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Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 210 added, 155 removed, 797 unchanged (31% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended

June 28, 2025 June 29, 2024

(Dollars in Thousands, Except Per Share Data)

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars and Shares in Thousands, Except Per Share Data)

Net revenues $ 327,315 $ 345,511 $ 648,709 $ 681,683

5 unchanged sentences

Amortization of acquired intangible assets 11,182 12,264 22,574 24,735

Impairment of intangible assets 8,584 2,391 8,584 2,391

Total operating expenses 136,253 135,740 274,625 270,908

Operating income 58,491 51,697 112,363 91,453

Interest and other (expense) income, net ( 8,703 ) 6,957

Interest and other expense, net ( 7,206 ) ( 6,993 ) ( 15,909 ) ( 36 )

Income before provision for income taxes 51,285 44,704 96,454 91,417

10 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended

June 28, 2025 June 29, 2024

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars in Thousands)

Net income $ 38,684 $ 33,831 $ 72,715 $ 72,204

Other comprehensive income (loss):

Other comprehensive (loss) income:

Foreign currency translation adjustment, net of tax ( 4,419 ) 12,197 14,888 4,854

Unrealized (loss) gain on cash flow hedges, net of tax ( 520 ) 699

Reclassifications into earnings of cash flow hedge losses (gains), net of tax 55 ( 391 )

Other comprehensive income (loss) 18,842 ( 7,035 )

Unrealized gain (loss) on cash flow hedges, net of tax 336 ( 4,015 ) ( 184 ) ( 3,316 )

Reclassifications into earnings of cash flow hedge gains, net of tax ( 206 ) ( 79 ) ( 151 ) ( 470 )

Other comprehensive (loss) income ( 4,289 ) 8,103 14,553 1,068

Comprehensive income $ 34,395 $ 41,934 $ 87,268 $ 73,272

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 28, 2025 March 29, 2025

September 27, 2025 March 29, 2025

(Dollars in Thousands, Except Share Data)

1 unchanged sentence

Cash and cash equivalents $ 296,426 $ 306,763

Accounts receivable, less allowance for credit losses of $ 6,316 at June 28, 2025 and $ 6,300 at March 29, 2025

Accounts receivable, less allowance for credit losses of $ 6,247 as of September 27, 2025 and $ 6,300 as of March 29, 2025

207,066 202,657

3 unchanged sentences

Property, plant and equipment, net 292,476 284,052

Intangible assets, less accumulated amortization of $ 330,652 at June 28, 2025 and $ 316,313 at March 29, 2025

Intangible assets, less accumulated amortization of $ 339,593 as of September 27, 2025 and $ 316,313 as of March 29, 2025

428,357 455,743

16 unchanged sentences

Authorized — 150,000,000 shares;

Issued and outstanding — 48,158,723 shares at June 28, 2025 and 48,215,899 shares at March 29, 2025

Issued and outstanding — 46,747,381 shares as of September 27, 2025 and 48,215,899 shares as of March 29, 2025

Additional paid-in capital 552,914 523,264

22 unchanged sentences

Balance, June 28, 2025 48,158,723 $ 482 $ 562,014 $ 356,046 $ ( 36,242 ) $ 882,300

Employee stock purchase plan — — — — — —

Exercise of stock options 857 — 74 ( 11 ) — 63

Shares repurchased, including excise tax ( 1,430,579 ) ( 14 ) ( 16,759 ) ( 58,387 ) — ( 75,160 )

Issuance of restricted stock, net of cancellations 18,626 ( 1 ) — — — ( 1 )

Tax withholding on employee equity awards ( 246 ) — ( 4 ) ( 9 ) — ( 13 )

Share-based compensation expense — — 7,589 — — 7,589

Net income — — — 38,684 — 38,684

Other comprehensive loss — — — — ( 4,289 ) ( 4,289 )

Balance, September 27, 2025 46,747,381 $ 467 $ 552,914 $ 336,323 $ ( 40,531 ) $ 849,173

Common Stock Additional

14 unchanged sentences

Balance, June 29, 2024 51,152,886 $ 512 $ 560,881 $ 386,642 $ ( 42,667 ) $ 905,368

Exercise of stock options 4,533 — 515 ( 264 ) — 251

Shares repurchased, including excise tax ( 799,148 ) ( 8 ) ( 23,839 ) ( 51,394 ) — ( 75,241 )

Issuance of restricted stock, net of cancellations 22,856 — — — — —

Tax withholding on employee equity awards — — ( 39 ) ( 279 ) — ( 318 )

Share-based compensation expense — — 6,857 — — 6,857

Net income — — — 33,831 — 33,831

Other comprehensive income — — — — 8,103 8,103

Balance, September 28, 2024 50,381,127 $ 504 $ 544,375 $ 368,536 $ ( 34,564 ) $ 878,851

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended

June 28, 2025 June 29, 2024

Six Months Ended

September 27, 2025 September 28, 2024

(Dollars in Thousands)

1 unchanged sentence

Net income $ 72,715 $ 72,204

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

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

Depreciation and amortization 57,013 58,353

1 unchanged sentence

Share-based compensation expense 16,901 14,485

Impairment of intangible assets 8,584 2,391

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

8 unchanged sentences

Change in accounts payable and accrued expenses ( 30,197 ) ( 40,125 )

Net cash provided by (used in) operating activities 17,395 ( 27,421 )

Net cash provided by operating activities 128,716 21,402

Cash Flows from Investing Activities:

14 unchanged sentences

Debt issuance costs — ( 23,135 )

Share repurchases ( 75,000 ) ( 75,000 )

Proceeds from employee stock purchase plan 3,476 3,441

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All intercompany transactions have been eliminated.

Operating results for the three months ended June 28, 2025 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 28, 2026 or any other interim period.

Operating results for the six months ended September 27, 2025 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 28, 2026 or any other interim period.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Annual Report on Form 10-K for the fiscal year ended March 29, 2025.

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2024-03 is applicable to Haemonetics 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.

In July 2025, the FASB issued ASC Update No.

2025-05, Financial Instruments - Credit Losses (Topic 326).

ASC Update No.

2025-05 introduces a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB Accounting Standards Codification 606.

Under ASC Update No.

2025-05, an entity is required to disclose whether it has elected to use the practical expedient.

An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated.

The updated guidance is effective for fiscal years beginning December 15, 2025, with early adoption permitted.

ASC Update No.

2025-05 is applicable to Haemonetics beginning with the fiscal 2027 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

The guidance can be applied on a prospective basis with the option to apply the standard retrospectively.

In September 2025, the FASB issued ASC Update No.

2025-06, Intangibles - Goodwill and Other - Internal-Use Software .

ASC Update No.

2025-06 eliminates references to development stages in the capitalization guidance and requires costs to be capitalized once management authorizes funding and will be completed and used as intended.

The updated guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted.

ASC Update No.

2025-06 is applicable to Haemonetics beginning with the fiscal 2029 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

The guidance can be applied on a prospective basis with the option to apply the standard retrospectively.

ACQUISITIONS, DIVESTITURES AND STRATEGIC INVESTMENTS

112 unchanged sentences

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 following 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 SG&A in the condensed consolidated statements of income, which were immaterial for the three months ended June 28, 2025.

Under the TSA, the Company is entitled to be reimbursed for the costs incurred plus a mark-up and has recorded other income and expenses, net related to the agreement in SG&A in the condensed consolidated statements of income, which were immaterial for the three and six months ended September 27, 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.

Under 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 SG&A in the condensed consolidated statements of income, which were immaterial for the three months ended June 28, 2025.

Under the CMA, the Company is entitled to be reimbursed for the costs incurred plus a mark-up and has recorded other income and expenses, net related to the agreement in SG&A in the condensed consolidated statements of income, which were immaterial for the three and six months ended September 27, 2025.

Strategic Investments

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

As of June 28, 2025, the Company has made total investments and loans in Vivasure Medical LTD (“Vivasure”) of € 58.0 million, or $ 68.0 million, and € 45.0 million, or $ 48.7 million, as of March 29, 2025.

As of September 27, 2025, the Company has made total investments and loans in Vivasure Medical Limited (“Vivasure”) of € 63.0 million, or $ 73.7 million, and € 45.0 million, or $ 48.7 million, as of March 29, 2025.

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

In addition, the Company has made certain other strategic investments totaling $ 12.9 million as of both June 28, 2025 and March 29, 2025.

The Company’s strategic investments are classified as other long-term assets on the Company’s condensed consolidated balance sheets and the Company has not recorded any material adjustments to the carrying value of the Company’s strategic investments during the three months ended June 28, 2025 and June 29, 2024.

As of June 28, 2025, the Company had $ 36.0 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more.

In addition, the Company has made certain other strategic investments totaling $ 14.9 million as of September 27, 2025 and $ 12.9 million as of March 29, 2025.

As of September 27, 2025, the Company had $ 35.5 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more.

The Company expects to recognize approximately 84 % of this amount as revenue within the next twelve months and the remaining balance thereafter.

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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 June 28, 2025 and March 29, 2025, the Company had contract liabilities of $ 49.2 million and $ 43.3 million, respectively.

During the three months ended June 28, 2025, the Company recognized $ 13.3 million of revenue that was included in the above March 29, 2025 contract liability balance.

As of September 27, 2025 and March 29, 2025, the Company had contract liabilities of $ 48.3 million and $ 43.3 million, respectively.

During the three and six months ended September 27, 2025, the Company recognized $ 9.9 million and $ 24.9 million of revenue, respectively, that was included in the above March 29, 2025 contract liability balance.

Contract liabilities are classified as other current liabilities on the condensed consolidated balance sheets.

As of June 28, 2025 and March 29, 2025, the Company’s contract assets were $ 4.3 million and $ 11.6 million, respectively.

As of September 27, 2025 and March 29, 2025, the Company’s contract assets were $ 6.7 million and $ 11.6 million, respectively.

RESTRUCTURING

5 unchanged sentences

The 2020 Program is closed as of March 29, 2025.

During the three months ended June 28, 2025, the Company recognized reversals of previously incurred costs of $ 0.1 million, as compared with $ 2.4 million of restructuring and restructuring related costs incurred under the 2020 Program during the three months ended June 29, 2024 .

Under the 2020 Program, during the three and six months ended September 27, 2025, the Company recognized reversals of previously incurred costs of de minimis and $ 0.1 million, respectively, as compared with restructuring and restructuring related costs incurred of $ 1.7 million and $ 4.1 million, respectively, during the three and six months ended September 28, 2024 .

Total cumulative charges under the 2020 Progra m were $ 84.7 million through March 29, 2025.

2 unchanged sentences

These portfolio rationalization initiatives are closed as of March 29, 2025.

During the three months ended June 28, 2025, the Company recognized reversals of previously incurred costs of $ 1.5 million related to the divestiture of the Whole Blood product line, as compared with $ 4.8 million of restructuring and restructuring related costs incurred under these initiatives during the three months ended June 29, 2024.

Total cumulative charges under the portfolio rationalization initiatives are $ 25.6 million through June 28, 2025.

Under these initiatives, during the three and six months ended September 27, 2025, the Company recognized reversals of previously incurred costs of $ 0.5 million and $ 1.9 million, respectively, as compared with restructuring and restructuring related costs incurred of $ 4.7 million and $ 9.4 million, respectively, during the three and six months ended September 28, 2024.

Total cumulative charges under the portfolio rationalization initiatives are $ 25.1 million through September 27, 2025.

Market and Regional Alignment Initiative

4 unchanged sentences

Initial actions related to this initiative were approved by the Board in January 2025, resulting in restructuring related costs during the fourth quarter of fiscal 2025.

During the three months ended June 28, 2025, the Company incurred $ 2.8 million of restructuring related costs under this initiative.

Total cumulative charges under the market and regional alignment initiative are $ 3.4 million as of June 28, 2025.

The following table summarizes the activ ity for restructuring reserves related to the 2020 Pr ogram, the portfolio rationalization initiatives and the market and regional alignment initiative for the three months ended June 28, 2025, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:

Under this initiative, during the three and six months ended September 27, 2025, the Company incurred $ 0.7 million and $ 3.4 million, respectively, of restructuring related costs under this initiative.

Total cumulative charges under the market and regional alignment initiative are $ 4.0 million as of September 27, 2025.

The following table summarizes the activ ity for restructuring reserves related to the 2020 Pr ogram, the portfolio rationalization initiatives and the market and regional alignment initiative for the six months ended September 27, 2025, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:

2020 Program Portfolio Rationalization Market and Regional Alignment Total

(Dollars in Thousands)

Balance at March 29, 2025

Balance as of March 29, 2025

$ 290 $ 2,735 $ — $ 3,025

1 unchanged sentence

Payments ( 182 ) ( 123 ) ( 2,010 ) ( 2,315 )

Balance at June 28, 2025

Balance as of September 27, 2025

$ 41 $ 704 $ 1,435 $ 2,180

The following presents the net restructuring costs by line item within the Company’s accompanying unaudited condensed consolidated statements of income:

Three Months Ended

June 28, 2025 June 29, 2024

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars in Thousands)

3 unchanged sentences

Total $ 204 $ 4,792 $ 1,470 $ 9,414

As of June 28, 2025, the Company had a restructuring liability of $ 3.1 million, all of which is payable within the next twelve months.

As of September 27, 2025, the Company had a restructuring liability of $ 2.2 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 that do not constitute restructuring costs under FASB ASC Topic 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs.

1 unchanged sentence

The tables below present restructuring and restructuring related costs by reportable segment:

Three Months Ended

June 28, 2025 June 29, 2024

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars in Thousands)

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statutory tax rate.

The Company’s effective tax rate is adversely impacted by non-deductible expenses including executive compensation and is favorably impacted by jurisdictional mix of earnings and research credits generated.

For the three months ended June 28, 2025, the Company reported income tax expense of $ 11.1 million, representing an effective tax rate of 24.7 %.

The effective tax rate for the three months ended June 28, 2025 includes $ 0.1 million of discrete tax expense, primarily related to stock compensation shortfalls.

For the three months ended June 29, 2024, the Company reported income tax expense of $ 8.3 million, representing an effective tax rate of 17.9 %.

The effective tax rate for the three months ended June 29, 2024 includes $ 3.6 million of discrete tax benefit, primarily related to stock compensation windfalls.

The Company’s effective tax rate is adversely impacted by non-deductible expenses including executive compensation and is favorably impacted by the jurisdictional mix of earnings and research credits generated.

For the three and six months ended September 27, 2025, the Company reported income tax expense of $ 12.6 million and $ 23.7 million, respectively, representing effective tax rates of 24.6 % in each period.

The effective tax rate for the three months ended September 27, 2025 includes $ 0.1 million of discrete tax expense, primarily related to stock compensation shortfalls.

The effective tax rate for the six months ended September 27, 2025 includes $ 0.2 million of discrete tax expense, primarily related to stock compensation shortfalls.

For the three and six months ended September 28, 2024, the Company reported income tax expense of $ 10.9 million and $ 19.2 million, respectively, representing effective tax rates of 24.3 % and 21.0 %, respectively.

The effective tax rate for the three months ended September 28, 2024 includes an immaterial discrete tax benefit.

The effective tax rate for the six months ended September 28, 2024 includes $ 3.6 million of discrete tax benefit, primarily related to stock compensation windfalls.

The discrete benefit also includes other items such as provision to return differences.

The increase in the reported tax rate for the three months ended June 28, 2025, compared to the same period in fiscal 2025, relates primarily to the decrease in stock compensation windfall benefits.

The reported tax rate for the three months ended September 27, 2025, compared to the same period in fiscal 2025, was relatively consistent.

The increase in the reported tax rate for the six months ended September 27, 2025, compared to the same period in fiscal 2025, relates primarily to the decrease in net stock compensation windfall benefits.

The One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

2 unchanged sentences

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in future periods.

We are currently assessing the impact of the OBBBA on the Company’s consolidated financial statements.

The Company has accounted for the impact of the OBBBA on the Company’s consolidated financial statements, and has determined that it has no material impact on the reported tax rate in the current year.

EARNINGS PER SHARE

The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

Three Months Ended

June 28, 2025 June 29, 2024

(Dollars in Thousands, Except Share Data)

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars and Shares in Thousands, Except Per Share Data)

Net income $ 38,684 $ 33,831 $ 72,715 $ 72,204

5 unchanged sentences

Diluted $ 0.81 $ 0.66 $ 1.51 $ 1.40

Anti-dilutive shares excluded from the calculation 1,134 795 1,041 765

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

1 unchanged sentence

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 co nversion values of both the convertible senior notes.

For the three months ended June 28, 2025 and June 29, 2024, weighted average shares outstanding, assuming dilution, excludes the impact of 947,422 and 735,427 anti-dilutive shares, respectively.

2022 Share Repurchase Program

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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.

In August 2025, the Company entered into an ASR with Citibank N.A.

(“Citibank”) to repurchase $ 75.0 million of the Company’s common stock.

Pursuant to the terms of the ASR, in August 2025, the Company paid Citibank $ 75.0 million in cash and received an initial delivery of 1,113,586 shares of the Company's common stock representing 80 % of the notional amount of the ASR.

The ASR was completed in September 2025 within the second quarter of fiscal 2026, and 316,993 additional shares were delivered upon settlement.

The total number of shares repurchased under the ASR was 1,430,579 at an average price per share upon final settlement of $ 52.43 .

As of September 27, 2025, the total remaining authorization for repurchases of the Company's common stock under the 2025 share repurchase program was $ 425.0 million.

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.

June 28, 2025 March 29, 2025

September 27, 2025 March 29, 2025

(Dollars in Thousands)

4 unchanged sentences

PROPERTY, PLANT AND EQUIPMENT

June 28, 2025 March 29, 2025

September 27, 2025 March 29, 2025

(Dollars in Thousands)

8 unchanged sentences

Property, plant and equipment, net $ 292,476 $ 284,052

During the three months ended June 28, 2025 and June 29, 2024 depreciation expense was $ 15.4 million and $ 14.6 million, respectively.

During the three and six months ended September 27, 2025, depreciation expense was $ 15.5 million and $ 30.9 million, respectively.

During the three and six months ended September 28, 2024, depreciation expense was $ 15.0 million and $ 29.6 million, respectively.

Lessor Activity

5 unchanged sentences

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

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

Operating lease revenue represents approximately three percent of the Company’s total net revenues during both the three and six months ended September 27, 2025.

GOODWILL AND INTANGIBLE ASSETS

5 unchanged sentences

Currency translation — 123 1,709 1,832

Carrying amount as of June 28, 2025

Carrying amount as of September 27, 2025

$ 29,043 $ 27,090 $ 549,968 $ 606,101

The gross carrying amount of intangible assets and the related accumulated amortization as of June 28, 2025 and March 29, 2025 is as follows:

The gross carrying amount of intangible assets and the related accumulated amortization as of September 27, 2025 and March 29, 2025 are as follows:

Gross Carrying

1 unchanged sentence

Amortization Net Carrying Amount Weighted Average Remaining Life (Years)

June 28, 2025

September 27, 2025

(Dollars in Thousands)

22 unchanged sentences

Total $ 9,190

In the second quarter of fiscal 2026, the Company recorded an intangible asset impairment charge of $ 8.6 million related to the intellectual property associated with the HAS viscoelastic diagnostic devices, related assays and disposables within the Hospital business unit, as acquired from HemoAssay Science and Technology (Suzhou) Co.

Ltd., a China-incorporated company, and its affiliates (collectively, “HemoAssay”) in fiscal 2021.

The impairment charge was the result of lower revenue projections of the HemoAssay devices and disposables.

The fair value as September 27, 2025 was $ 1.6 million with a useful life of 5 years.

We calculated the fair value of the HemoAssay intangible assets as the present value of estimated future cash flows we expect to generate from the assets based on estimates and assumptions about future revenues, costs and the remaining useful lives of the assets.

During the second quarter of fiscal 2026, we performed an impairment analysis for certain other amortizable intangible assets based on undiscounted cash flows and concluded those assets were not impaired.

We will continue to review intangible assets subject to amortization for impairment indicators in future periods in accordance with our normal review processes.

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

During the three months ended June 28, 2025 and June 29, 2024, amortization expense was $ 13.3 million and $ 14.5 million, respectively.

During the three and six months ended September 27, 2025, amortization expense was $ 12.8 million and $ 26.1 million, respectively.

During the three and six months ended September 28, 2024, amortization expense was $ 14.2 million and $ 28.7 million, respectively.

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

8 unchanged sentences

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

June 28, 2025 March 29, 2025

September 27, 2025 March 29, 2025

(Dollars in Thousands)

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• Prior to the related redemption date if the Company calls the 2026 Notes for redemption.

On or after September 1, 2025, until the close of business on the scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2026 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances.

On or after September 1, 2025, 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 2026 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances.

The conversion rate for the 2026 Notes is 5.7033 shares of common stock per $1,000 principal amount of notes (which is equal to an initial conversion price of approximately $ 175.34 per share of the Company’s common stock), subject to adjustment as set forth in the Indenture.

1 unchanged sentence

If a make-whole adjustment event, as described in the Indenture, occurs and a holder elects to convert its 2026 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 the first quarter of fiscal 2026, the conditions allowing holders of the 2026 Notes to convert have not been met.

The 2026 Notes were therefore not convertible as of June 28, 2025 and were classified as short-term debt on the Company’s condensed consolidated balance sheets.

As of September 27, 2025, there have been no conversions of the 2026 Notes, which are classified as short-term debt on the Company’s condensed 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 June 28, 2025, the $ 300.0 million principal balance was netted down by $ 1.1 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 298.9 million.

Interest expense related to the 2026 Notes was $ 0.4 million for the three months ended June 28, 2025, which is entirely attributable to the amortization of the debt issuance costs.

As of September 27, 2025, the $ 300.0 million principal balance was netted down by $ 0.7 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 299.3 million.

Interest expense related to the 2026 Notes was $ 0.4 million and $ 0.8 million, respectively, for the three and six months ended September 27, 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 0.6 %.

14 unchanged sentences

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 the first quarter of fiscal 2026, the conditions allowing holders of the 2029 Notes to convert have not been met.

The 2029 Notes were therefore not convertible as of June 28, 2025 and were classified as long-term debt on the Company’s consolidated balance sheets.

During the second quarter of fiscal 2026, the conditions allowing holders of the 2029 Notes to convert have not been met.

The 2029 Notes were therefore not convertible as of September 27, 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.

1 unchanged sentence

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

As of June 28, 2025, the $ 700.0 million principal balance was netted down by $ 13.7 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 686.3 million.

Interest expense related to the 2029 Notes was $ 5.2 million for the three months ended June 28, 2025, which includes nominal interest expense and the amortization of the debt issuance costs.

As of September 27, 2025, the $ 700.0 million principal balance was netted down by $ 12.9 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 687.1 million.

Interest expense related to the 2029 Notes was $ 5.2 million and $ 10.4 million, respectively, for the three and six months ended September 27, 2025, which includes nominal interest expense and the amortization of the debt issuance costs.

The nominal interest rate is 2.5 % and the remaining debt issuance costs are amortized at an effective interest rate of 3.0 %.

18 unchanged sentences

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.

During the three months ended June 28, 2025, the Company recognized $ 4.3 million of interest expense and amortization of debt issuance costs related to its credit facilities.

At June 28, 2025, $ 243.8 million was outstanding under the term loan with an effective interest rate of 6.4 %, which was netted down by the $ 5.0 million of remaining debt discount, resulting in a net note payable of $ 238.8 million.

The Company has scheduled principal payments of $ 6.3 million required during the 12 months following June 28, 2025.

There were no outstanding borrowings under the revolving credit facilities at June 28, 2025.

The Company also had $ 19.5 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of June 28, 2025.

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 June 28, 2025.

During the three and six months ended September 27, 2025, the Company recognized $ 4.3 million and $ 8.5 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities.

During the three and six months ended September 28, 2024, the Company recognized $ 4.9 million and $ 12.0 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities.

As of September 27, 2025, $ 242.2 million was outstanding under the term loan with an effective interest rate of 6.4 %, which was netted down by the $ 4.6 million of remaining debt discount, resulting in a net note payable of $ 237.6 million.

The Company has scheduled principal payments of $ 6.3 million required during the 12 months following September 27, 2025.

There were no outstanding borrowings under the revolving credit facilities as of September 27, 2025.

The Company also had $ 19.5 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 27, 2025.

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 September 27, 2025.

The future aggregate amount of debt maturities are as follows:

9 unchanged sentences

The Company manufactures, markets and sells its products globally.

During the three months ended June 28, 2025, 24.6 % of the Company’s sales were generated outside the U.S.

During the three and six months ended September 27, 2025, 26.6 % and 25.6 %, respectively, of the Company’s sales were generated outside the U.S.

in local currencies.

8 unchanged sentences

Designated Foreign Currency Hedge Contracts

All of the Company’s designated foreign currency hedge contracts as of June 28, 2025 and March 29, 2025 were cash flow hedges under FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”).

All of the Company’s designated foreign currency hedge contracts as of September 27, 2025 and March 29, 2025 were cash flow hedges under FASB ASC Topic 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 $ 14.2 million as of June 28, 2025 and $ 23.6 million as of March 29, 2025.

As of June 28, 2025, a gain of $ 0.9 million, net of tax, will be reclassified to earnings within the next twelve months.

Substantially all currency cash flow hedges outstanding as of June 28, 2025 mature within twelve months.

The Company had designated foreign currency hedge contracts outstanding in the contract amount of $ 77.0 million as of September 27, 2025 and $ 23.6 million as of March 29, 2025.

As of September 27, 2025, a gain of $ 1.5 million, net of tax, will be reclassified to earnings within the next eighteen months.

Substantially all currency cash flow hedges outstanding as of September 27, 2025 mature within eighteen 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 $ 109.6 million as of June 28, 2025 and $ 89.6 million as of March 29, 2025.

The Company had non-designated foreign currency hedge contracts under ASC 815 outstanding in the contract amount of $ 118.3 million as of September 27, 2025 and $ 89.6 million as of March 29, 2025.

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.

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 condensed consolidated financial statements.

2 unchanged sentences

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

The Company held the following interest rate swaps as of June 28, 2025:

Hedged Item Original Notional Amount Notional Amount as of June 28, 2025

Designation Date Effective Date Termination Date Fixed Interest Rate Estimated Fair Value Assets (Liabilities)

The Company held the following interest rate swaps as of September 27, 2025:

Hedged Item Original Notional Amount Notional Amount as of September 27, 2025

Designation Date Effective Date Termination Date Fixed Interest Rate Estimated Asset Fair Value

(Dollars in Thousands)

2 unchanged sentences

Total $ 219,800 $ 201,892 $ 215

For the three months ended June 28, 2025, the Company recognized a loss on the interest rate swaps to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges of $ 1.4 million, net of tax, in accumulated other comprehensive loss (“AOCL”) within the condensed consolidated balance sheets.

For the six months ended September 27, 2025, the Company recognized a loss on the interest rate swaps to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges of $ 1.6 million, net of tax, in accumulated other comprehensive loss (“AOCL”) within the condensed consolidated balance sheets.

Trade Receivables

7 unchanged sentences

The following is a roll forward of the allowance for credit losses:

Three Months Ended

June 28, 2025 June 29, 2024

Allowance for Credit Losses (Recoveries)

(Dollars in Thousands)

Beginning balance $ 6,300 $ 5,695

Balance as of March 29, 2025

Credit loss 760

Recoveries ( 813 )

Ending balance $ 6,316 $ 5,719

Balance as of September 27, 2025

Other Fair Value Measurements

6 unchanged sentences

Fair Value of Derivative Instruments

The following table presents the effect of the Company’s derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its condensed consolidated statements of income for the three months ended June 28, 2025:

Derivative Instruments Amount of Gain (Loss) Recognized

in AOCL Amount of Gain Reclassified

in AOCL Amount of (Loss) Gain Reclassified

from AOCL into

Earnings Classification in Earnings Amount of Gain (Loss) Excluded from

Effectiveness

Testing Classification in Earnings

Effectiveness Testing Classification in Earnings

(Dollars in Thousands)

Designated foreign currency hedge contracts, net of tax $ 901 $ 54 Net revenues, cost of goods sold and SG&A $ 532 Interest and other (expense) income, net

Non-designated foreign currency hedge contracts $ — $ — $ ( 5,164 ) Interest and other (expense) income, net

Designated interest rate swaps, net of tax $ ( 1,422 ) $ 2 Interest and other (expense) income, net $ —

The Company did not have fair value hedges or net investment hedges outstanding as of June 28, 2025 or March 29, 2025.

As of June 28, 2025, there were no material deferred taxes recognized for designated foreign currency hedges.

Designated foreign currency hedge contracts, net of tax $ 1,485 $ ( 153 ) Net revenues, cost of goods sold and SG&A $ 1,246 Interest and other expense, net

Non-designated foreign currency hedge contracts $ — $ — $ ( 5,872 ) Interest and other expense, net

Designated interest rate swaps, net of tax $ ( 1,670 ) $ 2 Interest and other expense, net $ —

The Company did not have fair value hedges or net investment hedges outstanding as of September 27, 2025 or March 29, 2025.

As of September 27, 2025, there were no material deferred taxes recognized for designated foreign currency hedges.

ASC 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet.

5 unchanged sentences

and inputs derived principally from, or corroborated by, observable market data by correlation or other means.

As of June 28, 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 condensed consolidated balance sheets as of June 28, 2025 and March 29, 2025:

Classification June 28, 2025 March 29, 2025

As of September 27, 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 condensed consolidated balance sheets as of September 27, 2025 and March 29, 2025:

Classification September 27, 2025 March 29, 2025

(Dollars in Thousands)

11 unchanged sentences

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 June 28, 2025 and March 29, 2025.

June 28, 2025

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of September 27, 2025 and March 29, 2025.

September 27, 2025

Level 1 Level 2 Level 3 Total

29 unchanged sentences

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

Fair Value at Valuation Unobservable

June 28, 2025 Technique Input Range

Fair Value as of

September 27, 2025 Valuation Technique Unobservable Input Range

(Dollars in Thousands)

1 unchanged sentence

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 $ 542 Monte Carlo Simulation Model Discount rate 6.0 %

Projected fiscal year of payment 2026 - 2028

The fair value of contingent consideration associated with acquisitions was $ 2.2 million at June 28, 2025 and the total was included in other long-term liabilities on the condensed consolidated balance sheets.

The fair value of contingent consideration associated with acquisitions was $ 2.1 million as of September 27, 2025 and the total was included in other long-term liabilities on the condensed consolidated balance sheets.

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

1 unchanged sentence

(Dollars in Thousands)

Balance at March 29, 2025

Balance as of March 29, 2025

Payment of contingent consideration ( 9 )

Change in fair value ( 180 )

Balance at June 28, 2025

Balance as of September 27, 2025

Other Fair Value Disclosures

The fair values of the 2026 Notes and 2029 No tes were $ 289.9 million and $ 695.8 million as o f June 28, 2025, 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 fair values of the 2026 Notes and 2029 No tes were $ 293.6 million and $ 645.1 million, respectively, as o f September 27, 2025, and $ 286.3 million and $ 668.4 million, respectively, as of March 29, 2025, 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 fa ir value.

8 unchanged sentences

(together, the “Plaintiffs”) against OpSens, OpSens Medical, Inc., a wholly-owned subsidiary of Haemonetics, 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 Plaintiffs and seeks both injunctive relief and damages.

The parties have agreed to postpone a claim construction hearing in the matter that was originally scheduled to take place in the first quarter of fiscal 2026.

The Company believes it has valid and meritorious defenses to the complaint.

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

The Company recorded loss contingencies related to this matter in the first and fourth quarters of fiscal 2025 and in the first quarter of fiscal 2026, which did not have a material impact on its condensed consolidated financial statements.

In the second quarter of fiscal 2026, the parties entered into a final confidential settlement agreement to resolve the matter, which the court approved, and the Company recorded an immaterial additional loss contingency relating to final settlement of the matter.

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

2 unchanged sentences

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

On June 26, 2025, Terumo filed a motion to dismiss the Company’s complaint with prejudice claiming that the Company’s asserted patents were invalid under 35 U.S.C.

On June 26, 2025, Terumo filed a motion to dismiss.

On July 17, 2025 and August 12, 2025, the Company filed amended complaints, which added recently issued patents.

On September 2, 2025, Terumo filed a partial motion to dismiss the Company’s complaint with prejudice claiming that the Company’s asserted patents were invalid under 35 U.S.C.

section 101 for claiming non-patentable subject matter.

On July 17, 2025, the Company filed an amended complaint, which added a recently issued patent.

On August 4, 2025, Terumo filed an inter partes review petition with the U.S.

Patent and Trademark Office, seeking to invalidate one of the asserted patents.

In its petition, Terumo indicated that it intends to challenge other asserted patents through inter partes review and post-grant review proceedings.

Terumo has also filed inter partes review petitions with the U.S.

Patent and Trademark Office (PTO) seeking to invalidate certain asserted patents and has also initiated post grant review proceedings against certain other asserted patents.

The petitions have not yet been acted upon by the PTO.

During the second quarter of fiscal 2026, the Company filed a complaint against Fresenius Kabi USA LLC in U.S.

1 unchanged sentence

The complaint alleges that Fresenius Kabi infringes the Company’s intellectual property rights with respect to its donor-centric blood plasma collection patents, as embodied in the Company’s NexSys PCS with YES technology and NexSys PCS with Persona technology.

In October 2025, the Company filed an amended complaint to add Fenwal Inc.

and Fresenius Kabi AG as parties to the matter.

3 unchanged sentences

The total amount of share-based compensation expense, which is recorded on a straight-line basis, is as follows:

Three Months Ended

June 28, 2025 June 29, 2024

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars in Thousands)

6 unchanged sentences

Options generally vest in equal installments over a four-year period for employees.

Options expire not more than 7 years from the date of the grant.

Options expire not more than seven-years from the date of the grant.

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

Forfeitures are estimated based on historical experience.

A summary of stock option activity for the three months ended June 28, 2025 is as follows:

A summary of stock option activity for the six months ended September 27, 2025 is as follows:

Outstanding Weighted

Exercise Price

per Share Weighted

per Share Weighted Average

Life (years) Aggregate

(Dollars in Thousands, Except Share and Per Share Data)

Outstanding at March 29, 2025 993,587 $ 81.75 3.5 $ 2,249

Outstanding as of March 29, 2025 993,587 $ 81.75 3.5 $ 2,249

Granted 224,048 $ 70.14

1 unchanged sentence

Forfeited/Canceled ( 125,582 ) $ 90.45

Outstanding at June 28, 2025 1,108,728 $ 78.87 4.2 $ 6,580

Exercisable at June 28, 2025 651,653 $ 79.67 2.9 $ 4,924

Vested or expected to vest at June 28, 2025 982,146 $ 79.04 3.5 $ 6,180

As of June 28, 2025, there was $ 15.4 million of total unrecognized compensation cost related to non-vested stock options.

Outstanding as of September 27, 2025 1,077,734 $ 78.66 3.9 $ —

Exercisable as of September 27, 2025 643,092 $ 79.34 2.6 $ —

Vested or expected to vest as of September 27, 2025 974,285 $ 78.80 4.2 $ —

As of September 27, 2025, there was $ 13.4 million of total unrecognized compensation cost related to non-vested stock options.

This cost is expected to be recognized over a weighted average period of 2.9 years.

3 unchanged sentences

The fair market value of RSUs is determined based on the market value of the Company’s shares on the date of grant.

A summary of RSU activity for the three months ended June 28, 2025 is as follows:

A summary of RSU activity for the six months ended September 27, 2025 is as follows:

Shares Weighted

Grant Date Fair Value

Unvested at March 29, 2025 303,003 $ 81.27

Unvested as of March 29, 2025 303,003 $ 81.27

Granted 218,066 $ 70.70

1 unchanged sentence

Forfeited ( 13,751 ) $ 80.99

Unvested at June 28, 2025 356,076 $ 76.81

As of June 28, 2025, there was $ 24.5 million of total unrecognized compensation cost related to non-vested restricted stock units.

Unvested as of September 27, 2025 354,419 $ 76.08

As of September 27, 2025, there was $ 21.7 million of total unrecognized compensation cost related to non-vested restricted stock units.

This cost is expected to be recognized over a weighted average period of 2.1 years.

7 unchanged sentences

As a result, the Company may issue up to 742,190 shares related to outstanding performance-based awards.

A summary of PSU activity for the three months ended June 28, 2025 is as follows:

A summary of PSU activity for the six months ended September 27, 2025 is as follows:

Shares Weighted

Grant Date Fair Value

Unvested at March 29, 2025 335,843 $ 112.10

Unvested as of March 29, 2025 335,843 $ 112.10

220,349 $ 87.47

1 unchanged sentence

Forfeited ( 23,031 ) $ 120.22

Unvested at June 28, 2025 381,531 $ 109.04

Unvested as of September 27, 2025 371,095 $ 108.59

(1) Includes 35,443 shares issued for awards vested during fiscal 2026 based on achievement of performance metrics.

(2) Includes the vesting of 162,066 shares that were earned for rTSR-based PSU awards granted in fiscal 2023 for performance periods ending during fiscal 2026, based on actual rTSR of 128 %.

As of June 28, 2025, there was $ 30.0 million of total unrecognized compensation cost related to non-vested performance share units.

As of September 27, 2025, there was $ 26.2 million of total unrecognized compensation cost related to non-vested performance share units.

This cost is expected to be recognized over a weighted average period of 2.1 years.

7 unchanged sentences

Amounts reclassified from AOCL (1)

Balance as of June 28, 2025 $ ( 36,941 ) $ 1,149 $ ( 450 ) $ ( 36,242 )

— — ( 151 ) ( 151 )

Balance as of September 27, 2025 $ ( 41,360 ) $ 1,149 $ ( 320 ) $ ( 40,531 )

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

13 unchanged sentences

Selected information by reportable segment is presented below:

Three Months Ended

June 28, 2025 June 29, 2024

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars in Thousands)

22 unchanged sentences

Digital transformation costs ( 5,054 ) ( 4,858 ) ( 10,409 ) ( 11,203 )

Remeasurement of contingent consideration 93 —

( 8,717 ) ( 3,702 ) ( 9,208 ) 8,551

Operating income 58,491 51,697 112,363 91,453

Interest and other (expense) income, net ( 8,703 ) 6,957

Interest and other expense, net ( 7,206 ) ( 6,993 ) ( 15,909 ) ( 36 )

Income before provision for income taxes $ 51,285 $ 44,704 $ 96,454 $ 91,417

(1) Comprised of litigation-related charges for the three months ended June 28, 2025.

Comprised of MDR and IVDR costs, litigation-related charges, and gains on sale of property, plant and equipment for the three months ended June 29, 2024.

(1) Comprised of litigation-related charges, impairment of intangible assets, and remeasurement of contingent consideration for the three and six months ended September 27, 2025.

Comprised of MDR and IVDR costs, litigation-related charges, gains on sale of property, plant and equipment, and impairment of intangible assets for the three and six months ended September 28, 2024.

Net revenues by business unit are as follows:

Three Months Ended

June 28, 2025 June 29, 2024

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars in Thousands)

8 unchanged sentences

Depreciation and amortization, excluding impairment charges, by business unit are as follows:

Three Months Ended

June 28, 2025 June 29, 2024

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars in Thousands)

4 unchanged sentences

Long-lived assets, comprised of property, plant and equipment, by business unit are as follows:

June 28, 2025 March 29, 2025

September 27, 2025 March 29, 2025

(Dollars in Thousands)

4 unchanged sentences

Long-lived assets, comprised of property, plant and equipment, by operating regions are as follows:

June 28, 2025 March 29, 2025

September 27, 2025 March 29, 2025

(Dollars in Thousands)

6 unchanged sentences

Net revenues by operating regions are as follows:

Three Months Ended

June 28, 2025 June 29, 2024

Three Months Ended Six Months Ended

September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024

(Dollars in Thousands)

6 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-Q

Item 1. Financial Statements