Form 8-K - Current report

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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): November 7, 2024

HAEMONETICS CORPORATION

(Exact name of registrant as specified in its charter)

Massachusetts

001-14041

04-2882273

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

125 Summer Street

Boston, MA 02110

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code 781-848-7100

(Former name or former address, if changed since last report.)

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 (see General Instruction A.2. below):
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $.01 par value per share			HAE			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition. 

On November 7, 2024, Haemonetics Corporation issued a press release announcing financial results for the second quarter ended September 28, 2024 and first half of fiscal 2025. A copy of the press release is furnished with this report as Exhibit 99.1.

 

The foregoing information, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number						Description
99.1						Press Release of Haemonetics Corporation dated November 7, 2024 announcing financial results for the second quarter ended September 28, 2024 and first half of fiscal 2025.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

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

HAEMONETICS CORPORATION

Date: November 7, 2024

By:

/s/ Christopher A. Simon

Name:

Christopher A. Simon

Title:

President and Chief Executive Officer

			Exhibit 99.1
Investor Contacts			Media Contact
Olga Guyette, Vice President-Investor Relations & Treasury			Josh Gitelson, Sr. Director-Communications
[phone]			[phone]
[e-mail]			[e-mail]
David Trenk, Manager-Investor Relations
[phone]
[e-mail]

Haemonetics Reports Second Quarter and First Half Fiscal 2025 Results; Updates Fiscal 2025 Guidance

Boston, MA, November 7, 2024 - Haemonetics Corporation (NYSE: HAE) reported financial results for its second quarter and first half of fiscal 2025, which ended September 28, 2024:

    

2nd Quarter 2025

YTD 2025

n

Revenue, increase

$346 million, 9%

$682 million, 8%

n

Organic1 revenue increase

4%

3%

n

Earnings per diluted share

$0.66

$1.40

n

Adjusted earnings per diluted share

$1.12

$2.13

n

Cash flow from operating activities

$49 million

$21 million

n

Free cash flow

$37 million

$20 million

1 Excludes the impact of currency fluctuation and the acquisitions of the Sensor Guided Technologies and Esophageal Protection product lines in December 2023 and April 2024, respectively.

Chris Simon, Haemonetics’ CEO, stated: "Strong second-quarter performance reflects progress executing our long-range plan and responding to market trends. We have evolved our portfolio to attractive products with meaningful demand to drive growth and margin expansion. We are advancing our leading positions to accelerate profitable growth in the second half of our fiscal year and beyond."

GAAP RESULTS

Second quarter fiscal 2025 revenue was $345.5 million, up 8.6% compared with the second quarter of fiscal 2024. Business unit revenue and growth rates compared with the prior year period were as follows:

($ millions)			2nd Quarter 2025 Reported
Plasma			$138.6			(3.0)%
Blood Center			$68.5			(1.6)%
Hospital			$138.4			30.9%
Total net revenue			$345.5			8.6%

Gross margin was 54.2% in the second quarter of fiscal 2025 compared with 53.6% in the second quarter of fiscal 2024. The primary drivers of the increase in the gross margin

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percentage were volume, mix and price, partially offset by restructuring costs related to portfolio rationalization initiatives, foreign exchange and amortization of fair value inventory step-up. Operating expenses as a percentage of revenue were 39.3% in the second quarter of fiscal 2025 compared with 42.5% in the second quarter of fiscal 2024. The decrease in operating expenses as a percentage of revenue was primarily driven by operating leverage, decreased performance-based compensation, as well as decreases in impairment of intangible assets and litigation-related charges compared to the prior year period, partially offset by costs associated with the operations of recent acquisitions, increased headcount and increased amortization of acquired intangible assets. The Company had operating income of $51.7 million and a 15.0% operating margin in the second quarter of fiscal 2025, compared with operating income of $35.3 million and an 11.1% operating margin in the second quarter of fiscal 2024. The income tax rates were 24% in the second quarters of both fiscal 2025 and fiscal 2024. Second quarter fiscal 2025 net income and earnings per diluted share were $33.8 million and $0.66, respectively, compared with $24.9 million and $0.48, respectively, in the second quarter of fiscal 2024.

ADJUSTED RESULTS

Organic revenue for the second quarter of fiscal 2025 was up 3.7% compared with the same period of fiscal 2024. Business unit organic revenue growth rates compared with the prior year period were as follows:

			2nd Quarter 2025 Organic
Plasma			(3.0)%
Blood Center			(0.9)%
Hospital			15.8%
Total net revenue			3.7%

Second quarter fiscal 2025 adjusted gross margin was 56.7%, up 270 basis points compared with the prior year period. The primary drivers of the increase in the adjusted gross margin percentage were volume, mix and price, partially offset by foreign exchange.

Adjusted operating expenses as a percentage of revenue were 32.5% in the second quarter of fiscal 2025, compared with 32.6% in the second quarter of fiscal 2024. The decrease in adjusted operating expenses as a percentage of revenue was primarily driven by operating leverage and decreased performance-based compensation, partially offset by costs associated with the operations of recent acquisitions and increased headcount. Adjusted operating income for the second quarter of fiscal 2025 was $83.5 million, up $15.2 million, or 22.2%, compared with the second quarter of fiscal 2024. Adjusted operating margin was 24.2%, up 270 basis points when compared with the same period of fiscal 2024. The adjusted income tax rates were 25% and 23% in the second quarters of fiscal 2025 and fiscal 2024, respectively.

Second quarter fiscal 2025 adjusted net income was $57.3 million, up $6.6 million, or 13.0%, and adjusted earnings per diluted share was $1.12, up 13.1%, each when compared with the same period of fiscal 2024.

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BALANCE SHEET AND CASH FLOW

Cash on hand at September 28, 2024 was $299.3 million, an increase of $120.5 million since the end of fiscal 2024, primarily driven by debt financing activities, partially offset by the Company’s acquisition of Advanced Cooling Therapy, Inc. (d/b/a Attune Medical) in early fiscal 2025 and share repurchases.

Cash flow from operating activities was $48.8 million and free cash flow was $37.0 million during the second quarter of fiscal 2025, compared with operating cash flow of $99.1 million and free cash flow of $75.0 million, respectively, in the same period of fiscal 2024. The drivers of decreased operating cash flow and free cash flow were increased inventory balances and timing of accounts receivable, partially offset by increased net income.

SHARE REPURCHASE PROGRAM

As part of its previously announced $300 million share repurchase program, the Company repurchased 1,008,642 shares of its common shares for $75.0 million pursuant to an accelerated share repurchase agreement entered into with Citibank, N.A. The initial delivery of 799,148 shares occurred during the second quarter, with a final delivery of 209,494 shares completed on October 31, 2024.

FISCAL 2025 GUIDANCE

The Company updated its fiscal 2025 GAAP total revenue and organic revenue growth guidance as follows:

			Current Guidance
			Plasma			Blood Center			Hospital			Total Company
Reported			(3 - 6)%			(4 - 7)%			26% - 31%			5 - 8%
Currency impact			0%			(0 - 1)%			0%			(0 - 1)%
Acquisitions1			0%			0%			12 - 14%			4 - 5%
Organic			(3 - 6)%			(4 - 6)%			14 - 17%			1 - 4%
			Previous Guidance
			Plasma			Blood Center			Hospital			Total Company
Reported			(3 - 6)%			(5 - 8)%			27% - 32%			5 - 8%
Currency impact			0%			(0 - 1)%			0%			(0 - 1)%
Acquisitions1			0%			0%			14 - 16%			5 - 6%
Organic			(3 - 6)%			(5 - 7)%			13 - 16%			0 - 3%
1 Reflects adjustment to exclude fiscal 2025 revenue related to the acquisition of Attune Medical on April 1, 2024 and 37 weeks of OpSens Inc. revenue (i.e., through the first anniversary of its acquisition).

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Additionally, the Company reaffirmed its adjusted operating margin guidance, adjusted earnings per diluted share guidance and free cash flow guidance as follows:

Adjusted operating margin

23% - 24%

Adjusted earnings per diluted share

$4.45 - $4.75

Free cash flow

$130M - $180M

WEBCAST CONFERENCE CALL AND RESULTS ANALYSIS

The Company will host a conference call with investors and analysts to discuss second quarter fiscal 2025 results on Thursday, November 7, 2024 at 8:00 a.m. ET. The call can be accessed via teleconference at https://register.vevent.com/register/BI3c9f473811f94c489025845778f9dabc. Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start.

Alternatively, a live webcast of the call can be accessed on Haemonetics’ investor relations website at the following direct link: https://edge.media-server.com/mmc/p/rcm5foqd

ABOUT HAEMONETICS

Haemonetics (NYSE: HAE) is a global healthcare company dedicated to providing a suite of innovative medical products and solutions for customers, to help them improve patient care and reduce the cost of healthcare. Our technology addresses important medical markets: blood and plasma component collection, the surgical suite and hospital transfusion services. To learn more about Haemonetics, visit www.haemonetics.com.

FORWARD-LOOKING STATEMENTS

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements in this press release may include, without limitation, statements regarding (i) plans and objectives of management for operations of the Company, including plans or objectives related to the Company’s strategy for growth; product development, commercialization and anticipated benefits; regulatory approvals; the impact of acquisitions; market position and expenditures; and the Company’s Operational Excellence Program and portfolio rationalization initiatives; (ii) estimates or projections of future financial results, financial condition, capital expenditures, capital structure or other financial items, including with respect to the share repurchase program; and (iii) the assumptions underlying or relating to any statement described in points (i) and (ii) above.

Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or

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cause actual results to differ materially from expected or desired results may include, without limitation, availability and demand for the Company’s products; the Company’s ability to successfully develop and market new products and technologies; the impact of competitive products and pricing; product quality; disruptions caused by cybersecurity events; the closing and integration of acquisitions, including any failure to realize the anticipated strategic benefits and opportunities of such transactions; pricing pressures resulting from trends toward healthcare cost containment and the effect of industry consolidation; manufacturing, distribution and supply chain disruptions and cost increases; the Company’s ability to implement as planned and realize estimated cost savings from the Operational Excellence Program and portfolio rationalization initiatives; the effects of global economic and political conditions, including inflationary pressures; regulatory uncertainties, including in the receipt or timing of regulatory approvals, and the impact of changes in global regulatory conditions; indebtedness incurred by the Company, including the conditional conversion feature of its convertible notes; intellectual property; litigation; and the impact of share repurchases on the Company’s stock price and volatility as well as the effect of short-term price fluctuations on the share repurchase program’s effectiveness. These and other factors are identified and described in more detail in the Company’s periodic reports and other filings with the U.S. Securities and Exchange Commission (the “SEC”). The Company does not undertake to update these forward-looking statements.

MANAGEMENT’S USE OF NON-GAAP MEASURES

This press release contains financial measures that are considered “non-GAAP” financial measures under applicable SEC rules and regulations. Management uses non-GAAP measures to monitor the financial performance of the business, make informed business decisions, establish budgets and forecast future results. Performance targets for management are also based on certain non-GAAP financial measures. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company’s reported financial results prepared in accordance with U.S. GAAP. In this release, supplemental non-GAAP measures have been provided to assist investors in evaluating the performance of the Company’s core operations and provide a baseline for analyzing trends in the Company’s underlying businesses. We strongly encourage investors to review the Company’s financial statements and publicly-filed reports in their entirety and not rely on any single financial measure.

When used in this release, organic revenue growth excludes the impact of currency fluctuation and acquisitions. Adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted interest and other income/expense, adjusted provision for income taxes, adjusted net income and adjusted earnings per diluted share exclude restructuring costs, restructuring related costs, digital transformation costs, amortization of acquired intangible assets, asset impairments and write downs, amortization of fair value inventory step-up, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation ("MDR") and In Vitro Diagnostic Regulation ("IVDR"), integration and transaction costs, net gains on the repurchase of convertible notes, gains on sales of property, plant and equipment, certain tax settlements and unusual or infrequent and material litigation-related charges. Adjusted net income and adjusted earnings per diluted share also exclude the tax impact of these items. The adjustments to provision for

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income taxes are calculated based on the jurisdictions in which pre-tax adjustments occurred. Free cash flow is defined as cash provided by operating activities less capital expenditures and additions to Haemonetics equipment, net of the proceeds from the sale of property, plant and equipment. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to similarly titled measures used by other companies.

A reconciliation of non-GAAP historical financial measures to their most comparable GAAP measure are included at the end of the financial sections of this press release as well as on the Company’s website at www.haemonetics.com. The Company does not attempt to provide reconciliations of forward-looking adjusted operating margin guidance, adjusted earnings per diluted share guidance or free cash flow guidance to the comparable GAAP measures because the combined impact and timing of recognition of certain potential charges or gains, such as restructuring costs, impairment charges and capital expenditures, is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of the Company’s financial performance.

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Haemonetics Corporation Financial Summary
Condensed Consolidated Statements of Income
(Data in thousands, except per share data)
						Three Months Ended																		Six Months Ended
						9/28/2024						9/30/2023						Inc/(Dec) %						9/28/2024						9/30/2023						Inc/(Dec) %
						(unaudited)																		(unaudited)
Net revenues						$	345,511					$	318,183					8.6%						$	681,683					$	629,515					8.3%
			Cost of goods sold			158,074						147,673						7.0%						319,322						291,740						9.5%
Gross profit						187,437						170,510						9.9%						362,361						337,775						7.3%
			Research and development			16,530						12,665						30.5%						30,979						25,313						22.4%
			Selling, general and administrative			106,946						115,320						(7.3)%						215,194						208,805						3.1%
			Amortization of acquired intangible assets			12,264						7,222						69.8%						24,735						14,695						68.3%
Operating expenses						135,740						135,207						0.4%						270,908						248,813						8.9%
Operating income						51,697						35,303						46.4%						91,453						88,962						2.8%
Interest and other expense, net						(6,993)						(2,471)						183.0%						(36)						(4,540)						(99.2)%
Income before provision for income taxes						44,704						32,832						36.2%						91,417						84,422						8.3%
Provision for income taxes						10,873						7,924						37.2%						19,213						18,472						4.0%
Net income						$	33,831					$	24,908					35.8%						$	72,204					$	65,950					9.5%
Net income per common share assuming dilution						$	0.66					$	0.48					37.5%						$	1.40					$	1.28					9.4%
Weighted average shares outstanding
			Basic			50,898						50,727												50,920						50,634
			Diluted			51,240						51,396												51,402						51,368
Profit Margins:																		Inc/(Dec) %																		Inc/(Dec) %
Gross profit						54.2		%				53.6		%				0.6%						53.2		%				53.7		%				(0.5)%
Research and development						4.8		%				4.0		%				0.8%						4.5		%				4.0		%				0.5%
Selling, general and administrative						31.0		%				36.2		%				(5.2)%						31.6		%				33.2		%				(1.6)%
Operating income						15.0		%				11.1		%				3.9%						13.4		%				14.1		%				(0.7)%
Income before provision for income taxes						12.9		%				10.3		%				2.6%						13.4		%				13.4		%				—%
Net income						9.8		%				7.8		%				2.0%						10.6		%				10.5		%				0.1%

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Revenue Analysis by Business Unit
(Data in thousands)
						Three Months Ended
						9/28/2024						9/30/2023						Reported growth						Currency impact						Acquisitions(1)						Organic growth
Revenues by business unit(2)						(unaudited)
			Plasma			$	138,561					$	142,794					(3.0)		%				—		%				—		%				(3.0)		%
			Apheresis			54,332						54,973						(1.2)		%				(1.0)		%				—		%				(0.2)		%
			Whole Blood			14,196						14,683						(3.3)		%				—		%				—		%				(3.3)		%
			Blood Center			68,528						69,656						(1.6)		%				(0.7)		%				—		%				(0.9)		%
			Interventional Technologies(3)			61,923						38,541						60.7		%				(0.2)		%				41.2		%				19.7		%
			Blood Management Technologies(4)			76,499						67,192						13.9		%				0.3		%				—		%				13.6		%
			Hospital			138,422						105,733						30.9		%				0.1		%				15.0		%				15.8		%
Total net revenues						$	345,511					$	318,183					8.6		%				(0.1)		%				5.0		%				3.7		%
						Six Months Ended
						9/28/2024						9/30/2023						Reported growth						Currency impact						Acquisitions(1)						Organic growth
Revenues by business unit(2)						(unaudited)
			Plasma			$	274,471					$	282,415					(2.8)		%				—		%				—		%				(2.8)		%
			Apheresis			103,426						104,139						(0.7)		%				(2.0)		%				—		%				1.3		%
			Whole Blood			31,347						34,723						(9.7)		%				(0.1)		%				—		%				(9.6)		%
			Blood Center			134,773						138,862						(2.9)		%				(1.4)		%				—		%				(1.5)		%
			Interventional Technologies(3)			124,967						76,161						64.1		%				(0.3)		%				44.9		%				19.5		%
			Blood Management Technologies(4)			147,472						132,077						11.7		%				(0.2)		%				—		%				11.9		%
			Hospital			272,439						208,238						30.8		%				(0.3)		%				16.4		%				14.7		%
Total net revenues						$	681,683					$	629,515					8.3		%				(0.4)		%				5.4		%				3.3		%
(1) Reflects the impact in Hospital of the Sensor Guided Technologies product line acquired as part of the OpSens Inc. transaction in December 2023 and the Esophageal Protection product line acquired as part of the Attune Medical transaction in April 2024.
(2) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.
(3) Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the Hospital business unit.
(4) Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the Hospital business unit.

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Condensed Consolidated Balance Sheets
(Data in thousands)
									As of
									9/28/2024						3/30/2024
									(unaudited)
Assets
Cash and cash equivalents									$	299,283					$	178,800
Accounts receivable, net									213,534						206,562
Inventories, net									382,105						317,202
Other current assets									60,980						66,339
						Total current assets			955,902						768,903
Property, plant & equipment, net									300,478						311,362
Intangible assets, net									487,837						406,117
Goodwill									616,162						565,082
Other assets									164,845						144,127
			Total assets						$	2,525,224					$	2,195,591
Liabilities & Stockholders' Equity
Short-term debt & current maturities									$	5,434					$	10,229
Other current liabilities									268,512						290,154
						Total current liabilities			273,946						300,383
Long-term debt									1,219,523						797,564
Other long-term liabilities									152,904						137,685
Stockholders' equity									878,851						959,959
			Total liabilities & stockholders' equity						$	2,525,224					$	2,195,591

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Condensed Consolidated Statements of Cash Flows
(Data in thousands)
			Six Months Ended
			9/28/2024						9/30/2023
			(unaudited)
Cash Flows from Operating Activities:
Net income			$	72,204					$	65,950
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			58,353						46,045
Amortization of fair value inventory step-up			8,978						—
Share-based compensation expense			14,485						13,695
Impairment of intangible assets			2,391						10,419
Gain on repurchase of convertible senior notes, net			(12,600)						—
Inventory reserve adjustment			6,074						2,559
Gains on sales of property, plant and equipment			(14,412)						(444)
Deferred tax benefit			(6,176)						(1,893)
Change in other non-cash operating activities			4,523						2,111
Change in accounts receivable, net			(1,608)						2,857
Change in inventories, net			(53,082)						(30,654)
Change in other working capital			(57,728)						7,565
Net cash provided by operating activities			21,402						118,210
Cash Flows from Investing Activities:
Capital expenditures			(15,089)						(16,794)
Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment			(6,754)						(17,523)
Acquisition, net of cash acquired			(150,906)						—
Proceeds from sale of property, plant and equipment			20,551						921
Other investing activities			(10,366)						(7,000)
Net cash used in investing activities			(162,564)						(40,396)
Cash Flows from Financing Activities:
Repayments, net of borrowings			450,437						(5,250)
Purchase of capped call related to convertible notes			(88,200)						—
Debt issuance costs			(23,135)						—
Share repurchases			(75,000)						—
Proceeds from employee stock programs			4,653						4,190
Cash used to net share settle employee equity awards			(9,794)						(5,842)
Other financing activities			(73)						(868)
Net cash provided by (used in) financing activities			258,888						(7,770)
Effect of exchange rates on cash and cash equivalents			2,757						(3,505)
Net Change in Cash and Cash Equivalents			120,483						66,539
Cash and Cash Equivalents at Beginning of the Period			178,800						284,466
Cash and Cash Equivalents at End of Period			$	299,283					$	351,005
Free Cash Flow Reconciliation:
Cash provided by operating activities			$	21,402					$	118,210
Capital expenditures			(15,089)						(16,794)
Additions to Haemonetics equipment			(6,754)						(17,523)
Proceeds from sale of property, plant and equipment			20,551						921
Free cash flow			$	20,110					$	84,814

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Reconciliation of Adjusted Measures for Second Quarter of FY25 and FY24
(Data in thousands, except per share data)
Three Months Ended September 28, 2024:						Gross profit						Operating expenses						Operating income						Interest and other income (expense)						Provision for income taxes						Net income						Earnings per diluted share
Reported						$	187,437					$	135,740					$	51,697					$	(6,993)					$	10,873					$	33,831					$	0.66
Amortization of acquired intangible assets						—						(12,264)						12,264						—						3,052						9,212						0.18
Amortization of fair value inventory step-up						3,739						—						3,739						—						908						2,831						0.06
Integration and transaction costs						228						(654)						882						—						225						657						0.01
Restructuring costs						3,765						(1,027)						4,792						—						1,103						3,689						0.07
Restructuring related costs						598						(973)						1,571						—						372						1,199						0.03
Digital transformation costs						—						(4,858)						4,858						—						1,147						3,711						0.07
MDR and IVDR costs						—						(991)						991						—						235						756						0.01
Litigation-related charges						—						(320)						320						—						78						242						—
Impairment of intangible assets						—						(2,391)						2,391						—						581						1,810						0.04
Discrete tax items						—						—						—						—						658						(658)						(0.01)
Adjusted						$	195,767					$	112,262					$	83,505					$	(6,993)					$	19,232					$	57,280					$	1.12
Adjusted, as a percentage of net revenues						56.7		%				32.5		%				24.2		%																16.6		%
Three Months Ended September 30, 2023:						Gross profit						Operating expenses						Operating income						Interest and other income (expense)						Provision for income taxes						Net income						Earnings per diluted share
Reported						$	170,510					$	135,207					$	35,303					$	(2,471)					$	7,924					$	24,908					$	0.48
Amortization of acquired intangible assets						—						(7,222)						7,222						—						1,742						5,480						0.11
Integration and transaction costs						—						(1,784)						1,784						—						426						1,358						0.03
Restructuring costs						58						(28)						86						—						18						68						—
Restructuring related costs						939						(1,008)						1,947						—						451						1,496						0.03
Digital transformation costs						—						(3,592)						3,592						—						830						2,762						0.05
PCS2 related charges						406						(146)						552						—						133						419						0.01
MDR and IVDR costs						—						(1,988)						1,988						—						456						1,532						0.03
Litigation-related charges						—						(5,449)						5,449						—						1,306						4,143						0.08
Impairment of intangible assets						—						(10,419)						10,419						—						3,376						7,043						0.14
Discrete tax items						—						—						—						—						(1,466)						1,466						0.03
Adjusted						$	171,913					$	103,571					$	68,342					$	(2,471)					$	15,196					$	50,675					$	0.99
Adjusted, as a percentage of net revenues						54.0		%				32.6		%				21.5		%																15.9		%

11

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Reconciliation of Adjusted Measures for Year-to-Date FY25 and FY24
(Data in thousands, except per share data)
Six Months Ended September 28, 2024:						Gross profit						Operating expenses						Operating income						Interest and other income (expense)						Provision for income taxes						Net income						Earnings per diluted share
Reported						$	362,361					$	270,908					$	91,453					$	(36)					$	19,213					$	72,204					$	1.40
Amortization of acquired intangible assets						—						(24,735)						24,735						—						6,146						18,589						0.36
Amortization of fair value inventory step-up						8,978						—						8,978						—						2,194						6,784						0.13
Integration and transaction costs						387						(12,818)						13,205						—						943						12,262						0.24
Restructuring costs						8,131						(1,283)						9,414						—						2,181						7,233						0.14
Restructuring related costs						1,880						(2,209)						4,089						—						970						3,119						0.06
Digital transformation costs						—						(11,203)						11,203						—						2,670						8,533						0.17
MDR and IVDR costs						—						(2,117)						2,117						—						501						1,616						0.03
Litigation-related charges						—						(1,075)						1,075						—						261						814						0.02
Gain on repurchase of convertible notes, net												—						—						(12,600)						(3,059)						(9,541)						(0.19)
Gains on sales of property, plant and equipment												14,134						(14,134)						—						(3,432)						(10,702)						(0.21)
Impairment of intangible assets						—						(2,391)						2,391						—						581						1,810						0.04
Discrete tax items						—						—						—						—						3,075						(3,075)						(0.06)
Adjusted						$	381,737					$	227,211					$	154,526					$	(12,636)					$	32,244					$	109,646					$	2.13
Adjusted, as a percentage of net revenues						56.0		%				33.3		%				22.7		%																16.1		%
Six Months Ended September 30, 2023:						Gross profit						Operating expenses						Operating income						Interest and other income (expense)						Provision for income taxes						Net income						Earnings per diluted share
Reported						$	337,775					$	248,813					$	88,962					$	(4,540)					$	18,472					$	65,950					$	1.28
Amortization of acquired intangible assets						—						(14,695)						14,695						—						3,570						11,125						0.22
Integration and transaction costs						—						(2,899)						2,899						—						694						2,205						0.04
Restructuring costs						264						189						75						—						(14)						89						—
Restructuring related costs						2,479						(1,672)						4,151						—						986						3,165						0.05
Digital transformation costs						—						(7,297)						7,297						—						1,699						5,598						0.11
PCS2 related charges						170						(241)						411						—						99						312						0.01
MDR and IVDR costs						—						(3,154)						3,154						—						712						2,442						0.05
Litigation-related charges						—						(6,507)						6,507						—						1,562						4,945						0.10
Impairment of intangible assets						—						(10,419)						10,419						—						3,376						7,043						0.14
Discrete tax items						—						—						—						—						(1,466)						1,466						0.03
Adjusted						$	340,688					$	202,118					$	138,570					$	(4,540)					$	29,690					$	104,340					$	2.03
Adjusted, as a percentage of net revenues						54.1		%				32.1		%				22.0		%																16.6		%

12

Document and Entity Information	Nov. 07, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 07, 2024
Entity Registrant Name	HAEMONETICS CORPORATION
Entity Central Index Key	0000313143
Amendment Flag	false
Entity File Number	001-14041
Entity Tax Identification Number	04-2882273
Entity Address, Address Line One	125 Summer Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	781
Local Phone Number	848-7100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $.01 par value per share
Trading Symbol	HAE
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Incorporation, State or Country Code	MA

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