0000313143false00003131432024-02-082024-02-08

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): February 8, 2024

HAEMONETICS CORPORATION
(Exact name of registrant as specified in its charter)
Massachusetts001-1404104-2882273
(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 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 February 8, 2024, Haemonetics Corporation issued a press release announcing financial results for the third quarter and nine months ended December 30, 2023. 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 February 8, 2024 announcing financial results for the third quarter and nine months ended December 30, 2023.
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: February 8, 2024
By:/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 & Treasury
Josh Gitelson, Director-Communications
(781) 356-9763(781) 356-9776
olga.guyette@haemonetics.com
josh.gitelson@haemonetics.com
David Trenk, Manager-Investor Relations
(203) 733-4987
david.trenk@haemonetics.com

Haemonetics Reports Third Quarter and Year-to-Date Fiscal 2024 Results; Updates Fiscal 2024 Guidance

Boston, MA, February 8, 2024 - Haemonetics Corporation (NYSE: HAE) reported financial results for its third quarter and year-to-date fiscal 2024, which ended December 30, 2023:
    
3rd Quarter 2024
YTD 2024
nRevenue, increase
$336 million, 10%
$966 million, 12%
n
Organic1 revenue increase
10%12%
nEarnings per diluted share$0.61$1.89
nAdjusted earnings per diluted share$1.04$3.07
nCash (out)flow from operating activities($1) million$118 million
nFree cash (out)flow before restructuring & restructuring related costs($20) million$68 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: "We continue to deliver increased revenue and margins, strengthen market leadership and increase impact through portfolio evolution, operational excellence and resource allocation. Outperformance is funding additional opportunities for accelerated growth and diversification like the OpSens acquisition. We are well-positioned and gaining momentum to achieve long-term transformational growth."

GAAP RESULTS

Third quarter fiscal 2024 revenue was $336.3 million, up 10.1% compared with the third quarter of fiscal 2023. Business unit revenue and growth rates compared with the prior year period were as follows:
($ millions)
3rd Quarter 2024 Reported
Plasma$146.88.4%
Blood Center$70.5(3.9)%
Hospital$113.423.9%
    Net business unit revenue$330.710.1%
Service$5.612.8%
    Total net revenue$336.310.1%
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Gross margin was 52.9% in the third quarter of fiscal 2024 compared with 52.0% in the third quarter of fiscal 2023. The primary drivers of the increase in the gross margin percentage were volume, mix and price, partially offset by portfolio rationalization initiatives, continuous growth investments and increased depreciation expense. Operating expenses as a percentage of revenue were 39.2% in the third quarter of fiscal 2024 compared with 37.8% in the third quarter of fiscal 2023. The increase in operating expenses as a percentage of revenue was primarily driven by continuous growth investments, transaction costs and digital transformation costs, partially offset by operating leverage. The Company had operating income of $46.0 million and a 13.7% operating margin in the third quarter of fiscal 2024, compared with operating income of $43.3 million and an operating margin of 14.2% in the third quarter of fiscal 2023. The income tax rates were 29% and 22% in the third quarters of fiscal 2024 and fiscal 2023, respectively. Third quarter fiscal 2024 net income and earnings per diluted share were $31.2 million and $0.61, respectively, compared with $32.9 million and $0.64, respectively, in the third quarter of fiscal 2023.

ADJUSTED RESULTS

Organic revenue for the third quarter of fiscal 2024 was up 9.7% compared with the same period of fiscal 2023. Business unit organic revenue growth rates compared with the prior year period were as follows:
3rd Quarter 2024 Organic
Plasma8.1%
Blood Center(2.6)%
Hospital21.6%
    Net business unit revenue9.6%
Service10.9%
    Total net revenue9.7%

Third quarter fiscal 2024 adjusted gross margin was 55.3%, up 280 basis points compared with the prior year period. The primary drivers of the increase in the adjusted gross margin percentage were price, volume and mix, partially offset by continuous growth investments and higher depreciation expense.

Adjusted operating expenses as a percentage of revenue were 33.5% in the third quarter of fiscal 2024, compared with 33.2% in the third quarter of fiscal 2023. The increase in adjusted operating expenses as a percentage of revenue was primarily driven by continuous growth investments and higher performance-based compensation, partially offset by stronger operating leverage. Adjusted operating income for the third quarter of fiscal 2024 was $73.4 million, up $14.4 million or 24.3%, compared with the third quarter of fiscal 2023. Adjusted operating margin was 21.8%, up 250 basis points when compared with the same period of fiscal 2023. The adjusted income tax rates were 25% in the third quarters of both fiscal 2024 and fiscal 2023.

Third quarter fiscal 2024 adjusted net income was $53.3 million, up $9.7 million, or 22.3%, and adjusted earnings per diluted share was $1.04, up 22.4%, when compared with the same period of fiscal 2023.

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

The Company recorded amortization of acquired intangible assets of $6.9 million in the third quarter of fiscal 2024 compared with $8.1 million in the third quarter of fiscal 2023. The Company also incurred $8.0 million in restructuring charges primarily for portfolio rationalization initiatives, $4.9 million in transaction costs in connection with the OpSens, Inc. acquisition and $3.4 million of digital transformation costs related to the upgrade of our enterprise resource planning system in the third quarter of fiscal 2024.

BALANCE SHEET AND CASH FLOW

Cash on hand at December 30, 2023 was $194.0 million, a decrease of $90.5 million since April 1, 2023, primarily driven by the OpSens, Inc. acquisition.

Cash outflow from operating activities was $0.5 million and free cash outflow before restructuring and restructuring related costs was $20.3 million during the third quarter of fiscal 2024, compared with operating cash flow of $64.4 million and free cash flow before restructuring and restructuring related costs of $52.8 million, respectively, in the same period of fiscal 2023. The drivers of both operating cash outflow and free cash outflow before restructuring and restructuring related costs were the timing of customer payments, decreases in accounts payable and increased inventory balances.

FISCAL 2024 GUIDANCE

The Company updated its previous fiscal 2024 GAAP total revenue and organic revenue growth guidance as follows:

Total CompanyPrevious GuidanceCurrent
Guidance
Reported8 - 10%10 - 12%
Currency impact(1)%(1)%
Acquisition1%1%
Organic8 - 10%10 - 12%
Business unit organic revenuePrevious GuidanceCurrent
Guidance
Plasma revenue10 - 12%11 - 13%
Blood Center revenue(2 - 4)%(0 - 2)%
Hospital revenue16 - 18%16 - 18%


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Additionally, the Company reaffirmed its adjusted operating margin guidance, and updated its adjusted earnings per diluted share guidance and free cash flow before restructuring and restructuring related costs guidance as follows:
Previous GuidanceCurrent Guidance
Adjusted operating margin
~21%~21%
Adjusted earnings per diluted share
$3.75 - $3.95$3.90 - $4.00
Free cash flow, before restructuring & restructuring related costs
$170M - $190M$160M - $180M

WEBCAST CONFERENCE CALL AND RESULTS ANALYSIS

The Company will host a conference call with investors and analysts to discuss third quarter fiscal 2024 results on Thursday, February 8, 2024 at 8:00 a.m. ET. The call can be accessed via teleconference at https://register.vevent.com/register/BIddeef4a5eb8d4c2d96bcf82386d2a73e. 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/unynzc8w

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
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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.

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, 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, 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 before restructuring
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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 provide a quantitative reconciliation of its forward-looking organic revenue growth guidance by business unit to the comparable GAAP measure because forecasting the impact of foreign currency fluctuations by business unit is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. Additionally, 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 before restructuring and restructuring related costs guidance to the comparable GAAP measures because the combined impact and timing of recognition of certain potential charges or gains, such as restructuring costs and impairment charges, 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 EndedNine Months Ended
  12/30/202312/31/2022 Inc/(Dec) %12/30/202312/31/2022Inc/(Dec) %
(unaudited)(unaudited)
Net revenues$336,250$305,30110.1%$965,765$864,24411.7%
Cost of goods sold158,383146,5948.0%450,123405,39611.0%
Gross profit177,867158,70712.1%515,642458,84812.4%
  
 Research and development13,26512,6894.5%38,57834,48711.9%
 Selling, general and administrative111,71394,66118.0%310,099278,91711.2%
Amortization of acquired intangible assets6,9118,078(14.4)%21,60624,666(12.4)%
Impairment of intangible assets——n/m10,419—n/m
Operating expenses131,889115,42814.3%380,702338,07012.6%
Operating income45,97843,2796.2%134,940120,77811.7%
  
Interest and other expense, net(1,949)(1,055)84.7%(6,489)(12,001)(45.9)%
Income before taxes44,02942,2244.3%128,451108,77718.1%
  
Provision for income taxes12,7889,28037.8%31,26022,75937.4%
  
Net income$31,241$32,944(5.2)%$97,191$86,01813.0%
  
 
Net income per common share assuming dilution$0.61$0.64(4.7)%$1.89$1.6713.2%
   
Weighted average number of shares: 
 Basic50,76850,509 50,67950,896
 Diluted51,44551,219 51,39451,487
    
Profit Margins: Inc/(Dec) %Inc/(Dec) %
Gross profit52.9 %52.0 %0.9%53.4 %53.1 %0.3%
Research and development3.9 %4.2 %(0.3)%4.0 %4.0 %—%
Selling, general and administrative33.2 %31.0 %2.2%32.1 %32.3 %(0.2)%
Operating income13.7 %14.2 %(0.5)%14.0 %14.0 %—%
Income before taxes13.1 %13.8 %(0.7)%13.3 %12.6 %0.7%
Net income9.3 %10.8 %(1.5)%10.1 %10.0 %0.1%
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Revenue Analysis by Business Unit
(Data in thousands)
  Three Months Ended
  12/30/202312/31/2022Reported growthCurrency impact
Acquisition(1)
Organic growth
Revenues by business unit(unaudited)
 
Plasma(2)
$146,805 $135,461 8.4 %0.3 %— %8.1 %
Apheresis50,666 52,398 (3.3)%(1.9)%— %(1.4)%
Whole Blood19,814 20,964 (5.5)%0.1 %— %(5.6)%
 Blood Center70,480 73,362 (3.9)%(1.3)%— %(2.6)%
Interventional Technologies(3)
43,007 32,154 33.8 %(0.2)%6.1 %27.9 %
Blood Management Technologies:
Hemostasis Management41,423 34,921 18.6 %0.1 %— %18.5 %
Other(3)
28,989 24,485 18.4 %0.4 %— %18.0 %
 Hospital113,419 91,560 23.9 %0.1 %2.2 %21.6 %
Net business unit revenues330,704 300,383 10.1 %(0.2)%0.7 %9.6 %
Service5,546 4,918 12.8 %1.9 %— %10.9 %
Total net revenues$336,250 $305,301 10.1 %(0.2)%0.6 %9.7 %
Nine Months Ended
12/30/202312/31/2022Reported growthCurrency impact
Acquisition(1)
Organic growth
Revenues by business unit(unaudited)
Plasma(2)
$427,315 $365,735 16.8 %0.1 %— %16.7 %
Apheresis151,380 152,287 (0.6)%(3.0)%— %2.4 %
Whole Blood54,538 60,452 (9.8)%(0.7)%— %(9.1)%
Blood Center205,918 212,739 (3.2)%(2.3)%— %(0.9)%
Interventional Technologies(3)
119,169 91,297 30.5 %(0.2)%2.2 %28.5 %
Blood Management Technologies:
Hemostasis Management116,241 102,737 13.1 %(0.7)%— %13.8 %
Other(4)
80,760 76,875 5.1 %(0.7)%— %5.8 %
Hospital316,170 270,909 16.7 %(0.6)%0.8 %16.5 %
Net business unit revenues949,403 849,383 11.8 %(0.7)%0.2 %12.3 %
Service16,362 14,861 10.1 %0.7 %— %9.4 %
Total net revenues$965,765 $864,244 11.7 %(0.7)%0.2 %12.2 %
(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 8.4% and 17.1% in North America for the three and nine months ended December 30, 2023, respectively, and 7.0% and 17.0% of organic revenue growth in North America disposables for the three and nine months ended December 30, 2023, respectively.
(3) Interventional Cardiology includes Vascular Closure and Sensor Guided Technologies product lines of the Hospital business unit.
(4) Other includes the 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
   12/30/2023 4/1/2023
   (unaudited) 
Assets   
Cash and cash equivalents$193,978 $284,466 
Accounts receivable, net211,611 179,142 
Inventories, net304,024 259,379 
Other current assets55,369 46,735 
  Total current assets764,982 769,722 
Property, plant & equipment, net318,665 310,885 
Intangible assets, net429,270 275,771 
Goodwill554,999 466,231 
Other assets132,512 112,216 
 Total assets$2,200,428 $1,934,825 
 
Liabilities & Stockholders' Equity 
Short-term debt & current maturities$13,736 $11,784 
Other current liabilities248,019 240,032 
  Total current liabilities261,755 251,816 
Long-term debt856,849 754,102 
Other long-term liabilities138,505 110,910 
Stockholders' equity943,319 817,997 
 Total liabilities & stockholders' equity$2,200,428 $1,934,825 























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Condensed Consolidated Statements of Cash Flows
(Data in thousands)
 Nine Months Ended
 12/30/202312/31/2022
 (unaudited)
Cash Flows from Operating Activities:
Net income$97,191 $86,018 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization69,576 69,453 
Share-based compensation expense20,912 18,525 
Impairment of intangible assets10,419 94 
Amortization of deferred financing costs2,393 1,098 
Inventory reserve adjustment6,904 483 
Change in other non-cash operating activities(2,430)160 
Change in accounts receivable, net (27,743)(24,370)
Change in inventories, net(40,721)34,506 
Change in other working capital(18,831)7,480 
Net cash provided by operating activities117,670 193,447 
Cash Flows from Investing Activities:
Capital expenditures(56,611)(98,272)
Acquisitions(243,852)(2,850)
Proceeds from divestiture— 850 
Proceeds from sale of property, plant and equipment1,259 7,695 
Other investments(10,129)(33,205)
Net cash used in investing activities(309,333)(125,782)
Cash Flows from Financing Activities:
Repayments, net of borrowings101,250 (7,875)
Debt issuance costs— (1,118)
Share repurchases— (75,000)
Contingent consideration payments(849)(21,593)
Proceeds from employee stock programs7,108 6,857 
Cash used to net share settle employee equity awards(5,885)— 
Other financing activities35 (32)
Net cash provided by (used in) financing activities101,659 (98,761)
Effect of exchange rates on cash and cash equivalents(484)(4,398)
Net Change in Cash and Cash Equivalents(90,488)(35,494)
Cash and Cash Equivalents at Beginning of the Period284,466 259,496 
Cash and Cash Equivalents at End of Period$193,978 $224,002 
Free Cash Flow Reconciliation:
Cash provided by operating activities$117,670 $193,447 
Capital expenditures, net of proceeds from sale of property, plant and equipment(55,352)(90,577)
Free cash flow after restructuring and restructuring related costs62,318 102,870 
Restructuring and restructuring related costs7,772 20,386 
Tax benefit on restructuring and restructuring related costs(1,655)(4,241)
Free cash flow before restructuring and restructuring related costs$68,435 $119,015 
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Reconciliation of Adjusted Measures for Third Quarter of FY24 and FY23
(Data in thousands, except per share data)
Three Months Ended December 30, 2023:
Gross profitOperating expensesOperating incomeProvision for income taxesNet incomeEarnings per diluted share
Reported$177,867$131,889$45,978$12,788$31,241$0.61 
Amortization of acquired intangible assets—(6,911)6,9111,9124,9990.10 
Integration and transaction costs—(4,869)4,869(410)5,2790.10 
Restructuring costs7,065(903)7,9681,7756,1930.12 
Restructuring related costs1,125(1,278)2,4036181,7850.04 
Digital transformation costs—(3,415)3,4159102,5050.05 
Impairment of assets and PCS2 related charges49(161)21058152— 
MDR and IVDR costs—(1,433)1,4333651,0680.02 
Litigation-related charges—(177)17712255— 
Adjusted$186,106$112,742$73,364$18,138$53,277$1.04 
Adjusted, as a percentage of net revenues55.3 %33.5 %21.8 %15.8 %
Three Months Ended December 31, 2022:
Gross profitOperating expensesOperating incomeProvision for income taxesNet incomeEarnings per diluted share
Reported$158,707$115,428$43,279$9,280$32,944$0.64 
Amortization of acquired intangible assets—(8,078)8,0782,4275,6510.11 
Integration and transaction costs—(287)28786201— 
Restructuring costs(49)(93)441331— 
Restructuring related costs1,847(2,234)4,0811,1992,8820.07 
Impairment of assets and PCS2 related charges(122)(120)(2)—(2)— 
MDR and IVDR costs11(2,472)2,4837031,7800.03 
Litigation-related charges—(757)7572275300.01 
Discrete tax adjustments———457(457)(0.01)
Adjusted$160,394$101,387$59,007$14,392$43,560$0.85 
Adjusted, as a percentage of net revenues52.5 %33.2 %19.3 %14.3 %

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Reconciliation of Adjusted Measures for Year-to-Date FY24 and FY23
(Data in thousands, except per share data)
Nine Months Ended December 30, 2023:
Gross profitOperating expensesOperating incomeProvision for income taxesNet incomeEarnings per diluted share
Reported$515,642$380,702$134,940$31,260$97,191$1.89 
Amortization of acquired intangible assets—(21,606)21,6065,48216,1240.31 
Integration and transaction costs—(7,768)7,7682847,4840.15 
Restructuring costs7,329(714)8,0431,7616,2820.12 
Restructuring related costs3,604(2,950)6,5541,6044,9500.09 
Digital transformation costs—(10,712)10,7122,6098,1030.16 
Impairment of assets and PCS2 related charges219(402)6211574640.01 
MDR and IVDR costs—(4,587)4,5871,0773,5100.07 
Litigation-related charges—(6,684)6,6841,6845,0000.10 
Impairment of intangible assets—(10,419)10,4193,3767,0430.14 
Discrete tax items———(1,466)1,4660.03 
Adjusted$526,794$314,860$211,934$47,828$157,617$3.07 
Adjusted, as a percentage of net revenues54.5 %32.6 %21.9 %16.3 %
Nine Months Ended December 31, 2022:
Gross profitOperating expensesOperating incomeProvision for income taxesNet incomeEarnings per diluted share
Reported$458,848$338,070$120,778$22,759$86,018$1.67 
Amortization of acquired intangible assets—(24,666)24,6667,20017,4660.34 
Integration and transaction costs—425(425)(134)(291)(0.01)
Restructuring costs(226)(391)16548117— 
Restructuring related costs6,161(4,471)10,6323,0167,6160.14 
Impairment of assets and PCS2 related charges(470)(201)(269)(70)(199)— 
MDR and IVDR costs101(8,074)8,1752,2225,9530.12 
Litigation-related charges—(1,151)1,1513408110.02 
Gain on divestiture—382(382)(116)(266)(0.01)
Discrete tax adjustments———756(756)(0.01)
Adjusted$464,414$299,923$164,491$36,021$116,469$2.26 
Adjusted, as a percentage of net revenues53.7 %34.7 %19.0 %13.5 %
12
v3.24.0.1
Document and Entity Information
Feb. 08, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 08, 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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