What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2025-05-21 compared with 2024-05-20 · 485 added, 374 removed, 1216 unchanged (41% of the section changed)

2 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

2024 April 1,

2025 March 30,

2024 April 1,

(Dollars in Thousands, except Per Share Data)

Net revenues $ 1,360,824 $ 1,309,055 $ 1,168,660

5 unchanged sentences

Amortization of acquired intangible assets 48,261 32,031 32,640

Remeasurement of contingent consideration ( 23,022 ) — —

Gains on divestiture and sale of assets — ( 2,000 ) ( 382 )

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

2024 April 1,

2025 March 30,

2024 April 1,

(Dollars in Thousands)

Net income $ 167,679 $ 117,558 $ 115,401

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CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

2024 April 1,

2025 March 30,

(Dollars in Thousands, except share data)

Current assets:

Cash and cash equivalents $ 306,763 $ 178,800

Accounts receivable, less allowance for credit losses of $ 5,695 at March 30, 2024 and $ 4,932 at April 1, 2023

Accounts receivable, less allowance for credit losses of $ 6,300 at March 29, 2025 and $ 5,695 at March 30, 2024

202,657 206,562

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Property, plant and equipment, net 284,052 311,362

Intangible assets, less accumulated amortization of $ 455,213 at March 30, 2024 and $ 417,422 at April 1, 2023

Intangible assets, less accumulated amortization of $ 316,313 at March 29, 2025 and $ 455,213 at March 30, 2024

455,743 406,117

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Authorized — 150,000,000 shares;

Issued and outstanding — 50,787,859 shares at March 30, 2024 and 50,448,519 shares at April 1, 2023

Issued and outstanding — 48,215,899 shares at March 29, 2025 and 50,787,859 shares at March 30, 2024

Additional paid-in capital 523,264 634,627

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CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(In thousands, except share data)

Common Stock Additional

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Shares Par Value

(Dollars in Thousands, except share data)

Balance, April 2, 2022 51,124 $ 511 $ 572,476 $ 202,391 $ ( 25,954 ) $ 749,424

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Exercise of stock options 59 1 2,637 — — 2,638

Shares repurchased ( 997 ) ( 10 ) ( 10,366 ) ( 64,624 ) — ( 75,000 )

Issuance of restricted stock, net of cancellations 161 2 ( 2 ) — — —

Share-based compensation expense — — 25,583 — — 25,583

Cumulative effect of change in accounting standards — — ( 61,156 ) 1,035 — ( 60,121 )

Net income — — — 115,401 — 115,401

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Exercise of stock options 163 2 6,816 ( 5,208 ) — 1,610

Shares repurchased ( 997 ) ( 10 ) ( 10,366 ) ( 64,624 ) — ( 75,000 )

Issuance of restricted stock, net of cancellations 166 2 ( 2 ) — — —

Tax withholding on employee equity awards ( 69 ) ( 1 ) ( 828 ) ( 5,062 ) — ( 5,891 )

Share-based compensation expense — — 28,332 — — 28,332

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Other comprehensive loss — — — — ( 5,251 ) ( 5,251 )

Balance, April 1, 2023 50,449 $ 504 $ 594,706 $ 253,168 $ ( 30,381 ) $ 817,997

Balance, March 30, 2024 50,788 $ 508 $ 634,627 $ 360,456 $ ( 35,632 ) $ 959,959

Employee stock purchase plan 97 — 6,476 — — 6,476

Exercise of stock options 92 1 6,637 ( 4,781 ) — 1,857

Shares repurchased, including excise tax ( 3,031 ) ( 30 ) ( 64,533 ) ( 162,285 ) — ( 226,848 )

Issuance of restricted stock, net of cancellations 306 3 ( 3 ) — — —

Tax withholding on employee equity awards ( 36 ) — ( 1,376 ) ( 8,895 ) — ( 10,271 )

Purchase of capped call related to convertible notes — — ( 88,200 ) — — ( 88,200 )

Share-based compensation expense — — 29,636 — — 29,636

5 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

2024 April 1,

2025 March 30,

2024 April 1,

(Dollars in Thousands)

Cash Flows from Operating Activities:

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Adjustments to reconcile net income to net cash provided by operating activities:

Non-cash items:

Depreciation and amortization 115,586 97,215 93,307

Share-based compensation expense 28,332 25,583 24,359

Impairment of assets 10,419 607 7,953

Gain on divestiture and sale of assets ( 2,000 ) ( 382 ) ( 9,603 )

Contingent consideration — ( 504 ) 10,461

Amortization of fair value inventory step-up 14,956 3,347 —

Deferred tax benefit ( 11,039 ) 4,783 5,013

Amortization of deferred financing costs 3,175 1,970 3,404

Provision (benefit) for losses on inventory 9,312 664 ( 861 )

Share-based compensation expense 29,636 28,332 25,583

Impairment of intangible assets 2,391 10,419 607

Gain on repurchase of convertible senior notes, net ( 12,600 ) — —

Gains on sales of property, plant and equipment ( 15,698 ) ( 1,013 ) ( 943 )

Remeasurement of contingent consideration ( 23,022 ) — ( 504 )

Deferred income taxes ( 5,219 ) ( 11,039 ) 4,783

Other non-cash operating activities 9,978 11,633 9,321

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Proceeds from sale of property, plant and equipment 23,253 1,810 1,608

Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment ( 21,112 ) ( 28,171 ) 81,136

Acquisitions ( 150,906 ) ( 243,852 ) ( 2,850 )

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Cash Flows from Financing Activities:

Proceeds from issuance of convertible notes 700,000 — —

Repurchase of convertible senior notes ( 185,500 ) — —

Purchase of capped call related to convertible notes ( 88,200 ) — —

Term loan borrowings 250,000 — 280,000

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Contingent consideration payments — ( 849 ) ( 21,593 )

Proceeds from employee stock purchase plan 5,604 4,378 4,209

Proceeds from exercise of stock options 1,610 2,638 2,338

Proceeds from employee stock programs 8,333 7,214 7,016

Cash used to net share settle employee equity awards ( 10,243 ) ( 5,885 ) —

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Income taxes paid $ 49,293 $ 52,706 $ 17,967

Non-Cash Investing and Financing Activities:

Transfers from inventory to fixed assets for placement of Haemonetics equipment $ 28,781 $ 81,136 $ 51,800

The accompanying notes are an integral part of these consolidated financial statements.

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DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Haemonetics is a global healthcare company dedicated to providing a suite of innovative medical technology solutions that improve the quality, effectiveness and efficiency of care.

We challenge ourselves to think big and make new possibilities a reality, so that our customers can make it matter for patients, every single day.

Our technology addresses important medical markets:

blood and plasma component collection, the surgical suite and hospital transfusion services.

Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care.

Our innovative solutions addressing critical medical needs include a suite of hospital technologies designed to advance standards of care and help enhance outcomes for patients;

end-to-end plasma collection technologies to optimize operations for plasma centers;

and products to enable blood centers to collect in-demand blood components.

When used in this report, the terms “we,” “us,” “our,” “Haemonetics” and the “Company” mean Haemonetics Corporation.

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For that purpose, “Plasma” includes plasma collection devices and disposables, donor management software and supporting software solutions sold to plasma customers.

“Blood Center” includes blood collection and processing devices and disposables for red cells, platelets and whole blood.

“Hospital” is comprised of Interventional Technologies, which includes vascular closure devices and sensor-guided technologies, and Blood Management Technologies, which includes devices and methodologies for measuring coagulation characteristics of blood, specialized blood cell processing systems and disposables, surgical blood salvage systems and blood transfusion management software.

“Blood Center” includes blood collection and processing devices and disposables for plasma, red cells and platelets.

“Hospital” is comprised of Interventional Technologies, which includes Vascular Closure, Sensor-Guided Technologies and Esophageal Protection product lines, and Blood Management Technologies, which includes Hemostasis Management, Cell Salvage and Transfusion Management product lines.

The accompanying consolidated financial statements present separately the Company’s consolidated financial position, results of operations, cash flows and changes in shareholders’ equity.

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Subsequent events have been evaluated as required.

There were no material recognized or unrecognized subsequent events except as described in Note 3, Acquisitions, Divestitures and Strategic Investments, Note 9, Property, Plant & Equipment and Note 12, Notes Payable and Long-Term Debt .

There were no material recognized or unrecognized subsequent events except as described in Note 7, Earnings per Share and Note 5, Restructuring .

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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The Company considers estimates to be critical if they are required to make assumptions about material matters that are uncertain at the time of estimation or if materially different estimates could have been made or it is reasonably likely that the accounting estimate will change from period to period.

The following are areas considered to be critical and require management’s judgment:

revenue recognition, inventory provisions, intangible asset and goodwill valuation, legal and other judgmental accruals and income taxes.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

following are areas considered to be critical and require management’s judgment:

revenue recognition, inventory provisions, intangible asset and goodwill valuation, legal and other judgmental accruals and income taxes.

Contingencies

The Company may become involved in various legal proceedings that arise in the ordinary course of business, including, without limitation, patent infringement, product liability and environmental matters.

The Company is currently involved and may become involved in various legal proceedings and claims, including, without limitation, patent infringement, product liability, breach of contract and employee-related matters.

Accruals recorded for various contingencies including legal proceedings, employee related litigation, self-insurance and other claims are based on judgment, the probability of losses and, where applicable, the consideration of opinions of internal and/or external legal counsel and actuarially determined estimates.

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For goods or services for which observable standalone selling prices are not available, the Company uses an expected cost plus a margin approach to estimate the standalone selling price of each performance obligation.

In software contracts with multiple performance obligations, we account for individual performance obligations separately if they are distinct.

We allocate the transaction price to each performance obligation based on our relative standalone selling price out of total consideration of the contract.

Standalone selling price is determined utilizing observable prices to the extent available.

If the standalone selling price for a performance obligation is not directly observable, we estimate it maximizing the use of observable inputs.

For maintenance and support, we determine the standalone selling price based on the price at which we separately sell a renewal contract and the economic relationship between licenses and maintenance.

Product Revenues

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To a lesser extent, the Company enters into other types of contracts including certain software licensing arrangements to provide software solutions to support its plasma, blood collection and hospital customers.

A portion of its software sales are perpetual licenses typically accompanied by significant implementation services related to software customization as well as other professional and technical services.

A portion of its software sales are perpetual licenses typically accompanied by implementation services related to software customization as well as other professional and technical services.

The Company generally recognizes revenue from the sale of perpetual licenses and related customization services over time (the Company is creating or enhancing an asset that the customer controls) using an input method which requires it to make estimates of the extent of progress toward completion of the contract.

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• An asset utilization performance metric, such as performing a minimum level of procedures per month per device

Consistent with the impairment tests noted below for other intangible assets subject to amortization, the Company reviews Haemonetics equipment and the related useful lives of such equipment at least once a year, or more frequently if certain conditions arise, to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable.

To conduct these reviews, the Company estimates the future amount and timing of demand for disposables used

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

with these devices, from which it generates revenues.

To conduct these reviews, the Company estimates the future amount and timing of demand for disposables used with these devices, from which it generates revenues.

The Company also considers product life cycle in its evaluation of useful life and recoverability.

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The Company aggregates components within an operating segment that have similar economic characteristics.

The Company’s reportable segments and reporting units are as follows:

The Company’s operating segments are as follows:

Plasma, Blood Center and Hospital.

The Company’s reporting units are as follows:

Plasma, Blood Center, Interventional Technologies and Blood Management Technologies.

When the Company completes business combinations, the Company assigns goodwill to the reporting units that it expects to benefit from the respective business combination at the time of acquisition.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

During the fourth quarter of fiscal 2024, the Company elected to perform a qualitative assessment for its annual impairment test whereas in fiscal 2023 and 2022, the Company performed quantitative assessments.

During the fourth quarters of fiscal 2025 and 2023, the Company elected to perform quantitative assessments for its annual impairment test, whereas in fiscal 2024, the Company performed a qualitative assessment.

In fiscal 2025, 2024 and 2023, the results of the goodwill impairment test performed indicated that the estimated fair value of all of its reporting units exceeded their respective carrying values and there were no reporting units at risk of impairment as of the annual test dates.

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If the Company determines the estimate of an intangible asset’s remaining useful life should be reduced based on its expected use of the asset, the remaining carrying amount of the asset is amortized prospectively over the revised estimated useful life.

The Company has in-process research and development (“IPR&D”) intangible assets with indefinite lives.

IPR&D assets are not amortized.

The Company reviews these assets for impairment at least annually, or on an interim basis between annual tests when events or circumstances indicate that it is more likely than not that the fair value of the asset is less than its carrying value.

The Company performs its annual impairment test on the first day of the fiscal fourth quarter for its IPR&D assets.

The Company makes assumptions about future cash flows, terminal value growth, costs for completion and appropriate discount rates.

The Company had in-process research and development (“IPR&D”) intangible assets with indefinite lives.

IPR&D assets were not amortized prior to being placed in service in fiscal 2025.

Prior to amortization, the Company reviewed these assets for impairment at least annually, or on an interim basis between annual tests when events or circumstances indicate that it is more likely than not that the fair value of the asset is less than its carrying value.

The Company performed its annual impairment test on the first day of the fiscal fourth quarter for its IPR&D assets.

The Company made assumptions about future cash flows, terminal value growth, costs for completion and appropriate discount rates.

The Company elected qualitative assessments in fiscal 2025 and 2024, which all indicated that the estimated fair value of the in-process research and development intangible asset exceeded its carrying value and it was not at risk of impairment as of the annual test dates.

Cloud computing implementation costs

ASC Topic 350-40, Goodwill and Other, Internal-Use Software, specifies that certain costs incurred in the application development stage to implement cloud computing arrangements hosted by a third-party vendor are required to be capitalized.

The Company includes these costs in other long-term assets.

The costs are amortized using the straight-line method over the

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

expected contract term, including extension periods and is included in selling, general and administrative expense in the Consolidated Statements of Income.

Other long-term assets as of March 29, 2025 included approximately $ 44.0 million of capitalized implementation costs related to a new global enterprise resource planning system.

There were $ 22.9 million of implementation costs capitalized as of March 30, 2024.

Amortization expense was $ 2.3 million and $ 0.9 million in fiscal 2025 and 2024, respectively.

There was no amortization expense for fiscal 2023.

Accounting for the Costs of Computer Software to be Sold, Leased, or Otherwise Marketed

6 unchanged sentences

In the future, the net realizable value may be adversely affected by the loss of a significant customer or a significant change in the market place, which could result in an impairment being recorded.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Refer to Note 10 Goodwill & Intangible Assets for more information regarding capitalized software.

Other Current Liabilities

2 unchanged sentences

(In thousands) March 29,

2024 April 1,

2025 March 30,

Contract liabilities 43,348 31,242

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Shipping and handling costs are included in selling, general and administrative expenses.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The income tax provision is calculated for all jurisdictions in which the Company operates.

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The Company recognizes deferred income tax liabilities to the extent that management asserts that undistributed earnings of its foreign subsidiaries are not permanently reinvested or will not be permanently reinvested in the future.

The Company’s position is based upon several factors including management’s evaluation of the Haemonetics and its subsidiaries’ financial requirements, the short-term and long-term operational and fiscal objectives of the Company and the tax consequences associated with the repatriation of earnings.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company’s position is based upon several factors including management’s evaluation of Haemonetics and its subsidiaries’ financial requirements, the short-term and long-term operational and fiscal objectives of the Company and the tax consequences associated with the repatriation of earnings.

Convertible Senior Notes

Effective April 4, 2021, the Company accounted for convertible senior notes as a single liability measured at its amortized cost.

See Recent Accounting Pronouncements below.

The Company accounted for convertible senior notes as a single liability measured at its amortized cost.

At issuance, the carrying amount is calculated as the proceeds, net of initial debt issuance costs.

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These gains and losses are intended to offset the gains and losses recorded on net monetary assets or liabilities that are denominated in foreign currencies.

The Company recorded foreign currency losses of $ 4.0 million, $ 1.0 million and $ 1.5 million in fiscal 2024 , 2023 and 2022, respectively.

The Company recorded foreign currency gains of $ 0.9 million in fiscal 2025 , and foreign currency losses of $ 4.0 million and $ 1.0 million in fiscal 2024 and 2023, respectively.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

On a quarterly basis, the Company assesses whether the cash flow hedges are highly effective in offsetting changes in the cash flow of the hedged item.

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To calculate the grant-date fair value of its stock options the Company uses the Black-Scholes option-pricing model and for performance share units it uses Monte Carlo simulation models.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Costs Associated with Exit Activities

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In addition, these investments are periodically evaluated for impairment.

The investments are classified as other long-term assets on the Company’s Consolidated Balance Sheets and the Company did not record any adjustments to the carrying value of strategic investments in fiscal 2024 or 2023.

The investments are classified as other long-term assets on the Company’s

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Consolidated Balance Sheets and the Company did not record any adjustments to the carrying value of strategic investments in fiscal 2025 or 2024.

Concentration of Credit Risk and Significant Customers

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In fiscal 2025, 2024 and 2023, the Company’s ten largest customers accounted for approximately 42 %, 48 % and 48 % of net revenues, respectively.

In fiscal 2024, one Plasma customer, CSL Limited (together with its affiliates, “CSL”), was greater than 10 % of total net revenues and accounted for approximately 13 % of net revenues.

In addition to CSL, two customers also accounted for greater than 10 % of the Plasma segment’s net revenues and two customers accounted for greater than 10 % of the Blood Center segment’s net revenues, but did not exceed 10% of total net revenues, in fiscal 2024.

In fiscal 2025, no customer was greater than 10 % of total net revenues.

Four customers accounted for greater than 10 % of the Plasma segment’s net revenues and two customers accounted for greater than 10 % of the Blood Center segment’s net revenues, but did not exceed 10% of total net revenues, in fiscal 2025.

Certain markets and industries can expose the Company to concentrations of credit risk.

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The Company has not incurred significant losses on government receivables.

The Company continually evaluates all government receivables for potential collection risks associated with the availability of government funding and reimbursement

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company continually evaluates all government receivables for potential collection risks associated with the availability of government funding and reimbursement practices.

If the financial condition of customers or the countries’ healthcare systems deteriorate such that their ability to make payments is uncertain, allowances may be required in future periods.

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Standards Implemented

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No.

2019-12 — Income Taxes (Topic 740).

The new guidance improves consistent application of and simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740.

The Company adopted ASC Update No.

2019-12 effective April 4, 2021.

The adoption did not have a material impact on the Company’s financial position or results of operations.

In August 2020, the FASB issued ASC ASU Update No.

2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40).

The amendments simplify the complexity associated with applying U.S.

GAAP for certain financial instruments with characteristics of liabilities and equity.

2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.

The Company early adopted ASC Update No.

2020-06 effective April 4, 2021 using the modified retrospective method, which resulted in a decrease of $ 61.2 million to additional paid-in capital, a decrease to non-current deferred tax liabilities of $ 20.0 million, and an increase of $ 80.3 million to non-current convertible notes, net, on the consolidated balance sheets.

Additionally, retained earnings was adjusted to remove amortization expense recognized in prior periods related to the debt discount and the convertible notes no longer have a debt discount that will be amortized, net of taxes.

The impact to retained earnings on the consolidated balance sheets as of April 4, 2021 is an increase of $ 1.0 million.

In July 2021, the FASB issued ASC Update No.

2021-05 — Leases (Topic 842).

The new guidance requires a lessor to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at lease commencement if the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria of ASC 842 and the lessor would have otherwise recognized a day-one loss.

The Company prospectively adopted ASC Update No.

2021-05 effective in the second quarter of fiscal year 2022.

The adoption did not have a material impact on the Company’s financial position or results of operations.

Standards to be Implemented

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No.

In November 2023, the FASB issued ASC Update No.

2023-07, Segment Reporting (Topic 280).

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2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The new guidance is applicable to Haemonetics beginning with the fiscal 2025 Annual Report on Form 10-K.

The Company is currently evaluating the impact to its interim and annual report disclosures.

The Company adopted the new guidance effective for this report for the fiscal year ended March 29, 2025, and has retrospectively included any additional disclosures in the previous periods included in this report.

Refer to Note 18 Segment and Enterprise-Wide Information for the new disclosures.

Standards to be Implemented

In December 2023, the FASB issued ASC Update No.

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2023-09 is applicable to Haemonetics beginning with the fiscal 2026 Annual Report on Form 10-K and the Company is currently evaluating the impact to its annual report disclosures.

In November 2024, the FASB issued ASC Update No.

2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40).

ASC Update No.

2024-03 requires detailed cost and expense information disaggregated in the financial statement notes.

The updated guidance is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

ASC Update No.

2024-03 is applicable to the Company beginning with the fiscal 2028 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

HAEMONETICS CORPORATION AND SUBSIDIARIES

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Attune Medical

On March 5, 2024, the Company entered into a definitive agreement to acquire Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”), the manufacturer of the ensoETM® proactive esophageal cooling device, based in Chicago, Illinois.

The acquisition closed on April 1, 2024, subsequent to our fiscal year end.

The Company acquired Attune Medical for total upfront consideration of $ 160.0 million.

The agreement also provides for additional contingent consideration based on sales growth over the next three years and the achievement of certain other milestones.

On March 5, 2024, the Company entered into a definitive agreement to acquire Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”), the manufacturer of the ensoETM ® proactive esophageal cooling device, pursuant to which among other things, the Company agreed to acquire all of the issued and outstanding common shares of Attune Medical.

On April 1, 2024, the Company completed its acquisition of Attune Medical for total consideration of $ 187.7 million, which included an upfront cash payment of $ 162.0 million, or $ 150.5 million net of cash acquired, the fair value of contingent consideration of $ 25.3 million, and $ 0.4 million of working capital adjustments.

The contingent consideration is based on sales growth over the next three years, which is uncapped, and the achievement of certain other milestones.

Refer to Note 13 Acquisitions, Divestitures and Strategic Investments for further information regarding the contingent consideration liability.

The Company financed the acquisition through a combination of cash on hand and borrowings under its senior unsecured revolving credit facility.

The addition of Attune Medical expands the Hospital business unit’s presence in electrophysiology and complements its Vascular Closure product line.

Attune Medical's ensoETM technology is designed for use across a range of medical conditions involving patient cooling or warming, including treatment in electrophysiology, critical care, neurocritical care, trauma, burn surgery, spine surgery, and cancer surgery, among others.

The Company’s addition of the Esophageal Protection product line through its acquisition of Attune Medical expands the Hospital business unit’s presence in electrophysiology and complements its Vascular Closure product line within Interventional Technologies, which is included in the Hospital reportable segment.

Purchase Price Allocation

The Company accounted for the acquisition as a business combination, and in accordance with FASB ASC Topic 805, Business Combinations (Topic 805), recorded the assets acquired and liabilities assumed at their fair values as of the acquisition date.

The fair value of assets acquired and liabilities assumed have been recognized based on management’s estimates and assumptions using the information regarding facts and circumstances that existed at the closing date.

The purchase price of $ 176.2 million , net of $ 11.5 million of cash acquired, consists of the amounts presented below, which represent the final determination of the fair value of the identifiable assets acquired and liabilities assumed:

(In thousands) April 1, 2024

Accounts receivable $ 3,784

Inventories 26,300

Prepaid expenses and other current assets 906

Property, plant and equipment 200

Intangible assets 105,800

Goodwill 70,256

Total assets acquired $ 207,246

Accounts payable 2,260

Accrued payroll and related costs 2,129

Other liabilities 496

Deferred tax liability 26,155

Total liabilities assumed $ 31,040

Net assets acquired $ 176,206

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company determined that the identifiable intangible assets were developed technology, customer contracts and related relationships and trade names.

The fair values of intangible assets were based on valuation techniques with estimates and assumptions developed by the Company.

Developed technology was valued using the excess earnings method.

Customer contracts and related relationships were valued using the distributor method.

The trademark was valued using the relief from royalty method.

The cash flows used in the valuation of the intangible assets were based on estimates used to price the transaction.

In developing the discount rates applied to the cash flow projections, the discount rates were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital and then adjusted to reflect the relative risk of the asset.

The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill.

As a result of the acquisition of Attune Medical, the Company recognized goodwill of $ 70.3 million based on expected synergies from integration into our Hospital business.

The goodwill is not deductible for tax purposes and relates entirely to the Hospital reportable segment.

Intangible assets acquired consist of the following:

(In thousands) Amount Weighted-Average Amortization Period Risk-Adjusted Discount

Rates used in Purchase Price Allocation

Developed technology $ 96,100 10 years 22.0 %

Customer contracts and related relationships 7,800 10 years 21.5 %

Trade names 1,900 10 years 21.5 %

Total $ 105,800

The Company recorded a long-term net deferred tax liability of $ 26.2 million primarily related to fair value adjustments recorded associated with definite-lived intangible assets and inventory in which there is no tax basis, partially offset by deferred tax assets primarily related to net operating losses acquired.

Acquisition-Related Costs

The Company incurred $ 9.8 million of acquisition-related costs during fiscal 2025 in connection with the Attune Medical acquisition.

These costs related to legal and other professional fees, which were recognized in selling, general and administrative on the Consolidated Statements of Income.

The Company’s consolidated financial statements include the results of Attune Medical from the date the acquisition was completed.

Pro forma financial information has not been presented as the acquisition is not material to the Company’s overall financial results.

For information regarding the remeasurement of the contingent consideration liability refer to Note 13.

Financial Instruments and Fair Value Measurements .

On October 10, 2023, the Company entered into an Arrangement Agreement with OpSens Inc.

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OpSens offers commercially and clinically validated optical technology for use primarily in interventional cardiology.

OpSens’ core products include the SavvyWire ® , a sensor-guided 3-in-1 guidewire for TAVR procedures, advancing the workflow of the procedure and enabling potentially shorter hospital stays for patients;

and the OptoWire ® , a pressure guidewire that aims to improve clinical outcomes by accurately and consistently measuring Fractional Flow Reserve (FFR) and diastolic pressure ratio (dPR) to aid clinicians in the diagnosis and treatment of patients with coronary artery disease.

OpSens’ core products include the SavvyWire ® , a sensor-guided 3-in-1 guidewire for transcatheter aortic valve replacement (“TAVR”) procedures, advancing the workflow of the procedure and enabling potentially shorter hospital stays for patients;

and the OptoWire ® , a pressure guidewire that aims to improve clinical outcomes by accurately and consistently measuring Fractional Flow Reserve (“FFR”) and diastolic pressure ratio (“dPR”) to aid clinicians in the diagnosis and treatment of patients with

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

coronary artery disease.

OpSens also manufactures a range of fiber optic sensor solutions used in medical devices and other critical industrial applications.

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The assessment of fair value is preliminary and is based on information that was available at the time the consolidated financial statements were prepared.

Measurement period adjustments will be recorded in the period in which they are determined, as if they had been completed at the acquisition date.

The finalization of the Company’s purchase accounting assessment could result in changes in the valuation of assets acquired and liabilities assumed, which could be material.

The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by Topic 805.

As of March 30, 2024, the deferred tax liability assumed remains preliminary, pending certain tax filings and analyses.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The purchase price of $ 243.9 million , net of $ 10.6 million of cash acquired consists of the amounts presented below, which represent the preliminary determination of the fair value of the identifiable assets acquired and liabilities assumed:

The purchase price of $ 243.9 million , net of $ 10.6 million of cash acquired, consists of the amounts presented below, which represent the final determination of the fair value of the identifiable assets acquired and liabilities assumed:

(In thousands) December 12, 2023

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Net assets acquired $ 243,852

The Company determined the identifiable intangible assets were developed technology, customer contracts and related relationships and trade names.

The Company determined that the identifiable intangible assets were developed technology, customer contracts and related relationships and trade names.

The fair values of intangible assets were based on valuation techniques with estimates and assumptions developed by the Company.

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The goodwill is not deductible for tax purposes and relates entirely to the Hospital reportable segment.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Intangible assets acquired consist of the following:

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Total $ 172,000

The Company recorded a net long-term deferred tax liability of $ 34.8 million primarily related to definite-lived intangible assets which cannot be deducted for tax purposes, partially offset by deferred tax assets primarily related to tax attribute carryforwards including net operating losses acquired.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company recorded a net long-term deferred tax liability of $ 14.8 million, primarily as a result of fair value adjustments recorded associated with definite-lived intangible assets and inventory in which there is no tax basis.

Acquisition-Related Costs

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Pro forma financial information has not been presented as the acquisition is not material to the Company’s overall financial results.

Sale of Assets

Blood Donor Management Software

In fiscal 2021, the Company sold certain U.S.

blood donor management software solution assets within its Blood Center business unit to the GPI Group (“GPI”).

As part of the sale agreement, the Company was entitled to additional consideration contingent on the achievement of commercial milestones over the twelve month period immediately following the closing of the transaction.

In fiscal years 2023 and 2022, the Company recognized gains of $ 0.4 million and $ 9.6 million, respectively, for contingent consideration earned.

Divestiture of the Whole Blood Product Line

On December 3, 2024, the Company announced that it had entered into a definitive agreement to sell its Whole Blood product line and related assets within its Blood Center reportable segment to GVS, S.p.A (“GVS”), a manufacturer of filter solutions for applications in the healthcare and life sciences sectors.

The divested assets include the Company’s complete portfolio of proprietary whole blood collection, processing and filtration solutions, along with the Company’s manufacturing facility in Covina, California where certain of these products are produced, and related equipment and assets located at the Company’s manufacturing facility in Tijuana, Mexico.

On January 13, 2025, the Company completed the transaction with GVS in exchange for upfront cash consideration of $ 43.3 million , after customary post-closing adjustments, and up to $ 22.5 million in contingent consideration, based on sales growth over the next three years and the achievement of certain other milestones.

The assets that were derecognized in connection with the sale consisted of $ 26.4 million of inventory, $ 7.8 million of property, plant and equipment and $ 6.4 million of goodwill, which were previously classified as held for sale in Prepaid expenses and other current assets in the Consolidated Balance Sheets in the third quarter of fiscal 2025.

In connection with the sale, the Company recognized a gain from the sale of the business in Interest and other expense, net in the Consolidated Statements of Income for the year ended March 29, 2025.

The gain was not material and included the cash receipts of $ 43.3 million less net assets transferred to GVS or otherwise derecognized and net of transaction costs of $ 0.1 million .

As part of the sale, the Company entered into a Transition Services Agreement (“TSA”) with GVS to ensure a smooth transition of business operations.

Under the TSA, the Company will continue to provide certain regulatory, quality, logistical and operational support services to GVS for a maximum period of 36 months f ollowing the transaction closing to facilitate GVS's integration of the acquired business.

Under the TSA, the Company is entitled to be reimbursed for the costs incurred plus a mark-up and has recorded net income and expenses related to the agreement in selling, general and administrative in the Consolidated Statements of Income, which were immaterial for fiscal 2025.

In addition to the TSA, Haemonetics and GVS entered into a Contract Manufacturing Agreement (“CMA”), under which Haemonetics will continue to manufacture certain whole blood filtration products for GVS for a maximum term of 18 months.

The CMA allows GVS to gradually transition manufacturing operations while ensuring supply continuity for customers.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

the CMA, the Company is entitled to be reimbursed for the costs incurred plus a mark-up and has recorded net income and expenses related to the agreement in selling, general and administrative in the Consolidated Statements of Income, which were immaterial for fiscal 2025.

Strategic Investments

As part of the Company’s business development activities, it holds strategic investments in certain entities.

During fiscal years 2024 and 2023, the Company made investments in Vivasure Medical LTD (“Vivasure”), totaling € 5.0 million and € 30.0 million, respectively.

During fiscal years 2025 , 2024 and 2023, the Company made investments in Vivasure Medical LTD (“Vivasure”), totaling € 9.5 million, € 5.0 million and € 30.0 million, respectively.

The investments include both preferred stock and a special share that allows the Company to acquire Vivasure in accordance with an agreement between the parties.

In addition, the Compan y has made other certain strategic investments totaling $ 7.6 million during fiscal 2024.

The Company’s strategic investments are classified as other long-term assets on the consolidated balance sheets and the Company did not record any adjustments to the carrying value of our strategic investments in fiscal 2024 or fiscal 2023.

In addition, the Compan y has made certain other strategic investments totalin g $ 7.0 million and $ 7.6 million during fiscal years 2025 and 2024.

As of March 29, 2025, the Company had $ 33.1 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more.

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The difference in timing between billing and revenue recognition primarily occurs in software licensing arrangements, resulting in contract assets and contract liabilities.

As of March 30, 2024 and April 1, 2023, the Company had contract liabilities of $ 31.2 million and $ 30.2 million, respectively.

During fiscal 2024 , we recognized $ 27.9 million of revenue that was included in the above April 1, 2023 contract liability balance.

As of March 29, 2025 and March 30, 2024, the Company had contract liabilities of $ 43.3 million and $ 31.2 million, respectively.

During fiscal 2025 , we recognized $ 29.1 million of revenue that was included in the above March 30, 2024 contract liability balance.

Contract liabilities are classified as other current liabilities and other long-term liabilities on the consolidated balance sheet.

As of March 30, 2024 and April 1, 2023, the Company’s contract assets were immaterial.

As of March 29, 2025 and March 30, 2024, the Company’s contract assets were $ 11.6 million and $ 5.2 million, respectively.

RESTRUCTURING

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In order to realize these opportunities, the Company undertakes restructuring-type activities to transform its business.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Operational Excellence Program

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During fiscal 2022, the Company revised the program to improve product and service quality, reduce cost principally in its manufacturing and supply chain operations and ensure sustainability while helping to offset impacts from a previously announced customer loss, rising inflationary pressures and effects of the COVID-19 pandemic.

The Company expects to incur aggregate charges between $ 85 million and $ 95 million by the end of fiscal 2025 under the program.

The majority of charges will result in cash outlays, including severance and other employee costs, and will be incurred as the specific actions required to execute these initiatives are identified and approved.

The program is closed as of March 29, 2025.

During fiscal 2025 , 2024 and 2023, the Company incurred $ 7.7 million, $ 9.8 million and $ 11.5 million of restructuring and restructuring related costs under this program, respectively.

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In November 2023, the C ompany announced its plans to end of life the ClotPro analyzer system within the Hospital business unit and certain products within the Blood Center business unit, primarily in Whole Blood, including the associated manufacturing operations and closure of certain other facilities.

The following table summarizes the activity for restructuring reserves related to portfolio rationalization initiatives, the 2020 Program and prior programs for the fiscal years ended March 30, 2024, April 1, 2023 and April 2, 2022, substantially all of which relates to employee severance and other employee costs:

(In thousands) Portfolio Rationalization 2020 Program Prior Programs Total

The initiative is closed as of March 29, 2025 .

During fiscal 2025 , 2024 and 2023, the Company incurred $ 13.0 million, $ 14.0 million and no restructuring and restructuring related costs under this initiative, respectively.

Total cumulative charges under this initiative are $ 27.0 million as of March 29, 2025.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Market and Regional Alignment

In May 2025, the Board of Directors of the Company approved a new market and regional alignment initiative and delegated authority to the Company’s management to determine the details of the specific actions that will comprise the initiative.

This strategic initiative is designed to improve operational performance and reduce costs by directing the Company’s resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities.

We expect to incur aggregate restructuring and restructuring-related charges of approximately $ 20 million associated with this initiative, approximately half of which we expect will consist of severance and other employee costs and the remainder of which will consist of other exit costs, primarily related to third party arrangements.

These charges, substantially all of which will result in cash outlays, will be incurred as the specific actions required to execute on the initiative are identified and approved and are expected to continue through the end of fiscal 2027.

We expect savings from this initiative of approximately $ 30 million on an annua lized basis once the initiative is completed.

The amounts and timing of estimated costs and savings are subject to change until finalized.

The actual amounts and timing may vary materially based on various factors.

During the fourth quarter of fiscal 2025 , the Company incurred $ 0.6 million of restructuring related costs related to the first action under this initiative, which were approved by our Board of Directors in January 2025.

Total cumulative charges under this program are $ 0.6 million as of March 29, 2025.

The following table summarizes the activity for restructuring reserves related to the portfolio rationalization initiatives, 2020 Program and market and regional alignment initiative for the fiscal years ended March 29, 2025, March 30, 2024 and April 1, 2023, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:

(In thousands) Portfolio Rationalization 2020 Program Market and Regional Alignment Prior Programs Total

Balance at April 2, 2022

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Payments ( 2,606 ) ( 1,775 ) — ( 64 ) ( 4,445 )

Balance at April 1, 2023 $ — $ 1,810 $ 340 $ 2,150

Balance at March 30, 2024 $ 11,309 $ 485 $ — $ — $ 11,794

Costs incurred, net of reversals 12,797 566 550 — 13,913

Payments ( 12,755 ) ( 761 ) ( 550 ) — ( 14,066 )

Non-cash adjustments ( 8,616 ) — — — ( 8,616 )

Balance at March 29, 2025 $ 2,735 $ 290 $ — $ — $ 3,025

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As of March 29, 2025, the Company had a restructuring liability of $ 3.0 million, all of which is payable within the next twelve months.

In addition to the restructuring expenses included in the table above, the Company also incurred costs of $ 9.5 million, $ 10.9 million and $ 24.6 million in fiscal 2024, 2023 and 2022, respectively, that do not constitute restructuring costs under ASC 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs.

These costs consist primarily of expenditures directly related to the restructuring actions.

In addition to the restructuring expenses included in the table above, the Company also incurred costs of $ 7.2 million, $ 9.5 million and $ 10.9 million in fiscal 2025, 2024 and 2023, respectively, that do not constitute restructuring costs under ASC 420,

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs.

These costs consist primarily of expenditures directly related to the restructuring actions.

The following presents the restructuring related costs by line item during fiscal 2025 , 2024 and 2023 within our accompanying consolidated statements of income and comprehensive income:

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Domestic and foreign income before provision (benefit) for income tax is as follows:

Domestic and foreign income before provision for income tax is as follows:

(In thousands) 2025 2024 2023

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The Company conducts business globally and reports its results of operations in a number of foreign jurisdictions in addition to the United States.

The Company’s reported tax rate is impacted by the jurisdictional mix of earnings in any given period as the foreign jurisdictions in which it operates have tax rates that differ from the U.S.

The Company’s reported tax rate differs from the statutory tax rate due to the jurisdictional mix of earnings in any given period as the foreign jurisdictions in which it operates have tax rates that differ from the U.S.

statutory tax rate.

The Company’s subsidiary in Malaysia has been granted a full income tax exemption to manufacture whole blood and apheresis devices that could be in effect for up to ten years , provided certain conditions are satisfied.

The Company’s effective tax rate is adversely impacted by non-deductible expenses including executive compensation and transaction costs, and is favorably impacted by changes in contingent consideration revaluation, the expiration of the statute of limitations with respect to certain uncertain tax position reserves, jurisdictional mix of earnings, impact of foreign tax law changes and research credits generated.

The Company’s subsidiary in Malaysia has been granted a full income tax exemption on manufacturing income that could be in effect for up to ten years , provided certain conditions are satisfied.

The income tax exemption was in effect beginning June 1, 2016.

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(In thousands) March 29,

2024 April 1,

2025 March 30,

Deferred tax assets:

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Net deferred tax liabilities $ ( 54,772 ) $ ( 54,905 )

The increase in the worldwide net deferred tax liability is primarily due to the acquisition of intangibles with book basis in excess of tax basis during fiscal 2024, partially offset by research expenditures capitalized for tax purposes.

The valuation allowance increase of $ 1.4 million during fiscal 2024 is primarily due to acquired foreign deferred tax assets for which the valuation allowance was recorded in acquisition accounting and changes in the valuation allowance in certain foreign jurisdictions based on current year operating results.

The valuation allowance increase of $ 1.7 million during fiscal 2025 is primarily due to an increase in the valuation allowance against foreign deferred tax assets and other income tax attributes generated during the fiscal year that are expected to expire unutilized .

The Company has assessed, on a jurisdictional basis, the available means of recovering deferred tax assets, including the ability to carry-back net operating losses, the existence of reversing temporary differences, the availability of tax planning strategies and available sources of future taxable income.

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As of March 29, 2025, the Company maintains a valuation allowance against certain U.S.

federal tax credit carryforwards and U.S.

state net operating loss and tax credit carryforwards that are not more-likely-than-not realizable as well as a valuation allowance against the net deferred tax assets of certain foreign subsidiaries.

In connection with the March 2021 acquisition of Cardiva Medical, Inc., the Company acquired federal and state net operating loss carryforwards of $ 150.9 million and $ 93.3 million, respectively.

The Company also acquired federal and state tax research credit carryforwards of $ 0.2 million and $ 0.4 million, respectively.

These net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent as defined under Section 382 and 383 of the U.S.

foreign tax credit carryforwards and U.S.

state net operating loss and tax credit carryforwards that are not more-likely-than-not realizable, as well as a valuation allowance against the deferred tax assets of certain foreign subsidiaries.

In connection with certain acquisitions, the Company has acquired net operating loss and tax credit carryforwards, which may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent as defined under Section 382 and 383 of the U.S.

Internal Revenue Code of 1986, respectively, as well as similar state provisions.

The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change.

The Company conducted a Section 382 study covering the period of inception (July 2002) through March 1, 2021.

The study concluded that ownership changes occurred during that

The Company conducted Section 382 studies covering the periods of inception through the respective acquisition dates.

The studies concluded that ownership changes occurred during those periods which limit the amount of the Company’s net operating losses and tax credit carryforwards that can be utilized before expiring.

The remaining carryforwards disclosed in the deferred tax table above represent the amount of attributes that can be utilized based on the results of the studies.

The Company does not believe it has had any additional ownership change that would result in additional limitation.

Subsequent ownership changes may further affect the limitation in future years.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

period which limit the amount of the Company’s net operating losses and tax credit carryforwards that can be utilized before expiring.

The remaining carryforwards disclosed in the deferred tax table above represent the amount of attributes that can be utilized based on the results of the study.

The Company does not believe it has had an ownership change from March 2, 2021 through March 30, 2024 that would result in a limitation.

Subsequent ownership changes may further affect the limitation in future years.

As of March 29, 2025, the Company has U.S.

federal net operating loss carryforwards of $ 28.2 million of which $ 8.2 million will begin to expire in fiscal 2025 and $ 20.0 million can be carried forward indefinitely.

federal net operating loss carryforwards of $ 6.7 million, all of which will begin to expire in fiscal 2026.

The Company has U.S.

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The Company recorded an income tax expense of $ 44.4 million, representing an effective tax rate of 20.9 %.

The effective tax rate is higher than the U.S.

statutory rate of 21.0 %, primarily due to state taxes, non-deductible executive compensation and disallowed stock compensation expense, partially offset by jurisdictional mix of earnings, impact of foreign tax law changes and research credits generated.

The effective tax rate is unfavorably impacted by state taxes, non-deductible executive compensation and disallowed stock compensation and transaction expenses, offset by the favorable impact of changes in contingent consideration revaluation, the expiration of the statute of limitations with respect to certain uncertain tax position reserves, jurisdictional mix of earnings, impact of foreign tax law changes and research credits generated.

The 15% global minimum tax under the Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two Global Anti-Base Erosion Rule is currently effective in certain jurisdictions in which we operate.

The OECD continues to issue guidance on the Pillar Two framework and various countries continue to enact legislation with respect to their application of the framework.

We have considered the Pillar Two rules in effect in the countries in which we operate and have reflected the effect of the rules in the impact of foreign operations.

HAEMONETICS CORPORATION AND SUBSIDIARIES

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As of March 29, 2025, the Company had $ 2.8 million of unrecognized tax benefits, of which $ 1.8 million would impact the effective tax rate, if recognized.

As of April 1, 2023, the Company had $ 3.9 million of unrecognized tax benefits, of which $ 3.2 million would impact the effective tax rate, if recognized.

As of March 30, 2024, the Company had $ 3.7 million of unrecognized tax benefits, of which $ 3.1 million would impact the effective tax rate, if recognized.

As of April 1, 2023, the Company had $ 3.9 million of unrecognized tax benefits, of which $ 3.2 million would impact the effective tax rate, if recognized.

The following table summarizes the activity related to its gross unrecognized tax benefits for the fiscal years ended March 30, 2024, April 1, 2023 and April 2, 2022:

The following table summarizes the activity related to its gross unrecognized tax benefits for the fiscal years ended March 29, 2025, March 30, 2024 and April 1, 2023:

(In thousands) March 29,

2024 April 1,

2025 March 30,

2024 April 1,

Beginning Balance $ 3,743 $ 3,941 $ 3,939

Additions for tax positions of current year 234 292 219

Additions for tax positions of the current year 315 234 292

Additions for tax positions of a prior year 1,242 — —

Additions for tax positions related to acquired businesses 91 — —

Reductions of tax positions ( 64 ) ( 198 ) ( 290 )

Settlements of tax positions — — ( 1,579 )

Expiration of statute of limitations ( 2,505 ) ( 234 ) —

Ending Balance $ 2,822 $ 3,743 $ 3,941

As of March 30, 2024, the Company anticipates that the liability for unrecognized tax benefits for uncertain tax positions could change by up to $ 2.5 million in the next twelve months, as a result of closure of various statutes of limitations.

As of March 29, 2025, the Company anticipates that the liability for unrecognized tax benefits for uncertain tax positions could change by an insignificant amount in the next twelve months.

The Company’s historical practice has been and continues to be to recognize interest and penalties related to federal, state and foreign income tax matters in income tax expense.

Approximately $ 0.3 million and $ 0.2 million of gross interest and penalties were accrued at March 30, 2024 and April 1, 2023, respectively, and are not included in the amounts above.

Additionally, $ 0.1 million of accrued interest and penalties was included in income tax provision for each of the years ended March 30, 2024, April 1, 2023 and April 2, 2022.

Approximately $ 0.1 million and $ 0.3 million of gross interest and penalties were accrued at March 29, 2025 and March 30, 2024, respectively, and are not included in the amounts above.

Additionally, a benefit of $ 0.3 million, an expense of $ 0.1 million, and an expense of $ 0.1 million of accrued interest and penalties were included in the income tax provision for each of the years ended March 29, 2025, March 30, 2024 and April 1, 2023, respectively.

The Company conducts business globally and, as a result, files federal, state and foreign income tax returns in multiple jurisdictions.

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To the extent that the Company has tax attribute carry-forwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, state, or foreign tax authorities to the extent utilized in a future period.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

EARNINGS PER SHARE

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Diluted income per share $ 3.31 $ 2.29 $ 2.24

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Basic earnings per share is calculated using the Company’s weighted-average outstanding common shares.

Diluted earnings per share is calculated using its weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method and the convertible senior notes as determined under the net share settlement method.

From the time of the issuance of the convertible senior notes, the average market price of the Company’s common shares has been less than the initial conversion price, and consequently no shares have been included in diluted earnings per share for the conversion value of the convertible senior notes.

Diluted earnings per share is calculated using its weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method and the outstanding convertible senior notes as determined under the net share settlement method.

From the time of the issuance of the convertible senior notes, the average market price of the Company’s common shares has been less than the applicable initial conversion price, and consequently no shares have been included in diluted earnings per share for the conversion values of both the convertible senior notes.

For fiscal 2025, 2024 and 2023, weighted average shares outstanding, assuming dilution, excludes the impact of 0.8 million, 0.6 million and 0.6 million anti-dilutive shares, respectively.

Share Repurchase Program

In August 2022, the Company announced that its Board of Directors had approved a three-year share repurchase program authorizing the repurchase of up to $ 300.0 million of Haemonetics common stock, based on market conditions, through August 2025.

Under the share repurchase program, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions.

Under the Share Repurchase Authorization, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions.

The actual timing, number and value of shares repurchased will be determined by the Company at its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and compliance with the terms of loan covenants.

The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

The Share Repurchase Authorization may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

In fiscal 2023, the Company completed a $ 75.0 million repurchase of its common stock pursuant to an accelerated share repurchase agreement (“ASR”) entered into with Citibank N.A.

in August 2022.

(“Citibank”) in August 2022.

The total number of shares repurchased under the ASR was 1.0 million at an average price per share upon final settlement of $ 75.20 .

As of March 30, 2024, the total remaining authorization for repurchases of the Company’s common stock under the share repurchase program was $ 225.0 million.

In October 2024, the Company completed a $ 75.0 million repurchase of its common stock pursuant to an ASR entered into with Citibank in August 2024.

The total number of shares repurchased under the ASR was 1.0 million at an average price per share upon final settlement of $ 74.36 .

In February 2025, the Company entered into an ASR with Goldman Sachs & Co.

(“Goldman Sachs”) to repurchase $ 150.0 million of the Company’s common stock.

Pursuant to the ASR, in February 2025, the Company paid Citibank $ 150.0 million and received an additional delivery of 2.0 million shares of the Company’s common stock based on a closing market price on the New York Stock Exchange on February 7, 2025 of $ 59.34 , which represented 80 % of the total contract.

The ASR was completed in April 2025, subsequent to the end of the fourth quarter of fiscal 2025, and 0.4 million additional shares were delivered upon settlement.

As of March 29, 2025, we have fully funded the $300.0 million Share Repurchase Authorization.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Share Repurchase Authorization

In April 2025 the Company’s Board of Directors approved a new share repurchase authorization of up to $ 500 million of Haemonetics common stock over the next three years .

This new share repurchase program will help to offset the dilutive impact of recent and future employee equity grants.

In addition to this share repurchase activity, the Company’s capital allocation strategy continues to prioritize funding of planned internal investments to support the business as well as inorganic opportunities to accelerate its long-term growth plans.

The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

Inventories are stated at the lower of cost or net realizable value and include the cost of material, labor and manufacturing overhead.

Cost is determined with the first-in, first-out method.

(In thousands) March 30, 2024 April 1, 2023

(In thousands) March 29, 2025 March 30, 2024

Raw materials $ 128,574 $ 134,150

2 unchanged sentences

Total inventories $ 365,141 $ 317,202

In the fourth quarter of fiscal 2025, the Company completed the divestiture of its Whole Blood product line within its Blood Center business unit and all related assets and liabilities were sold .

The inventory related to the divestiture had a value of $ 26.4 million and h as been removed from the Consolidated Balance Sheets .

In fiscal 2024, the Company issued a voluntary recall of certain products within the Whole Blood portion of our Blood Center business unit sold to customers in the U.S.

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The Company has recorded charges of $ 4.4 million related to inventory.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

(In thousands) March 30, 2024 April 1, 2023

(In thousands) March 29, 2025 March 30, 2024

Land $ 1,985 $ 4,130

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Depreciation expense was $ 60.0 million, $ 55.8 million and $ 51.2 million in fiscal 2025 , 2024 and 2023, respectively.

In fiscal 2024, $ 5.8 million of the Company’s property, plant and equipment met held for sale accounting criteria and was reclassified to Prepaid expen ses and other current assets in the consolidated balance sheets.

In the first quarter of fiscal 2025, subsequent to the year ended March 30, 2024, the Company received $ 19.9 million in connection with the sale of the applicable facility.

During fiscal 2022, the Company incurred an impairment of property, plant and equipment of $ 5.2 million in connection with the 2020 Program, refer to Note 5 - Restructuring for details on the 2020 Program, and $ 2.8 million of accelerated depreciation costs related to disposables manufacturing equipment that was no longer in use.

The impairment charge was included in cost of goods sold on the consolidated statements of income and impacted the Plasma reporting segment.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

In the fourth quarter of fiscal 2025, the Company completed the divestiture of its Whole Blood product line within its Blood Center business unit and all related assets and liabilities were sold .

The property, plant and equipment related to the divestiture had a gross value of $ 40.8 million and a net carrying value of $ 7.8 million and has been removed from the Consolidated Balance Sheets .

In the first quarter of fiscal 2025, the Company received $ 19.9 million of cash upon the sale of a manufacturing facility and related assets that previously met held for sale criteria, which resulted in a gain of $ 14.1 million that was recorded in selling, general and administrative expenses on the Consolidated Statements of Income.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

GOODWILL AND INTANGIBLE ASSETS

2 unchanged sentences

Carrying amount as of April 1, 2023 $ 29,043 $ 33,855 $ 403,333 $ 466,231

Acquisitions — — 87,079 87,079

Purchase accounting adjustments — — 12,283 12,283

Currency translation — ( 371 ) ( 140 ) ( 511 )

Carrying amount as of April 1, 2023 29,043 33,855 403,333 466,231

Carrying amount as of March 30, 2024 29,043 33,484 502,555 565,082

Divestitures — ( 6,381 ) — ( 6,381 )

Acquisitions — — 69,542 69,542

2 unchanged sentences

Carrying amount as of March 29, 2025 $ 29,043 $ 26,967 $ 548,259 $ 604,269

The decrease in goodwill of $ 19.2 million for purchase accounting adjustments was primarily related to the Company obtaining additional facts and information to finalize the pre-acquisition tax returns and associated analyses for OpSens.

This resulted in the Company revising its estimate of the net deferred tax liability recorded as of the acquisition date.

Refer to Note 3 , Acquisitions, Divestitures and Strategic Investments , for additional information regarding the acquisitions of OpSens and Attune Medical.

In the fourth quarter of fiscal 2025, the Company completed the divestiture of its Whole Blood product line within its Blood Center business unit and all related assets and liabilities were sold.

The goodwill related to the divestiture of $ 6.4 million has been removed from the Consolidated Balance Sheets.

Refer to Note 3 , Acquisitions, Divestitures and Strategic Investments , for additional information regarding the divestiture of its Whole Blood product line.

The results of the Company’s goodwill impairment test performed in the fourth quarter of fiscal 2025, 2024 and 2023 indicated that the estimated fair value of all reporting units exceeded their respective carrying values.

Th ere were no reporting units at risk of impairment as of the fiscal 2025 , 2024 and 2023 annual test dates.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The gross carrying amount of intangible assets and the related accumulated amortization as of March 30, 2024 and April 1, 2023 is as follows:

The gross carrying amount of intangible assets and the related accumulated amortization as of March 29, 2025 and March 30, 2024 is as follows:

(In thousands) Gross Carrying

9 unchanged sentences

Non-amortizable:

In-process research and development $ 13,667

In-process software development 9,190

Total $ 9,190

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands) Gross Carrying

1 unchanged sentence

Amortization Net

As of April 1, 2023

As of March 30, 2024

Developed technology $ 464,291 $ 178,413 $ 285,878

7 unchanged sentences

In-process software development 4,567

In-process patents 2,965

Total $ 18,234

During fiscal 2025, the Company acquired Attune Medical and recorded $ 96.1 million of developed technology, $ 7.8 million of customer contracts and related relationships and $ 1.9 million of trade name intangibles based on the purchase accounting valuation.

Refer to Note 3 Acquisitions, Divestitures and Strategic Investments , for additional information regarding the acquisition.

In the first quarter of fiscal 2025, the Company announced the commercialization of MVP XL and moved the related in-process research and development intangible asset to developed technologies and commenced amortization.

In the second quarter of fiscal 2024, the Company recorded an intangible asset impairment charge of $ 10.4 million related to the intangibles acquired as part of the e nicor GmbH acquisition completed in fiscal 2021 within the Hospital business unit.

In the fourth quarter of fiscal 2025, the Company completed the divestiture of its Whole Blood product line within its Blood Center business unit and all related assets and liabilities were sold.

The related intangible assets are fully amortized and have a net book value of zero .

The gross intangible assets value was $ 185.6 million.

Refer to Note 3 Acquisitions, Divestitures and Strategic Investments , for additional information regarding the divestiture.

In fiscal 2024, the Company acquired OpSens and recorded $ 114.9 million of developed technology, $ 52.3 million of customer contracts and related relationships and $ 4.8 million of trade names.

Refer to Note 3, Acquisitions, Divestitures and Strategic Investments, for additional information regarding the acquisition.

In fiscal 2024, the Company recorded an intangible asset impairment charge of $ 10.4 million related to the intangibles acquired as part of the enicor GmbH acquisition completed in fiscal 2021 within the Hospital business unit.

Intangible assets include the value assigned to license rights and developed technology, patents, customer contracts and relationships and trade names.

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Aggregate amortization expense for amortized intangible assets for fiscal 2025, 2024 and 2023 was $ 55.6 million, $ 41.4 million and $ 42.1 million, respectively.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Amortization expense on intangible assets for the next five years is estimated to be as follows:

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For costs incurred related to the development of software to be sold, leased, or otherwise marketed, the Company applies the provisions of ASC Topic 985-20, Software - Costs of Software to be Sold, Leased or Marketed , which specifies that costs incurred internally in researching and developing a computer software product should be charged to expense until technological feasibility has been established for the product.

Once technological feasibility is established, all software costs should be capitalized until the product is available for general release to customers.

Once technological feasibility is established, all software costs should be

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

capitalized until the product is available for general release to customers.

The costs capitalized for each project are included in intangible assets in the consolidated financial statements.

The Company capitalized $ 7.7 million and $ 6.6 million in software development costs for ongoing initiatives during fiscal 2025 and 2024, respectively.

At March 30, 2024 and April 1, 2023, the Company had a total of $ 89.4 million and $ 82.8 million of software costs capitalized, of which $ 4.6 million and $ 3.8 million are related to in process software development initiatives, respectively, and the remaining balance represents in-service assets that are being amortized over their useful lives.

At March 29, 2025 and March 30, 2024, the Company had a total of $ 94.7 million and $ 89.4 million of software costs capitalized, of which $ 9.2 million and $ 4.6 million are related to in process software development initiatives, respectively, and the remaining balance represents in-service assets that are being amortized over their useful lives.

Amortization expense for capitalized software was $ 6.7 million, $ 8.6 million and $ 8.5 million for fiscal 2025 , 2024 and 2023, respectively.

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The following table presents supplemental balance sheet information related to the Company’s operating leases:

(In thousands) March 30, 2024 April 1, 2023

(In thousands) March 29, 2025 March 30, 2024

Operating lease right-of-use assets in Other long-term assets

4 unchanged sentences

$ 50,454 $ 57,958

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table presents the weighted average remaining lease term and discount rate information related to our operating leases:

March 30, 2024 April 1, 2023

March 29, 2025 March 30, 2024

Weighted average remaining lease term 7.5 years 8.2 years

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The Company’s operating lease costs were $ 12.1 million, $ 10.6 million and $ 11.0 million during fiscal 2025, 2024 and 2023, respectively.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table presents supplemental cash flow information related to our operating leases:

(In thousands) March 30, 2024 April 1, 2023 April 2, 2022

(In thousands) March 29, 2025 March 30, 2024 April 1, 2023

Cash paid for amounts included in the measurement of operating lease liabilities

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The allocation of revenue between the lease and non-lease components is based on stand-alone selling prices.

Operating lease revenue represents approximately 3 percent of the Company’s total net sales.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Operating lease revenue represents approximately two percent of the Company’s total net sales.

NOTES PAYABLE AND LONG-TERM DEBT

Notes payable and long-term debt consisted of the following:

(In thousands) March 30, 2024 April 1, 2023

(In thousands) March 29, 2025 March 30, 2024

Convertible notes $ 983,951 $ 494,813

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Convertible Senior Notes

The Company has $ 500.0 million aggregate principal amount of 0 % convertible senior notes due 2026 (the “2026 Notes”).

On March 5, 2021, the Company issued $ 500.0 million aggregate principal amount of 0 % convertible senior notes due 2026 (the “2026 Notes”).

The 2026 Notes are governed by the terms of the Indenture between the Company and U.S.

Bank National Association, as trustee.

The total net proceeds from the sale of the 2026 Notes, after deducting the initial purchasers’ discounts and debt issuance costs, were approximately $ 486.7 million.

Bank Trust Company, National Association, as trustee.

The 2026 Notes will mature on March 1, 2026, unless earlier converted, redeemed or repurchased.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

In the first quarter of fiscal 2025, the Company repurchased $ 200.0 million of the aggregate principal amount for $ 185.5 million, resulting in a gain of $ 14.5 million related to the discount on repurchase.

As the repurchase of the 2026 Notes met the criteria for extinguishment accounting, $ 1.9 million of unamortized debt issuance costs were allocated to the repurchase, resulting in a net gain of $ 12.6 million, which was recorded in Interest and other income (expense), net on the Consolidated Statements of Income.

Holders may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2025 only under the following circumstances:

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During fiscal 2025, the conditions allowing holders of the 2026 Notes to convert have not been met.

The 2026 Notes were therefore not convertible as of March 29, 2025 and were classified as short-term debt on the Company’s consolidated balance sheets.

The 2026 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after March 5, 2024 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s common stock exceeds 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date.

Upon the occurrence of certain fundamental changes involving the Company, holders of the 2026 Notes may require the Company to repurchase for cash all or part of their 2026 Notes at a repurchase price equal to 100 % of the principal amount of the 2026 Notes to be repurchased, plus

accrued and unpaid interest.

As of March 29, 2025, the $ 300.0 million principal balance was netted down by $ 1.5 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 298.5 million.

Interest expense related to the 2026 Notes was $ 1.4 million for

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

fiscal 2025 which is entirely attributable to the amortization of the debt issuance costs.

The remaining debt issuance costs are amortized at an effective interest rate of 0.5 %.

On May 28, 2024, the Company issued $ 700.0 million aggregate principal amount of 2.5 % convertible senior notes due 2029 (the “2029 Notes”).

The 2029 Notes are governed by the terms of the Indenture between the Company and U.S.

Bank Trust Company, National Association, as trustee.

The total net proceeds from the sale of the 2029 Notes, after deducting the initial purchasers’ discounts and debt issuance costs, were $ 682.8 million, with a portion of funds used to repay the entirety of the balance on the revolving credit facility under the Company’s second amended and restated credit agreement, to repurchase a portion of the Company’s 2026 Notes, to complete capped call transactions in connection with the issuance of the 2029 Notes, as described further below, with the remaining proceeds available for other working capital requirements.

The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased.

Holders may convert their notes at their option at any time prior to the close of business on the business day immediately preceding December 1, 2028 only under the following circumstances:

• During any calendar quarter (and only during such calendar quarter) beginning after September 30, 2024, if, the last reported sale price per share of the Company’s common stock exceeds 130 % of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not consecutive) in the period of the 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter;

• During the five business day period after any five consecutive trading day period in which, for each day of that period, the trading price per $1,000 principal amount of the 2029 Notes for such trading day was less than 98 % of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on such trading day;

• The Company issues to common stockholders any rights, options, or warrants, entitling them, for a period of not more than 60 days, to purchase shares of common stock at a price per share less than the average closing sale price of 10 consecutive trading days, or the Company’s election to make a distribution to common stockholders exceeding 10 % of the previous day’s closing sale price;

• Upon the occurrence of specified corporate events, as set forth in the indenture governing the 2029 Notes;

• Prior to the related redemption date if the Company calls the 2029 Notes for redemption.

On or after December 1, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2029 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances.

The conversion rate for the 2029 Notes is 8.5385 shares of common stock per $1,000 principal amount of notes (which is equal to an initial conversion price of approximately $ 117.12 per share of the Company’s common stock), subject to adjustment as set forth in the Indenture.

Upon conversion, the Company will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, common stock or a combination of cash and common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the notes being converted.

If a make-whole adjustment event, as described in the Indenture, occurs and a holder elects to convert its 2029 Notes in connection with such make-whole adjustment event, such holder may be entitled to an increase in the conversion rate as described in the Indenture.

During fiscal 2025, the conditions allowing holders of the 2029 Notes to convert have not been met.

The 2029 Notes were therefore not convertible as of March 29, 2025 and were classified as long-term debt on the Company’s consolidated balance sheets.

The 2029 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 5, 2027 and on or before the 50th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s common stock exceeds 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice at a redemption price equal to 100 % of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date.

Upon the occurrence of certain

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

fundamental changes involving the Company, holders of the 2029 Notes may require the Company to repurchase for cash all or part of their 2029 Notes at a repurchase price equal to 100 % of the principal amount of the 2029 Notes to be repurchased, plus

accrued and unpaid interest.

On April 4, 2021, the Company adopted ASC Update No.

2020-06 using the modified retrospective method, which resulted in a decrease of $ 61.2 million to additional paid-in capital, a decrease to non-current deferred tax liabilities of $ 20.0 million, and an increase of $ 80.3 million to non-current convertible notes, net, on the consolidated balance sheets.

The impact to retained earnings on the consolidated balance sheets as of April 4, 2021 is an increase of $ 1.0 million.

As of March 30, 2024, the $ 500.0 million principal balance was netted down by the $ 5.2 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 494.8 million.

Interest expense related to the 2026 Notes was $ 2.7 million for the fiscal year ended March 30, 2024, which is entirely attributable to the amortization of the debt issuance costs.

The debt issuance costs are amortized at an effective interest rate of 0.5 %.

In connection with the issuance of the 2026 Notes, the Company entered into capped call transactions with certain counterparties (“Capped Calls”).

The Capped Calls each have an initial strike price of approximately $ 175.34 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Notes.

The Capped Calls have initial cap prices of $ 250.48 per share, subject to certain adjustments.

The Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2026 Notes, with such offset subject to a cap based on the cap price.

The Capped Calls cover, subject to anti-dilution adjustments, approximately 2.85 million shares of the Company’s common stock.

For accounting purposes, the Capped Calls are separate transactions, and not part of the 2026 Notes.

As a result of the issuance of the 2029 Notes, the Company recorded debt issuance costs of $ 17.2 million, which will be amortized to interest expense over the contractual term of the 2029 Notes at an effective interest rate of 3.0 %.

As of March 29, 2025, the $ 700.0 million principal balance was netted down by $ 14.6 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 685.4 million.

Interest expense related to the 2029 Notes was $ 17.3 million for the fiscal year ended March 29, 2025, which includes nominal interest expense and the amortization of the debt issuance costs.

In connection with the issuance of the 2026 Notes and the 2029 Notes, the Company entered into capped call transactions with certain counterparties (“Capped Calls”).

The 2026 Notes Capped Calls each have an initial strike price of approximately $ 175.34 per share, and the 2029 Notes Capped Calls each have an initial strike price of approximately $ 117.12 per share, both are subject to certain adjustments, which correspond to the initial conversion price of the convertible notes.

The 2026 Notes Capped Calls have initial cap prices of $ 250.48 per share, and the 2029 Notes Capped Calls have initial cap prices of $ 180.18 per share, both subject to certain adjustments.

The Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2026 Notes and 2029 Notes, with such offset subject to a cap based on the cap price.

The 2026 Notes Capped Calls cover approximately 2.85 million shares of the Company’s common stock, and the 2029 Notes Capped Calls cover approximately 5.98 million shares of the Company’s common stock, both subject to anti-dilution adjustments.

For accounting purposes, the Capped Calls are separate transactions, and not part of the 2026 Notes and 2029 Notes.

As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives.

The cost of $ 88.2 million incurred to purchase the 2029 Notes Capped Calls was recorded as a reduction to additional paid-in capital and will not be remeasured for the year ended March 29, 2025.

Credit Facilities

On June 15, 2018, the Company entered into a credit agreement with certain lenders that provided for a $ 350.0 million term loan and a $ 350.0 million revolving credit facility (together with the term loan, as amended from time to time, the “2018 Credit Facilities”) that were each scheduled to mature on June 15, 2023.

On July 26, 2022, the Company entered into an amended and restated credit agreement with certain lenders to refinance the 2018 Credit Facilities and extend their maturity date through June 2025.

The amended and restated credit agreement provides for a $ 280.0 million senior unsecured term loan, the proceeds of which have been used to settle the balance of the term loan under the 2018 Credit Facilities, and a $ 420.0 million senior unsecured revolving credit facility (together, the “2022 Revised Credit Facilities”).

Loans under the 2022 Revised Credit Facilities bear interest at an annual rate equal to the Adjusted Term SOFR Rate (as specified in the amended and restated credit agreement), which is subject to a floor of 0 %, plus an applicable rate ranging from 1.125 % to 1.750 % based on the Company’s consolidated net leverage ratio (as specified in the amended and restated credit agreement) at the applicable measurement date.

Adjusted Term SOFR Rate loans are also subject to a credit spread adjustment of 0.10 % per annum.

On July 26, 2022, the Company entered into an amended and restated credit agreement to refinance its credit facilities initially entered into in 2018 and extended their maturity dates through June 2025.

The amended and restated credit agreement provided for a $ 750.0 million senior unsecured term loan and a $ 420.0 million senior unsecured revolving credit facility (together the “2022 Revised Credit Facilities”) with applicable interest rates during the period established using an annual rate equal to the Adjusted Term SOFR Rate plus ranging from 1.125 % to 1.750 % based on the Company’s consolidated net leverage ratio, as specified in the agreement.

On April 30, 2024, the Company entered into a second amended and restated credit agreement with certain lenders to refinance the 2022 Revised Credit Facilities and extend their maturity date through April 2029.

The second amended and restated credit agreement provides for a $ 250.0 million senior unsecured term loan, the proceeds of which, along with $ 12.5 million of cash on hand, were used to retire the balance of the term loan under the 2022 Revised Credit Facilities, and a $ 750.0 million senior unsecured revolving credit facility (together, the “2024 Revised Credit Facilities”).

Loans under the 2024 Revised Credit Facilities bear interest at an annual rate equal to the Adjusted Term SOFR Rate (as specified in the second amended and restated credit agreement), which is subject to a floor of 0 %, plus an applicable rate ranging from 1.125 % to 1.750 % based on the Company’s consolidated net leverage ratio (as specified in the second amended and restated credit agreement) at the applicable measurement date.

The revolving credit facility carries an unused fee that ranges from 0.125 % to 0.250 % annually based on the Company’s consolidated net leverage ratio at the applicable measurement date.

Under the 2022 Revised Credit Facil ities, the Company is required to maintain certain leverage and interest coverage ratios specified in the amended and restated credit agreement as well as other customary non-financial affirmative and negative covenants.

The Company applied modification accounting for the credit facility refinancing.

For the term loan under the 2022 Revised Credit Facilities, for fiscal 2023, the Company recognized interest expense of $ 0.5 million for third party fees incurred and capitalized $ 0.2 million of lender fees related to the term loan.

For fiscal 2023, the Company capitalized $ 1.1 million of lender

The 2024 Revised Credit Facilities mature on April 30, 2029.

The principal amount of the term loan under the 2024 Revised Credit Facilities amortizes quarterly through the maturity date at a rate of 2.5 % for the first three years following the closing date, 5.0 % for the fourth year following the closing date and 7.5 % for the fifth year following the closing date, with the unpaid balance due at maturity.

Under the 2024 Revised Credit Facilities, the Company is required to maintain a consolidated leverage ratio not to exceed 4.0 :1.0 or, upon two occasions during the term of the facility, 4.5 :1.0 for the four consecutive fiscal quarters ended immediately following acquisitions meeting certain criteria specified in the agreement.

The Company applied modification accounting for the credit facility refinancing, which resulted in the capitalization of an additional $ 5.9 million in lender fees and third-party costs.

For fiscal 2025, the Company recognized $ 20.8 million of interest expense and amortization of debt issuance costs related to its credit facilities.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

fees and third-party costs incurred in the refinancing related to the revolving credit facility under the 2022 Revised Credit Facilities.

At March 30, 2024, $ 262.5 million was outstanding under the term loan with an effective interest rate of 6.9 % and $ 50.0 million in outstanding borrowings under the revolving credit facility with an effective interest rate of 6.8 %.

Borrowings under the revolving credit facility during fiscal 2024 were to fund the OpSens acquisition.

At March 29, 2025, $ 245.3 million was outstanding under the term loan with an effective interest rate of 5.7 %, which was netted down by the $ 5.3 million of remaining debt discount, resulting in a net note payable of $ 240.0 million.

There were no outstanding borrowings under the revolving credit facility at March 29, 2025.

The Company also had $ 18.9 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of March 29, 2025.

Under the 2022 Revised Credit Facilities, the Company is required to maintain a consolidated leverage ratio not to exceed 3.5 :1.0 and a consolidated interest coverage ratio not to be less than 4.0 :1.0 during periods when the 2022 Revised Credit Facilities are outstanding.

In addition, the Company is required to satisfy these covenants, on a pro forma basis, in connection with any new borrowings (including any letter of credit issuances) on the revolving credit facility as of the time of such borrowings.

Under the 2024 Revised Credit Facilities, the Company is required to maintain certain leverage and interest coverage ratios specified in the second amended and restated credit agreement as well as other customary non-financial affirmative and negative covenants.

The Company is required to satisfy these covenants, on a pro forma basis, in connection with any new borrowings (including any letter of credit issuances) on the revolving credit facility as of the time of such borrowings.

The Consolidated Interest Coverage Ratio is calculated as the consolidated EBITDA divided by consolidated interest expense while the Consolidated Net Leverage ratio is calculated as consolidated total debt minus liquidity, divided by consolidated EBITDA.

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The 2024 Revised Credit Facilities also contain usual and customary non-financial affirmative and negative covenants that include certain restrictions with respect to subsequent indebtedness, liens, loans and investments (including acquisitions), financial reporting obligations, mergers, consolidations, dispositions, dissolutions or liquidation, asset sales, affiliate transactions, change of its business, capital expenditures, share repurchase and other restricted payments.

These covenants are subject to exceptions and qualifications set forth in the credit agreement.

These covenants are subject to exceptions and qualifications set forth in the second amended and restated credit agreement.

Any failure to comply with the financial and operating covenants of the 2024 Revised Credit Facilities would prevent the Company from being able to borrow additional funds and would constitute a default, which could result in, among other things, the amounts outstanding including all accrued interest and unpaid fees, becoming immediately due and payable.

In addition, the 2024 Revised Credit Facilities include customary events of default, in certain cases subject to customary cure periods.

As of March 30, 2024, the Company was in compliance with the covenants.

In April 2024, subsequent to the fiscal year ended March 30, 2024, the Company entered into a second amended and restated credit agreement with certain lenders to refinance the 2022 Revised Credit Facilities and extend their maturity date through April 2029.

The second amended and restated credit agreement provides for a $ 250.0 million senior unsecured term loan, the proceeds of which, along with $ 12.5 million of cash on hand, have been used to retire the balance of the term loan under the 2022 Revised Credit Facilities, and a $ 750.0 million senior unsecured revolving credit facility (together, the “2024 Revised Credit Facilities”), which constitutes a $ 330.0 million increase from the revolving credit facility under the 2022 Revised Credit Facilities.

Loans under the 2024 Revised Credit Facilities will initially bear interest at an annual rate equal to the Adjusted Term SOFR Rate (as specified in the second amended and restated credit agreement), which is subject to a floor of 0.0 %, plus an applicable rate ranging from 1.125 % to 1.750 % based on the Company’s consolidated net leverage ratio (as specified in the second amended and restated credit agreement) at the applicable measurement date.

Adjusted Term SOFR Rate loans are also subject to a credit spread adjustment of 0.0 % per annum.

The revolving credit facility carries an unused fee that ranges from 0.125 % to 0.250 % annually based on the Company’s consolidated net leverage ratio at the applicable measurement date.

The 2024 Revised Credit Facilities mature on April 30, 2029.

As of April 30, 2024, the outstanding balance under the revolving credit facility was $ 230.0 million, which increased from the end of fiscal 2024, primarily due to borrowings associated with the acquisition of Attune Medical on April 1, 2024.

Under the 2024 Revised Credit Facilities, the Company is required to maintain a consolidated leverage ratio not to exceed 4.0 :1.0 or, on up to two occasions during the term of the facility, 4.5 :1.0 for the four consecutive fiscal quarters ended immediately following acquisitions meeting certain criteria specified in the agreement.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company was in compliance with the consolidated net leverage and interest coverage ratios specified in the 2024 Revised Credit Facilities as well as all other bank covenants as of March 29, 2025.

Commitment Fee

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The commitment fee is subject to a pricing grid based on the Company’s consolidated leverage ratio.

The commitment fee ranges from 0.125 % to 0.250 %.

The commitme nt fee ranges from 0.125 % to 0.250 %.

The current commitment fee on the undrawn portion of the revolving credit facility is 0.200 %.

The commitment fees noted above did not change pursuant to the 2024 Revised Credit Facilities.

Debt Issuance Costs and Interest

Expenses associated with the issuance of the term loan were capitalized and are amortized to interest expense over the life of the senior unsecured term loan using the effective interest method.

As of March 30, 2024, the $ 262.5 million term loan balance was netted down by the $ 0.5 million of remaining debt discount, resulting in a net note payable of $ 262.0 million.

Interest expense was $ 35.9 million, $ 19.5 million and $ 13.0 million for fiscal 2025, 2024 and 2023, respectively.

Accrued interest associated with the outstanding debt is included as a component of other current liabilities in the accompanying consolidated balance sheets.

As of both March 30, 2024 and April 1, 2023, the Company had an insignificant amount of accrued interest associated with the outstanding debt.

The future aggregate amount of debt maturities, adjusted for the impact of the Company’s debt refinancing in April 2024 as discussed above, are as follows:

As of both March 29, 2025 and March 30, 2024, the Company had an insignificant amount of accrued interest associated with the outstanding debt.

The future aggregate amount of debt maturities are as follows:

(In thousands)

2026 $ 306,349

2026 $ 507,924

2028 $ 12,575

2029 $ 18,825

Thereafter 454

Total debt maturities $ 1,246,120

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The Company manufactures, markets and sells its products globally.

For the fiscal year ended March 30, 2024, 25.9 % of the Company’s sales were generated outside the U.S.

in local currencies.

For the fiscal years ended March 29, 2025, March 30, 2024 and April 1, 2023 the percent of the Company’s sales generated outside the U.S.

in local currencies were 25.7 %, 25.9 % and 27.9 %, respectively.

The Company also incurs certain manufacturing, marketing and selling costs in international markets in local currency.

3 unchanged sentences

That program includes the use of derivative financial instruments to minimize, for a period of time, the impact on its financial results from changes in foreign exchange rates.

The Company utilizes foreign currency forward contracts to hedge the anticipated cash flows from transactions denominated in foreign currencies, primarily Japanese Yen and Euro, and to a lesser extent Swiss Franc and Mexican Peso.

This does not eliminate the impact of the volatility of foreign exchange rates.

However, because the Company generally enters into forward contracts one year out, rates are fixed for a one-year period, thereby facilitating financial planning and resource allocation.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Designated Foreign Currency Hedge Contracts

All of the Company’s designated foreign currency hedge contracts as of March 30, 2024 and April 1, 2023 were cash flow hedges under ASC 815, Derivatives and Hedging (“ASC 815”).

All of the Company’s designated foreign currency hedge contracts as of March 29, 2025 and March 30, 2024 were cash flow hedges under ASC 815, Derivatives and Hedging (“ASC 815”).

The Company records the effective portion of any change in the fair value of designated foreign currency hedge contracts in other comprehensive income until the related third-party transaction occurs.

1 unchanged sentence

In the event the hedged forecasted transaction does not occur, or it becomes probable that it will not occur, the Company will reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time.

The Company had designated foreign currency hedge contracts outstanding in the contract amount of $ 74.0 million as of March 30, 2024 and $ 51.8 million as of April 1, 2023.

At March 30, 2024, a gain of $ 2.8 million, net of tax, will be reclassified to earnings within the next twelve months.

All currency cash flow hedges outstanding as of March 30, 2024 mature within twelve months.

The Company had designated foreign currency hedge contracts outstanding in the contract amount of $ 23.6 million as of March 29, 2025 and $ 74.0 million as of March 30, 2024.

As of March 29, 2025, a loss of $ 1.5 million, net of tax, will be reclassified to earnings within the next twelve months.

Substantially all currency cash flow hedges outstanding as of March 29, 2025 mature within twelve months.

Non-Designated Foreign Currency Contracts

4 unchanged sentences

These forward contracts are marked-to-market with changes in fair value recorded to earnings.

The Company had non-designated foreign currency hedge contracts under ASC 815 outstanding in the contract amount of $ 39.9 million as of March 30, 2024 and $ 44.7 million as of April 1, 2023.

The Company had non-designated foreign currency hedge contracts under ASC 815 outstanding in the contract amount of $ 89.6 million as of March 29, 2025 and $ 39.9 million as of March 30, 2024.

Interest Rate Swaps

1 unchanged sentence

The Company’s objective in using interest rate swaps is to add stability to interest expense and to manage and reduce the risk inherent in interest rate fluctuations.

On June 15, 2018, the Company entered into the 2018 Credit Facilities which provided for a $ 350.0 million term loan and a $ 350.0 million revolving credit facility.

In August 2018, the Company entered into two interest rate swap agreements to pay an average fixed rate of 2.80 % plus the applicable rate on a total notional value of $ 241.9 million of debt, or 70 % of the notional value of the unsecured term loan.

As a result of the Company’s refinancing of the 2018 Credit Facilities in July 2022, as discussed below, the 2018 interest rate swaps were amended in September 2022 to align with the Term Secured Overnight Financing Rate (“SOFR”) rate rather than LIBOR (the “Amended Swaps”).

In order to avoid dedesignation, the Company elected certain practical expedients under ASC 848.

As a result, the Company’s earnings and cash flows are exposed to interest rate risk from changes to SOFR.

The Amended Swaps matured on June 15, 2023.

On July 26, 2022, the Company entered into an amended and restated credit agreement to refinance the 2018 Credit Facilities and extend their maturity date through June 2025.

The 2022 Revised Credit Facilities include a $ 280.0 million senior unsecured term loan and a $ 420.0 million senior unsecured revolving credit facility.

Loans under the 2022 Revised Credit Facilities bear interest at an annual rate equal to the 1-month USD Term SOFR plus 0.10 % and an applicable rate ranging from 1.125 % to 1.750 % based on the Company’s consolidated net leverage ratio.

In September 2022, the Company entered into four additional interest rate swaps, which when combined with the Amended Swaps, resulted in an average blended fixed interest rate of 3.57 % plus the applicable rate on 70 % of the notional value of the unsecured term loan until mid-June 2023 and 4.12 % plus the applicable rate thereafter on 80 % of the notional value until the maturity date in June 2025.

The Company has concluded that the two remaining interest rate swaps entered into during September 2022, which cover 80 % of the notional value of the unsecured term loan through maturity in June 2025, are effective and qualify for hedge accounting treatment.

To mitigate the interest rate risk on the Company’s senior unsecured term loan, in September 2022, the Company entered into four interest rate swaps, two of which expired in June 2023 and the remaining two were amended and extended in September 2024.

The amendment and extension of the two interest rate swaps did not have a material impact on the consolidated financial statements.

Loans under the 2024 Revised Credit Facilities bear interest at an annual rate equal to the 1-month USD Term SOFR, plus an applicable rate ranging from 1.125 % to 1.750 % based on the Company’s consolidated net leverage ratio.

As a result of the amendment and extension in September 2024, the two modified interest rate swaps have an average blended fixed interest rate of 3.31 % plus the applicable rate on approximately 80 % of the notional value of the unsecured term loan, until their maturity in April 2029.

The Company has determined both of these interest rate swaps are effective and qualify for hedge accounting treatment.

HAEMONETICS CORPORATION AND SUBSIDIARIES

7 unchanged sentences

Total $ 219,800 $ 204,497 $ 2,326

For fiscal 2024, the Company recorded a gain of $ 2.2 million, net of tax, in accumulated other comprehensive loss to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges.

For fiscal 2025, the Company recorded a gain of $ 0.6 million, net of tax, in accumulated other comprehensive income to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges.

Trade Receivables

5 unchanged sentences

Twelve Months Ended

(In thousands) March 30, 2024 April 1, 2023 April 2, 2022

(In thousands) March 29, 2025 March 30, 2024 April 1, 2023

Beginning balance $ 5,695 $ 4,932 $ 2,475

Credit loss 725 840 2,623

Write-offs ( 77 ) ( 166 ) ( 110 )

Recoveries ( 120 ) ( 77 ) ( 166 )

Ending balance $ 6,300 $ 5,695 $ 4,932

11 unchanged sentences

Derivative Instruments

Amount of Gain Recognized in Accumulated Other Comprehensive Loss Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings Location in Consolidated Statements of Income and Comprehensive Income Amount of Gain Excluded from

Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Loss Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings Location in Consolidated Statements of Income and Comprehensive Income Amount of Gain Excluded from

Effectiveness

4 unchanged sentences

Designated interest rate swaps, net of tax $ 573 $ ( 67 ) Interest and other expense, net $ —

The Company did not have fair value hedges or net investment hedges outstanding as of March 30, 2024 or April 1, 2023.

The Company did not have fair value hedges or net investment hedges outstanding as of March 29, 2025 or March 30, 2024.

As of March 29, 2025, no material deferred taxes were recognized for designated foreign currency hedges.

7 unchanged sentences

As of March 29, 2025, the Company has classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments.

The following tables present the fair value of the Company’s derivative instruments as they appear in its consolidated balance sheets as of March 30, 2024 and April 1, 2023:

The following tables present the fair value of the Company’s derivative instruments as they appear in its consolidated balance sheets as of March 29, 2025 and March 30, 2024:

(In thousands) Location in

Balance Sheet As of March 30, 2024 As of April 1, 2023

Consolidated Balance Sheet As of March 29, 2025 As of March 30, 2024

Derivative Assets:

Designated foreign currency hedge contracts Other current assets $ 1,353 $ 1,401

Designated foreign currency hedge contracts Prepaid expenses and other current assets $ 193 $ 1,353

Non-designated foreign currency hedge contracts Other current assets 85 154

5 unchanged sentences

Non-designated foreign currency hedge contracts Other current liabilities 25 536

Designated interest rate swaps Other long-term liabilities — 1,807

$ 931 $ 1,889

HAEMONETICS CORPORATION AND SUBSIDIARIES

1 unchanged sentence

Fair Value Measured on a Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of March 30, 2024 and April 1, 2023.

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of March 29, 2025 and March 30, 2024.

As of March 29, 2025

7 unchanged sentences

Non-designated foreign currency hedge contracts — 25 — 25

Contingent consideration — — 2,278 2,278

$ — $ 496 $ 2,278 $ 2,774

As of April 1, 2023

As of March 30, 2024

Level 1 Level 2 Level 3 Total

6 unchanged sentences

Non-designated foreign currency hedge contracts — 536 — 536

Designated interest rate swaps — 1,807 — 1,807

Contingent consideration — — 863 863

$ — $ 931 $ — $ 931

7 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The level 3 fair value measurements of contingent consideration liabilities include the following significant unobservable inputs:

Fair Value at Valuation Unobservable

(In thousands) March 29, 2025 Technique Input Range

Revenue-based payments $ 1,214 Monte Carlo Simulation Model Discount rate 6.3 %

Projected fiscal year of payments 2026 - 2028

Regulatory-based payment $ — Monte Carlo Simulation Model Discount rate N/A

Probability of payment 0%

Projected fiscal year of payment N/A

Event-based payment $ 1,064 Monte Carlo Simulation Model Discount rate 5.8 %

Projected fiscal year of payment 2026 - 2028

The fair value of contingent consideration associated with acquisitions was $ 2.3 million at March 29, 2025 and the total was included in Other long-term liabilities.

A reconciliation of the change in the fair value of contingent consideration is included in the following table:

(In thousands)

Balance at March 30, 2024 $ —

Acquisition date fair value of contingent consideration 25,000

Purchase accounting adjustments 300

Change in fair value ( 23,022 )

Balance at March 29, 2025 $ 2,278

Other Fair Value Disclosures

The fair value of the 2026 Notes as of March 30, 2024 was $ 460.1 million, which was determined by using the market price on the last trading day of the reporting period and is considered as level 2 in the fair value hierarchy.

The fair values of the 2026 Notes and 2029 Notes as of March 29, 2025 were $ 286.3 million and $ 668.4 million, respectively, which were determined by using the market price on the last trading day of the reporting period and are considered as level 2 in the fair value hierarchy.

The senior unsecured term loan (which is carried at amortized cost), accounts receivable and accounts payable approximate fair value.

10 unchanged sentences

Defined Benefit Plans

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

ASC Topic 715, Compensation — Retirement Benefits , requires an employer to:

11 unchanged sentences

Expected return on plan assets ( 314 ) ( 264 ) ( 180 )

Actuarial (gain) loss ( 180 ) 19 189

Actuarial loss (gain) 17 ( 180 ) 19

Amortization of unrecognized prior service cost ( 219 ) ( 215 ) ( 180 )

5 unchanged sentences

(In thousands) March 29,

2024 April 1,

2025 March 30,

Change in Benefit Obligation:

3 unchanged sentences

Benefits paid 851 2,253

Actuarial (loss) gain ( 2,392 ) 3,675

Actuarial loss ( 336 ) ( 2,392 )

Employee and plan participants contribution ( 3,568 ) ( 3,423 )

19 unchanged sentences

Accordingly, that plan has no assets included in the information presented above.

The total asset value associated with the reinsurance contracts was $ 7.0 million and $ 7.1 million at March 30, 2024 and April 1, 2023, respectively.

The total liability for this plan, which is included in the table above, was $ 7.8 million and $ 7.5 million as of March 30, 2024 and April 1, 2023, respectively.

The total asset value associated with the reinsurance contracts was $ 7.0 million at March 29, 2025 and March 30, 2024.

The total liability for this plan, which is included in the table above, was $ 7.4 million and $ 7.8 million as of March 29, 2025 and March 30, 2024, respectively.

The accumulated benefit obligation for all plans was $ 29.1 million and $ 30.1 million for fiscal 2025 and 2024, respectively.

There were no plans where the plan assets were greater than the accumulated benefit obligation as of March 30, 2024 and April 1, 2023.

There were no plans where the plan assets were greater than the accumulated benefit obligation as of March 29, 2025 and March 30, 2024.

HAEMONETICS CORPORATION AND SUBSIDIARIES

8 unchanged sentences

Prior service cost ( 170 )

Plan settlements ( 285 )

Balance as of April 1, 2023 $ 4,075

Balance as of March 30, 2024 $ 1,748

Actuarial loss ( 268 )

Prior service credit ( 242 )

Plan settlements ( 89 )

Balance as of March 29, 2025 $ 1,149

30 unchanged sentences

Legal costs are expensed as incurred.

During the third quarter of fiscal 2021, the Company received a subpoena from the U.S.

Attorney’s Office for the District of Massachusetts.

The subpoena requested certain documents regarding the Company’s apheresis and autotransfusion devices and disposables, including documents relating to product complaints and adverse event reporting, regulatory clearances and product design changes, among other matters.

The Company has fully cooperated with this inquiry.

On August 16, 2022, the U.S.

Department of Justice (“DOJ”) filed a motion on behalf of the United States and 31 states reflecting their decision to not i ntervene in the underlying qui tam action captioned United States ex rel.

Berthelot et al.

Haemonetics Corp., 1:20-cv-11062-ADB, pending in the U .S.

District Court for the District of Massachusetts, indicating that the DOJ had completed its investigative activity based on then available information.

The qui tam case was unsealed by order dated August 18, 2022.

On January 12, 2024, the Company entered into an agreement with the individual plaintiffs in the qui tam case that provides for settlement of certain unrelated employment matters and releases those individuals’ claims.

During fiscal 2024, the Company recorded an additional loss contingency related to this matter, which did not have a material impact on its consolidated financial statements.

On January 16, 2024, the relators in the qui tam case filed a stipulation of dismissal of their claims against the Company.

The court dismissed the qui tam claims with prejudice as to the relators and without prejudice as to the government.

In the fourth quarter of fiscal 2021, a putative class action complaint was filed against the Company in the Circuit Court of Cook County, Illinois by Mary Crumpton, on behalf of herself and similarly situated individuals.

3 unchanged sentences

1:21-cv-1402.

In her complaint, the plaintiff asserts that between June 2017 and August 2018 she donated plasma at a center operated by one of the Company’s customers, that the center required her to scan her fingerprint on a finger scanner that stored her fingerprint to identify her prior to plasma donation, and that the Company’s eQue donor management software sent her biometric information to a Company-owned server to be collected and stored in a manner that violated her rights under the Illinois Biometric Information Privacy Act (“BIPA”).

The plaintiff seeks statutory damages, attorneys’ fees and injunctive and equitable relief.

In March 2021, the Company moved to dismiss the complaint for lack of personal jurisdiction and concurrently filed a motion to dismiss for fail ure to state a claim and a motion to stay.

In March 2022, the court denied the Company’s motion to dismiss for lack of personal jurisdiction but did not address the merits of the Company’s other positions.

In March 2023, the Company filed a second motion to dismiss the complaint, which is pending before the court.

In her complaint, the plaintiff asserted that between June 2017 and August 2018 she donated plasma at a center operated by one of the Company’s customers, that the center required her to scan her fingerprint on a finger scanner that stored her fingerprint to identify her prior to plasma donation, and that the Company’s eQue donor management software sent her biometric information to a Company-owned server to be collected and stored in a manner that violated her rights under the Illinois Biometric Information Privacy Act (“BIPA”).

The plaintiff sought statutory damages, attorneys’ fees and injunctive and equitable relief.

During the second quarter of fiscal 2024, the Company entered into a Memorandum of Understanding providing terms that would resolve the litigation and recorded an additional loss contingency related to this matter.

In the third quarter of fiscal 2024, the parties requested preliminary court approval of a final settlement agreement, which was granted in February 2024, and the Company recorded an immaterial additional loss contingency related to settlement administration, resulting in an accrual of $ 8.7 million within other current liabilities in its consolidated balance sheets.

In March 2024, notice of the settlement was mailed to class members and the parties are now awaiting the complete administration of the settlement through the third-party administrator.

In March 2024, administration of the settlement through the third-party administrator commenced and, in April 2025, the administrator notified the parties that distribution of the final settlement funds was underway and that administration would formally close 90 days thereafter.

In the first quarter of fiscal 2025, the Company issued payment of the $ 8.7 million settlement amount following the court’s final approval of the settlement agreement and dismissal of the matter with prejudice.

During the fourth quarter of fiscal 2024, a complaint was filed in the U.S.

2 unchanged sentences

(together, the “Plaintiffs”) against OpSens, OpSens Medical, Inc., a wholly-owned subsidiary of OpSens, and Haemonetics (1:24-cv-00206-CFC).

The complaint alleges, inter alia, that OpSens’ interventional cardiology systems, including its OptoWire and OptoMonitor technology, infringe a single patent held by the

The complaint alleges, inter alia, that OpSens’ interventional cardiology systems, including its OptoWire and OptoMonitor technology, infringe a single patent held by the Plaintiffs and seeks both injunctive relief and damages.

A claim construction hearing in the matter is scheduled to take place in the first quarter of fiscal 2026.

The Company believes it has valid and meritorious defenses to the complaint and plans to vigorously defend against the complaint.

The Company recorded loss contingencies related to this matter in the first quarter and fourth quarter of fiscal 2025, which did not have a material impact on its Condensed Consolidated Financial Statements.

During the first quarter of fiscal 2026, the Company filed a complaint against Terumo BCT in U.S.

District Court for the District of Colorado.

The complaint alleges that Terumo BCT infringes the Company’s intellectual property rights with respect to its donor-centric blood p lasma collection patents, as embodied in our NexSys PCS ® with YES ® technology and NexSys PCS with Persona ® technology.

While we will incur costs in the course of pursuing this claim, and the outcome of litigation is inherently uncertain, we believe this is a necessary and appropriate action to safeguard our innovations, protect our intellectual property, and further the growth and development of our business.

Product Recall

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Plaintiffs and seeks both injunctive relief and damages.

The Company believes it has valid and meritorious defenses to the complaint and plans to vigorously defend against the complaint if and when served.

Product Recall

In August 2023, the Company issued a voluntary recall of certain products within the Whole Blood portion of our Blood Center business unit sold to customers in the U.S.

1 unchanged sentence

As of March 29, 2025 , the Company has recorded cumulative charges of $ 6.8 million related to inventory, returns and customer claims associated with this recall.

The Company continues to evaluate the impact of this recall and may record additional incremental charges in future periods.

Substantially all outstanding claims have been paid as of March 29, 2025 .

CAPITAL STOCK

17 unchanged sentences

$ 29,636 $ 28,332 $ 25,583

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Stock Options

4 unchanged sentences

Forfeitures are estimated based on historical experience.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

A summary of stock option activity for the fiscal year ended March 29, 2025 is as follows:

3 unchanged sentences

Life (years) Aggregate

Outstanding at April 1, 2023 1,150,194 $ 64.21 3.55 $ 27,481

Outstanding at March 30, 2024 1,067,004 $ 74.86 3.68 $ 16,820

Granted 159,318 95.73

20 unchanged sentences

Restricted Stock Units

Restricted Stock Units (“RSUs”) generally vest in equal installments over a three or four year period for employees and one year from grant for non-employee directors.

Restricted Stock Units (“RSUs”) generally vest in equal installments over a three or four period for employees and one year from grant for non-employee directors.

The grant-date fair value of RSUs, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period.

5 unchanged sentences

Grant Date Fair Value

Unvested at April 1, 2023 381,308 $ 63.94

Unvested at March 30, 2024 338,008 $ 72.52

Granted 141,568 95.09

18 unchanged sentences

Grant Date Fair Value

Unvested at April 1, 2023 323,987 $ 87.35

Unvested at March 30, 2024 369,800 $ 94.26

231,758 128.25

( 233,384 ) 72.35

Forfeited ( 32,331 ) 109.61

Unvested at March 29, 2025 335,843 $ 112.10

(1) Includes the adjustment of 59,091 shares for awards granted in fiscal 2021, based on actual relative total shareholder return of 0%

(1) Includes 116,207 shares issued for awards vested during fiscal 2025 based on achievement of performance metrics.

(2) Includes the vesting of 226,274 and 7,110 shares that were earned for awards granted in fiscal 2022 for various performance periods ending during fiscal 2025, based on actual relative total shareholder return of 200 % and 176 %, respectively.

The Company uses the Monte Carlo model to estimate the probability of satisfying the performance criteria and the resulting fair value of PSU awards with market conditions.

9 unchanged sentences

Grant-date fair value per PSU $ 128.25 $ 128.83 $ 84.96

Fair value of PSUs vested $ 72.35 $ — $ —

As of March 29, 2025, there was $ 19.1 million of total unrecognized compensation cost related to non-vested performance share units.

13 unchanged sentences

The weighted average grant date fair value of the six-month option inherent in the Purchase Plan was approximately $ 19.13 , $ 20.27 and $ 18.10 during fiscal 2025 , 2024 and 2023, respectively.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following is a roll-forward of the components of accumulated other comprehensive loss, net of tax, for the years ended March 30, 2024 and April 1, 2023:

The following is a roll-forward of the components of accumulated other comprehensive loss, net of tax, for the years ended March 29, 2025 and March 30, 2024:

(In thousands) Foreign currency Defined benefit plans Net Unrealized Gain (Loss) on Derivatives Total

4 unchanged sentences

Net current period other comprehensive (loss) income ( 4,339 ) ( 2,327 ) 1,415 ( 5,251 )

Balance, April 1, 2023 $ ( 33,935 ) $ 4,075 $ ( 521 ) $ ( 30,381 )

Other comprehensive (loss) income before reclassifications ( 4,339 ) ( 2,327 ) 4,912 ( 1,754 )

Balance, March 30, 2024 $ ( 38,274 ) $ 1,748 $ 894 $ ( 35,632 )

Other comprehensive loss before reclassifications ( 17,974 ) ( 599 ) ( 935 ) ( 19,508 )

Amounts reclassified from accumulated other comprehensive loss (1)

— — ( 3,497 ) ( 3,497 )

Net current period other comprehensive (loss) income ( 4,339 ) ( 2,327 ) 1,415 ( 5,251 )

Net current period other comprehensive loss ( 17,974 ) ( 599 ) ( 879 ) ( 19,452 )

Balance, March 29, 2025 $ ( 56,248 ) $ 1,149 $ 15 $ ( 55,084 )

(1) Presented net of income taxes, the amounts of which are insignificant.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

SEGMENT AND ENTERPRISE-WIDE INFORMATION

The Company determines its reportable segments by first identifying its operating segments, and then by assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component.

The Company’s reporting structure aligns with its operating structure of three global business units and the information that is regularly reviewed by the Company’s chief operating decision maker.

The Company’s reportable and operating segments are as follows:

• Blood Center

Management measures and evaluates the operating segments based on operating income.

Management excludes certain corporate expenses from segment operating income.

In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment operating income because management evaluates the operating results of the segments excluding such items.

These items include integration and transaction costs, amortization of acquired intangible assets, restructuring costs, restructuring related costs, digital transformation costs related to the upgrade of our enterprise resource planning system, impairments and write downs, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation (“MDR”) and In Vitro Diagnostic Regulation (“IVDR”), unusual or infrequent and material litigation-related charges and gains and losses on dispositions and sale of assets.

The CODM measures and evaluates the operating segments based on operating income for purposes of assessing business performance and allocating resources.

Certain corporate expenses and amounts considered to be non-recurring or non-operational are excluded from segment operating income.

These items include acquisition, integration and divestiture related costs, amortization of acquired assets, restructuring costs, restructuring related costs, digital transformation costs related to the upgrade of our enterprise resource planning system, impairments and write downs, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation (“MDR”) and In Vitro Diagnostic Regulation (“IVDR”), unusual or infrequent and material litigation-related charges and gains, losses on dispositions and sale of assets, remeasurement of the contingent consideration liability and unusual or infrequent gains such as on repurchases of convertible notes or divestitures.

Although these amounts are excluded from segment operating income, as applicable, they are included in the reconciliations that follow.

Management measures and evaluates the Company’s net revenues and operating income using internally derived standard currency exchange rates that remain constant from year to year;

therefore, segment information is presented on this basis.

Selected information by reportable segment is presented below:

(In thousands) 2024 2023 2022

Plasma $ 565,399 $ 500,489 $ 351,945

Blood Center 278,959 289,365 294,541

Hospital 445,982 378,206 321,580

Net revenues by business unit 1,290,340 1,168,060 968,066

21,631 21,424 20,811

Effect of exchange rates ( 2,916 ) ( 20,824 ) 4,319

Total net revenues $ 1,309,055 $ 1,168,660 $ 993,196

(1) Reflects revenue for service, maintenance and parts.

During the fourth quarter of fiscal 2025, the CODM began reviewing financial information including allocations of certain corporate costs including global functional support and overhead costs determined to benefit the segments.

The prior period segment disclosures have been recast to reflect the new presentation.

We do not track our assets by segment, and as a result it is not practical to show assets or depreciation by segment.

Consequently, our CODM does not review assets by segment when assessing business performance and allocating resources.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Selected information by reportable segment is presented below:

(In thousands) 2025 2024 2023

Segment operating income

Plasma $ 535,431 $ 569,535 $ 499,916

1 unchanged sentence

Hospital 564,269 456,289 381,710

Segment operating income 603,524 565,103 449,605

Corporate expenses (1)

Net sales by business unit $ 1,360,824 $ 1,309,055 $ 1,168,660

Significant segment expenses and operating performance

Cost of goods sold $ 237,050 $ 264,042 $ 254,474

Selling, general and administrative 98,418 109,729 106,006

Research and development 15,453 13,797 14,690

Plasma operating income $ 184,510 $ 181,967 $ 124,746

Cost of goods sold $ 142,512 $ 165,564 $ 144,364

Selling, general and administrative 60,023 67,339 74,024

Research and development 5,770 7,956 4,374

Blood Center operating income $ 52,819 $ 42,372 $ 64,272

Cost of goods sold $ 199,499 $ 167,172 $ 147,831

Selling, general and administrative 241,760 209,680 181,368

Research and development 34,035 27,239 23,096

Hospital operating income $ 88,975 $ 52,198 $ 29,415

Corporate and unallocated expenses

Amortization of acquired assets $ ( 63,217 ) $ ( 35,378 ) $ ( 32,640 )

Acquisition, integration and divestiture related costs

( 22,904 ) ( 11,249 ) 411

Effect of exchange rates ( 1,971 ) 8,419 18,993

Amortization of acquired intangible assets ( 32,031 ) ( 32,640 ) ( 47,414 )

Amortization of fair value inventory step-up ( 3,347 ) — —

Integration and transaction costs ( 11,249 ) 411 ( 21,604 )

Restructuring costs ( 14,089 ) ( 657 ) ( 4,230 )

Restructuring related costs ( 9,499 ) ( 10,892 ) ( 24,594 )

Restructuring and restructuring related costs ( 21,158 ) ( 23,588 ) ( 11,549 )

Digital transformation costs ( 20,273 ) ( 15,667 ) ( 4,536 )

Write downs of certain in-process intangible assets and PCS2 related charges ( 5,095 ) 616 ( 5,732 )

MDR and IVDR costs ( 5,588 ) ( 9,854 ) ( 11,033 )

Litigation-related charges ( 6,670 ) ( 5,230 ) ( 1,368 )

Impairment of intangible assets ( 10,419 ) — —

Gains on divestiture and sale of assets 2,000 382 9,603

Contingent Consideration 23,022 — —

43 ( 25,772 ) ( 14,086 )

Operating income 221,817 164,883 156,033

(1) Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions.

Interest and other expense, net ( 9,746 ) ( 13,018 ) ( 14,630 )

Income before provision for income taxes $ 212,071 $ 151,865 $ 141,403

(1) Comprised of write downs of certain assets, MDR and IVDR costs, Litigation-related charges, gain on repurchase of convertible notes, gain on sale of property, plant and equipment, impairment of intangible assets, PCS2 ® related charges and gain on divestiture.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Net revenues by business unit are as follows:

5 unchanged sentences

Interventional Technologies 255,019 174,285 126,717

Hemostasis Management 159,139 138,854 127,379

Other 111,938 106,160 101,598

Blood Management Technologies 309,250 282,004 254,993

Hospital $ 564,269 $ 456,289 $ 381,710

Net business unit revenues 1,287,450 1,148,616 972,663

Service 21,605 20,044 20,533

Total net revenues $ 1,360,824 $ 1,309,055 $ 1,168,660

5 unchanged sentences

Total depreciation and amortization (excluding impairment charges) $ 115,586 $ 97,215 $ 93,307

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands) March 29,

2024 April 1,

2025 March 30,

Long-lived assets (1)

6 unchanged sentences

(In thousands) March 29,

2024 April 1,

2025 March 30,

Long-lived assets (1)

6 unchanged sentences

(1) Long-lived assets are comprised of property, plant and equipment.

HAEMONETICS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(In thousands) 2025 2024 2023

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data