|
|
$
|
180,169
|
|
|
$
|
139,564
|
|
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
13,116
|
|
|
$
|
7,663
|
|
|
$
|
7,850
|
|
Income taxes paid
|
$
|
8,205
|
|
|
$
|
9,083
|
|
|
$
|
6,957
|
|
Transfers from inventory to fixed assets for placement of Haemonetics equipment
|
$
|
16,345
|
|
|
$
|
8,963
|
|
|
$
|
6,255
|
|
Asset Classification
|
|
Estimated
Useful Lives
|
Building
|
|
30-40 Years
|
Building improvements
|
|
5-20 Years
|
Plant equipment and machinery
|
|
3-15 Years
|
Office equipment and information technology
|
|
3-10 Years
|
Haemonetics equipment
|
|
3-7 Years
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018 |
||||
VAT liabilities
|
$
|
3,995
|
|
|
$
|
2,932
|
|
Forward contracts
|
5,348
|
|
|
1,583
|
|
||
Deferred revenue
|
27,279
|
|
|
25,814
|
|
||
Accrued taxes
|
8,451
|
|
|
5,340
|
|
||
All other
|
46,459
|
|
|
29,991
|
|
||
Total
|
$
|
91,532
|
|
|
$
|
65,660
|
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018 |
||||
Unfunded pension liability
|
13,766
|
|
|
14,045
|
|
||
Unrecognized tax benefit
|
2,895
|
|
|
2,850
|
|
||
Transition tax liability
|
6,305
|
|
|
7,837
|
|
||
All other
|
5,814
|
|
|
9,526
|
|
||
Total
|
$
|
28,780
|
|
|
$
|
34,258
|
|
(In thousands)
|
2018 Program
|
|
2017 and Prior Programs
|
|
Total
|
||||||
Balance at April 2, 2016
|
$
|
—
|
|
|
$
|
8,752
|
|
|
$
|
8,752
|
|
Costs incurred, net of reversals
|
—
|
|
|
21,833
|
|
|
21,833
|
|
|||
Payments
|
—
|
|
|
(22,317
|
)
|
|
(22,317
|
)
|
|||
Non-cash adjustments
|
—
|
|
|
(800
|
)
|
|
(800
|
)
|
|||
Balance at April 1, 2017
|
$
|
—
|
|
|
$
|
7,468
|
|
|
$
|
7,468
|
|
Costs incurred, net of reversals
|
29,694
|
|
|
835
|
|
|
30,529
|
|
|||
Payments
|
(1,363
|
)
|
|
(6,897
|
)
|
|
(8,260
|
)
|
|||
Non-cash adjustments
|
(1,202
|
)
|
|
—
|
|
|
(1,202
|
)
|
|||
Balance at March 31, 2018
|
$
|
27,129
|
|
|
$
|
1,406
|
|
|
$
|
28,535
|
|
Costs incurred, net of reversals
|
431
|
|
|
(36
|
)
|
|
395
|
|
|||
Payments
|
(20,742
|
)
|
|
(650
|
)
|
|
(21,392
|
)
|
|||
Non-cash adjustments
|
(96
|
)
|
|
37
|
|
|
(59
|
)
|
|||
Balance at March 30, 2019
|
$
|
6,722
|
|
|
$
|
757
|
|
|
$
|
7,479
|
|
Restructuring costs
|
|
|
|
|
|
||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Japan
|
$
|
102
|
|
|
$
|
514
|
|
|
$
|
819
|
|
EMEA
|
730
|
|
|
1,496
|
|
|
4,272
|
|
|||
North America Plasma
|
(20
|
)
|
|
565
|
|
|
366
|
|
|||
All Other
|
(417
|
)
|
|
27,954
|
|
|
16,376
|
|
|||
Total
|
$
|
395
|
|
|
$
|
30,529
|
|
|
$
|
21,833
|
|
|
|
|
|
|
|
||||||
Turnaround costs
|
|
|
|
|
|
||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Japan
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
EMEA
|
108
|
|
|
(107
|
)
|
|
94
|
|
|||
North America Plasma
|
136
|
|
|
976
|
|
|
972
|
|
|||
All Other
|
12,984
|
|
|
12,727
|
|
|
11,415
|
|
|||
Total
|
$
|
13,228
|
|
|
$
|
13,596
|
|
|
$
|
12,483
|
|
|
|
|
|
|
|
||||||
Total restructuring and turnaround
|
$
|
13,623
|
|
|
$
|
44,125
|
|
|
$
|
34,316
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Domestic
|
$
|
26,665
|
|
|
$
|
3,534
|
|
|
$
|
(44,724
|
)
|
Foreign
|
46,968
|
|
|
56,098
|
|
|
17,248
|
|
|||
Total
|
$
|
73,633
|
|
|
$
|
59,632
|
|
|
$
|
(27,476
|
)
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Current
|
|
|
|
|
|
|
|
|
|||
Federal
|
$
|
(4,165
|
)
|
|
$
|
9,927
|
|
|
$
|
(1,424
|
)
|
State
|
844
|
|
|
1,024
|
|
|
436
|
|
|||
Foreign
|
8,584
|
|
|
8,937
|
|
|
6,580
|
|
|||
Total current
|
$
|
5,263
|
|
|
$
|
19,888
|
|
|
$
|
5,592
|
|
Deferred
|
|
|
|
|
|
|
|
|
|||
Federal
|
12,220
|
|
|
(5,350
|
)
|
|
(8,711
|
)
|
|||
State
|
463
|
|
|
344
|
|
|
(953
|
)
|
|||
Foreign
|
668
|
|
|
(822
|
)
|
|
2,864
|
|
|||
Total deferred
|
$
|
13,351
|
|
|
$
|
(5,828
|
)
|
|
$
|
(6,800
|
)
|
Total
|
$
|
18,614
|
|
|
$
|
14,060
|
|
|
$
|
(1,208
|
)
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018 |
||||
Deferred tax assets:
|
|
|
|
||||
Depreciation
|
$
|
2,277
|
|
|
$
|
1,345
|
|
Amortization of intangibles
|
1,091
|
|
|
964
|
|
||
Inventory
|
3,541
|
|
|
3,183
|
|
||
Accruals, reserves and other deferred tax assets
|
15,802
|
|
|
16,939
|
|
||
Net operating loss carry-forward
|
4,931
|
|
|
10,810
|
|
||
Stock based compensation
|
3,728
|
|
|
3,292
|
|
||
Tax credit carry-forward, net
|
4,176
|
|
|
3,479
|
|
||
Gross deferred tax assets
|
35,546
|
|
|
40,012
|
|
||
Less valuation allowance
|
(11,322
|
)
|
|
(11,090
|
)
|
||
Total deferred tax assets (after valuation allowance)
|
24,224
|
|
|
28,922
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Depreciation
|
(23,102
|
)
|
|
(17,732
|
)
|
||
Amortization of goodwill and intangibles
|
(13,959
|
)
|
|
(11,942
|
)
|
||
Unremitted earnings
|
(801
|
)
|
|
(274
|
)
|
||
Other deferred tax liabilities
|
(1,909
|
)
|
|
(1,539
|
)
|
||
Total deferred tax liabilities
|
(39,771
|
)
|
|
(31,487
|
)
|
||
Net deferred tax liabilities
|
$
|
(15,547
|
)
|
|
$
|
(2,565
|
)
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
Tax at federal statutory rate
|
$
|
15,463
|
|
|
21.0
|
%
|
|
$
|
18,807
|
|
|
31.5
|
%
|
|
$
|
(9,616
|
)
|
|
35.0
|
%
|
Difference between U.S. and foreign tax
|
(1,423
|
)
|
|
(1.9
|
)%
|
|
(9,264
|
)
|
|
(15.5
|
)%
|
|
137
|
|
|
(0.5
|
)%
|
|||
State income taxes net of federal benefit
|
902
|
|
|
1.2
|
%
|
|
29
|
|
|
—
|
%
|
|
(495
|
)
|
|
1.8
|
%
|
|||
Change in uncertain tax positions
|
267
|
|
|
0.4
|
%
|
|
1,095
|
|
|
1.8
|
%
|
|
862
|
|
|
(3.1
|
)%
|
|||
Global intangible low taxed income
|
5,954
|
|
|
8.1
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Unremitted earnings
|
527
|
|
|
0.7
|
%
|
|
(791
|
)
|
|
(1.3
|
)%
|
|
330
|
|
|
(1.2
|
)%
|
|||
Deferred statutory rate changes
|
1,183
|
|
|
1.6
|
%
|
|
(3,193
|
)
|
|
(5.4
|
)%
|
|
(383
|
)
|
|
1.4
|
%
|
|||
Non-deductible goodwill impairment
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
3,703
|
|
|
(13.5
|
)%
|
|||
Non-deductible executive compensation
|
1,588
|
|
|
2.2
|
%
|
|
221
|
|
|
0.4
|
%
|
|
40
|
|
|
(0.1
|
)%
|
|||
Non-deductible other
|
462
|
|
|
0.6
|
%
|
|
22
|
|
|
—
|
%
|
|
856
|
|
|
(3.1
|
)%
|
|||
Stock compensation benefits
|
(5,382
|
)
|
|
(7.3
|
)%
|
|
(2,544
|
)
|
|
(4.3
|
)%
|
|
—
|
|
|
—
|
%
|
|||
Research credits
|
(768
|
)
|
|
(1.0
|
)%
|
|
(763
|
)
|
|
(1.3
|
)%
|
|
(561
|
)
|
|
2.0
|
%
|
|||
One-time transition tax from tax reform
|
26
|
|
|
—
|
%
|
|
25,798
|
|
|
43.3
|
%
|
|
—
|
|
|
—
|
%
|
|||
Tax amortization of goodwill
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
(10,564
|
)
|
|
38.4
|
%
|
|||
Valuation allowance
|
(184
|
)
|
|
(0.3
|
)%
|
|
(15,541
|
)
|
|
(25.9
|
)%
|
|
13,505
|
|
|
(49.2
|
)%
|
|||
Other, net
|
(1
|
)
|
|
—
|
%
|
|
184
|
|
|
0.3
|
%
|
|
978
|
|
|
(3.5
|
)%
|
|||
Income tax provision (benefit)
|
$
|
18,614
|
|
|
25.3
|
%
|
|
$
|
14,060
|
|
|
23.6
|
%
|
|
$
|
(1,208
|
)
|
|
4.4
|
%
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018 |
|
April 1,
2017 |
||||||
Beginning Balance
|
$
|
4,450
|
|
|
$
|
3,370
|
|
|
$
|
2,523
|
|
Additions for tax positions of current year
|
282
|
|
|
289
|
|
|
—
|
|
|||
Additions for tax positions of prior years
|
—
|
|
|
1,203
|
|
|
1,279
|
|
|||
Reductions of tax positions
|
(52
|
)
|
|
(252
|
)
|
|
(29
|
)
|
|||
Closure of statute of limitations
|
(23
|
)
|
|
(160
|
)
|
|
(403
|
)
|
|||
Ending Balance
|
$
|
4,657
|
|
|
$
|
4,450
|
|
|
$
|
3,370
|
|
(In thousands, except per share amounts)
|
2019
|
|
2018
|
|
2017
|
||||||
Basic EPS
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
55,019
|
|
|
$
|
45,572
|
|
|
$
|
(26,268
|
)
|
Weighted average shares
|
51,533
|
|
|
52,755
|
|
|
51,524
|
|
|||
Basic income (loss) per share
|
$
|
1.07
|
|
|
$
|
0.86
|
|
|
$
|
(0.51
|
)
|
Diluted EPS
|
|
|
|
|
|
|
|
|
|||
Net income (loss)
|
$
|
55,019
|
|
|
$
|
45,572
|
|
|
$
|
(26,268
|
)
|
Basic weighted average shares
|
51,533
|
|
|
52,755
|
|
|
51,524
|
|
|||
Net effect of common stock equivalents
|
1,409
|
|
|
746
|
|
|
—
|
|
|||
Diluted weighted average shares
|
52,942
|
|
|
53,501
|
|
|
51,524
|
|
|||
Diluted income (loss) per share
|
$
|
1.04
|
|
|
$
|
0.85
|
|
|
$
|
(0.51
|
)
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018
(1)
|
||||
Raw materials
|
$
|
69,420
|
|
|
$
|
52,997
|
|
Work-in-process
|
12,610
|
|
|
10,774
|
|
||
Finished goods
|
112,307
|
|
|
97,028
|
|
||
Total Inventories
|
$
|
194,337
|
|
|
$
|
160,799
|
|
(In thousands)
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
Land
|
|
$
|
7,337
|
|
|
$
|
7,450
|
|
Building and building improvements
|
|
118,821
|
|
|
114,646
|
|
||
Plant equipment and machinery
|
|
301,297
|
|
|
291,537
|
|
||
Office equipment and information technology
|
|
132,783
|
|
|
134,412
|
|
||
Haemonetics equipment
|
|
372,984
|
|
|
325,401
|
|
||
Total
|
|
933,222
|
|
|
873,446
|
|
||
Less: accumulated depreciation and amortization
|
|
(589,243
|
)
|
|
(541,290
|
)
|
||
Property, plant and equipment, net
|
|
$
|
343,979
|
|
|
$
|
332,156
|
|
(In thousands)
|
Japan
|
|
EMEA
|
|
North America Plasma
|
|
All Other
|
|
Total
|
||||||||||
Carrying amount as of April 1, 2017
|
$
|
24,880
|
|
|
$
|
20,543
|
|
|
$
|
26,415
|
|
|
$
|
139,003
|
|
|
$
|
210,841
|
|
Currency translation
|
162
|
|
|
134
|
|
|
—
|
|
|
258
|
|
|
554
|
|
|||||
Carrying amount as of March 31, 2018
|
$
|
25,042
|
|
|
$
|
20,677
|
|
|
$
|
26,415
|
|
|
$
|
139,261
|
|
|
$
|
211,395
|
|
Transfer of goodwill between segments
|
—
|
|
|
(1,084
|
)
|
|
—
|
|
|
1,084
|
|
|
—
|
|
|||||
Currency translation
|
(168
|
)
|
|
(139
|
)
|
|
—
|
|
|
(269
|
)
|
|
(576
|
)
|
|||||
Carrying amount as of March 30, 2019
|
$
|
24,874
|
|
|
$
|
19,454
|
|
|
$
|
26,415
|
|
|
$
|
140,076
|
|
|
$
|
210,819
|
|
(In thousands)
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
As of March 30, 2019
|
|
|
|
|
|
|
|
||||
Amortizable:
|
|
|
|
|
|
||||||
Patents
|
$
|
9,635
|
|
|
$
|
8,444
|
|
|
$
|
1,191
|
|
Capitalized software
|
66,631
|
|
|
34,737
|
|
|
31,894
|
|
|||
Other developed technology
|
103,321
|
|
|
73,271
|
|
|
30,050
|
|
|||
Customer contracts and related relationships
|
194,793
|
|
|
142,747
|
|
|
52,046
|
|
|||
Trade names
|
5,169
|
|
|
4,280
|
|
|
889
|
|
|||
Total
|
$
|
379,549
|
|
|
$
|
263,479
|
|
|
$
|
116,070
|
|
Non-amortizable:
|
|
|
|
|
|
||||||
In-process software development
|
$
|
8,740
|
|
|
|
|
|
||||
In-process patents
|
2,883
|
|
|
|
|
|
|||||
Total
|
$
|
11,623
|
|
|
|
|
|
(In thousands)
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
As of March 31, 2018
|
|
|
|
|
|
|
|
||||
Amortizable:
|
|
|
|
|
|
||||||
Patents
|
$
|
9,301
|
|
|
$
|
8,262
|
|
|
$
|
1,039
|
|
Capitalized software
|
54,095
|
|
|
27,117
|
|
|
26,978
|
|
|||
Other developed technology
|
117,959
|
|
|
80,622
|
|
|
37,337
|
|
|||
Customer contracts and related relationships
|
197,266
|
|
|
127,338
|
|
|
69,928
|
|
|||
Trade names
|
7,178
|
|
|
5,939
|
|
|
1,239
|
|
|||
Total
|
$
|
385,799
|
|
|
$
|
249,278
|
|
|
$
|
136,521
|
|
Non-amortizable:
|
|
|
|
|
|
||||||
In-process software development
|
$
|
17,717
|
|
|
|
|
|
||||
In-process patents
|
2,351
|
|
|
|
|
|
|||||
Total
|
$
|
20,068
|
|
|
|
|
|
(In thousands)
|
March 30, 2019
|
|
March 31, 2018
|
||||
Term loan, net of financing fees
|
$
|
334,859
|
|
|
$
|
253,305
|
|
Other borrowings
|
15,261
|
|
|
377
|
|
||
Less current portion
|
(27,666
|
)
|
|
(194,259
|
)
|
||
Long-term debt
|
$
|
322,454
|
|
|
$
|
59,423
|
|
Derivative Instruments
|
|
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss
|
|
Amount of Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings
|
|
Location in Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
|
|
Amount of Gain Excluded from
Effectiveness
Testing
|
|
Location in Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
|
||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
||||||
Designated foreign currency hedge contracts, net of tax
|
|
$
|
2,610
|
|
|
$
|
577
|
|
|
Net revenues, COGS and SG&A
|
|
$
|
1,601
|
|
|
Interest and other expense, net
|
Non-designated foreign currency hedge contracts
|
|
—
|
|
|
—
|
|
|
|
|
$
|
1,355
|
|
|
Interest and other expense, net
|
||
Designated interest rate swaps, net of tax
|
|
$
|
(4,487
|
)
|
|
$
|
(377
|
)
|
|
Interest and other expense, net
|
|
$
|
—
|
|
|
|
(In thousands)
|
Location in
Balance Sheet
|
|
As of March 30, 2019
|
|
As of March 31, 2018
|
||||
Derivative Assets:
|
|
|
|
|
|
|
|
||
Designated foreign currency hedge contracts
|
Other current assets
|
|
$
|
1,208
|
|
|
$
|
780
|
|
Non-designated foreign currency hedge contracts
|
Other current assets
|
|
69
|
|
|
324
|
|
||
|
|
|
$
|
1,277
|
|
|
$
|
1,104
|
|
Derivative Liabilities:
|
|
|
|
|
|
|
|
||
Designated foreign currency hedge contracts
|
Other current liabilities
|
|
$
|
145
|
|
|
$
|
1,445
|
|
Non-designated foreign currency hedge contracts
|
Other current liabilities
|
|
—
|
|
|
138
|
|
||
Designated interest rate swaps
|
Other current liabilities
|
|
5,203
|
|
|
—
|
|
||
|
|
|
$
|
5,348
|
|
|
$
|
1,583
|
|
|
|
As of March 30, 2019
|
||||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Money market funds
|
|
$
|
36,980
|
|
|
$
|
—
|
|
|
$
|
36,980
|
|
Designated foreign currency hedge contracts
|
|
—
|
|
|
1,208
|
|
|
$
|
1,208
|
|
||
Non-designated foreign currency hedge contracts
|
|
—
|
|
|
69
|
|
|
$
|
69
|
|
||
|
|
$
|
36,980
|
|
|
$
|
1,277
|
|
|
$
|
38,257
|
|
Liabilities
|
|
|
|
|
|
|
||||||
Designated foreign currency hedge contracts
|
|
$
|
—
|
|
|
$
|
145
|
|
|
$
|
145
|
|
Designated interest rate swaps
|
|
—
|
|
|
5,203
|
|
|
$
|
5,203
|
|
||
|
|
$
|
—
|
|
|
$
|
5,348
|
|
|
$
|
5,348
|
|
|
|
|
|
|
|
|
||||||
|
|
As of March 31, 2018
|
||||||||||
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Money market funds
|
|
$
|
75,450
|
|
|
$
|
—
|
|
|
$
|
75,450
|
|
Designated foreign currency hedge contracts
|
|
—
|
|
|
780
|
|
|
$
|
780
|
|
||
Non-designated foreign currency hedge contracts
|
|
—
|
|
|
324
|
|
|
$
|
324
|
|
||
|
|
$
|
75,450
|
|
|
$
|
1,104
|
|
|
$
|
76,554
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|||
Designated foreign currency hedge contracts
|
|
$
|
—
|
|
|
$
|
1,445
|
|
|
$
|
1,445
|
|
Non-designated foreign currency hedge contracts
|
|
—
|
|
|
138
|
|
|
$
|
138
|
|
||
|
|
$
|
—
|
|
|
$
|
1,583
|
|
|
$
|
1,583
|
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018 |
||||
Warranty accrual as of the beginning of the year
|
$
|
316
|
|
|
$
|
176
|
|
Warranty provision
|
660
|
|
|
1,082
|
|
||
Warranty spending
|
(742
|
)
|
|
(942
|
)
|
||
Warranty accrual as of the end of the year
|
$
|
234
|
|
|
$
|
316
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost
|
$
|
1,893
|
|
|
$
|
2,651
|
|
|
$
|
3,404
|
|
Interest cost on benefit obligation
|
340
|
|
|
293
|
|
|
287
|
|
|||
Expected return on plan assets
|
(208
|
)
|
|
(215
|
)
|
|
(308
|
)
|
|||
Actuarial loss
|
132
|
|
|
186
|
|
|
532
|
|
|||
Amortization of unrecognized prior service cost
|
(86
|
)
|
|
(121
|
)
|
|
(119
|
)
|
|||
Amortization of unrecognized transition obligation
|
—
|
|
|
—
|
|
|
37
|
|
|||
Plan settlements and curtailments
|
(82
|
)
|
|
(445
|
)
|
|
289
|
|
|||
Totals
|
$
|
1,989
|
|
|
$
|
2,349
|
|
|
$
|
4,122
|
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018 |
||||
Change in Benefit Obligation:
|
|
|
|
|
|
||
Benefit Obligation, beginning of year
|
$
|
(30,476
|
)
|
|
$
|
(31,345
|
)
|
Service cost
|
(1,893
|
)
|
|
(2,651
|
)
|
||
Interest cost
|
(340
|
)
|
|
(293
|
)
|
||
Benefits paid
|
902
|
|
|
518
|
|
||
Actuarial gain
|
(367
|
)
|
|
2,381
|
|
||
Employee and plan participants contribution
|
(1,815
|
)
|
|
(3,441
|
)
|
||
Plan settlements and curtailments
|
3,069
|
|
|
5,064
|
|
||
Foreign currency changes
|
283
|
|
|
(709
|
)
|
||
Benefit obligation, end of year
|
$
|
(30,637
|
)
|
|
$
|
(30,476
|
)
|
Change in Plan Assets:
|
|
|
|
|
|
||
Fair value of plan assets, beginning of year
|
$
|
16,322
|
|
|
$
|
17,285
|
|
Company contributions
|
1,329
|
|
|
1,542
|
|
||
Benefits paid
|
(795
|
)
|
|
(434
|
)
|
||
(Loss) gain on plan assets
|
265
|
|
|
(200
|
)
|
||
Employee and plan participants contribution
|
1,801
|
|
|
3,490
|
|
||
Plan settlements
|
(2,916
|
)
|
|
(4,531
|
)
|
||
Foreign currency changes
|
281
|
|
|
(830
|
)
|
||
Fair value of plan assets, end of year
|
$
|
16,287
|
|
|
$
|
16,322
|
|
Funded Status
*
|
$
|
(14,350
|
)
|
|
$
|
(14,154
|
)
|
Unrecognized net actuarial loss
|
2,245
|
|
|
2,187
|
|
||
Unrecognized prior service cost
|
(714
|
)
|
|
(698
|
)
|
||
Net amount recognized
|
$
|
(12,819
|
)
|
|
$
|
(12,665
|
)
|
*
Substantially all of the unfunded status is non-current
|
Balance, April 2, 2016
|
$
|
(7,492
|
)
|
Obligation at transition
|
32
|
|
|
Actuarial loss
|
5,126
|
|
|
Prior service cost
|
62
|
|
|
Balance as of April 1, 2017
|
$
|
(2,272
|
)
|
Actuarial loss
|
1,922
|
|
|
Prior service cost
|
(125
|
)
|
|
Plan settlements and curtailments
|
152
|
|
|
Balance as of March 31, 2018
|
$
|
(323
|
)
|
Actuarial loss
|
(51
|
)
|
|
Prior service cost
|
(80
|
)
|
|
Plan settlements and curtailments
|
(73
|
)
|
|
Balance as of March 30, 2019
|
$
|
(527
|
)
|
(In thousands)
|
|
|
|
Fiscal 2020
|
$
|
1,503
|
|
Fiscal 2021
|
1,252
|
|
|
Fiscal 2022
|
1,540
|
|
|
Fiscal 2023
|
1,331
|
|
|
Fiscal 2024
|
1,370
|
|
|
Fiscal 2025-2029
|
6,447
|
|
|
|
$
|
13,443
|
|
Fiscal Year
|
|
|
|
(In thousands)
|
|
||
2020
|
$
|
4,041
|
|
2021
|
3,726
|
|
|
2022
|
3,281
|
|
|
2023
|
3,146
|
|
|
2024
|
2,142
|
|
|
Thereafter
|
1,336
|
|
|
|
$
|
17,672
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
|||
Selling, general and administrative expenses
|
$12,878
|
|
$9,960
|
|
$6,894
|
|||
Research and development
|
2,972
|
|
|
2,114
|
|
|
1,549
|
|
Cost of goods sold
|
1,338
|
|
|
951
|
|
|
707
|
|
|
$17,188
|
|
$13,025
|
|
$9,150
|
|
Options
Outstanding
|
|
Weighted
Average
Exercise Price
per Share
|
|
Weighted
Average
Remaining
Life (years)
|
|
Aggregate
Intrinsic
Value
($000’s)
|
|||||
Outstanding at March 31, 2018
|
1,197,438
|
|
|
$
|
36.68
|
|
|
4.71
|
|
$
|
43,685
|
|
Granted
|
209,675
|
|
|
94.67
|
|
|
|
|
|
|
||
Exercised
|
(290,824
|
)
|
|
35.87
|
|
|
|
|
|
|
||
Forfeited/Canceled
|
(102,886
|
)
|
|
40.01
|
|
|
|
|
|
|
||
Outstanding at March 30, 2019
|
1,013,403
|
|
|
$
|
48.55
|
|
|
4.48
|
|
$
|
40,902
|
|
|
|
|
|
|
|
|
|
|||||
Exercisable at March 30, 2019
|
366,857
|
|
|
$
|
36.63
|
|
|
3.06
|
|
$
|
18,655
|
|
|
|
|
|
|
|
|
|
|||||
Vested or expected to vest at March 30, 2019
|
936,291
|
|
|
$
|
47.16
|
|
|
4.20
|
|
$
|
38,931
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Volatility
|
26.1
|
%
|
|
24.2
|
%
|
|
24.0
|
%
|
|||
Expected life (years)
|
4.9
|
|
|
4.8
|
|
|
4.9
|
|
|||
Risk-free interest rate
|
2.8
|
%
|
|
1.7
|
%
|
|
1.2
|
%
|
|||
Dividend yield
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|||
Grant-date fair value per Option
|
$
|
26.67
|
|
|
$
|
10.25
|
|
|
$
|
7.61
|
|
|
Shares
|
|
Weighted
Average
Grant Date Fair Value
|
|||
Unvested at March 31, 2018
|
417,714
|
|
|
$
|
38.95
|
|
Granted
|
108,611
|
|
|
94.55
|
|
|
Vested
|
(150,583
|
)
|
|
40.04
|
|
|
Forfeited
|
(66,520
|
)
|
|
44.15
|
|
|
Unvested at March 30, 2019
|
309,222
|
|
|
$
|
57.07
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Grant-date fair value per RSU
|
$
|
94.55
|
|
|
$
|
41.87
|
|
|
$
|
32.61
|
|
Fair value of RSUs vested
|
$
|
40.04
|
|
|
$
|
33.03
|
|
|
$
|
34.98
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Expected stock price volatility
|
27.07
|
%
|
|
26.11
|
%
|
|
26.39
|
%
|
Peer group stock price volatility
|
34.98
|
%
|
|
34.13
|
%
|
|
33.86
|
%
|
Correlation of returns
|
47.57
|
%
|
|
49.51
|
%
|
|
51.17
|
%
|
|
2019
|
|
2018
|
|
2017
|
||||||
Grant-date fair value per PSU
|
$
|
115.64
|
|
|
$
|
46.49
|
|
|
$
|
34.07
|
|
Fair value of PSUs vested
|
$
|
29.20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Volatility
|
30.0
|
%
|
|
22.6
|
%
|
|
31.3
|
%
|
Expected life (months)
|
6
|
|
|
6
|
|
|
6
|
|
Risk-free interest rate
|
2.3
|
%
|
|
1.2
|
%
|
|
0.5
|
%
|
Dividend Yield
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Net revenues
|
|
|
|
|
|
||||||
Japan
|
$
|
70,227
|
|
|
$
|
68,172
|
|
|
$
|
74,695
|
|
EMEA
|
169,862
|
|
|
173,551
|
|
|
188,907
|
|
|||
North America Plasma
|
395,922
|
|
|
333,831
|
|
|
309,718
|
|
|||
All Other
|
337,054
|
|
|
333,763
|
|
|
326,260
|
|
|||
Net revenues before foreign exchange impact
|
973,065
|
|
|
909,317
|
|
|
899,580
|
|
|||
Effect of exchange rates
|
(5,486
|
)
|
|
(5,394
|
)
|
|
(13,464
|
)
|
|||
Net revenues
|
$
|
967,579
|
|
|
$
|
903,923
|
|
|
$
|
886,116
|
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Segment operating income
|
|
|
|
|
|
||||||
Japan
|
$
|
36,226
|
|
|
$
|
40,193
|
|
|
$
|
43,042
|
|
EMEA
|
49,730
|
|
|
68,897
|
|
|
74,878
|
|
|||
North America Plasma
|
167,205
|
|
|
129,697
|
|
|
109,889
|
|
|||
All Other
|
141,070
|
|
|
140,623
|
|
|
141,427
|
|
|||
Segment operating income
|
394,231
|
|
|
379,410
|
|
|
369,236
|
|
|||
Corporate operating expenses
|
(237,568
|
)
|
|
(252,222
|
)
|
|
(249,048
|
)
|
|||
Effect of exchange rates
|
8,367
|
|
|
4,059
|
|
|
(4,772
|
)
|
|||
Restructuring and turnaround costs
|
(13,660
|
)
|
|
(44,125
|
)
|
|
(34,337
|
)
|
|||
Deal amortization
|
(24,803
|
)
|
|
(26,013
|
)
|
|
(27,107
|
)
|
|||
Impairment of assets
|
(21,170
|
)
|
|
(1,941
|
)
|
|
(73,353
|
)
|
|||
Legal charges
|
(2,726
|
)
|
|
(3,011
|
)
|
|
—
|
|
|||
PCS2 accelerated depreciation and related costs
|
(19,126
|
)
|
|
—
|
|
|
—
|
|
|||
Operating income (loss)
|
$
|
83,545
|
|
|
$
|
56,157
|
|
|
$
|
(19,381
|
)
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Depreciation and amortization
|
|
|
|
|
|
||||||
Japan
|
$
|
520
|
|
|
$
|
486
|
|
|
$
|
827
|
|
EMEA
|
4,153
|
|
|
4,464
|
|
|
4,255
|
|
|||
North America Plasma
|
39,497
|
|
|
16,060
|
|
|
13,022
|
|
|||
All Other
|
65,248
|
|
|
68,237
|
|
|
71,629
|
|
|||
Total depreciation and amortization (excluding impairment charges)
|
$
|
109,418
|
|
|
$
|
89,247
|
|
|
$
|
89,733
|
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018 |
|
April 1,
2017 |
||||||
Long-lived assets
(1)
|
|
|
|
|
|
||||||
Japan
|
$
|
26,660
|
|
|
$
|
26,640
|
|
|
$
|
21,412
|
|
EMEA
|
71,048
|
|
|
74,783
|
|
|
63,854
|
|
|||
North America Plasma
|
113,921
|
|
|
91,815
|
|
|
142,164
|
|
|||
All Other
|
132,350
|
|
|
138,918
|
|
|
96,432
|
|
|||
Total long-lived assets
|
$
|
343,979
|
|
|
$
|
332,156
|
|
|
$
|
323,862
|
|
(1)
Long-lived assets are comprised of property, plant and equipment.
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Net Revenues
|
|
|
|
|
|
||||||
United States
|
$
|
606,845
|
|
|
$
|
548,731
|
|
|
$
|
522,686
|
|
Japan
|
69,908
|
|
|
67,319
|
|
|
79,266
|
|
|||
Europe
|
164,504
|
|
|
164,226
|
|
|
166,007
|
|
|||
Asia
|
118,700
|
|
|
115,127
|
|
|
109,858
|
|
|||
Other
|
7,622
|
|
|
8,520
|
|
|
8,299
|
|
|||
Net revenues
|
$
|
967,579
|
|
|
$
|
903,923
|
|
|
$
|
886,116
|
|
(In thousands)
|
March 30,
2019 |
|
March 31,
2018 |
|
April 1,
2017 |
||||||
Long-lived assets
(1)
|
|
|
|
|
|
||||||
United States
|
$
|
269,849
|
|
|
$
|
236,603
|
|
|
$
|
241,610
|
|
Japan
|
1,726
|
|
|
1,511
|
|
|
1,691
|
|
|||
Europe
|
11,200
|
|
|
13,696
|
|
|
12,952
|
|
|||
Asia
|
30,930
|
|
|
36,431
|
|
|
34,174
|
|
|||
Other
|
30,274
|
|
|
43,915
|
|
|
33,435
|
|
|||
Total long-lived assets
|
$
|
343,979
|
|
|
$
|
332,156
|
|
|
$
|
323,862
|
|
(1)
Long-lived assets are comprised of property, plant and equipment.
|
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Plasma
|
501,837
|
|
|
435,956
|
|
|
410,727
|
|
|||
Blood Center
|
269,203
|
|
|
284,902
|
|
|
303,890
|
|
|||
Hospital
|
196,539
|
|
|
183,065
|
|
|
171,499
|
|
|||
Net revenues
|
$
|
967,579
|
|
|
$
|
903,923
|
|
|
$
|
886,116
|
|
(In thousands)
|
|
Foreign currency
|
|
Defined benefit plans
|
|
Net Unrealized Gain/loss on Derivatives
|
|
Total
|
||||||||
Balance, April 1, 2017
|
|
$
|
(29,835
|
)
|
|
$
|
(2,272
|
)
|
|
$
|
(766
|
)
|
|
$
|
(32,873
|
)
|
Other comprehensive (loss) income before reclassifications
|
|
13,430
|
|
|
2,394
|
|
|
(2,796
|
)
|
|
13,028
|
|
||||
Amounts reclassified from accumulated other comprehensive loss
(1)
|
|
—
|
|
|
(445
|
)
|
|
1,299
|
|
|
854
|
|
||||
Net current period other comprehensive (loss) income
|
|
13,430
|
|
|
1,949
|
|
|
(1,497
|
)
|
|
13,882
|
|
||||
Balance, March 31, 2018
|
|
$
|
(16,405
|
)
|
|
$
|
(323
|
)
|
|
$
|
(2,263
|
)
|
|
$
|
(18,991
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(9,108
|
)
|
|
(139
|
)
|
|
(1,877
|
)
|
|
(11,124
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
(1)
|
|
—
|
|
|
(65
|
)
|
|
(200
|
)
|
|
(265
|
)
|
||||
Net current period other comprehensive income (loss)
|
|
(9,108
|
)
|
|
(204
|
)
|
|
(2,077
|
)
|
|
(11,389
|
)
|
||||
Balance, March 30, 2019
|
|
$
|
(25,513
|
)
|
|
$
|
(527
|
)
|
|
$
|
(4,340
|
)
|
|
$
|
(30,380
|
)
|
(1)
Presented net of income taxes, the amounts of which are insignificant.
|
(In thousands, except per share data)
|
|
Three months ended
|
||||||||||||||
Fiscal 2019
|
|
June 30,
2018 |
|
September 29,
2018 |
|
December 29,
2018 |
|
March 30,
2019 |
||||||||
Net revenues
|
|
$
|
229,347
|
|
|
$
|
241,581
|
|
|
$
|
247,356
|
|
|
$
|
249,295
|
|
Gross profit
|
|
$
|
83,244
|
|
|
$
|
111,907
|
|
|
$
|
111,175
|
|
|
$
|
111,210
|
|
Operating income
|
|
$
|
5,293
|
|
|
$
|
26,076
|
|
|
$
|
28,320
|
|
|
$
|
23,856
|
|
Net income (loss)
|
|
$
|
(2,819
|
)
|
|
$
|
18,726
|
|
|
$
|
18,277
|
|
|
$
|
20,835
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
(0.05
|
)
|
|
$
|
0.36
|
|
|
$
|
0.36
|
|
|
$
|
0.41
|
|
Diluted
|
|
$
|
(0.05
|
)
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
||||||||
(In thousands, except per share data)
|
|
Three months ended
|
||||||||||||||
Fiscal 2018
|
|
July 1,
2017 |
|
September 30,
2017 |
|
December 30,
2017 |
|
March 31,
2018 |
||||||||
Net revenues
|
|
$
|
210,951
|
|
|
$
|
225,377
|
|
|
$
|
234,043
|
|
|
$
|
233,552
|
|
Gross profit
|
|
$
|
91,665
|
|
|
$
|
104,562
|
|
|
$
|
111,295
|
|
|
$
|
104,386
|
|
Operating income
|
|
$
|
16,611
|
|
|
$
|
24,258
|
|
|
$
|
1,013
|
|
|
$
|
14,275
|
|
Net (loss) income
|
|
$
|
20,137
|
|
|
$
|
20,102
|
|
|
$
|
(6,547
|
)
|
|
$
|
11,880
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
0.38
|
|
|
$
|
0.38
|
|
|
$
|
(0.12
|
)
|
|
$
|
0.22
|
|
Diluted
|
|
$
|
0.38
|
|
|
$
|
0.38
|
|
|
$
|
(0.12
|
)
|
|
$
|
0.22
|
|
(In thousands)
|
|
Overstatement/(Understatement)
|
||||
Three Months Ended
|
|
Operating (Loss) Income
|
|
Net (Loss) Income
|
||
March 31, 2018
|
|
2,835
|
|
|
2,426
|
|
1. Articles of Organization
|
||
|
Restated Articles of Organization of Haemonetics Corporation, reflecting Articles of Amendment dated August 23, 1993, August 21, 2006 and July 26, 2018 (filed as Exhibit 3.1 to the Company's Form 8-K dated July 31, 2018 and incorporated herein by reference).
|
|
|
By-Laws of the Company, as amended through July 26, 2018 (filed as Exhibit 3.3 to the Company's Form 8-K dated July 31, 2018 and incorporated herein by reference).
|
|
|
|
|
2. Instruments Defining the Rights of Security Holders
|
||
4A*
|
|
Specimen certificate for shares of common stock (filed as Exhibit 4B to the Company's Amendment No. 1 to Form S-1 No. 33-39490 and incorporated herein by reference).
|
|
|
|
3. Material Contracts
|
||
10A*
|
|
Lease dated July 17, 1990 between the Buncher Company and the Company of property in Pittsburgh, Pennsylvania (filed as Exhibit 10-K to the Company's Form S-1 No. 33-39490 and incorporated herein by reference).
|
10B*
|
|
First Amendment to lease dated July 17, 1990, made as of April 30, 1991 between Buncher Company and the Company of property in Pittsburgh, Pennsylvania (filed as Exhibit 10AI to the Company's Form 10-Q for the quarter ended December 28, 1996 and incorporated herein by reference).
|
|
Second Amendment to lease dated July 17, 1990, made as of October 18, 2000 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10AG to the Company's Form 10-K for the year ended March 29, 2003 and incorporated herein by reference).
|
|
|
Third Amendment to lease dated July 17, 1990, made as of March 23, 2004 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10D to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
|
|
Fourth Amendment to lease dated July 17, 1990, made as of March 12, 2008 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10E to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
|
|
Fifth Amendment to lease dated July 17, 1990, made as of October 1, 2008 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10F to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Sixth Amendment to lease dated July 17, 1990 made as of January 8, 2010 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10G to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Seventh Amendment to lease dated July 17, 1990, made as of March 31, 2011 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10H to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Eighth Amendment to lease dated July 17, 1990, made as of February 26, 2013 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10I to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Ninth Amendment to lease dated July 17, 1990, made as of March 12, 2014 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10J to the Company's Form 10-K for the year ended March 31, 2018 and incorporated herein by reference).
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Tenth Amendment to lease dated July 17, 1990, made as of May 31, 2017 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10K to the Company's Form 10-K for the year ended March 31, 2018 and incorporated herein by reference).
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Eleventh Amendment to lease dated July 17, 1990, made as of March 2, 2018 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10L to the Company's Form 10-K for the year ended March 31, 2018 and incorporated herein by reference).
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Lease dated February 21, 2000 between BBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V. with authorization of El Florido California, S.A. de C.V., for property located in Tijuana, Mexico (filed as Exhibit 10J to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Amendment to Lease dated February 21, 2000 made as of July 25, 2008 between BBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V., for property located in Tijuana, Mexico (filed as Exhibit 10K to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Extension to Lease dated February 21, 2000, made as of August 14, 2011 between PROCADEF 1, S.A.P.I. de C.V. and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V., for property located in Tijuana, Mexico (Spanish to English translation filed as Exhibit 10L to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Amendment Letter to Lease dated February 21, 2000, made as of August 14, 2011 between BBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V., for property located in Tijuana, Mexico (filed as Exhibit 10M to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Notice of Assignment to Lease dated February 21, 2000, made as of February 23, 2012 between BBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V. for property located in Tijuana, Mexico (Spanish to English translation filed as Exhibit 10N to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Amendment to Lease dated February 21, 2000 made as of January 1, 2018 between MEGA2013, S.A.P.I. de CV (as successor in interest to ABBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust) and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V., for property located in Tijuana, Mexico (filed as Exhibit 10R to the Company's Form 10-K for the year ended March 31, 2018 and incorporated herein by reference).
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Lease Agreement effective December 3, 2007 between Mrs. Blanca Estela Colunga Santelices, by her own right, and Pall Life Sciences Mexico, S.de R.L. de C.V. for the property located in Tijuana, Mexico (Spanish to English translation filed as Exhibit 10W to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Assignment to Lease Agreement effective December 3, 2007, made as of December 2, 2011 between Mrs. Blanca Estela Colunga Santelices, by her own right, Pall Life Sciences Mexico, S.de R.L. de C.V., (“Assignor”) and Haemonetics Mexico Manufacturing, S. de R.L. de C.V.as successor in interest to Pall Mexico Manufacturing S. de R.L. de C.V., (“Assignee”) assigned in favor of the property located in Tijuana, Mexico (filed as Exhibit 10X to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Amendment to Lease Agreement effective December 3, 2007, made in 2017 between Mrs. Blanca Estela Colunga Santelices, by her own right, Pall Life Sciences Mexico, S.de R.L. de C.V. (“Assignor”) and Haemonetics Mexico Manufacturing, S. de R.L. de C.V. as successor in interest to Pall Mexico Manufacturing S. de R.L. de C.V., (“Assignee”) assigned in favor of the property located in Tijuana, Mexico (filed as Exhibit 10U to the Company's Form 10-K for the year ended March 31, 2018 and incorporated herein by reference).
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Sublease Contract to Lease Agreement effective December 3, 2007, made as of December 3, 2011 between Haemonetics Mexico Manufacturing, S. de R.L. de C.V. as successor in interest to Pall Mexico Manufacturing, S.de R.L. de C.V., and Pall Life Sciences Mexico, S. de R.L. de C.V., for the property located in Tijuana, Mexico (filed as Exhibit 10Y to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Sublease Contract to Lease Agreement effective December 3, 2007, made as of February 23, 2012 between Haemonetics Mexico Manufacturing, S. de R.L. de C.V. as successor in interest to Pall Mexico Manufacturing S. de R.L. de C.V. and Ensatec, S.A. de C.V., for the property located in Tijuana, Mexico (filed as Exhibit 10Z to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
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Lease dated September 19, 2013 between the Penang Development Corporation and Haemonetics Malaysia Sdn Bhd of the property located in Penang, Malaysia (filed as Exhibit 10D to the Company's 10-Q for the quarter ended June 28, 2014 and incorporated herein by reference).
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Office Lease Agreement, dated as of December 18, 2018, by and between OPG 125 Summer Owner (DE) LLC and the Company (filed as Exhibit 10.1 to the Company's Form 10-Q for the quarter ended December 29, 2018 and incorporated herein by reference).
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Haemonetics Corporation 2005 Long-Term Incentive Compensation Plan, reflecting amendments dated July 31, 2008, July 29, 2009, July 21, 2011, November 30, 2012, July 24, 2013, January 21, 2014, and July 23, 2014 (filed as Exhibit 10.1 to the Company's Form 8-K dated July 25, 2014 and incorporated herein by reference).
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Form of Option Agreement for Non-Qualified stock options for the 2005 Long Term-Incentive Compensation Plan for Non-employee Directors (filed as Exhibit 10.1 to the Company's Form 10-Q for the quarter ended October 1, 2005 and incorporated herein by reference).
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Form of Option Agreement for Non-Qualified stock options for the 2005 Long-Term Incentive Compensation Plan for Employees (filed as Exhibit 10S to the Company's Form 10-K for the fiscal year ended March 30, 2010 and incorporated herein by reference).
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Form of Option Agreement for Non-Qualified stock options for the 2005 Long-Term Incentive Compensation Plan for Employees (adopted fiscal 2019) (filed as Exhibit 10.2 to the Company's Form 10-Q for the quarter ended June 30, 2018 and incorporated herein by reference).
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Form of Restricted Stock Unit Agreement with Non-Employee Directors under 2005 Long-Term Incentive Compensation Plan (fiscal 2019) (filed as Exhibit 10.5 to the Company's Form 10-Q for the quarter ended June 30, 2018 and incorporated herein by reference).
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Form of Restricted Stock Unit Agreement with Employees under 2005 Long-Term Incentive Compensation Plan (filed as Exhibit 10U to the Company's Form 10-K for the year ended April 3, 2010 and incorporated herein by reference).
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Form of Restricted Stock Unit Agreement with Employees under 2005 Long-Term Incentive Compensation Plan (adopted fiscal 2019) (filed as Exhibit 10.4 to the Company's Form 10-Q for the quarter ended June 30, 2018 and incorporated herein by reference).
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Amended and Restated 2007 Employee Stock Purchase Plan (as amended and restated on July 21, 2016 incorporated as Exhibit 10.2 to the Company’s Form 10-Q, for the quarter ended July 2, 2016 and incorporated herein by reference).
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Amended and Restated Non-Qualified Deferred Compensation Plan as amended and restated on July 24, 2013 (filed as Exhibit 10.2 to the Company's Form 8-K dated July 26, 2013 and incorporated herein by reference).
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Employment Agreement effective as of May 16, 2016 between the Company and Christopher Simon (filed as Exhibit 10.1 to the Company’s Form 8-K dated May 10, 2016 and incorporated herein by reference).
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Executive Severance Agreement between the Company and Christopher A. Simon dated as of November 7, 2017 (filed as Exhibit 10.4 to the Company’s Form 10-Q dated for the quarter ended September 30, 2017 and
incorporated herein by reference).
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Change in Control Agreement between the Company and Christopher A. Simon dated as of November 7, 2017 (filed as Exhibit 10.5 to the Company’s Form 8-K dated 10-Q dated for the quarter ended September 30, 2017 and incorporated herein by reference).
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Form of Executive Severance Agreement between the Company and executive officers other than Christopher A. Simon (filed as Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended September 30, 2017 and incorporated herein by reference).
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Form of Change in Control Agreement between the Company and executive officers other than Christopher A. Simon (filed as Exhibit 10.3 to the Company’s Form 10-Q for the quarter ended September 30, 2017 and incorporated herein by reference).
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Haemonetics Corporation Worldwide Executive Bonus Plan with an Effective Date of April 3, 2016 (filed as Exhibit 10.3 to the Company’s Form 10-Q for the quarter ended July 2, 2016 and incorporated herein by reference).
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Haemonetics Corporation Worldwide Employee Bonus Plan (as amended and restated effective April 23, 2019) (filed as Exhibit 10.1 to the Company's Form 8-K dated April 29, 2019 and incorporated herein by reference).
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Amended and Restated Performance Share Unit Agreement between Haemonetics Corporation and Christopher Simon dated June 6, 2017, amending and restating Performance Share Unit Agreement dated June 29, 2016 (filed as Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended July 1, 2017 and incorporated herein by reference).
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Form of Performance Share Unit Agreement Under 2005 Long-Term Incentive Compensation Plan (Internal Financial Metrics, adopted fiscal 2018) (filed as Exhibit 10.3 to the Company’s Form 10-Q for the quarter ended July 1, 2017 and incorporated herein by reference).
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Form of Performance Share Unit Agreement Under 2005 Long-Term Incentive Compensation Plan (rTSR Metrics, adopted fiscal 2015) (filed as Exhibit 10AP to the Company’s Form 10-K for the fiscal year ended March 28, 2015 and incorporated herein by reference).
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Form of Performance Share Unit Agreement Under 2005 Long-Term Incentive Compensation Plan (rTSR Metrics, adopted fiscal 2017) (filed as Exhibit 10AN to the Company's Form 10-K for the year ended March 31, 2018 and incorporated herein by reference).
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Form of Performance Share Unit Agreement Under 2005 Long-Term Incentive Compensation Plan (rTSR Metrics, adopted fiscal 2018) (filed as Exhibit 10AO to the Company's Form 10-K, for the year ended March 31, 2018 and incorporated herein by reference).
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Form of Performance Share Unit Agreement Under 2005 Long-Term Incentive Compensation Plan (rTSR Metrics, adopted fiscal 2019) (filed as Exhibit 10.3 to the Company's Form 10-Q for the quarter ended June 30, 2018 and incorporated herein by reference).
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Form of Performance Share Unit Agreement Under 2005 Long-Term Incentive Compensation Plan (rTSR Metrics, adopted fiscal 2020) (filed herewith as Exhibit 10AV to the Company's Form 10-K, for the year ended March 30, 2019).
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Agreement and General Release between Haemonetics Corporation and Byron Selman dated May 1, 2017 (filed as Exhibit 10AH to the Company’s Form 10-K for the fiscal year ended April 1, 2017 and incorporated herein by reference).
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Form of Indemnification Agreement (as executed with each director and executive officer of the Company) (filed as Exhibit 10.1 to the Company's Form 10-Q for the quarter ended September 29, 2018 and incorporated herein by reference).
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Asset Purchase Agreement, dated as of April 28, 2012, by and between Haemonetics Corporation and Pall Corporation (filed as Exhibit 10Z to the Company's Form 10-K for the fiscal year ended March 31, 2012 and incorporated herein by reference).
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Second Amended and Restated License Agreement by and among Cora Healthcare, Inc., CoraMed Technologies, LLC, and Haemonetics Corporation dated August 14, 2013 (filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended July 1, 2017 and incorporated herein by reference).
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Credit Agreement, dated as of June 15, 2018, by and among Haemonetics Corporation, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (filed as Exhibit 10.1 to the Company’s Form 8-K dated July 18, 2018 and incorporated herein by reference).
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4. Subsidiaries Certifications and Consents
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||
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Subsidiaries of the Company.
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Consent of the Independent Registered Public Accounting Firm.
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Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002, of Christopher Simon, President and Chief Executive Officer of the Company.
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Certification pursuant to Section 302 of Sarbanes-Oxley of 2002 of William Burke, Executive Vice President, Chief Financial Officer of the Company.
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Certification Pursuant to 18 United States Code Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Christopher Simon, President and Chief Executive Officer of the Company.
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Certification Pursuant to 18 United States Code Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of William Burke, Executive Vice President, Chief Financial Officer of the Company.
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101ˆ
|
|
The following materials from Haemonetics Corporation on Form 10-K for the year ended March 30, 2019, formatted in Extensive Business Reporting Language (XBRL): (i) Consolidated Statements of Income (Loss), (ii) Consolidated Statements of Comprehensive Income (Loss), (iii) Consolidated Balance Sheets, (iv) Consolidated Statement of Stockholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text.
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*
|
Incorporated by reference
|
|
†
|
Agreement, plan, or arrangement related to the compensation of officers or directors
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‡
|
Confidential treatment has been requested as to portions of the exhibit. Confidential materials omitted and filed separately with the Securities and Exchange Commission.
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ˆ
|
In accordance with Rule 406T of Regulation S-T, the XBRL-related information in Exhibit 101 to this Form 10-K is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act, is deemed not filed for purposes of section 18 of the Exchange Act, and otherwise is not subject to liability under these sections.
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HAEMONETICS CORPORATION
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By:
|
/s/ Christopher Simon
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Christopher Simon
|
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President and Chief Executive Officer
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Signature
|
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Title
|
|
Date
|
|
|
|
|
|
/s/ Christopher Simon
|
|
President and Chief Executive Officer
|
|
May 22, 2019
|
Christopher Simon
|
|
(Principal Executive Officer)
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|
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/s/ William Burke
|
|
Executive Vice President, Chief Financial Officer
|
|
May 22, 2019
|
William Burke
|
|
(Principal Financial Officer)
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/s/ Dan Goldstein
|
|
Vice President, Corporate Controller
|
|
May 22, 2019
|
Dan Goldstein
|
|
(Principal Accounting Officer)
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|
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/s/ Robert Abernathy
|
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Director
|
|
May 22, 2019
|
Robert Abernathy
|
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/s/ Catherine Burzik
|
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Director
|
|
May 22, 2019
|
Catherine Burzik
|
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/s/ Charles Dockendorff
|
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Director
|
|
May 22, 2019
|
Charles Dockendorff
|
|
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/s/ Ronald Gelbman
|
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Director
|
|
May 22, 2019
|
Ronald Gelbman
|
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/s/ Pedro Granadillo
|
|
Director
|
|
May 22, 2019
|
Pedro Granadillo
|
|
|
|
|
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|
|
|
|
/s/ Mark Kroll
|
|
Director
|
|
May 22, 2019
|
Mark Kroll
|
|
|
|
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|
|
|
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/s/ Claire Pomeroy
|
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Director
|
|
May 22, 2019
|
Claire Pomeroy
|
|
|
|
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/s/ Richard Meelia
|
|
Director
|
|
May 22, 2019
|
Richard Meelia
|
|
|
|
|
|
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|
|
/s/ Ellen Zane
|
|
Director
|
|
May 22, 2019
|
Ellen Zane
|
|
|
|
|
(In thousands)
|
Balance at
Beginning of Fiscal Year |
|
Charged to
Costs and Expenses |
|
Write-Offs
(Net of Recoveries) |
|
Balance at End
of Fiscal Year |
||||||||
For Year Ended March 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for Doubtful Accounts
|
$
|
2,111
|
|
|
$
|
2,111
|
|
|
$
|
285
|
|
|
$
|
3,937
|
|
For Year Ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for Doubtful Accounts
|
$
|
2,184
|
|
|
$
|
208
|
|
|
$
|
281
|
|
|
$
|
2,111
|
|
For Year Ended April 1, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for Doubtful Accounts
|
$
|
2,253
|
|
|
$
|
103
|
|
|
$
|
172
|
|
|
$
|
2,184
|
|
1 Year Haemonetics Chart |
1 Month Haemonetics Chart |
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