0000313143false00003131432024-05-092024-05-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 9, 2024

HAEMONETICS CORPORATION
(Exact name of registrant as specified in its charter)
Massachusetts001-1404104-2882273
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS 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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.01 par value per shareHAENew 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. ☐











Item 2.02 Results of Operations and Financial Condition. 
On May 9, 2024, Haemonetics Corporation issued a press release announcing financial results for the fourth quarter and fiscal year ended March 30, 2024. 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 NumberDescription
Press Release of Haemonetics Corporation dated May 9, 2024 announcing financial results for the fourth quarter and fiscal year ended March 30, 2024.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



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 : May 9, 2024By:/s/ Christopher A. Simon
Name:Christopher A. Simon
Title:President and Chief Executive Officer


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Exhibit 99.1
Investor ContactsMedia Contact
Olga Guyette, Sr. Director-Investor Relations & TreasuryJosh Gitelson, Director-Communications
(781) 356-9763(781) 356-9776
olga.guyette@haemonetics.comjosh.gitelson@haemonetics.com
David Trenk, Manager-Investor Relations
(203) 733-4987
david.trenk@haemonetics.com

Haemonetics Reports Fourth Quarter and Fiscal 2024 Results;
Provides Fiscal 2025 Guidance

Boston, MA, May 9, 2024 - Haemonetics Corporation (NYSE: HAE) reported financial results for its fourth quarter and fiscal 2024, which ended March 30, 2024:
4th Quarter 2024Fiscal 2024
■Revenue, increase
$343 million, 13%
$1.309 billion, 12%
■Organic1 revenue increase
10%12%
■Earnings per diluted share
$0.40$2.29
■Adjusted earnings per diluted share
$0.90$3.96
■Cash flow from operating activities
$64 million$182 million
■Free cash flow before restructuring and restructuring related costs
$59 million$127 million
1 Excludes the impact of currency fluctuation and the acquisition of the Sensor Guided Technologies product line in December 2023.

Chris Simon, Haemonetics’ CEO, stated: "Fourth quarter and fiscal 2024 performance was strong. We advanced our market leadership and portfolio evolution by investing selectively, acquiring attractive new products and rationalizing non-strategic assets to accelerate revenue growth and margin expansion. Midway through our long-range plan we are on track to deliver increased value to our customers and our shareholders."

GAAP RESULTS

Fourth quarter fiscal 2024 revenue was $343.3 million, up 12.8% compared with the fourth quarter of fiscal 2023. Business unit revenue and growth rates compared with the prior year period were as follows:
($ millions)
4th Quarter 2024
Reported
Plasma$138.65.7%
Blood Center$70.24.5%
Hospital$129.228.1%
  Net business unit revenue$338.013.0%
Service$5.31.2%
  Total net revenue$343.312.8%
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Gross margin was 51.2% in the fourth quarter of fiscal 2024, compared with 51.3% in the fourth quarter of fiscal 2023.

The primary drivers of the decrease in the gross margin percentage were the impact of foreign exchange, portfolio rationalization initiatives and amortization of inventory fair value step-up related to the OpSens Inc. acquisition, partially offset by volume and mix. Operating expenses as a percentage of revenue were 42.5% in the fourth quarter of fiscal 2024, compared with 39.7% in the fourth quarter of fiscal 2023. The increase in operating expenses as a percentage of revenue was primarily driven by continuous growth investments, digital transformation costs, write downs of certain in-process intangible assets, the recent acquisition of OpSens Inc. and freight, partially offset by operating leverage. The Company had operating income of $29.9 million and a 8.7% operating margin in the fourth quarter of fiscal 2024, compared with operating income of $35.3 million and an operating margin of 11.6% in the fourth quarter of fiscal 2023. The income tax rates were 13% and 10% in the fourth quarters of fiscal 2024 and fiscal 2023, respectively. Fourth quarter fiscal 2024 net income and earnings per diluted share were $20.4 million and $0.40, respectively, compared with net income and earnings per diluted share of $29.4 million and $0.57, respectively, in the fourth quarter of fiscal 2023.

ADJUSTED RESULTS

Organic revenue for the fourth quarter of fiscal 2024 was up 10.2% compared with the same period of fiscal 2023. Business unit organic revenue growth rates compared with the prior year period were as follows:
4th Quarter 2024
Organic
Plasma5.6%
Blood Center7.1%
Hospital18.7%
  Net business unit revenue10.4%
Service1.0%
  Total net revenue10.2%

Fourth quarter fiscal 2024 adjusted gross margin was 54.0%, up 220 basis points compared with the prior year period. The primary drivers of the increase in the adjusted gross margin percentage were volume and mix, partially offset by the impact of foreign exchange.
Adjusted operating expenses as a percentage of revenue were 35.2% in the fourth quarter of fiscal 2024, compared with 34.0% in the prior year period. The increase in adjusted operating expenses as a percentage of revenue was primarily driven by continuous growth investments, the recent acquisition of OpSens Inc. and freight, partially offset by operating leverage. Adjusted operating income for the fourth quarter of fiscal 2024 was $64.6 million, up $10.7 million or 19.8%, and adjusted operating margin was 18.8%, up 110 basis points when compared with the same period of fiscal 2023. The adjusted income tax rates were 21% and 23% in the fourth quarter of fiscal 2024 and fiscal 2023, respectively.

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Fourth quarter fiscal 2024 adjusted net income was $46.0 million, up $6.8 million or 17.3%, and adjusted earnings per diluted share was $0.90, up 16.9%, each when compared with the same period of fiscal 2023.

AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS, RESTRUCTURING AND DIGITAL TRANSFORMATION COSTS.

The Company recorded amortization of acquired intangible assets of $10.4 million in the fourth quarter of fiscal 2024 compared with $8.0 million in the fourth quarter of fiscal 2023 and incurred restructuring costs of $6.0 million in the fourth quarter of fiscal 2024 compared with $0.5 million in the fourth quarter of fiscal 2023. The Company also incurred $5.0 million of digital transformation costs related to the upgrade of our enterprise resource planning system compared with $2.1 million in the fourth quarter of fiscal 2023.

BALANCE SHEET AND CASH FLOW

Cash on hand at March 30, 2024 was $178.8 million, a decrease of $105.7 million since April 1, 2023, primarily driven by the OpSens Inc. acquisition.

Cash flow from operating activities was $181.8 million and free cash flow before restructuring and restructuring related costs was $127.2 million during fiscal 2024, compared with $273.1 million and $190.4 million in fiscal 2023, respectively. The driver of the decrease in both operating cash flow and free cash flow before restructuring and restructuring related costs was increased inventory balances.


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FISCAL 2025 GUIDANCE

The Company issued its fiscal 2025 GAAP total revenue and organic revenue growth guidance in its updated revenue reporting format1 as follows:

PlasmaBlood Center
Hospital2
Total Company
Reported(3 - 6)%(5 - 8)%27% - 32%5 - 8%
Currency impact0%(0 - 1)%0%(0 - 1)%
Acquisitions2
0%0%14- 16%5 - 6%
Organic(3 - 6)%(5 - 7)%13 - 16%0 - 3%
1 Beginning in fiscal 2025, the Company will integrate service revenue within its three business units. For more information, see the supplemental tables referenced below and available on our investor relations website.
2 Reflects adjustment to exclude fiscal 2025 revenue related to the acquisition of Advanced Cooling Therapy, Inc. (d/b/a Attune Medical) on
April 1, 2024 and 37 weeks of OpSens Inc. revenue (i.e., through the first anniversary of its acquisition).

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

Adjusted operating margin23% - 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 fourth quarter and full year fiscal 2024 results on Thursday, May 9, 2024 at 8:00 a.m. ET. The call can be accessed via teleconference at https://register.vevent.com/register/BI7654787bc47144b39cb181c1abab0531. 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/5cppxurr

The Company has made available on its investor relations website certain supplemental analytical tables that include two years of historical revenue information recast in the updated revenue reporting structure. These supplemental analytical tables can be accessed at the following direct link: https://haemonetics.gcs-web.com/static-files/e6895d75-dd6f-4f9f-af30-387bd364b386


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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 development and commercialization of, and regulatory approvals related to, the Company’s products and plans or objectives related to the Company’s Operational Excellence Program and portfolio rationalization initiatives; (ii) estimates or projections of financial results, financial condition, capital expenditures, capital structure or other financial items, including with respect to the share repurchase program; (iii) the impact of inflationary pressures in our global manufacturing and supply chain; and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) 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 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 implement as planned and realize estimated cost savings from the Operational Excellence Program and portfolio rationalization initiatives; inflationary pressures, rising interest rates and macroeconomic conditions; the Company’s ability to execute business continuity plans; risks arising from planned or completed acquisitions or divestitures by the Company, including any failure to realize the anticipated strategic benefits and opportunities of such transactions; 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; technological advances in the medical field and standards for transfusion medicine and the Company’s ability to successfully offer products that incorporate such advances and standards; product quality; market acceptance; regulatory uncertainties, including in the receipt or timing of regulatory approvals; the effect of economic and political conditions; the impact of competitive products and pricing; blood product reimbursement policies and practices; and the effect of industry consolidation as seen in the plasma market. 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.


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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 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, divestitures and sale of assets, 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 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, net of the proceeds from the sale of property, plant and equipment. Free cash flow before restructuring and restructuring related costs is defined as cash provided by operating activities less capital expenditures, net of the proceeds from the sale of property, plant and equipment and restructuring and restructuring related costs, net of tax. 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 EndedYear Ended
  3/30/20244/1/2023 Inc/(Dec) %3/30/20244/1/2023Inc/(Dec) %
(unaudited)(unaudited)
Net revenues$343,290$304,41612.8%$1,309,055$1,168,66012.0%
Cost of goods sold167,384148,16713.0%617,507553,56311.6%
Gross profit175,906156,24912.6%691,548615,09712.4%
  
 Research and development15,85715,6441.4%54,43550,1318.6%
 Selling, general and administrative121,68197,37625.0%431,780376,67514.6%
Amortization of acquired intangible assets10,4257,97430.7%32,03132,640(1.9)%
Gains on divestiture and sale of assets(2,000)—n/m(2,000)(382)n/m
Impairment of intangible assets——n/m10,419—n/m
Operating expenses145,963120,99420.6%526,665459,06414.7%
Operating income29,94335,255(15.1)%164,883156,0335.7%
  
Interest and other expense, net(6,529)(2,629)148.3%(13,018)(14,630)(11.0)%
Income before taxes23,41432,626(28.2)%151,865141,4037.4%
  
Provision for income taxes3,0473,243(6.0)%34,30726,00231.9%
  
Net income$20,367$29,383(30.7)%$117,558$115,4011.9%
  
 
Net income per common share assuming dilution$0.40$0.57(29.8)%$2.29$2.242.2%
   
Weighted average number of shares: 
 Basic50,78750,447 50,70650,783
 Diluted51,40851,221 51,39751,420
    
Profit Margins: Inc/(Dec) %Inc/(Dec) %
Gross profit51.2 %51.3 %(0.1)%52.8 %52.6 %0.2%
Research and development4.6 %5.1 %(0.5)%4.2 %4.3 %(0.1)%
Selling, general and administrative35.4 %32.0 %3.4%33.0 %32.2 %0.8%
Operating income8.7 %11.6 %(2.9)%12.6 %13.4 %(0.8)%
Income before taxes6.8 %10.7 %(3.9)%11.6 %12.1 %(0.5)%
Net income5.9 %9.7 %(3.8)%9.0 %9.9 %(0.9)%
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Revenue Analysis by Business Unit
(Data in thousands)
  Three Months Ended
  3/30/20244/1/2023Reported growthCurrency impact
Acquisition(1)
Organic growth
Revenues by business unit(unaudited)
 
Plasma(2)
$138,629 $131,188 5.7 %0.1 %— %5.6 %
Apheresis52,706 48,259 9.2 %(3.6)%— %12.8 %
Whole Blood17,520 18,964 (7.6)%(0.3)%— %(7.3)%
 Blood Center70,226 67,223 4.5 %(2.6)%— %7.1 %
Interventional Technologies(3)
55,116 35,420 55.6 %(0.3)%27.8 %28.1 %
Blood Management Technologies:
Hemostasis Management42,898 36,117 18.8 %(0.4)%— %19.2 %
Other(4)
31,178 29,285 6.5 %(0.2)%— %6.7 %
 Hospital129,192 100,822 28.1 %(0.4)%9.8 %18.7 %
Net business unit revenues338,047 299,233 13.0 %(0.7)%3.3 %10.4 %
Service5,243 5,183 1.2 %0.2 %— %1.0 %
Total net revenues$343,290 $304,416 12.8 %(0.7)%3.3 %10.2 %
Year Ended
3/30/20244/1/2023Reported growthCurrency impact
Acquisition(1)
Organic growth
Revenues by business unit(unaudited)
Plasma(2)
$565,944 $496,923 13.9 %0.1 %— %13.8 %
Apheresis204,086 200,546 1.8 %(3.1)%— %4.9 %
Whole Blood72,058 79,416 (9.3)%(0.6)%— %(8.7)%
Blood Center276,144 279,962 (1.4)%(2.4)%— %1.0 %
Interventional Technologies(3)
174,285 126,717 37.5 %(0.2)%9.3 %28.4 %
Blood Management Technologies:
Hemostasis Management159,139 138,854 14.6 %(0.6)%— %15.2 %
Other(4)
111,938 106,160 5.4 %(0.7)%— %6.1 %
Hospital445,362 371,731 19.8 %(0.5)%3.2 %17.1 %
Net business unit revenues1,287,450 1,148,616 12.1 %(0.7)%1.0 %11.8 %
Service21,605 20,044 7.8 %0.5 %— %7.3 %
Total net revenues$1,309,055 $1,168,660 12.0 %(0.7)%1.0 %11.7 %
(1) Reflects the impact in Hospital of the Sensor Guided Technologies product line acquired as part of the OpSens Inc. transaction in December 2023.
(2) Plasma had organic revenue growth of 5.4% and 14.0% in North America for the three months and year ended, March 30, 2024, respectively, and 3.8% and 13.5% of organic revenue growth in North America disposables for the three months and year ended March 30, 2024, respectively.
(3) Interventional Technologies includes Vascular Closure and Sensor Guided Technologies product lines within the Hospital business unit.
(4) Other includes the Cell Salvage and Transfusion Management product lines within the Hospital business unit.

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Condensed Consolidated Balance Sheets
(Data in thousands)
   
   As of
   3/30/2024 4/1/2023
   (unaudited) 
Assets   
Cash and cash equivalents$178,800 $284,466 
Accounts receivable, net206,562 179,142 
Inventories, net317,202 259,379 
Other current assets66,339 46,735 
  Total current assets768,903 769,722 
Property, plant & equipment, net311,362 310,885 
Intangible assets, net406,117 275,771 
Goodwill565,082 466,231 
Other assets144,127 112,216 
 Total assets$2,195,591 $1,934,825 
 
Liabilities & Stockholders' Equity 
Short-term debt & current maturities$10,229 $11,784 
Other current liabilities290,154 240,032 
  Total current liabilities300,383 251,816 
Long-term debt797,564 754,102 
Other long-term liabilities137,685 110,910 
Stockholders' equity959,959 817,997 
 Total liabilities & stockholders' equity$2,195,591 $1,934,825 
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Condensed Consolidated Statements of Cash Flows
(Data in thousands)
 Year Ended
 3/30/20244/1/2023
 (unaudited)
Cash Flows from Operating Activities:
Net income$117,558 $115,401 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization97,215 93,307 
Amortization of fair value inventory step-up3,347 — 
Impairment of assets10,419 607 
Share-based compensation expense28,332 25,583 
Gains on divestiture and sale of assets(2,000)(382)
Change in other non-cash operating activities1,581 13,039 
Change in accounts receivable, net (24,193)(24,421)
Change in inventories (60,061)30,754 
Change in other working capital9,553 19,170 
Net cash provided by operating activities181,751 273,058 
Cash Flows from Investing Activities:
Capital expenditures(66,296)(110,191)
Proceeds from divestiture and sale of assets1,500 850 
Proceeds from sale of property, plant and equipment1,810 1,608 
Acquisition(243,852)(2,850)
Other investments(15,551)(33,205)
Net cash used in investing activities(322,389)(143,788)
Cash Flows from Financing Activities:
Repayments of debt, net of borrowings37,750 (9,625)
Debt issuance costs— (1,118)
Contingent consideration payments(849)(21,593)
Proceeds from employee stock programs1,329 7,016 
Share repurchases— (75,000)
Other(73)(44)
Net cash provided by (used in) financing activities38,157 (100,364)
Effect of exchange rates on cash and cash equivalents(3,185)(3,936)
Net Change in Cash and Cash Equivalents(105,666)24,970 
Cash and Cash Equivalents at Beginning of the Period284,466 259,496 
Cash and Cash Equivalents at End of Period$178,800 $284,466 
Free Cash Flow Reconciliation:
Cash provided by operating activities$181,751 $273,058 
Capital expenditures, net of proceeds from sale of property, plant and equipment(64,486)(108,583)
Free cash flow after restructuring and restructuring related costs$117,265 $164,475 
Restructuring and restructuring related costs12,687 32,806 
Tax benefit on restructuring and restructuring related costs(2,731)(6,879)
Free cash flow before restructuring and restructuring related costs $127,221 $190,402 
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Reconciliation of Adjusted Measures for Fourth Quarter of FY24 and FY23
(Data in thousands, except per share data)
Three Months Ended March 30, 2024:
Gross profitOperating expensesOperating incomeProvision for income taxesNet incomeEarnings per diluted share
Reported$175,906$145,963$29,943$3,047$20,367$0.40 
Amortization of acquired intangible assets—(10,425)10,4252,7597,6660.15 
Amortization of fair value inventory step-up3,347—3,3478872,4600.05 
Integration and transaction costs31(3,450)3,4811,0562,4250.05 
Restructuring costs3,958(2,088)6,0461,4194,6270.09 
Restructuring related costs2,129(816)2,9457512,1940.05 
Digital transformation costs—(4,955)4,9551,2443,7110.07 
Write downs of certain in-process intangible assets and PCS2 related charges112(4,362)4,4741,1433,3310.06 
MDR and IVDR costs—(1,001)1,0012457560.01 
Litigation-related charges—14(14)17(31)— 
Gain on divestiture—2,000(2,000)(510)(1,490)(0.03)
Adjusted$185,483$120,880$64,603$12,058$46,016$0.90 
Adjusted, as a percentage of net revenues54.0 %35.2 %18.8 %13.4 %
Three Months Ended April 1, 2023:
Gross profitOperating expensesOperating incomeProvision for income taxesNet incomeEarnings per diluted share
Reported$156,249$120,994$35,255$3,243$29,383$0.57 
Amortization of acquired intangible assets—(7,974)7,9742,7805,1940.10 
Integration and transaction costs—(14)1459— 
Restructuring costs11(481)4921543380.01 
Restructuring related costs1,830(882)2,7128881,8240.04 
Digital transformation costs—(2,084)2,0847121,3720.03 
Write downs of certain in-process intangible assets and PCS2 related charges(514)(167)(347)(122)(225)— 
MDR and IVDR costs2(1,677)1,6795441,1350.02 
Litigation-related charges—(4,079)4,0791,4282,6510.05 
Discrete tax adjustments———2,447(2,447)(0.05)
Adjusted$157,578$103,636$53,942$12,079$39,234$0.77 
Adjusted, as a percentage of net revenues51.8 %34.0 %17.7 %12.9 %


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Reconciliation of Adjusted Measures for Year-to-Date FY24 and FY23
(Data in thousands, except per share data)
Year Ended March 30, 2024:
Gross profitOperating expensesOperating incomeProvision for income taxesNet incomeEarnings per diluted share
Reported$691,548$526,665$164,883$34,307$117,558$2.29 
Amortization of acquired intangible assets—(32,031)32,0318,24123,7900.46 
Amortization of fair value inventory step-up3,347—3,3478872,4600.05 
Integration and transaction costs31(11,218)11,2491,3409,9090.19 
Restructuring costs11,287(2,802)14,0893,18010,9090.21 
Restructuring related costs5,733(3,766)9,4992,3557,1440.14 
Digital transformation costs—(15,667)15,6673,85311,8140.23 
Write downs of certain in-process intangible assets and PCS2 related charges331(4,764)5,0951,3003,7950.07 
MDR and IVDR costs—(5,588)5,5881,3224,2660.08 
Litigation-related charges—(6,670)6,6701,7014,9690.10 
Impairment of intangible assets—(10,419)10,4193,3767,0430.14 
Gain on divestiture—2,000(2,000)(510)(1,490)(0.03)
Discrete tax items———(1,466)1,4660.03 
Adjusted$712,277$435,740$276,537$59,886$203,633$3.96 
Adjusted, as a percentage of net revenues54.4 %33.3 %21.1 %15.6 %
Year Ended April 1, 2023:
Gross profitOperating expensesOperating incomeProvision for income taxesNet incomeEarnings per diluted share
Reported$615,097$459,064$156,033$26,002$115,401$2.24 
Amortization of acquired intangible assets—(32,640)32,6409,98022,6600.44 
Integration and transaction costs—411(411)(129)(282)(0.01)
Restructuring costs(215)(872)6572024550.01 
Restructuring related costs7,991(2,901)10,8923,0527,8400.16 
Digital transformation costs—(4,536)4,5361,5642,9720.06 
Write downs of certain in-process intangible assets and PCS2 related charges(984)(368)(616)(192)(424)(0.01)
MDR and IVDR costs103(9,751)9,8542,7667,0880.14 
Litigation-related charges—(5,230)5,2301,7683,4620.07 
Gain on sale of assets—382(382)(116)(266)(0.01)
Discrete tax adjustments———3,203(3,203)(0.06)
Adjusted$621,992$403,559$218,433$48,100$155,703$3.03
Adjusted, as a percentage of net revenues53.2 %34.5 %18.7 %13.3 %
12
v3.24.1.u1
Document and Entity Information
May 09, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 09, 2024
Entity Registrant Name HAEMONETICS CORPORATION
Entity Central Index Key 0000313143
Amendment Flag false
Entity Incorporation, State or Country Code MA
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
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