HAEMONETICS CORP 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA HAEMONETICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Year Ended March 28, 2026 March 29, 2025 March 30, 2024 (Dollars in Thousands, except Per Share Data) Net revenues $ 1,334,027 $ 1,360,824 $ 1,309,055 Cost of goods sold 546,441 611,866 617,507 Gross profit 787,586 748,958 691,548 Operating expenses: Research and development 59,766 62,722 54,435 Selling, general and administrative 442,421 436,789 429,780 Amortization of acquired intangible assets 43,998 48,261 32,031 Remeasurement of contingent consideration ( 1,879 ) ( 23,022 ) — Impairment of intangible assets 86,546 2,391 10,419 Total operating expenses 630,852 527,141 526,665 Operating income 156,734 221,817 164,883 Interest and other expense, net ( 28,704 ) ( 9,746 ) ( 13,018 ) Income before provision for income taxes 128,030 212,071 151,865 Provision for income taxes 30,722 44,392 34,307 Net income $ 97,308 $ 167,679 $ 117,558 Net income per share: Basic $ 2.06 $ 3.33 $ 2.32 Diluted $ 2.05 $ 3.31 $ 2.29 Weighted average shares outstanding Basic 47,179 50,330 50,706 Diluted 47,354 50,730 51,397 The accompanying notes are an integral part of these consolidated financial statements. 56 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year Ended March 28, 2026 March 29, 2025 March 30, 2024 (Dollars in Thousands) Net income $ 97,308 $ 167,679 $ 117,558 Other comprehensive (loss) income: Impact of defined benefit plans, net of tax ( 403 ) ( 599 ) ( 2,327 ) Foreign currency translation adjustment, net of tax 16,916 ( 17,974 ) ( 4,339 ) Unrealized gain on cash flow hedges, net of tax 2,097 ( 935 ) 4,912 Reclassifications into earnings of cash flow hedge (gains) losses, net of tax ( 1,140 ) 56 ( 3,497 ) Other comprehensive income (loss) 17,470 ( 19,452 ) ( 5,251 ) Comprehensive income $ 114,778 $ 148,227 $ 112,307 The accompanying notes are an integral part of these consolidated financial statements. 57 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 28, 2026 March 29, 2025 (Dollars in Thousands, Except Share Data) ASSETS Current assets: Cash and cash equivalents $ 245,440 $ 306,763 Accounts receivable, less allowance for credit losses of $ 3,693 as of March 28, 2026 and $ 6,300 as of March 29, 2025 216,855 202,657 Inventories, net 306,370 365,141 Prepaid expenses and other current assets 66,214 60,414 Total current assets 834,879 934,975 Property, plant and equipment, net 305,761 284,052 Intangible assets, less accumulated amortization of $ 363,763 as of March 28, 2026 and $ 316,313 as of March 29, 2025 447,655 455,743 Goodwill 656,368 604,269 Deferred tax asset 9,521 7,803 Other long-term assets 141,741 164,106 Total assets $ 2,395,925 $ 2,450,948 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Notes payable and current maturities of long-term debt $ 5,015 $ 303,558 Accounts payable 51,056 66,999 Accrued payroll and related costs 68,191 59,423 Other current liabilities 158,337 148,133 Total current liabilities 282,599 578,113 Long-term debt, net of current maturities 1,219,565 921,230 Deferred tax liability 38,048 62,575 Other long-term liabilities 59,393 68,194 Stockholders’ equity: Common stock, $ 0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 45,252,667 shares as of March 28, 2026 and 48,215,899 shares as of March 29, 2025 453 482 Additional paid-in capital 554,137 523,264 Retained earnings 279,344 352,174 Accumulated other comprehensive loss ( 37,614 ) ( 55,084 ) Total stockholders’ equity 796,320 820,836 Total liabilities and stockholders’ equity $ 2,395,925 $ 2,450,948 The accompanying notes are an integral part of these consolidated financial statements. 58 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders’ Equity Shares Par Value (Dollars in Thousands, Except Share Data) Balance, April 1, 2023 50,448,519 $ 504 $ 594,706 $ 253,168 $ ( 30,381 ) $ 817,997 Employee stock purchase plan 79,168 1 5,603 — — 5,604 Exercise of stock options 163,064 2 6,816 ( 5,208 ) — 1,610 Issuance of restricted stock, net of cancellations 166,193 2 ( 2 ) — — — Tax withholding on employee equity awards ( 68,944 ) ( 1 ) ( 828 ) ( 5,062 ) — ( 5,891 ) Share-based compensation expense — — 28,332 — — 28,332 Net income — — — 117,558 — 117,558 Other comprehensive loss — — — — ( 5,251 ) ( 5,251 ) Balance, March 30, 2024 50,788,000 $ 508 $ 634,627 $ 360,456 $ ( 35,632 ) $ 959,959 Employee stock purchase plan 97,092 — 6,476 — — 6,476 Exercise of stock options 91,735 1 6,637 ( 4,781 ) — 1,857 Shares repurchased, including excise tax ( 3,030,887 ) ( 30 ) ( 64,533 ) ( 162,285 ) — ( 226,848 ) Issuance of restricted stock, net of cancellations 305,806 3 ( 3 ) — — — Tax withholding on employee equity awards ( 35,847 ) — ( 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 Net income — — — 167,679 — 167,679 Other comprehensive loss — — — — ( 19,452 ) ( 19,452 ) Balance, March 29, 2025 48,215,899 $ 482 $ 523,264 $ 352,174 $ ( 55,084 ) $ 820,836 Employee stock purchase plan 126,607 1 6,098 — — 6,099 Exercise of stock options 31,727 — 2,061 ( 267 ) — 1,794 Shares repurchased, including excise tax ( 3,373,720 ) ( 33 ) ( 10,320 ) ( 165,978 ) — ( 176,331 ) Issuance of restricted stock, net of cancellations 270,400 3 ( 3 ) — — — Tax withholding on employee equity awards ( 18,246 ) — ( 790 ) ( 3,893 ) — ( 4,683 ) Share-based compensation expense — — 33,827 — — 33,827 Net income — — — 97,308 — 97,308 Other comprehensive income — — — — 17,470 17,470 Balance, March 28, 2026 45,252,667 $ 453 $ 554,137 $ 279,344 $ ( 37,614 ) $ 796,320 The accompanying notes are an integral part of these consolidated financial statements. 59 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended March 28, 2026 March 29, 2025 March 30, 2024 (Dollars in Thousands) Cash Flows from Operating Activities: Net income $ 97,308 $ 167,679 $ 117,558 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 111,717 115,586 97,215 Amortization of fair value inventory step-up 5,814 14,956 3,347 Share-based compensation expense 33,827 29,636 28,332 Impairment of intangible assets 86,546 2,391 10,419 Gain on repurchase of convertible senior notes, net — ( 12,600 ) — Gains on sales of property, plant and equipment ( 714 ) ( 15,698 ) ( 1,013 ) Remeasurement of contingent consideration ( 1,879 ) ( 23,022 ) — Deferred income taxes ( 26,471 ) ( 5,219 ) ( 11,039 ) Other non-cash operating activities 10,726 9,978 11,633 Change in operating assets and liabilities: Change in accounts receivable ( 14,881 ) 6,956 ( 24,193 ) Change in inventories 47,361 ( 64,704 ) ( 60,061 ) Change in prepaid income taxes ( 4,534 ) 226 ( 983 ) Change in other assets and other liabilities ( 35,028 ) ( 25,232 ) ( 34,046 ) Change in accounts payable and accrued expenses ( 16,571 ) ( 19,208 ) 44,582 Net cash provided by operating activities 293,221 181,725 181,751 Cash Flows from Investing Activities: Capital expenditures ( 32,780 ) ( 39,278 ) ( 38,125 ) Proceeds from divestiture and sale of assets — 43,291 1,500 Proceeds from sale of property, plant and equipment 1,375 23,253 1,810 Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment ( 51,891 ) ( 21,112 ) ( 28,171 ) Acquisitions ( 60,180 ) ( 150,906 ) ( 243,852 ) Other investments ( 36,071 ) ( 17,143 ) ( 15,551 ) Net cash used in investing activities ( 179,547 ) ( 161,895 ) ( 322,389 ) Cash Flows from Financing Activities: Proceeds from issuance of convertible notes — 700,000 — Repayment and repurchase of convertible notes ( 300,000 ) ( 185,500 ) — Purchase of capped call related to convertible notes — ( 88,200 ) — Term loan borrowings — 250,000 — Term loan redemption — ( 262,500 ) — Repayment of term loan borrowings ( 6,250 ) ( 4,688 ) ( 12,250 ) Proceeds from revolving facility 300,000 — 110,000 Payments on revolving facility — ( 50,000 ) ( 60,000 ) Debt issuance costs — ( 23,135 ) — Proceeds from employee stock programs 7,893 8,333 7,214 Cash used to net share settle employee equity awards ( 5,001 ) ( 10,243 ) ( 5,885 ) Share repurchases ( 175,000 ) ( 225,000 ) — Other financing activities ( 102 ) ( 249 ) ( 922 ) Net cash (used in) provided by financing activities ( 178,460 ) 108,818 38,157 Effect of exchange rates on cash and cash equivalents 3,463 ( 685 ) ( 3,185 ) Net Change in Cash and Cash Equivalents ( 61,323 ) 127,963 ( 105,666 ) Cash and Cash Equivalents at Beginning of Year 306,763 178,800 284,466 Cash and Cash Equivalents at End of Year $ 245,440 $ 306,763 $ 178,800 The accompanying notes are an integral part of these consolidated financial statements. 60 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) Year Ended March 28, 2026 March 29, 2025 March 30, 2024 (Dollars in Thousands) Supplemental Disclosures of Cash Flow Information: Interest paid $ 17,465 $ 16,534 $ 20,901 Income taxes paid $ 60,665 $ 49,293 $ 52,706 Fair value of previously held equity interest settled in connection with acquisition $ 47,258 $ — $ — Settlement of pre-existing loan in connection with acquisition $ 35,812 $ — $ — The accompanying notes are an integral part of these consolidated financial statements. 61 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Haemonetics’ 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. Haemonetics manages its business in three principal reporting segments: Plasma, Blood Center and Hospital. 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 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. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All amounts presented, except per share amounts, are stated in thousands of U.S. dollars, unless otherwise indicated. The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the consolidated financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. There were no material recognized or unrecognized subsequent events . 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fiscal Year Haemonetics’ fiscal year ends on the Saturday closest to the last day of March. Fiscal years 2026, 2025 and 2024 include 52 weeks with each quarter having 13 weeks. Principles of Consolidation The accompanying consolidated financial statements include all accounts including those of its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In addition, the Company assesses its strategic investments to determine whether they meet the definition of a variable interest entity (“VIE”), and if so, whether the Company has controlling financial interest. Controlling financial interest occurs if the Company has both the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company’s strategic investments did not meet the controlling financial interest criteria, as such no VIEs were consolidated during fiscal 2026, 2025 or 2024. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the amounts derived from its estimates and assumptions. 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. 62 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Contingencies 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. When a loss is probable and a range of loss is established but a best estimate cannot be made, the Company records the minimum loss contingency amount, which could be zero. These estimates are often initially developed substantially earlier than the ultimate loss is known and the estimates are reevaluated each accounting period, as additional information is available. As information becomes known, an additional loss provision is recorded when either a best estimate can be made or the minimum loss amount is increased. When events result in an expectation of a more favorable outcome than previously expected, the best estimate is changed to a lower amount. Revenue Recognition The Company's revenue recognition policy is to recognize revenues from product sales, software and services in accordance with the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No. 2014-19, Revenue from Contracts with Customers (Topic 606) . Revenue is recognized when obligations under the terms of a contract with a customer are satisfied; this occurs with the transfer of control of the Company’s goods or services. The Company considers revenue to be earned when all of the following criteria are met: it has a contract with a customer that creates enforceable rights and obligations; promised products or services are identified; the transaction price, or the consideration the Company expects to receive for transferring goods or providing services, is determinable and it has transferred control of the promised items to the customer. A promise in a contract to transfer a distinct good or service to the customer is identified as a performance obligation. A contract’s transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Some of the Company’s contracts have multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on the estimated standalone selling prices of the good or service in the contract. 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, the Company accounts for individual performance obligations separately if they are distinct. The Company allocates the transaction price to each performance obligation based on its 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, the Company estimates it maximizing the use of observable inputs. For maintenance and support, the Company determines 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 The majority of the Company’s performance obligations related to product sales are satisfied at a point in time. Product revenue consists of the sale of its disposable products and the related equipment. The Company’s performance obligation related to product sales is satisfied upon shipment or delivery to the customer based on the specified terms set forth in the customer contract. Shipping and handling activities performed after a customer obtains control of the good are treated as fulfillment activities and are not considered to be a separate performance obligation. Revenue is recognized over time for maintenance plans provided to customers that provide services beyond the Company’s standard warranty period. Payment terms between customers related to product sales vary by the type of customer, country of sale, and the products or services offered and could result in an unbilled receivable or deferred revenue balance depending on whether the performance obligation has been satisfied (or partially satisfied). For product sales to distributors, the Company recognizes revenue for both equipment and disposables upon shipment to distributors, which is when its performance obligations are complete. The Company’s standard contracts with its distributors state that title to the equipment passes to the distributors at point of shipment to a distributor’s location. The distributors are responsible for shipment to the end customer along with any installation, training and acceptance of the equipment by the end customer. Payments from distributors are not contingent upon resale of the product. The Company also places equipment at customer sites. While the Company retains ownership of this equipment, the customer has the right to use it for a period of time provided they meet certain agreed to conditions. The Company recovers the cost of providing the equipment from the sale of its disposables. 63 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Software and Other Revenues 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 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. When the Company provides other services, including in some instances hosting, technical support and maintenance, it recognizes these fees and charges over time (the customer simultaneously receives and consumes benefits), as performance obligations for these services are satisfied during the contract period. Certain of the Company’s software licensing arrangements are term-based licenses that include a per-collection or a usage-based fee related to the use of the license and the related technical support and hosting services. For these usage-based arrangements, the Company applies the revenue recognition exception resulting in revenue recognition occurring upon the later of actual usage or satisfaction of the related performance obligations. The payment terms for software licensing arrangements vary by customer pursuant to the terms set forth in the customer contract and result in an unbilled receivable or deferred revenue balance depending on whether the performance obligation has been satisfied (or partially satisfied). Significant Judgments Revenues from product sales are recorded at the net sales price, which includes estimates of variable consideration related to rebates, product returns and volume discounts. These reserves, which are based on estimates of the amounts earned or to be claimed on the related sales, are recorded as a reduction of revenue and a current liability. The Company’s estimates take into consideration historical experience, current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration included in the net sales price is limited to the amount that is probable not to result in a significant reversal in the amount of the cumulative revenue recognized in a future period. Revenue recognized in the current period related to performance obligations satisfied in prior periods was not material. If the Company is unable to estimate the expected rebates reasonably, it records a liability for the maximum potential rebate or discount that could be earned. In circumstances where the Company provides upfront rebate payments to customers, it capitalizes the rebate payments and amortizes the resulting asset as a reduction of revenue using a systematic method over the life of the contract. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables and contract assets, as well as customer advances, customer deposits and deferred revenue (contract liabilities) on the consolidated balance sheets. The difference in timing between billing and revenue recognition primarily occurs in software licensing arrangements, resulting in contract assets and contract liabilities. Practical Expedients The Company elected not to disclose the value of transaction price allocated to unsatisfied performance obligations for contracts with an original expected length of one year or less. When applicable, the Company has also elected to use the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component if it is expected, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service, will be one year or less. Translation of Foreign Currencies All assets and liabilities of foreign subsidiaries are translated at the rate of exchange at year-end while sales and expenses are translated at an average rate in effect during the year. The net effect of these translation adjustments is shown in the accompanying consolidated financial statements as a component of stockholders’ equity. Foreign currency transaction gains and losses, including those resulting from intercompany transactions, are charged directly to earnings and included in other expense, net on the consolidated statements of income. The impact of foreign exchange on long-term intercompany loans, for which repayment has not been scheduled or planned, are recorded in accumulated other comprehensive loss (“AOCL”) on the consolidated balance sheets. 64 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Cash and Cash Equivalents Cash equivalents include various instruments such as money market funds, U.S. government obligations and commercial paper with maturities of three months or less at date of acquisition. Cash and cash equivalents are recorded at cost, which approximates fair market value. As of March 28, 2026, cash and cash equivalents consisted primarily of investments in United States Government Agency and institutional money market funds. Allowance for Credit Losses The Company establishes a specific allowance for customers when it is probable that they will not be able to meet their financial obligations. Customer accounts are reviewed individually on a regular basis and reserves are established as deemed appropriate. The Company also maintains a general reserve using a percentage that is established based upon the age of its receivables and its collection history. The Company establishes allowances for balances not yet due and past due accounts based on past experience. Inventories 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. The Company has based its provisions for excess, expired and obsolete inventory primarily on its estimates of forecasted net sales. Significant changes in the timing or level of demand for the Company’s products result in recording additional provisions for excess, expired and obsolete inventory. Additionally, uncertain timing of next-generation product approvals, variability in product launch strategies, non-cancelable purchase commitments, product recalls and variation in product utilization all affect the Company’s estimates related to excess, expired and obsolete inventory. Property, Plant and Equipment Property, plant and equipment is recorded at historical cost. The Company provides for depreciation and amortization by charges to operations using the straight-line method in amounts estimated to recover the cost of the building and improvements, equipment and furniture and fixtures over their estimated useful lives as follows: Asset Classification Estimated Useful Lives Building 30 – 40 Years Building improvements 5 – 20 Years Plant equipment and machinery 3 – 15 Years Office equipment and information technology 3 – 10 Years Haemonetics equipment 3 – 7 Years The Company evaluates the depreciation periods of property, plant and equipment to determine whether events or circumstances warrant revised estimates of useful lives. All property, plant and equipment are also tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company’s installed base of devices includes devices owned by the Company and devices sold to the customer. The asset on its consolidated balance sheets classified as Haemonetics equipment consists of medical devices installed at customer sites but owned by Haemonetics. Generally, the customer has the right to use it for a period of time during which they separately purchase disposables. 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 with these devices, from which it generates revenues. The Company also considers product life cycle in its evaluation of useful life and recoverability. Changes in expected demand can result in additional depreciation expense, which is classified as cost of goods sold. Any significant unanticipated changes in demand could impact the value of the Company’s devices and its reported operating results. 65 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Maintenance and repairs are generally expensed to operations as incurred. When the repair or maintenance costs significantly extend the life of the asset, these costs may be capitalized. When equipment and improvements are sold or otherwise disposed of, the asset cost and accumulated depreciation are removed from the accounts and the resulting gain or loss, if any, is included in the consolidated statements of income. Goodwill and Intangible Assets Goodwill represents the excess purchase price over the fair value of the net tangible and other identifiable intangible assets acquired. Goodwill is not amortized and is instead reviewed 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 a reporting unit is less than its carrying value. The Company performs its annual impairment test on the first day of the fiscal fourth quarter for each of its reporting units. A reporting unit is defined as an operating segment or one level below an operating segment, referred to as a component. The Company determines its reporting units 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 aggregates components within an operating segment that have similar economic characteristics. 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. Under ASC Update No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment entities perform their goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount by either performing a qualitative or quantitative assessment. The Company may elect to perform only a qualitative assessment for its annual impairment test when certain qualitative criteria are met that indicate that it is more likely than not the fair values of each reporting unit exceed their carrying values. If the Company elects to perform a quantitative test, it determines carrying values of each reporting unit by allocating assets and liabilities, including corporate assets, which relate to a reporting unit’s operations and would be considered in determining its fair value, to the individual reporting units. The Company allocates assets and liabilities not directly related to a specific reporting unit, but from which the reporting unit benefits, based primarily on the respective revenue contribution of each reporting unit. In addition, when performing a quantitative test, the Company primarily uses the income approach, specifically the discounted cash flow method, to derive the fair value of each of its reporting units in preparing its goodwill impairment assessments. This approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting these after-tax cash flows to a present value using a risk-adjusted discount rate. The Company selected this method as being the most meaningful in preparing its goodwill assessments because the use of the income approach typically generates a more precise measurement of fair value than the market approach. In applying the income approach to its accounting for goodwill, the Company makes assumptions about the amount and timing of future expected cash flows, terminal value growth rates and appropriate discount rates. The amount and timing of future cash flows within the Company’s discounted cash flow analysis is based on its most recent operational budgets, long range strategic plans and other estimates. The terminal value growth rate is used to calculate the value of cash flows beyond the last projected period in the Company’s discounted cash flow analysis and reflects the Company’s best estimates for stable, perpetual growth of its reporting units. The Company uses estimates of market-participant risk adjusted weighted average cost of capital as a basis for determining the discount rates to apply to its reporting units’ future expected cash flows. The Company corroborates the valuations that arose from the discounted cash flow approach by performing both a market multiple valuation and by reconciling the aggregate fair value of its reporting units to its market capitalization at the time of the test. An impairment charge, if any, would then be recognized for the amount by which the carrying value exceeds the reporting unit’s fair value. 66 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Annual Goodwill Impairment Test In fiscal 2026 the Company elected to perform the annual goodwill impairment test using qualitative assessments for three reporting units and a quantitative assessment for one reporting unit for its annual goodwill impairment test. In fiscal 2025, the Company elected to perform quantitative assessments for its annual goodwill impairment test. In fiscal 2024, the Company performed a qualitative assessment. In fiscal 2026, 2025 and 2024, the results of the annual goodwill impairment test performed indicated that the estimated fair value of all of its reporting units exceeded their respective carrying values, however, in fiscal 2026 the fair value of the Interventional Technologies reporting unit, which is within the Hospital reportable segment, was $ 867.8 million, which only exceeded its carrying value of $ 821.6 million by 6 %. The fair value of the Interventional Technologies reporting unit was primarily determined using a discounted cash flow approach utilizing a discount rate of 10.5 %, which reflects a market-participant weighted average cost of capital based on the risk profile, size, and capital structure of the reporting unit. The estimation of fair value requires significant judgment and is based primarily on a discounted cash flow approach, supplemented by market-based methods where appropriate. Key assumptions include projected revenue growth rates, operating margins, and the discount rate. These inputs are based on management’s expectations of future performance and market conditions and are inherently uncertain. The Interventional Technologies reporting unit remains sensitive to changes in key assumptions. A decline in projected revenue growth rates, or an increase in the discount rate, could result in the carrying value exceeding fair value. The Company monitors for goodwill impairment indicators throughout the year, including changes in macroeconomic conditions, industry trends, and business performance. No interim goodwill impairment indicators for the Interventional Technologies reporting unit were identified during fiscal 2026 that required an additional goodwill impairment test. Although no goodwill impairment was recorded for the Interventional Technologies reporting unit during fiscal 2026, it remains at risk of future impairment if actual results differ from current estimates or if market conditions deteriorate. Ongoing Monitoring of Long-Lived Intangible Asset Impairment The Company also evaluates long-lived intangible assets subject to amortization for intangible impairment quarterly to determine if any adverse conditions exist that would indicate that the carrying value of an asset or asset group may not be recoverable, or that a change in the remaining useful life is required. Conditions indicating that an intangible impairment exists include but are not limited to a change in the competitive landscape, internal decisions to pursue new or different technology strategies, a loss of a significant customer or a significant change in the marketplace including prices paid for the Company’s products or the size of the market for the Company’s products. Recoverability is assessed by comparing the carrying value of the asset group to the undiscounted cash flows expected to result from its use and eventual disposition. If the carrying value exceeds those undiscounted cash flows, an intangible impairment loss is measured as the excess of carrying value over fair value. When an intangible impairment indicator exists, the Company tests the intangible asset for recoverability. For purposes of the recoverability test, the Company groups its amortizable intangible assets with other assets and liabilities at the lowest level of identifiable cash flows if the intangible asset does not generate cash flows independent of other assets and liabilities. If the carrying value of the intangible asset (asset group) exceeds the undiscounted cash flows expected to result from the use and eventual disposition of the intangible asset (asset group), the Company will write the carrying value down to the fair value in the period identified. The Company generally calculates the fair value of its intangible assets as the present value of estimated future cash flows it expects to generate from the asset using a risk-adjusted discount rate. In determining its estimated future cash flows associated with its intangible assets, the Company uses estimates and assumptions regarding future revenues, operating margins, customer attrition, economic conditions and remaining useful lives of the asset (asset group). 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. 67 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) In the fourth quarter of fiscal 2026, the Company identified intangible impairment indicators related to the Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”) asset group within the Interventional Technologies reporting unit, which is within the Hospital reportable segment, including lower revenue projections, changes in market conditions and declines in operating performance. As a result, a recoverability test was performed as of the first day of the fourth quarter in fiscal 2026 for the Attune Medical asset group and it was determined that the carrying value of the asset group exceeded the estimated undiscounted cash flows, indicating that the asset group was not recoverable. As a result, an additional fair value measurement was performed for the Attune Medical asset group. The fair value of the Attune Medical asset group was measured using a discounted cash flow approach. As of the first day of the fourth quarter in fiscal 2026, the estimated fair value of the asset group was approximately $ 12.3 million, compared to a carrying value of $ 89.5 million, resulting in the recognition of an intangible impairment charge of $ 77.2 million in the fourth quarter of fiscal 2026. Significant unobservable inputs used in the fair value measurement included projected revenues, operating margins, and a discount rate reflecting the estimated weighted average cost of capital of a market participant. The revenue and margin assumptions were based on internal forecasts, which incorporate assumptions about future market conditions, product adoption rates, pricing, and competitive dynamics. The discount rate utilized in the valuation of the Attune Medical asset group was 19.8 %, which reflects the higher risk profile, earlier stage of commercialization, and greater uncertainty in projected cash flows relative to the broader Interventional Technologies reporting unit. The discount rate was developed using market-based inputs, including a risk-free rate, equity risk premium, and company-specific risk adjustments. 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 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 28, 2026 included approximately $ 62.4 million of capitalized implementation costs related to a new global enterprise resource planning system. There were $ 44.0 million of implementation costs capitalized as of March 29, 2025. Amortization expense was $ 1.4 million, $ 1.4 million and $ 0.9 million in fiscal 2026, 2025 and 2024, respectively. Accounting for the Costs of Computer Software to be Sold, Leased, or Otherwise Marketed ASC Topic 985-20, Software - Costs of Software to be Sold, Leased or Marketed , 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, at which point capitalized costs are amortized over their estimated useful life of 5 to 10 years. Technological feasibility is established when it has a detailed design of the software and when research and development activities on the underlying device, if applicable, are completed. The Company capitalizes costs associated with both software that it sells as a separate product and software that is embedded in a device. The Company reviews the net realizable value of capitalized assets periodically to assess the recoverability of amounts capitalized. There were no impairment charges recorded during fiscal 2026, 2025 and 2024. In the future, the net realizable value may be adversely affected by the loss of a significant customer or a significant change in the marketplace, which could result in an impairment being recorded. Refer to Note 10, Goodwill & Intangible Assets for more information regarding capitalized software. 68 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Other Current Liabilities Other current liabilities represent items payable or expected to settle within the next twelve months. The items included in the fiscal year end balances were: March 28, 2026 March 29, 2025 (Dollars in Thousands) Contract liabilities $ 42,310 $ 43,348 Contingent consideration 17,597 2,278 Other 98,430 102,507 Total $ 158,337 $ 148,133 Other Long-Term Liabilities Other long-term liabilities represent items that are not payable or expected to settle within the next twelve months. Research and Development Expenses All research and development costs are expensed as incurred. Advertising Costs All advertising costs are expensed as incurred and are included in selling, general and administrative expenses in the consolidated statements of income. Advertising expenses were $ 7.4 million, $ 7.7 million and $ 7.1 million in fiscal 2026, 2025 and 2024, respectively. Shipping and Handling Costs Shipping and handling costs are included in selling, general and administrative expenses. Income Taxes The income tax provision is calculated for all jurisdictions in which the Company operates. The income tax provision process involves calculating current taxes due and assessing temporary differences arising from items that are taxable or deductible in different periods for tax and accounting purposes and are recorded as deferred tax assets and liabilities. Deferred tax assets are evaluated for realizability and a valuation allowance is maintained for the portion of the Company’s deferred tax assets that are not more-likely-than-not realizable. All available evidence, both positive and negative, has been considered to determine whether, based on the weight of that evidence, a valuation allowance is needed against the deferred tax assets. Refer to Note 6, Income Taxes, for further information and discussion of the Company’s income tax provision and balances. The Company files income tax returns in all jurisdictions in which it operates. The Company records a liability for uncertain tax positions taken or expected to be taken in income tax returns. The Company’s consolidated financial statements reflect expected future tax consequences of such positions presuming the taxing authorities’ full knowledge of the position and all relevant facts. The Company records a liability for the portion of unrecognized tax benefits claimed that it has determined are not more-likely-than-not realizable. These tax reserves have been established based on management’s assessment as to the potential exposure attributable to the Company’s uncertain tax positions as well as interest and penalties attributable to these uncertain tax positions. All tax reserves are analyzed quarterly and adjustments are made as events occur that result in changes in judgment. The Company evaluates at the end of each reporting period whether some or all of the undistributed earnings of its foreign subsidiaries are permanently reinvested. 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 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. 69 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Convertible Senior Notes The Company accounts 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. The difference between the principal amount and carrying value is amortized to interest expense over the term of the convertible senior notes using the effective interest rate method. A detailed analysis of the terms of the convertible senior notes transactions is required to determine the existence of any derivatives that may require separate mark-to-market accounting under applicable accounting guidance. Refer to Note 13, Financial Instruments and Fair Value Measurements for further details. Derivative Instruments The Company accounts for its derivative financial instruments in accordance with ASC Topic 815, Derivatives and Hedging and ASC Topic 820, Fair Value Measurements and Disclosures. In accordance with ASC Topic 815, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for the change in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative as a hedging instrument for accounting purposes and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. In addition, ASC Topic 815 provides that, for derivative instruments that qualify for hedge accounting, changes in the fair value are either (a) offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or (b) recognized in equity until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company does not use derivative financial instruments for trading or speculation purposes. When the underlying hedged transaction affects earnings, the gains or losses on the forward foreign exchange rate contracts designated as hedges are recorded in net revenues, cost of goods sold, operating expenses and other expense, net in the Company’s consolidated statements of income, depending on the nature of the underlying hedged transactions. The cash flows related to the gains and losses are classified in the consolidated statements of cash flows as part of cash flows from operating activities. For those derivative instruments that are not designated as part of a hedging relationship the Company records the gains or losses in earnings currently. 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 $ 3.2 million in fiscal 2026, foreign currency gains of $ 0.9 million in fiscal 2025, and foreign currency losses of $ 4.0 million in fiscal 2024. 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. The Company manages the credit risk of its counterparties by dealing only with institutions that it considers financially sound and considers the risk of non-performance to be remote. Additionally, the Company’s interest rate risk management strategy includes the use of interest rate swaps to mitigate its exposure to changes in variable interest rates. 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. The Company’s derivative instruments do not subject its earnings or cash flows to material risk, as gains and losses on these derivatives are intended to offset losses and gains on the item being hedged. The Company does not enter into derivative transactions for speculative purposes and it does not have any non-derivative instruments that are designated as hedging instruments pursuant to ASC Topic 815. Refer to Note 13, Financial Instruments and Fair Value Measurements . Share-Based Compensation The Company expenses the fair value of share-based awards granted to employees, board members and others, net of estimated forfeitures. To calculate the grant-date fair value of its stock options the Company uses the Black-Scholes option-pricing model, for performance share units based on relative total shareholder return (“rTSR”) the Company uses Monte Carlo simulation models, and for performance share units based on the average annual organic revenue growth rate (“AAGR”) the Company recognizes expense based on the number of awards expected to vest, which requires management to assess the probability of achieving the performance conditions. This assessment is based on internal revenue forecasts, historical performance and current market conditions, and is reassessed at each reporting date. 70 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Costs Associated with Exit Activities The Company records employee termination costs in accordance with ASC Topic 712 , Compensation - Nonretirement and Postemployment Benefits , if it pays the benefits as part of an on-going benefit arrangement, which includes benefits provided as part of its established severance policies or that it provides in accordance with international statutory requirements. The Company accrues employee termination costs associated with an on-going benefit arrangement if the obligation is attributable to prior services rendered, the rights to the benefits have vested, the payment is probable and the liability can be reasonably estimated. The Company accounts for employee termination benefits that represent a one-time benefit in accordance with ASC Topic 420 , Exit or Disposal Cost Obligation s. It records such costs into expense over the employee’s future service period, if any. Other costs associated with exit activities may include contract termination costs, including costs related to leased facilities to be abandoned or subleased, consultant fees and impairments of long-lived assets. The costs are expensed in accordance with ASC Topic 420 and ASC Topic 360 , Property, Plant and Equipment and are included in costs of goods sold and selling, general and administrative costs in its consolidated statements of income. Additionally, costs directly related to the Company’s active restructuring initiatives, including program management costs, accelerated depreciation and costs to transfer product lines among facilities are included within costs of goods sold and selling, general and administrative costs in its consolidated statements of income. Refer to Note 5, Restructuring, for further information and discussion of its restructuring plans. Valuation of Acquisitions The Company allocates the amounts it pays for each acquisition to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition, including acquired identifiable intangible assets. The Company bases the estimated fair value of identifiable intangible assets on detailed valuations that use significant assumptions including forecasted cash flows, revenues attributable to existing technology and discount rates. When estimating the significant assumptions to be used in the valuation, the Company includes a consideration of current industry information, market and economic trends, historical results of the acquired business and other relevant factors. These significant assumptions are forward-looking and could be affected by future economic and market conditions. The Company allocates any excess purchase price over the fair value of the net tangible and intangible assets acquired to goodwill. Strategic Investments The Company holds strategic investments in privately held entities. Certain of these investments are accounted for under the equity method to the extent the Company determines it has the ability to exercise significant influence over the operating and financial policies of the investees. For equity instruments that do not have readily determinable fair values and are not accounted for under the equity method, the Company applies the measurement alternative, recording them at cost less impairment. The carrying amount for these instruments would be subsequently adjusted for observable price changes, or prices in orderly transactions for an identical investment or similar investment of the same issuer. In addition, these investments are periodically evaluated for impairment, and the investments are classified as other long-term assets on the Company’s consolidated balance sheets. In cases where the Company acquires a company in which it previously held an equity stake, the Company attributes a portion of the purchase price to the previously-held equity interest, which is implied based on the total purchase consideration allocable to each of the shareholders, including Haemonetics, according to priority of equity interests. The Company remeasures its previously held equity interest in the acquiree at its acquisition date fair value and records a gain or loss for the difference between the fair value and carrying value in interest and other expense, net in the consolidated statements of income. Refer to Note 3, Acquisitions, Divestitures and Strategic Investments, for further information and discussion regarding the acquisition. Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. In fiscal 2026, 2025 and 2024, the Company’s ten largest customers accounted for approximately 44 %, 42 % and 48 % of net revenues, respectively. In fiscal 2026, one Plasma customer accounted for approximately 13 % of total net revenues. 71 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Certain markets and industries can expose the Company to concentrations of credit risk. For example, in the Plasma business unit, sales are concentrated with several large customers. As a result, accounts receivable extended to any one of these biopharmaceutical customers can be significant at any point in time. Also, a portion of the Company’s trade accounts receivable outside the U.S. include sales to government-owned or supported healthcare systems in several countries, which are subject to payment delays. Payment is dependent upon the financial stability and creditworthiness of those countries’ national economies. 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 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. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASC Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASC Update No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASC Update No. 2023-09 is effective for the Company’s first fiscal year beginning after December 15, 2024 and early adoption is permitted. ASC Update No. 2023-09 became applicable to Haemonetics beginning with the fiscal 2026 Annual Report on Form 10-K. The Company adopted the new guidance effective December 28, 2025 on a prospective basis . Refer to Note 6, Income Taxes for further presentation on this. In September 2025, the FASB issued ASC Update No. 2025-07, Derivatives and Hedging and Revenue from Contracts with Customers . ASC Update No. 2025-07 reduces cost, complexity and diversity in practice of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives. The updated guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company elected to early adopt ASU Update No. 2025-07 on a prospective basis effective the beginning of the fourth quarter of fiscal 2026 . The adoption did not have a material impact on the financial statements, including prior interim periods. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASC Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures . ASC Update No. 2024-03 requires detailed cost and expense information disaggregated in the financial statements 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 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. In November 2025, the FASB issued ASC Update No. 2025-09, Derivatives and Hedging. ASC Update No. 2025-09 enables groups of forecasted transactions to now share similar risk exposure with ongoing assessments of risk similarity to better reflect economic hedging strategies. The updated guidance is effective for fiscal years beginning after December 15, 2028, with early adoption permitted. ASC Update No. 2025-09 is applicable to Haemonetics beginning with the fiscal 2030 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. 72 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) In December 2025, the FASB issued ASC Update No. 2025-11, Interim Reporting. ASC Update No. 2025-11 improves navigability and consistency in interim reporting by providing a comprehensive list of interim disclosures that are required from U.S. GAAP as well as a disclosure principle for additional transparency. The updated guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. ASC Update No. 2025-11 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. In December 2025, the FASB issued ASC Update No. 2025-12, Codification Improvements. ASC Update No. 2025-12 makes a broad set of technical corrections, clarifications and targeted improvements to the FASB Accounting Standards Codification to address unintended application issues and improve the operability of U.S. GAAP across a range of topics. The updated guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. ASC Update No. 2025-12 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. 3. ACQUISITIONS, DIVESTITURES AND STRATEGIC INVESTMENTS Acquisitions Vivasure Medical Limited On January 9, 2026, the Company acquired all of the outstanding equity interests of Vivasure Medical Limited (“Vivasure”) for a net purchase price of $ 164.4 million. The net purchase price included $ 60.2 million paid in cash at closing, net of $ 0.4 million cash acquired and after giving effect to the value of certain prior investments and loans made by the Company to Vivasure, as well as other customary closing adjustments, and the fair value of contingent consideration of $ 20.7 million. The contingent consideration is based on sales growth over the three years following the completion of the acquisition and the achievement of certain other milestones, and is also subject to adjustments based on the value of certain prior investments and loans. The Company financed this transaction through available cash on hand. During fiscal 2026, the Company recorded a gain of $ 4.9 million within interest and other expense, net on the consolidated statements of income as a result of the remeasurement of the Company’s prior equity interest of approximately 30 % in Vivasure, which had a fair value of $ 47.3 million. Vivasure is a Galway, Ireland-based company pioneering next-generation technology for percutaneous vessel closure. Vivasure’s PerQseal ® Elite system uses a proprietary bioabsorbable patch to seal large-bore (up to 26 F) arteriotomies and venotomies from inside the vessel, offering a sutureless, fully absorbable solution for structural heart and endovascular procedures. In 2025, Vivasure submitted a premarket approval application to the U.S. FDA for the PerQseal Elite arterial closure system and received CE Mark in Europe for both arterial and venous indications. The addition of Vivasure expands the Hospital business unit portfolio in the interventional cardiology market and will be 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 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 assessment of fair value is preliminary and is based on information that was available at the time the Company’s consolidated financial statements were prepared. Measurement period adjustments may arise upon the availability of further information regarding events or circumstances that existed at the acquisition date and 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. 73 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The total purchase price of $ 164.4 million consists of the amounts presented below, which represent the initial determination of the fair value of the identifiable assets acquired and liabilities assumed: January 9, 2026 (Dollars in Thousands) Cash and cash equivalents $ 449 Accounts receivable 21 Inventories 1,056 Prepaid expenses and other current assets 1,736 Property, plant and equipment 575 Intangible assets 117,100 Goodwill 50,478 Other long-term assets 1,972 Total assets acquired $ 173,387 Accounts payable $ 1,186 Accrued payroll and related costs 2,889 Other current liabilities 4,741 Other long-term liabilities 199 Total liabilities assumed 9,015 Net assets acquired $ 164,372 The Company determined that the identifiable intangible asset was primarily developed technology. The fair value of the intangible asset was based on valuation techniques with estimates and assumptions developed by the Company. Developed technology was valued using the excess earnings method. 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 asset and assumed liabilities was recorded as goodwill. As a result of the acquisition of Vivasure, the Company recognized goodwill of $ 50.5 million based on expected synergies from integration into the Company’s Hospital business unit. The goodwill is not deductible for tax purposes and relates entirely to the Hospital reportable segment. Intangible assets acquired consist of the following: Amount Weighted-Average Amortization Period Risk-Adjusted Discount Rates used in Purchase Price Allocation (Dollars in Thousands) Developed technology $ 117,100 16 years 16.5 % Total $ 117,100 Acquisition-Related Costs The Company incurred $ 1.1 million of acquisition-related costs during fiscal 2026 in connection with the Vivasure 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 Vivasure 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. 74 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Attune Medical On March 5, 2024, the Company entered into a definitive agreement to acquire 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 a net purchase price of $ 176.2 million, which included an upfront cash payment of $ 162.0 million, or $ 150.5 million net of $ 11.5 million 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, Financial Instruments and Fair Value Measurements 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. 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 805, Business Combinations , 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 consists of the amounts presented below, which represent the final determination of the fair value of the identifiable assets acquired and liabilities assumed: April 1, 2024 (Dollars in Thousands) 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 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 the Company’s Hospital business unit. The goodwill is not deductible for tax purposes and relates entirely to the Hospital reportable segment. 75 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Intangible assets acquired consist of the following: Amount Weighted-Average Amortization Period Risk-Adjusted Discount Rates used in Purchase Price Allocation (Dollars in Thousands) 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 . OpSens Inc. On October 10, 2023, the Company entered into an Arrangement Agreement with OpSens Inc. (“OpSens”), a medical device cardiology-focused company delivering solutions based on its proprietary optical technology, pursuant to which, among other things, the Company agreed to acquire all of the issued and outstanding common shares of OpSens. On December 12, 2023, the Company completed its acquisition of OpSens for a net purchase price of $ 243.9 million, reflecting total consideration of $ 254.5 million, net of $ 10.6 million of cash acquired. The Company financed the acquisition through a combination of cash on hand and borrowings under its senior unsecured revolving credit facility. 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 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 and diastolic pressure ratio to aid clinicians in the diagnosis and treatment of patients with coronary artery disease. OpSens also manufactures a range of fiber optic sensor solutions used in medical devices and other critical industrial applications. The addition of OpSens expands the Hospital business unit portfolio in the interventional cardiology market and 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 805, Business Combinations , 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. 76 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The purchase price of $ 243.9 million consists of the amounts presented below, which represent the final determination of the fair value of the identifiable assets acquired and liabilities assumed: December 12, 2023 (Dollars in Thousands) Accounts receivable $ 5,960 Inventories 12,075 Prepaid expenses and other current assets 2,062 Property, plant and equipment 3,028 Intangible assets 172,000 Goodwill 79,400 Other long-term assets 4,705 Total assets acquired $ 279,230 Accounts payable $ 3,251 Accrued payroll and related costs 1,723 Other liabilities 9,746 Deferred tax liability 14,805 Other long-term liabilities 5,853 Total liabilities assumed 35,378 Net assets acquired $ 243,852 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 and customer contracts and related relationships were valued using the excess earnings method. Trademarks were 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 OpSens, the Company recognized goodwill of $ 79.4 million based on expected synergies from integration into the Company’s Hospital business unit. The goodwill is not deductible for tax purposes and relates entirely to the Hospital reportable segment. Intangible assets acquired consist of the following: Amount Weighted-Average Amortization Period Risk-Adjusted Discount Rates used in Purchase Price Allocation (Dollars in Thousands) Developed technology $ 114,900 15 years 20.5 % Customer contracts and related relationships 52,300 15 years 18.9 % Trade names 4,800 15 years 20.5 % Total $ 172,000 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 The Company incurred $ 6.6 million of acquisition-related costs for fiscal 2024 in connection with the OpSens 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 OpSens 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. 77 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 i nterest 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 f or 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 selling, general and administrative in the consolidated statements of income, which was approximately $ 0.4 million during fiscal 2026. 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 reim bursed 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 was approximately $ 1.7 million during fiscal 2026. Strategic Investments As part of the Company’s business development activities, it holds strategic investments in certain entities. The Company has strategic investments totaling $ 19.2 million as of March 28, 2026. As of March 29, 2025, the Company had strategic investments and loans of $ 61.6 million, including $ 48.7 million in strategic investments and loans to Vivasure. On January 9, 2026 the Company completed the acquisition of Vivasure. The Company’s strategic investments are classified as other long-term assets on the Company’s consolidated balance sheets, and the Company has not recorded any material adjustments to the carrying value of the Company’s strategic investments, other than those related to the Vivasure acquisition, in fiscal 2026, fiscal 2025 or fiscal 2024. 4. REVENUE As of March 28, 2026, the Company had $ 35.9 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 72 % of this amount as revenue within the next twelve months and the remaining balance thereafter. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables and contract assets, as well as customer advances, customer deposits and deferred revenue (contract liabilities) on the consolidated balance sheets. The difference in timing between billing and revenue recognition primarily occurs in software licensing arrangements, resulting in contract assets and contract liabilities. 78 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) As of March 28, 2026 and March 29, 2025, the Company had contract liabilities of $ 42.3 million and $ 43.3 million, respectively. During fiscal 2026, the Company recognized $ 5.4 million of revenue that was included in the above March 29, 2025 contract liability balance. Contract liabilities are classified as other current liabilities and other long-term liabilities on the consolidated balance sheets. As of March 28, 2026 and March 29, 2025, the Company’s contract assets were $ 5.5 million and $ 11.6 million, respectively. 5. RESTRUCTURING On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify opportunities for efficiencies, enhance commercial capabilities, align its resources and offer its customers better solutions. In order to realize these opportunities, the Company undertakes restructuring-type activities to transform its business. Operational Excellence Program In July 2019, the Board of Directors of the Company approved the Operational Excellence Program (the “2020 Program”) and delegated authority to the Company’s management to determine the detail of the initiatives that will comprise the program. During fiscal 2022, the Company revised the 2020 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 2020 Program closed as of March 29, 2025. During fiscal 2025 and 2024, the Company incurred $ 7.7 million and $ 9.8 million of restructuring and restructuring related costs under this program, respectively. Total cumulative charges under the 2020 Program were $ 84.7 million through March 29, 2025. Portfolio Rationalization Initiatives 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. These portfolio rationalization initiatives closed as of March 29, 2025 . Under these initiatives, during fiscal 2026 the Company recognized reversals of previously incurred costs of $ 1.9 million, as compared with restructuring and restructuring related costs incurred of $ 13.0 million and $ 14.0 million, respectively, during fiscal 2025 and fiscal 2024. Total cumulative charges under these portfolio rationalization initiatives are $ 25.1 million as of March 28, 2026. Market and Regional Alignment Initiative In May 2025, the Board approved the currently ongoing 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. 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. Under this initiative, during fiscal 2026 and 2025, the Company incurred restructuring and restructuring related costs of $ 5.1 million and $ 0.6 million, respectively, under this initiative. Total cumulative charges under the market and regional alignment initiative are $ 5.6 million as of March 28, 2026. 79 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following table summarizes the activity for restructuring reserves related to prior programs, the 2020 Program, portfolio rationalization initiatives, and market and regional alignment initiatives for the fiscal years 2026, 2025 and 2024, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees: Prior Programs 2020 Program Portfolio Rationalization Initiatives Market and Regional Alignment Initiatives Total (Dollars in Thousands) Balance as of April 1, 2023 $ 340 $ 1,810 $ — $ — $ 2,150 Costs incurred, net of reversals ( 276 ) 450 13,915 — 14,089 Payments ( 64 ) ( 1,775 ) ( 2,606 ) — ( 4,445 ) Balance as of March 30, 2024 $ — $ 485 $ 11,309 $ — $ 11,794 Costs incurred, net of reversals — 566 12,797 550 13,913 Payments — ( 761 ) ( 12,755 ) ( 550 ) ( 14,066 ) Non-cash adjustments — — ( 8,616 ) — ( 8,616 ) Balance as of March 29, 2025 $ — $ 290 $ 2,735 $ — $ 3,025 Costs incurred, net of reversals — ( 62 ) ( 1,919 ) 5,095 3,114 Payments — ( 205 ) ( 100 ) ( 4,527 ) ( 4,832 ) Balance as of March 28, 2026 $ — $ 23 $ 716 $ 568 $ 1,307 The following presents the restructuring costs by line item during fiscal 2026, 2025 and 2024 within the Company’s accompanying consolidated statements of income and consolidated statements of comprehensive income: Year Ended 2026 2025 2024 (Dollars in Thousands) Cost of goods sold $ ( 496 ) $ 11,328 $ 11,286 Research and development 960 ( 61 ) 456 Selling, general and administrative expenses 2,650 2,646 2,347 Total $ 3,114 $ 13,913 $ 14,089 As of March 28, 2026, the Company had a restructuring liability of $ 1.3 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 $ 0.1 million, $ 7.2 million and $ 9.5 million in fiscal 2026, 2025 and 2024, 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. The following presents the restructuring related costs by line item during fiscal 2026, 2025 and 2024 within the Company’s accompanying consolidated statements of income and consolidated statements of comprehensive income: Year Ended 2026 2025 2024 (Dollars in Thousands) Cost of goods sold $ ( 33 ) $ 3,304 $ 5,734 Research and development 11 1,649 1,750 Selling, general and administrative expenses 127 2,292 2,015 Total $ 105 $ 7,245 $ 9,499 80 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The tables below present restructuring and restructuring related costs by reportable segment: Year Ended 2026 2025 2024 (Dollars in Thousands) Restructuring costs Plasma $ 447 $ 258 $ 1,015 Blood Center ( 558 ) 4,742 5,606 Hospital 1,326 1,664 3,863 Corporate 1,899 7,249 3,605 Total $ 3,114 $ 13,913 $ 14,089 Restructuring related costs Plasma $ 9 $ 281 $ 1,050 Blood Center ( 1 ) 154 286 Hospital — 143 408 Corporate 97 6,667 7,755 Total $ 105 $ 7,245 $ 9,499 Total restructuring and restructuring related costs $ 3,219 $ 21,158 $ 23,588 6. INCOME TAXES Domestic and foreign income before provision for income tax is as follows: Year Ended 2026 2025 2024 (Dollars in Thousands) Domestic $ 87,236 $ 161,800 $ 112,563 Foreign 40,794 50,271 39,302 Total $ 128,030 $ 212,071 $ 151,865 The income tax provision (benefit) from continuing operations contains the following components: Year Ended 2026 2025 2024 (Dollars in Thousands) Current Federal $ 35,794 $ 29,818 $ 29,113 State 9,078 8,112 6,539 Foreign 12,251 12,085 9,532 Total current $ 57,123 $ 50,015 $ 45,184 Deferred Federal ( 17,960 ) ( 6,555 ) ( 6,165 ) State ( 3,175 ) 1,774 2,132 Foreign ( 5,266 ) ( 842 ) ( 6,844 ) Total deferred $ ( 26,401 ) $ ( 5,623 ) $ ( 10,877 ) Total $ 30,722 $ 44,392 $ 34,307 81 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 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 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. Tax effected, significant temporary differences comprising the net deferred tax liability are as follows: March 28, 2026 March 29, 2025 (Dollars in Thousands) Deferred tax assets: Depreciation $ 304 $ 97 Amortization of intangibles 4,286 4,796 Inventory 5,357 2,846 Accruals, reserves and other deferred tax assets 14,941 14,801 Net operating loss carry-forward 29,453 8,842 Stock based compensation 5,116 4,897 Operating lease liabilities 12,614 14,906 Tax credit carry-forward, net 7,734 6,713 Capitalized research expenses 39,958 39,219 Gross deferred tax assets 119,763 97,117 Less valuation allowance ( 14,238 ) ( 11,930 ) Total deferred tax assets (after valuation allowance) 105,525 85,187 Deferred tax liabilities: Depreciation ( 37,368 ) ( 35,006 ) Amortization of goodwill and intangibles ( 79,850 ) ( 87,905 ) Unremitted earnings ( 2,726 ) ( 1,497 ) Operating lease assets ( 9,823 ) ( 12,033 ) Other deferred tax liabilities ( 4,285 ) ( 3,518 ) Total deferred tax liabilities ( 134,052 ) ( 139,959 ) Net deferred tax liabilities $ ( 28,527 ) $ ( 54,772 ) The valuation allowance increase of $ 2.3 million during fiscal 2026 is primarily due to an increase in valuation allowances established against acquired attributes offset by a decrease in the valuation allowance against foreign deferred tax assets and other income tax attributes utilized during the fiscal year . 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. It has also considered the ability to implement certain strategies that would, if necessary, be implemented to accelerate taxable income and use expiring deferred tax assets. The Company has concluded that future taxable income can be considered a source of income to realize a benefit for deferred tax assets in certain jurisdictions. The Company believes it is able to support the deferred tax assets recognized as of the end of the year based on all of the available evidence. The worldwide net deferred tax liability as of March 28, 2026 includes deferred tax liabilities related to amortizable tax basis in goodwill and other indefinite lived assets, which can only be used as a source of income to benefit other indefinite lived deferred tax assets. As of March 28, 2026, the Company maintains a valuation allowance against certain 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. 82 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 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 limitations. Subsequent ownership changes may further affect the limitation in future years. In fiscal 2026, the Company acquired approximately $ 135.5 million of net operating losses in Ireland as a result of the acquisition of Vivasure. The Company has preliminarily concluded that the transaction does not result in the net operating losses being subject to any utilization limitations associated with the acquisition itself. As of March 28, 2026, the Company has U.S. federal net operating loss carryforwards of $ 6.6 million, all of which will begin to expire in fiscal 2027. The Company has U.S. state net operating losses of $ 51.5 million of which $ 51.0 million will expire at various times between fiscal 2027 and fiscal 2044 and $ 0.5 million can be carried forward indefinitely. The Company has federal tax credits of $ 0.6 million that will begin to expire in fiscal 2030 and state tax credits of $ 6.6 million that began to expire in fiscal 2029. As of March 28, 2026, the Company has Canadian federal and provincial net operating loss carryforwards of $ 21.5 million and $ 18.2 million, respectively, which will expire from fiscal 2036 through fiscal 2045. Additionally, the Company has Irish net operating loss carryforwards of $ 140.0 million that can be carried forward indefinitely. The Company has other foreign net operating losses of approximately $ 6.8 million that are available to reduce future income which can be carried forward indefinitely. The Company has foreign research tax credits of $ 2.0 million which will begin to expire in fiscal 2035. As of March 28, 2026, substantially all of the unremitted earnings of the Company have been taxed in the U.S. The accumulated earnings in the foreign subsidiaries are primarily utilized to fund working capital requirements as its subsidiaries continue to expand their operations and to fund future foreign acquisitions. The Company does not believe it is practicable to estimate the amount of income taxes payable on the earnings that are indefinitely reinvested in foreign operations, however a significant portion of the unremitted earnings could be remitted without a future tax cost. 83 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) In accordance with the adoption of ASC Update No. 2023-09, income tax provision differs from the tax provision computed at the U.S. federal statutory income tax rate due to the following: Year Ended March 28, 2026 (Dollars in Thousands) Tax at federal statutory rate $ 26,886 21.0 % State income taxes net of federal benefit (1) 4,610 3.6 % Foreign tax effects Switzerland Statutory tax rate difference ( 5,051 ) ( 3.9 ) % Local income tax 2,246 1.8 % Other items 21 — % Canada Local income tax ( 1,838 ) ( 1.5 ) % Other items ( 1,071 ) ( 0.8 ) % Ireland 1,341 1.0 % Other foreign jurisdictions 3,267 2.6 % Effect of cross-border tax laws ( 770 ) ( 0.6 ) % Nontaxable or nondeductible items Other nontaxable or nondeductible items 1,496 1.2 % Limitation on executive compensation 3,434 2.7 % Tax credits Federal research credits ( 3,089 ) ( 2.4 ) % Other tax credits ( 852 ) ( 0.7 ) % Changes in valuation allowances 37 — % Changes in unrecognized tax benefits 54 — % Other, net 1 — % Income tax provision $ 30,722 24.0 % _________ (1) The jurisdictions which account for the majority of the tax effect in this category include California, Texas, Florida, New York, Pennsylvania, Illinois and Georgia. 84 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Prior to the adoption of ASC Update No. 2023-09, income tax provision differed from the tax provision computed at the U.S. federal statutory income tax rate due to the following: Year Ended 2025 2024 (Dollars in Thousands) Tax at federal statutory rate $ 44,535 21.0 % $ 31,892 21.0 % Impact of foreign operations ( 732 ) ( 0.3 ) % ( 3,631 ) ( 2.4 ) % State income taxes net of federal benefit 7,505 3.5 % 7,037 4.6 % Change in uncertain tax positions ( 1,227 ) ( 0.6 ) % ( 107 ) ( 0.1 ) % Global intangible low taxed income ( 1,380 ) ( 0.7 ) % ( 555 ) ( 0.4 ) % Unremitted earnings 163 0.1 % 171 0.1 % Deferred statutory rate changes 543 0.3 % ( 159 ) ( 0.1 ) % Non-deductible executive compensation 5,130 2.4 % 3,256 2.1 % Non-deductible expenses 2,845 1.3 % 2,355 1.6 % Stock compensation benefits ( 4,469 ) ( 2.1 ) % ( 1,841 ) ( 1.2 ) % Research credits ( 2,411 ) ( 1.1 ) % ( 1,378 ) ( 0.9 ) % Contingent consideration ( 4,774 ) ( 2.3 ) % — — % Impact of foreign tax law changes ( 2,707 ) ( 1.3 ) % ( 2,739 ) ( 1.8 ) % Valuation allowance 1,744 0.9 % ( 393 ) ( 0.2 ) % Other, net ( 373 ) ( 0.2 ) % 399 0.3 % Income tax provision $ 44,392 20.9 % $ 34,307 22.6 % The Company recorded an income tax expense in fiscal 2026 of $ 30.7 million, representing an effective tax rate of 24.0%. The effective tax rate is unfavorably impacted by state taxes and non-deductible executive compensation, offset by the favorable impact of changes in jurisdictional mix of earnings 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 the Company operates. 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. The Company has considered the Pillar Two rules in effect in the countries in which it operates and have reflected the effect of the rules in the foreign tax effects. The impact is not material in fiscal 2026. Unrecognized Tax Benefits Unrecognized tax benefits represent uncertain tax positions for which reserves have been established. As of March 28, 2026, the Company had $ 1.6 million of unrecognized tax benefits, of which $ 0.7 million would impact the effective tax rate, if recognized. 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 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. The following table summarizes the activity related to its gross unrecognized tax benefits for the fiscal years ended March 28, 2026, March 29, 2025 and March 30, 2024: March 28, 2026 March 29, 2025 March 30, 2024 (Dollars in Thousands) Beginning Balance $ 2,822 $ 3,743 $ 3,941 Additions for tax positions of fiscal 2026 140 315 234 Additions for tax positions of a prior fiscal year 9 1,242 — Additions for tax positions related to acquired businesses — 91 — Reductions of tax positions ( 111 ) ( 64 ) ( 198 ) Settlements of tax positions ( 1,242 ) — — Expiration of statute of limitations ( 24 ) ( 2,505 ) ( 234 ) Ending Balance $ 1,594 $ 2,822 $ 3,743 85 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 $ 0.1 million of gross interest and penalties was accrued as of March 28, 2026 and March 29, 2025, respectively, and are not included in the amounts above. Additionally, an expense of $ 0.1 million, a benefit of $ 0.3 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 28, 2026, March 29, 2025 and March 30, 2024, respectively. The Company conducts business globally and, as a result, files federal, state and foreign income tax returns in multiple jurisdictions. In the normal course of business, it is subject to examination by taxing authorities throughout the world. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations for years before fiscal 2023 and foreign income tax examinations for years before fiscal 2021. 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. The following is a summary of cash income taxes paid, net of refunds: Year Ended 2026 (Dollars in Thousands) Federal $ 41,750 State 10,082 Foreign 8,833 Total $ 60,665 7. EARNINGS PER SHARE The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. Year Ended 2026 2025 2024 (Dollars and Shares in Thousands, Except Per Share Data) Net income $ 97,308 $ 167,679 $ 117,558 Basic weighted average shares outstanding 47,179 50,330 50,706 Dilutive net effect of common stock equivalents 175 400 691 Diluted weighted average shares 47,354 50,730 51,397 Net income per share Basic $ 2.06 $ 3.33 $ 2.32 Diluted $ 2.05 $ 3.31 $ 2.29 Anti-dilutive shares excluded from the calculation 936 768 606 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 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. 2022 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 2022 share repurchase program, the Company was 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. 86 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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. (“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 . 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 April 2025, the Company completed a $ 150.0 million repurchase of its common stock pursuant to an ASR entered into with Goldman Sachs & Co. (“Goldman Sachs”) in February 2025. The total number of shares repurchased under the ASR was 2,386,131 at an average price per share upon final settlement of $ 62.86 . As of March 29, 2025, the Company had fully funded the $ 300.0 million authorization under the 2022 share repurchase program. 2025 Share Repurchase Program In April 2025 the Company’s Board of Directors approved a new share repurchase authorization of up to $ 500 million of Haemonetics common stock, based on market conditions, through April 2028. Under the 2025 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. 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 2025 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 September 2025, the Company completed a $ 75.0 million repurchase of its common stock pursuant to an ASR entered into with Citibank in August 2025. 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 . During the fourth quarter of fiscal 2026, the Company repurchased $ 25.0 million of its common stock pursuant to a previously executed Rule 10b5-1 trading plan. The total number of shares repurchased pursuant to the Rule 10b5-1 trading plan was 360,457 at an average price per share upon final settlement of $ 69.36 . In March 2026, the Company completed a $ 75.0 million repurchase of its common stock pursuant to an ASR entered into with Goldman Sachs in February 2026. The total number of shares repurchased under the ASR was 1,218,798 at an average price per share upon final settlement of $ 61.54 . As of March 28, 2026, the total remaining authorization for repurchases of the Company’s common stock under the 2025 share repurchase program was $ 325.0 million. 8. INVENTORIES 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. March 28, 2026 March 29, 2025 (Dollars in Thousands) Raw materials $ 114,873 $ 128,574 Work-in-process 11,974 14,956 Finished goods 179,523 221,611 Total $ 306,370 $ 365,141 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 the Company’s Blood Center business unit sold to customers in the U.S. and certain foreign jurisdictions. The Company has recorded charges of $ 4.4 million related to inventory. 87 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 9. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: March 28, 2026 March 29, 2025 (Dollars in Thousands) Land $ 2,251 $ 1,985 Building and building improvements 109,793 105,079 Plant equipment and machinery 197,552 181,825 Office equipment and information technology 131,085 130,924 Haemonetics equipment 371,205 395,152 Construction in progress 29,943 22,229 Property, plant and equipment, at cost 841,829 837,194 Less: accumulated depreciation ( 536,068 ) ( 553,142 ) Property, plant and equipment, net $ 305,761 $ 284,052 Depreciation expense was $ 61.2 million, $ 60.0 million and $ 55.8 million in fiscal 2026, 2025 and 2024, respectively. 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. 10. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill by operating segment for fiscal 2026 and 2025 are as follows: Plasma Blood Center Hospital Total (Dollars in Thousands) 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 Purchase accounting adjustments — — ( 19,248 ) ( 19,248 ) Currency translation — ( 136 ) ( 4,590 ) ( 4,726 ) Carrying amount as of March 29, 2025 29,043 26,967 548,259 604,269 Acquisitions — — 50,478 50,478 Currency translation — ( 79 ) 1,700 1,621 Carrying amount as of March 28, 2026 $ 29,043 $ 26,888 $ 600,437 $ 656,368 The decrease in goodwill of $ 19.2 million for purchase accounting adjustments in fiscal 2025 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, Attune Medical and Vivasure. 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. 88 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) In fiscal 2026, 2025 and 2024, the results of the annual goodwill impairment test performed indicated that the estimated fair value of all of its reporting units exceeded their respective carrying values, however, in fiscal 2026 the fair value of the Interventional Technologies reporting unit, which is within the Hospital reportable segment, fair value was $ 867.8 million, which only exceeded its carrying value of $ 821.6 million by 6 %. The fair value of the Interventional Technologies reporting unit was primarily determined using a discounted cash flow approach utilizing a discount rate of 10.5 %, which reflects a market-participant weighted average cost of capital based on the risk profile, size, and capital structure of the reporting unit. The estimation of fair value requires significant judgment and is based primarily on a discounted cash flow approach, supplemented by market-based methods where appropriate. Key assumptions include projected revenue growth rates, operating margins, terminal growth rates, and the discount rate. These inputs are based on management’s expectations of future performance and market conditions and are inherently uncertain. The Interventional Technologies reporting unit remains sensitive to changes in key assumptions. A decline in projected revenue growth rates, or an increase in the discount rate, could result in the carrying value exceeding fair value. The Company monitors for goodwill impairment indicators throughout the year, including changes in macroeconomic conditions, industry trends, and business performance. No interim goodwill impairment indicators were identified during fiscal 2026 that required an additional recoverability test. Although no goodwill impairment was recorded during fiscal 2026, the Interventional Technologies reporting unit remains at risk of future impairment if actual results differ from current estimates or if market conditions deteriorate. The gross carrying amount of intangible assets and the related accumulated amortization as of March 28, 2026 and March 29, 2025 is as follows: Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life (Years) March 28, 2026 (Dollars in Thousands) Amortizable: Developed technology $ 556,631 $ 193,114 $ 363,517 11.6 Customer contracts and related relationships 130,862 76,489 54,373 11.3 Capitalized software 95,880 82,284 13,596 2.9 Patents and other 7,422 4,613 2,809 5.5 Trade names 14,720 7,263 7,457 10.4 Total $ 805,515 $ 363,763 $ 441,752 Non-amortizable: In-process software development 5,903 Total $ 5,903 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life (Years) March 29, 2025 (Dollars in Thousands) Amortizable: Developed technology $ 506,144 $ 156,123 $ 350,021 12.1 Customer contracts and related relationships 135,561 70,842 64,719 12.6 Capitalized software 85,528 76,185 9,343 6.9 Patents and other 19,678 6,796 12,882 8.5 Trade names 15,955 6,367 9,588 12.3 Total $ 762,866 $ 316,313 $ 446,553 Non-amortizable: In-process software development 9,190 Total $ 9,190 89 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 enicor GmbH acquisition completed in fiscal 2021 within the Hospital business unit. During fiscal 2026, the Company recorded total intangible asset impairment charges of $ 86.5 million. This included a $ 9.3 million intangible impairment charge in the first half of fiscal 2026 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 intangible impairment charge was the result of lower revenue projections of the HemoAssay devices and disposables. The fair value as of March 28, 2026 was $ 0.8 million with a remaining useful life of approximately five years . Additionally, in the fourth quarter of fiscal 2026, the Company recorded an intangible asset impairment charge of $ 77.2 million related to long-lived intangible assets associated with the acquisition of Attune Medical, which occurred in fiscal 2025 within the Interventional Technologies reporting unit, which is within the Hospital reportable segment. The intangible impairment charge was the result of lower revenue projections, changes in market conditions and declines in operating performance. The fair value as of March 28, 2026 was $ 11.3 million. Significant unobservable inputs used in the Level 3 fair value measurement of the HemoAssay intangible assets included projected revenues, costs and the remaining useful lives of the assets. The Level 3 inputs for the Attune Medical included projected revenues, operating margins, and a discount rate reflecting the estimated weighted average cost of capital of a market participant. The revenue and margin assumptions were based on internal forecasts, which incorporate assumptions about future market conditions, product adoption rates, pricing, and competitive dynamics. The discount rate utilized in the valuation of the Attune Medical asset group was 19.8 %, which reflects the higher risk profile, earlier stage of commercialization, and greater uncertainty in projected cash flows relative to the broader Interventional Technologies reporting unit. The discount rate was developed using market-based inputs, including a risk-free rate, equity risk premium, and company-specific risk adjustments. The Company continues to monitor the HemoAssay and Attune Medical asset group for intangible impairment indicators, including macroeconomic conditions, industry trends, and changes in business performance. While the intangible impairment charge recognized reflects management’s best estimate of fair value as of the testing date, it is reasonably possible that changes in assumptions or future business conditions could result in additional impairment charges in future periods. In the fourth quarter of fiscal 2026, the Company acquired Vivasure and recorded $ 117.1 million of developed technology based on the purchase accounting valuation. Refer to Note 3, Acquisitions, Divestitures and Strategic Investments , for additional information regarding the Vivasure acquisition. 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. Intangible assets include the value assigned to license rights and developed technology, patents, customer contracts and relationships and trade names. The estimated useful lives for all of these intangible assets are approximately 5 to 15 years. Aggregate amortization expense for amortized intangible assets for fiscal 2026, 2025 and 2024 was $ 50.5 million, $ 55.6 million and $ 41.4 million, respectively. Amortization expense on intangible assets for the next five years is estimated to be as follows: Amortization Expense (Dollars in Thousands) Fiscal 2027 $ 46,864 Fiscal 2028 $ 44,781 Fiscal 2029 $ 43,105 Fiscal 2030 $ 41,836 Fiscal 2031 $ 40,359 90 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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. The costs capitalized for each project are included in intangible assets in the consolidated financial statements. The Company capitalized $ 6.7 million and $ 7.7 million in software development costs for ongoing initiatives during fiscal 2026 and 2025, respectively. As of March 28, 2026 and March 29, 2025, the Company had a total of $ 101.8 million and $ 94.7 million, respectively, of software costs capitalized, of which $ 5.9 million and $ 9.2 million, respectively, are related to in process software development initiatives and the remaining balance represents in-service assets that are being amortized over their useful lives. Amortization expense for capitalized software was $ 6.1 million, $ 6.7 million and $ 8.6 million for fiscal 2026, 2025 and 2024, respectively. 11. LEASES Lessee Activity The Company has operating leases for office space, land, warehouse and manufacturing space, R&D laboratories, vehicles and certain equipment. Leases with an initial term of 12 months or less are not recognized on the consolidated balance sheets and expense for these leases is recognized on a straight-line basis over the lease term. The Company accounts for the lease components and the non-lease components as a single lease component. The Company’s leases have remaining lease terms of 1 year to approximately 30 years, some of which may include options to extend the leases for up to 10 years and some include options to terminate early. These options have been included in the determination of the lease liability when it is reasonably certain that the option will be exercised. The Company does not have any leases that include residual value guarantees. The Company determines whether an arrangement is, or contains, a lease based on the unique facts and circumstances present at the inception of an arrangement. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The following table presents supplemental consolidated balance sheets information related to the Company’s operating leases: Classification March 28, 2026 March 29, 2025 (Dollars in Thousands) Assets Operating lease right-of-use assets Other long-term assets $ 39,619 $ 47,492 Liabilities Operating lease liabilities Other current liabilities $ 9,243 $ 8,107 Operating lease liabilities Other long-term liabilities $ 40,898 $ 50,454 The following table presents the weighted average remaining lease term and discount rate information related to the Company’s operating leases: March 28, 2026 March 29, 2025 Weighted average remaining lease term (years) 6.7 7.5 Weighted average discount rate 4.6 % 5.0 % The Company’s operating lease costs were $ 10.4 million, $ 12.1 million and $ 10.6 million during fiscal 2026, 2025 and 2024, respectively. 91 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following table presents supplemental cash flow information related to the Company’s operating leases: March 28, 2026 March 29, 2025 March 30, 2024 (Dollars in Thousands) Cash paid for amounts included in the measurement of operating lease liabilities Operating cash flows used for operating leases $ 11,803 $ 11,201 $ 10,636 Right-of-use assets obtained in exchange for new operating lease liabilities $ 997 $ 399 $ 2,450 The following table presents the maturities of the Company’s operating lease liabilities as of March 28, 2026: Operating Leases (Dollars in Thousands) Fiscal 2027 $ 11,631 Fiscal 2028 9,567 Fiscal 2029 7,621 Fiscal 2030 7,261 Fiscal 2031 7,029 Thereafter 16,895 Total future minimum operating lease payments 60,004 Less: imputed interest ( 9,863 ) Present value of operating lease liabilities $ 50,141 Lessor Activity Assets on the Company’s consolidated balance sheets classified as Haemonetics equipment primarily consists of medical devices installed at customer sites but owned by Haemonetics. These devices are leased to customers under contractual arrangements that typically include an operating or sales-type lease as well as the purchase and consumption of the Company’s disposable products. Sales-type leases are not significant. Contract terms vary by customer and may include options to terminate the contract or options to extend the contract. Where devices are provided under operating lease arrangements, a substantial majority of the entire lease revenue is variable and subject to subsequent non-lease component (disposable products) sales. The allocation of revenue between the lease and non-lease components is based on stand-alone selling prices. Operating lease revenue represents approximately three percent of the Company’s total net sales. 12. NOTES PAYABLE AND LONG-TERM DEBT Notes payable and long-term debt consisted of the following: March 28, 2026 March 29, 2025 (Dollars in Thousands) Convertible notes $ 688,775 $ 983,951 Term loan, net of financing fees 235,131 240,028 Revolving credit facility 300,000 — Other borrowings 674 809 Total Debt 1,224,580 1,224,788 Less: current portion ( 5,015 ) ( 303,558 ) Long-term debt $ 1,219,565 $ 921,230 Convertible Senior Notes 2026 Notes On March 5, 2021, the Company issued $ 500.0 million aggregate principal amount of 0.0 % convertible senior notes due 2026 (the “2026 Notes”). The 2026 Notes are governed by the terms of an Indenture between the Company and U.S. Bank Trust Company, National Association, as trustee. 92 Table of Contents 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 expense, net on the consolidated statements of income. On or after September 1, 2025, until the close of business on the scheduled trading day immediately preceding the maturity date, holders had the right to convert all or a portion of their 2026 Notes. No holders exercised conversion rights with respect to the 2026 Notes prior to maturity. Interest expense related to the 2026 Notes was $ 1.5 million for fiscal 2026, which is entirely attributable to the amortization of the debt issuance costs. On March 2, 2026, the Company repaid in full at maturity its 2026 Notes for an aggregate amount of $ 300.0 million in cash, representing the outstanding principal amount of the 2026 Notes. The repayment was funded with cash on hand and borrowings under the Company’s revolving credit facility. The capped call transactions entered into in connection with the issuance of the 2026 Notes expired in accordance with their terms upon the maturity of the 2026 Notes. 2029 Notes 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 an 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; or • 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. 93 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) During 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 March 28, 2026 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 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. 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 28, 2026, the $ 700.0 million principal balance was netted down by $ 11.2 million of remaining debt issuance costs, resulting in a net convertible note payable of $ 688.8 million. Interest expense related to the 2029 Notes was $ 20.8 million for the fiscal year ended March 28, 2026, which includes nominal interest expense and the amortization of the debt issuance costs. Capped Calls 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 had 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 had 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 2029 Notes, with such offset subject to a cap based on the cap price. No holders exercised conversion rights with respect to the 2026 Notes prior to maturity, and, in accordance with their terms upon maturity of the 2026 Notes, the Capped Calls related to the 2026 Notes have expired. The 2029 Notes Capped Calls cover approximately 5.98 million shares of the Company’s common stock, and is subject to anti-dilution adjustments. For accounting purposes, the Capped Calls are separate transactions, and not part of the 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 in fiscal 2025 and will not be remeasured. Credit Facilities 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. 94 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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. 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 2026, the Company recognized $ 17.6 million of interest expense and amortization of debt issuance costs related to its credit facilities. As of March 28, 2026, $ 239.1 million was outstanding under the term loan with an effective interest rate of 5.6 %, which was netted down by the $ 3.9 million of remaining debt discount, resulting in a net note payable of $235.1 million. In connection with the settlement of the 2026 Notes, the Company borrowed $ 300.0 million under the revolving credit facility, which was outstanding as of March 28, 2026. The Company also had $ 17.7 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of March 28, 2026. 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. Consolidated EBITDA includes EBITDA adjusted by non-recurring and unusual transactions specifically as defined in the 2024 Revised Credit Facilities. 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 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. 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 28, 2026. Commitment Fee Pursuant to the 2024 Revised Credit Facilities, the Company is required to pay, on the last day of each calendar quarter, a commitment fee on the unused portion of the revolving credit facility. The commitment fee is subject to a pricing grid based on the Company’s consolidated leverage ratio. 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 %. 95 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Interest Interest expense was $ 19.3 million, $ 35.9 million and $ 19.5 million for fiscal 2026, 2025 and 2024, 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 28, 2026 and March 29, 2025, the Company had an insignificant amount of accrued interest associated with the outstanding debt. The future aggregate amount of debt maturities are as follows: Debt Maturities (Dollars in Thousands) Fiscal 2027 $ 7,874 Fiscal 2028 12,564 Fiscal 2029 18,818 Fiscal 2030 1,200,073 Fiscal 2031 77 Thereafter 401 Total debt maturities $ 1,239,807 13. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The Company manufactures, markets and sells its products globally. For the fiscal years ended March 28, 2026, March 29, 2025 and March 30, 2024 the percent of the Company’s sales generated outside the U.S. in local currencies were 26.4 %, 25.7 % and 25.9 %, respectively. The Company also incurs certain manufacturing, marketing and selling costs in international markets in local currency. Accordingly, earnings and cash flows are exposed to market risk from changes in foreign currency exchange rates relative to the U.S. Dollar, the Company’s reporting currency. The Company has a program in place that is designed to mitigate the exposure to changes in foreign currency exchange rates. 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, Mexican Peso and Euro, and to a lesser extent Canadian Dollar, Swiss Franc and Chinese Yuan. 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. Designated Foreign Currency Hedge Contracts All of the Company’s designated foreign currency hedge contracts as of March 28, 2026 and March 29, 2025 were cash flow hedges under ASC Topic 815, Derivatives and Hedging . 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. Once the related third-party transaction occurs, the Company reclassifies the effective portion of any related gain or loss on the designated foreign currency hedge contracts to earnings. 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 $ 30.1 million as of March 28, 2026 and $ 23.6 million as of March 29, 2025. As of March 28, 2026, a gain of $ 2.5 million, net of tax, will be reclassified to earnings within the next twelve months. Substantially all currency cash flow hedges outstanding as of March 28, 2026 mature within twelve months. Non-Designated Foreign Currency Contracts The Company manages its exposure to changes in foreign currency on a consolidated basis to take advantage of offsetting transactions and balances. It uses foreign currency forward contracts as a part of its strategy to manage exposure related to foreign currency denominated monetary assets and liabilities. These foreign currency forward contracts are entered into for periods consistent with currency transaction exposures, generally one month. They are not designated as cash flow or fair value hedges under ASC Topic 815. 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 Topic 815 outstanding in the contract amount of $ 75.3 million as of March 28, 2026 and $ 89.6 million as of March 29, 2025. 96 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Interest Rate Swaps Part of the Company’s interest rate risk management strategy includes the use of interest rate swaps to mitigate its exposure to changes in variable interest rates. 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 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. The Company held the following interest rate swaps as of March 28, 2026: Hedged Item Original Notional Amount Notional Amount as of March 28, 2026 Designation Date Effective Date Termination Date Fixed Interest Rate Estimated Fair Value Assets (Dollars in Thousands) 1-month USD Term SOFR $ 109,900 $ 100,321 9/27/2024 9/30/2024 4/30/2029 3.3 % $ 859 1-month USD Term SOFR 109,900 98,966 9/27/2024 9/30/2024 4/30/2029 3.3 % 912 Total $ 219,800 $ 199,287 $ 1,771 For fiscal 2026, the Company recorded a loss of $ 0.4 million, net of tax, in AOCL within the consolidated balance sheets to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges. Trade Receivables In the ordinary course of business, the Company grants trade credit to its customers on normal credit terms. In an effort to reduce its credit risk, the Company (i) establishes credit limits for all customers, (ii) performs ongoing credit evaluations of customers’ financial condition, (iii) monitors the payment history and aging of customers’ receivables and (iv) monitors open orders against an individual customer’s outstanding receivable balance. The Company’s allowance for credit losses is maintained for trade accounts receivable based on the expected collectability, the historical collection experience, the length of time an account is outstanding, the financial position of the customer and information provided by credit rating services. The Company has not experienced significant customer payment defaults or identified other significant collectability concerns. The following is a roll forward of the allowance for credit losses: Allowance for Credit Losses (Recoveries) (Dollars in Thousands) Balance as of April 1, 2023 $ 4,932 Credit loss 840 Recoveries ( 77 ) Balance as of March 30, 2024 $ 5,695 Credit loss 725 Recoveries ( 120 ) Balance as of March 29, 2025 $ 6,300 Credit loss 615 Write-offs ( 3,129 ) Recoveries ( 93 ) Balance as of March 28, 2026 $ 3,693 97 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Other Fair Value Measurements Fair value is defined as the exit price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes the following three-level hierarchy used for measuring fair value: • Level 1 — Inputs to the valuation methodology are quoted market prices for identical assets or liabilities. • Level 2 — Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs. • Level 3 — Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. The Company’s money market funds carried at fair value are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. 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 Topic 815 in its consolidated statements of income and consolidated statements of comprehensive income for the fiscal year ended March 28, 2026. Derivative Instruments Amount of Gain (Loss) Recognized in AOCL Amount of Gain (Loss) Reclassified from AOCL into Earnings Classification in Earnings Amount of Gain (Loss) Excluded from Effectiveness Testing Classification in Earnings (Dollars in Thousands) Designated foreign currency hedge contracts, net of tax $ 2,540 $ 1,145 Net revenues, COGS and SG&A $ 2,637 Interest and other expense, net Non-designated foreign currency hedge contracts $ — $ — $ ( 5,111 ) Interest and other expense, net Designated interest rate swaps, net of tax $ ( 443 ) $ ( 5 ) Interest and other expense, net $ — The Company did not have fair value hedges or net investment hedges outstanding as of March 28, 2026 or March 29, 2025. As of March 28, 2026, no material deferred taxes were recognized for designated foreign currency hedges. ASC Topic 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the consolidated balance sheets. The Company determines the fair value of its derivative instruments using the framework prescribed by ASC Topic 820, Fair Value Measurements and Disclosures , by considering the estimated amount it would receive or pay to sell or transfer these instruments at the reporting date and by taking into account current interest rates, currency exchange rates, current interest rate curves, interest rate volatilities, the creditworthiness of the counterparty for assets, and its creditworthiness for liabilities. In certain instances, the Company may utilize financial models to measure fair value. Generally, the Company uses inputs that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; other observable inputs for the asset or liability; and inputs derived principally from, or corroborated by, observable market data by correlation or other means. As of March 28, 2026, the Company has classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC Topic 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments. 98 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following tables present the fair value of the Company’s derivative instruments as they appear in its consolidated balance sheets as of March 28, 2026 and March 29, 2025: Classification March 28, 2026 March 29, 2025 (Dollars in Thousands) Derivative Assets: Designated foreign currency hedge contracts Prepaid expenses and other current assets $ 1,245 $ 193 Non-designated foreign currency hedge contracts Prepaid expenses and other current assets 330 85 Designated interest rate swaps Prepaid expenses and other current assets 823 1,305 Designated interest rate swaps Other long-term assets 947 1,020 Total $ 3,345 $ 2,603 Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 50 $ 471 Non-designated foreign currency hedge contracts Other current liabilities 63 25 Total $ 113 $ 496 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 28, 2026 and March 29, 2025. As of March 28, 2026 Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets Money market funds $ 90,716 $ — $ — $ 90,716 Designated foreign currency hedge contracts — 1,245 — 1,245 Non-designated foreign currency hedge contracts — 330 — 330 Designated interest rate swaps — 1,770 — 1,770 Total $ 90,716 $ 3,345 $ — $ 94,061 Liabilities Designated foreign currency hedge contracts $ — $ 50 $ — $ 50 Non-designated foreign currency hedge contracts — 63 — 63 Contingent consideration — — 21,063 21,063 Total $ — $ 113 $ 21,063 $ 21,176 99 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) As of March 29, 2025 Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets Money market funds $ 158,916 $ — $ — $ 158,916 Designated foreign currency hedge contracts — 193 — 193 Non-designated foreign currency hedge contracts — 85 — 85 Designated interest rate swaps — 2,325 — 2,325 Total $ 158,916 $ 2,603 $ — $ 161,519 Liabilities Designated foreign currency hedge contracts $ — $ 471 $ — $ 471 Non-designated foreign currency hedge contracts — 25 — 25 Contingent consideration — — 2,278 2,278 Total $ — $ 496 $ 2,278 $ 2,774 Foreign currency hedge contracts - The fair value of foreign currency hedge contracts was measured using significant other observable inputs and valued by reference to over-the-counter quoted market prices for similar instruments. The Company does not believe that the fair value of these derivative instruments differs significantly from the amount that could be realized upon settlement or maturity, or that the changes in fair value will have a significant effect on its results of operations, financial condition or cash flows. Interest rate swaps - The fair values of interest rate swaps are measured using the present value of expected future cash flows using market-based observable inputs, including credit risk and interest rate yield curves. The Company does not believe that the fair values of these derivative instruments differ significantly from the amounts that could be realized upon settlement or maturity, or that the changes in fair value will have a significant effect on its results of operations, financial condition or cash flows. Contingent consideration - The fair value of contingent consideration liabilities is based on significant unobservable inputs, including management estimates and assumptions, and is measured based on the probability-weighted present value of the payments expected to be made. Accordingly, the fair value of contingent consideration has been classified as level 3 within the fair value hierarchy. The level 3 fair value measurements of contingent consideration liabilities include the following significant unobservable inputs: Fair Value as of March 28, 2026 Valuation Technique Unobservable Input Range (Dollars in Thousands) Revenue-based payments $ 3,076 Monte Carlo Simulation Model Discount rate 3.4 % Projected fiscal year of payments 2028 - 2030 Event-based payments $ 390 Monte Carlo Simulation Model Discount rate 5.8 % Projected fiscal year of payment 2027 - 2028 $ 17,597 Discount Rate 3.0 % Projected fiscal year of payment 2027 Fair Value as of March 29, 2025 Valuation Technique Unobservable Input Range (Dollars in Thousands) Revenue-based payments $ 1,214 Monte Carlo Simulation Model Discount rate 6.3 % Projected fiscal year of payments 2026 - 2028 Event-based payment $ 1,064 Monte Carlo Simulation Model Discount rate 5.8 % Projected fiscal year of payment 2026 - 2028 100 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The fair value of contingent consideration associated with acquisitions was $ 21.1 million and $ 2.3 million as of March 28, 2026 and March 29, 2025, respectively. There was $ 17.6 million included in other current liabilities as of March 28, 2026 and $ 3.4 million and $ 2.3 million included in other long-term liabilities as of March 28, 2026 and March 29, 2025, respectively. A reconciliation of the change in the fair value of contingent consideration is included in the following table: Contingent Consideration (Dollars in Thousands) Balance as of March 30, 2024 $ — Acquisition date fair value of contingent consideration 25,000 Purchase accounting adjustments 300 Change in fair value ( 23,022 ) Balance as of March 29, 2025 $ 2,278 Acquisition date fair value of contingent consideration 20,673 Payment of contingent consideration ( 9 ) Change in fair value ( 1,879 ) Balance as of March 28, 2026 $ 21,063 Other Fair Value Disclosures The fair value of the 2029 Notes was $ 662.4 million and $ 668.4 million as of March 28, 2026 and March 29, 2025, respectively, which was determined using the market price on the last trading day of the reporting period and is considered level 2 in the fair value hierarchy. The senior unsecured term loan (which is carried at amortized cost), the revolving credit facility, accounts receivable and accounts payable approximate fair value. 14. RETIREMENT PLANS Defined Contribution Plans The Company has a Savings Plus Plan (the “401k Plan”) that allows its U.S. employees to accumulate savings on a pre-tax basis. In addition, matching contributions are made to the 401k Plan based upon pre-established rates. The Company’s matching contributions amounted to approximately $ 8.9 million, $ 8.2 million and $ 8.1 million in fiscal 2026, 2025 and 2024, respectively. Upon the Company’s Board of Directors’ approval, additional discretionary contributions can also be made. No discretionary contributions were made for the 401k Plan in fiscal 2026, 2025, or 2024. Some of the Company’s subsidiaries also have defined contribution plans, to which both the employee and the employer make contributions. The employer contributions to these plans totaled $ 1.1 million, $ 1.0 million and $ 0.7 million in fiscal 2026, 2025 and 2024, respectively. Defined Benefit Plans ASC Topic 715, Compensation — Retirement Benefits , requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s over-funded status or a liability for a plan’s under-funded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize changes in the funded status of a defined benefit post-retirement plan in the year in which the changes occur. Accordingly, the Company is required to report changes in its funded status in comprehensive loss on its consolidated statement of stockholders’ equity and consolidated statements of comprehensive income. Benefits under these plans are generally based on either career average or final average salaries and creditable years of service as defined in the plans. The annual cost for these plans is determined using the projected unit credit actuarial cost method that includes actuarial assumptions and estimates that are subject to change. 101 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Some of the Company’s foreign subsidiaries have defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Net periodic benefit costs for the plans in the aggregate include the following components: Year Ended 2026 2025 2024 (Dollars in Thousands) Service cost $ 1,804 $ 1,630 $ 1,316 Interest cost on benefit obligation 649 630 684 Expected return on plan assets ( 273 ) ( 314 ) ( 264 ) Actuarial loss (gain) ( 19 ) 17 ( 180 ) Amortization of unrecognized prior service cost ( 236 ) ( 219 ) ( 215 ) Plan settlements 15 ( 104 ) — Total $ 1,940 $ 1,640 $ 1,341 The activity under those defined benefit plans are as follows: March 28, 2026 March 29, 2025 (Dollars in Thousands) Change in Benefit Obligation: Benefit Obligation, beginning of year $ ( 30,956 ) $ ( 32,323 ) Service cost ( 1,804 ) ( 1,630 ) Interest cost ( 649 ) ( 630 ) Benefits paid 1,470 851 Actuarial loss ( 345 ) ( 336 ) Employee and plan participants contribution ( 2,114 ) ( 3,568 ) Plan settlements 2,971 6,419 Foreign currency changes ( 3,064 ) 261 Benefit obligation, end of year $ ( 34,491 ) $ ( 30,956 ) Change in Plan Assets: Fair value of plan assets, beginning of year $ 20,838 $ 21,851 Company contributions 1,497 1,627 Benefits paid ( 568 ) ( 663 ) Gain on plan assets 444 482 Employee and plan participants contribution 2,124 3,600 Plan settlements ( 2,984 ) ( 6,451 ) Foreign currency changes 1,959 392 Fair value of plan assets, end of year $ 23,310 $ 20,838 Funded Status (1) $ ( 11,181 ) $ ( 10,118 ) Unrecognized net actuarial gain ( 982 ) ( 1,056 ) Unrecognized prior service cost ( 545 ) ( 705 ) Net amount recognized $ ( 12,708 ) $ ( 11,879 ) __________ (1) Substantially all of the unfunded status is non-current. One of the benefit plans is funded by benefit payments made by the Company through the purchase of reinsurance contracts that do not qualify as plan assets under ASC Topic 715. Accordingly, that plan has no assets included in the information presented above. The total asset value associated with the reinsurance contracts was $ 7.3 million and $ 7.0 million as of March 28, 2026 and March 29, 2025, respectively. The total liability for this plan, which is included in the table above, was $ 7.1 million and $ 7.4 million as of March 28, 2026 and March 29, 2025, respectively. The accumulated benefit obligation for all plans was $ 32.0 million and $ 29.1 million for fiscal 2026 and 2025, respectively. There were no plans where the plan assets were greater than the accumulated benefit obligation as of March 28, 2026 and March 29, 2025. 102 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The components of the change recorded in the Company’s accumulated other comprehensive loss related to its defined benefit plans, net of tax, are as follows: Accumulated Other Comprehensive Loss (Dollars in Thousands) Balance as of April 1, 2023 $ 4,075 Actuarial loss ( 2,157 ) Prior service credit ( 170 ) 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 Actuarial loss ( 169 ) Prior service credit ( 218 ) Plan settlements ( 16 ) Balance as of March 28, 2026 $ 746 The Company expects to amortize $ 0.3 million from AOCL to net periodic benefit cost during fiscal 2027. The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows: Year Ended 2026 2025 2024 Discount rate 1.78 % 1.87 % 2.05 % Rate of increased salary levels 2.72 % 2.71 % 1.86 % Expected long-term rate of return on assets 0.96 % 0.88 % 0.94 % Assumptions for expected long-term rate of return on plan assets are based upon actual historical returns, future expectations of returns for each asset class and the effect of periodic target asset allocation rebalancing. The results are adjusted for the payment of reasonable expenses of the plan from plan assets. The Company has no other material obligation for post-retirement or post-employment benefits. The Company’s investment policy for pension plans is to balance risk and return through a diversified portfolio to reduce interest rate and market risk. Maturities are managed so that sufficient liquidity exists to meet immediate and future benefit payment requirements. ASC Topic 820, Fair Value Measurements and Disclosures , provides guidance for reporting and measuring the plan assets of the Company’s defined benefit pension plan at fair value as of March 28, 2026. Using the same three-level valuation hierarchy for disclosure of fair value measurements as described in Note 13, Financial Instruments and Fair Value Measurements , all of the assets of the Company’s plan are classified within Level 2 of the fair value hierarchy because the plan assets are primarily insurance contracts. Expected benefit payments for both plans are estimated using the same assumptions used in determining the Company’s benefit obligation as of March 28, 2026. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments. 103 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Estimated future benefit payments are as follows: Estimated Future Benefit Payments (Dollars in Thousands) Fiscal 2027 $ 1,701 Fiscal 2028 $ 1,681 Fiscal 2029 $ 1,916 Fiscal 2030 $ 2,320 Fiscal 2031 $ 1,861 Fiscal 2032-2036 $ 11,783 The Company’s contributions for fiscal 2027 are expected to be consistent with fiscal 2026. 15. COMMITMENTS AND CONTINGENCIES The Company is a party to various legal proceedings and claims arising out of the ordinary course of its business. The Company believes that, except for those matters described below, there are no other proceedings or claims pending against it the ultimate resolution of which could have a material adverse effect on its financial condition or results of operations. At each reporting period, management evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies, for all matters. Legal costs are expensed as incurred. Plasma Biometric Information Privacy Act 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. The Company removed the case to the United States District Court for the Northern District Illinois. See Mary Crumpton v. Haemonetics Corporation, Case No. 1:21-cv-1402. 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, 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. Sensor-Guided Technologies Patent Litigation During the fourth quarter of fiscal 2024, a complaint was filed in the U.S. District Court for the District of Delaware by Knoninklijke Philips N.V. and IP2IPO Innovations, Ltd. (together, the “Plaintiffs”) against OpSens, OpSens Medical, Inc., a wholly-owned subsidiary of Haemonetics, and Haemonetics (1:24-cv-00206-CFC). 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 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. 104 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Plasma Patent Litigation 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 (1:25-cv-01409). The complaint alleges that Terumo BCT 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. On June 26, 2025, Terumo filed a motion to dismiss. On July 17, 2025 and August 12, 2025, the Company filed amended complaints adding recently issued patents. On September 2, 2025, Terumo filed a partial motion to dismiss with prejudice claiming that the Company’s asserted patents were invalid under 35 U.S.C. section 101. Terumo has also filed inter partes and post-grant review petitions with the U.S. Patent and Trademark Office (PTO) seeking to invalidate the asserted patents. In October 2025, Terumo filed a motion to stay the district court proceedings pending resolution of the PTO petitions. The Company filed responses opposing Terumo’s motions in November 2025. Two of the nine PTO petitions have been instituted for further review, and seven of the PTO petitions were denied by the PTO. During the second quarter of fiscal 2026, the Company filed a complaint against Fresenius Kabi USA LLC in U.S. District Court for the Northern District of Illinois (1:25-cv-08680). 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. In December 2025, Fenwal filed its answer and counterclaims, alleging non-infringement and invalidity of the Company’s asserted patents and alleging infringement by the Company of certain of Fenwal’s U.S. patents. While the Company will incur costs in the course of pursuing these claims, 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. 16. CAPITAL STOCK Stock Plans The Haemonetics Corporation 2019 Long-Term Incentive Compensation Plan (the “2019 Equity Plan”) was approved and became effective on July 25, 2019 (the “Effective Date”). The 2019 Equity Plan permits the award of incentive stock options, non-qualified stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (including performance-based restricted stock units) and other awards to the Company’s key employees, non-employee directors and certain consultants and advisors of the Company and its subsidiaries. The 2019 Equity Plan is administered by the Compensation Committee of the Board of Directors (the “Committee”), which consists of four independent members of the Company’s Board of Directors, and is the successor to the Haemonetics Corporation 2005 Long-Term Incentive Compensation Plan, as amended (the “2005 Equity Plan”). Upon the Effective Date, no further awards were granted under the 2005 Equity Plan; however, each outstanding award under the 2005 Equity Plan will remain outstanding under that plan and continue to be governed under its terms and any applicable award agreement. The 2019 Equity Plan initially had a share reserve of 2,700,000 new shares of common stock, plus the number of shares of common stock reserved for issuance under the 2005 Plan that remained available for grant under the 2005 Plan as of July 25, 2019, an aggregate of 5,759,433 shares as of the Effective Date. On August 4, 2023, the 2019 Equity Plan was amended and restated to increase the number of shares available for issuance under the Plan by 2,966,231 additional shares, from 1,975,970 shares to 4,942,201 shares of common stock, subject to adjustment as provided by the terms of the 2019 Equity Plan, as amended and restated. Under the 2019 Equity Plan, as amended and restated, any shares that are subject to the award of stock options or SARs will be counted against the authorized share reserve as one share for every one share issued and any shares that are subject to awards other than stock options, SARs or cash awards will be counted against the authorized share reserve as 2.76 shares for every one share granted. Shares of common stock subject to outstanding grants under the 2005 Equity Plan as of the Effective Date that terminate, expire, or are otherwise canceled without having been exercised will be added to the share reserve at the applicable 2019 Equity Plan ratios. The total shares available for future grant under the 2019 Equity Plan, as amended and restated and giving effect to the applicable adjustment provisions, were 3,108,477 as of March 28, 2026. 105 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Share-Based Compensation Compensation cost related to share-based transactions is recognized in the consolidated financial statements based on fair value. The total amount of share-based compensation expense, which is recorded on a straight-line basis, is as follows: Year Ended 2026 2025 2024 (Dollars in Thousands) Selling, general and administrative expenses $ 29,511 $ 25,971 $ 23,662 Research and development 2,945 1,847 3,106 Cost of goods sold 1,371 1,818 1,564 Total share-based compensation $ 33,827 $ 29,636 $ 28,332 Stock Options Options are granted to purchase common stock at prices as determined by the Committee, but in no event shall such exercise price be less than the fair market value of the common stock at the time of the grant. Options generally vest in equal installments over a four-year period for employees and one year from grant for non-employee directors. 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 fiscal year ended March 28, 2026 is as follows: Options Outstanding Weighted Average Exercise Price per Share Weighted Average Remaining Life (years) Aggregate Intrinsic Value (Dollars in Thousands, Except Share and Per Share Data) Outstanding as of March 29, 2025 993,587 $ 81.75 3.5 $ 2,249 Granted 227,425 70.05 Exercised ( 36,267 ) 57.90 Forfeited/Canceled ( 166,850 ) 89.42 Outstanding as of March 28, 2026 1,017,895 $ 78.74 3.5 $ 45 Exercisable as of March 28, 2026 599,839 $ 79.67 2.2 $ 33 Vested or expected to vest as of March 28, 2026 945,805 $ 78.87 3.0 $ 45 The total intrinsic value of options exercised was $ 0.6 million, $ 6.4 million and $ 12.4 million during fiscal 2026, 2025 and 2024, respectively. As of March 28, 2026, there was $ 10.1 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 2.5 years. The fair value was estimated using the Black-Scholes option-pricing model based on the closing stock price at the grant date and the weighted average assumptions specific to the underlying options. Expected volatility assumptions are based on the historical volatility of the Company’s common stock over the expected term of the option. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued. The expected life of the option was estimated with reference to historical exercise patterns, the contractual term of the option and the vesting period. 106 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The assumptions utilized for option grants during the periods presented are as follows: Year Ended 2026 2025 2024 Volatility 44.2 % 43.9 % 45.3 % Expected life (years) 5.4 5.2 5.1 Risk-free interest rate 4.1 % 4.4 % 3.5 % Dividend yield 0.0 % 0.0 % 0.0 % Grant-date fair value per option $ 32.35 $ 43.56 $ 39.46 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. 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. 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 fiscal year ended March 28, 2026 is as follows: Shares Weighted Average Grant Date Fair Value Unvested as of March 29, 2025 303,003 $ 81.27 Granted 225,738 $ 70.52 Vested ( 157,290 ) $ 78.36 Forfeited ( 41,633 ) $ 78.15 Unvested as of March 28, 2026 329,818 $ 75.69 The weighted-average grant-date fair value of RSUs granted and total fair value of RSUs vested are as follows: Year Ended 2026 2025 2024 Grant-date fair value per RSU $ 70.52 $ 95.09 $ 89.21 Fair value of RSUs vested $ 78.36 $ 75.04 $ 67.14 As of March 28, 2026, there was $ 13.8 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 1.7 years. Performance Share Units The grant date fair value of Performance Share Units (“PSUs”), adjusted for estimated forfeitures, is recognized as expense on a straight-line basis from the grant date through the end of the performance period. The value of these PSUs is generally based on (i) rTSR, which equals the total shareholder return for the Company as compared with the total shareholder return of a PSU comparison group and; (ii) the AAGR of the Company, both of which are measured over a three-year performance period. For outstanding rTSR-based PSUs, the comparison group for awards granted prior to fiscal 2026 consists of the components of the Standard and Poor’s (“S&P”) MidCap 400 Index and for awards granted in fiscal 2026 consists of the components of the S&P Health Care Equipment Select Industry Index. For outstanding AAGR-based PSUs, the Company recognizes expense based on the number of awards expected to vest, which requires management to assess the probability of achieving the performance conditions. This assessment is based on internal revenue forecasts, historical performance, and current market conditions, and is reassessed at each reporting date. Depending on the Company’s performance under the above-mentioned PSU awards during the performance period, a recipient of the award is entitled to receive a number of ordinary shares equal to a percentage, ranging from 0 % to 200 % of the award granted. If the Company’s total shareholder return for the performance period is negative, then any share payout for rTSR-based PSU awards will be capped at 100 % of the target award, regardless of the Company’s performance relative to the comparison group. As a result, the Company may issue up to 715,262 shares related to outstanding performance-based awards. 107 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) A summary of PSU activity for the fiscal year ended March 28, 2026 is as follows: Shares Weighted Average Grant Date Fair Value Unvested as of March 29, 2025 335,843 $ 112.10 Granted (1) 220,349 $ 87.66 Vested (2) ( 162,066 ) $ 84.96 Forfeited ( 36,495 ) $ 114.24 Unvested as of March 28, 2026 357,631 $ 108.86 __________ (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 TSR-based PSU awards granted in fiscal 2023 for performance periods ending during fiscal 2026, representing 128 % of the target award. 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. The assumptions used in the Monte Carlo model for PSUs granted during each fiscal year were as follows: Year Ended 2026 2025 2024 Expected stock price volatility 31.81 % 35.35 % 48.20 % Peer group stock price volatility 46.62 % 35.95 % 40.29 % Correlation of returns 27.81 % 58.08 % 59.93 % The weighted-average grant-date fair value of PSUs granted is as follows: Year Ended 2026 2025 2024 Grant-date fair value per PSU $ 87.66 $ 128.25 $ 128.83 Fair value of PSUs vested $ 84.96 $ 72.35 $ — As of March 28, 2026, there was $ 18.7 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 1.8 years. Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (the “Purchase Plan”) under which a maximum of 3,200,000 shares (subject to adjustment for stock splits and similar changes) of common stock may be purchased by eligible employees. Substantially all of its full-time employees are eligible to participate in the Purchase Plan. The Purchase Plan provides for two “purchase periods” within each of its fiscal years, the first commencing on November 1 of each year and continuing through April 30 of the next calendar year, and the second commencing on May 1 of each year and continuing through October 31 of such year. Shares are purchased through an accumulation of payroll deductions (of not less than 2 % or more than 15 % of compensation, as defined) for the number of whole shares determined by dividing the balance in the employee’s account on the last day of the purchase period by the purchase price per share for the stock determined under the Purchase Plan. The purchase price for shares is the lower of 85 % of the fair market value of the common stock at the beginning of the purchase period, or 85 % of such value at the end of the purchase period. 108 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The fair values of shares purchased under the Employee Stock Purchase Plan are estimated using the Black-Scholes single option-pricing model with the following weighted average assumptions: Year Ended 2026 2025 2024 Volatility 47.6 % 29.3 % 28.6 % Expected life (months) 6 6 6 Risk-free interest rate 4.1 % 4.9 % 5.4 % Dividend Yield 0.0 % 0.0 % 0.0 % The weighted average grant date fair value of the six-month option inherent in the Purchase Plan was approximately $ 15.98 , $ 19.13 and $ 20.27 during fiscal 2026, 2025 and 2024, respectively. 17. ACCUMULATED OTHER COMPREHENSIVE LOSS The following is a roll-forward of the components of AOCL, net of tax, for the years ended March 28, 2026 and March 29, 2025: Foreign currency Defined benefit plans Net Unrealized Gain (Loss) on Derivatives Total (Dollars in Thousands) 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 AOCL (1) — — 56 56 Balance, March 29, 2025 $ ( 56,248 ) $ 1,149 $ 15 $ ( 55,084 ) Other comprehensive income before reclassifications 16,916 ( 403 ) 2,097 18,610 Amounts reclassified from AOCL (1) — — ( 1,140 ) ( 1,140 ) Balance, March 28, 2026 $ ( 39,332 ) $ 746 $ 972 $ ( 37,614 ) __________ (1) Presented net of income taxes, the amounts of which are insignificant. 18. 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 (“CODM”), identified as the Company’s Chief Executive Officer. The Company’s reportable and operating segments are as follows: • Plasma • Blood Center • Hospital 109 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 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 acqui sition, integration and divestiture related costs, amortization of acquired assets, restructuring costs, restructuring related costs, a provision for pre-acquisition inventory and inventory purchase commitments transferred from the Attune Medical acquisition that was deemed not recoverable, digital transformation costs related to the upgrade of the Company’s enterprise resource planning system, impairments and write downs, costs related to compliance with the European Union Medical Device Regulation (“EU MDR”) and In Vitro Diagnostic Regulation (“EU IVDR”), unusual or infrequent and material litigation-related charges and gains, losses on dispositions and sale of assets, remeasurement of the contingent consideration 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. 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. The Company does not track its assets by segment, and as a result it is not practical to show assets or depreciation by segment. Consequently, the Company’s CODM does not review assets by segment when assessing business performance and allocating resources. 110 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Selected information by reportable segment is presented below: Year Ended 2026 2025 2024 (Dollars in Thousands) Net revenues: Plasma $ 524,456 $ 535,431 $ 569,535 Blood Center 221,267 261,124 283,231 Hospital 588,304 564,269 456,289 Total net revenues $ 1,334,027 $ 1,360,824 $ 1,309,055 Significant segment expenses and operating performance: Plasma Cost of goods sold $ 214,135 $ 237,050 $ 264,042 Selling, general and administrative 105,323 98,418 109,729 Research and development 20,203 15,453 13,797 Plasma operating income $ 184,795 $ 184,510 $ 181,967 Blood Center Cost of goods sold $ 112,666 $ 142,512 $ 165,564 Selling, general and administrative 54,133 60,023 67,339 Research and development 4,492 5,770 7,956 Blood Center operating income $ 49,976 $ 52,819 $ 42,372 Hospital Cost of goods sold $ 203,227 $ 199,499 $ 167,172 Selling, general and administrative 247,251 241,760 209,680 Research and development 34,091 34,035 27,239 Hospital operating income $ 103,735 $ 88,975 $ 52,198 Corporate and unallocated expenses Amortization of acquired assets $ ( 49,812 ) $ ( 63,217 ) $ ( 35,378 ) Acquisition, integration and divestiture related costs ( 14,155 ) ( 22,904 ) ( 11,249 ) Restructuring and restructuring related costs ( 3,218 ) ( 21,158 ) ( 23,588 ) Digital transformation costs ( 21,526 ) ( 20,273 ) ( 15,667 ) Remeasurement of contingent consideration 1,879 23,022 — Impairment of intangible assets ( 86,546 ) ( 2,391 ) ( 10,419 ) Other (1) ( 8,394 ) 2,434 ( 15,353 ) Operating income 156,734 221,817 164,883 Interest and other expense, net ( 28,704 ) ( 9,746 ) ( 13,018 ) Income before provision for income taxes $ 128,030 $ 212,071 $ 151,865 __________ (1) Comprised of write downs of certain assets, EU MDR and EU IVDR costs, Litigation-related charges, gain on repurchase of convertible notes, gain on sale of property, plant and equipment, PCS2 ® related charges, gain on divestiture, and a provision for pre-acquisition inventory and inventory purchase commitments transferred from the Attune Medical acquisition that was deemed not recoverable. 111 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Net revenues by business unit are as follows: Year Ended 2026 2025 2024 (Dollars in Thousands) Plasma Plasma net revenues $ 524,456 $ 535,431 $ 569,535 Blood Center Apheresis $ 220,861 $ 213,134 $ 211,173 Whole Blood 406 47,990 72,058 Blood Center net revenues $ 221,267 $ 261,124 $ 283,231 Hospital Interventional Technologies $ 234,007 $ 255,019 $ 174,285 Blood Management Technologies 354,297 309,250 282,004 Hospital net revenues $ 588,304 $ 564,269 $ 456,289 Total net revenues $ 1,334,027 $ 1,360,824 $ 1,309,055 Depreciation and amortization, excluding impairment charges, by business unit are as follows: Year Ended 2026 2025 2024 (Dollars in Thousands) Plasma $ 47,368 $ 48,264 $ 45,712 Blood Center 7,160 10,077 13,391 Hospital 57,189 57,245 38,112 Total depreciation and amortization (excluding impairment charges) $ 111,717 $ 115,586 $ 97,215 Long-lived assets, comprised of property, plant and equipment, by business unit are as follows: March 28, 2026 March 29, 2025 (Dollars in Thousands) Plasma $ 206,365 $ 189,833 Blood Center 39,677 40,337 Hospital 59,719 53,882 Total long-lived assets $ 305,761 $ 284,052 Long-lived assets, comprised of property, plant and equipment, by operating regions are as follows: March 28, 2026 March 29, 2025 (Dollars in Thousands) United States $ 224,699 $ 217,212 Japan 916 1,250 Europe 32,080 20,024 Rest of Asia 30,833 28,705 Other 17,233 16,861 Total long-lived assets $ 305,761 $ 284,052 112 Table of Contents HAEMONETICS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Net revenues by operating regions are as follows: Year Ended 2026 2025 2024 (Dollars in Thousands) United States $ 982,176 $ 1,010,918 $ 970,007 Japan 68,200 62,408 58,087 Europe 185,019 175,655 160,142 Rest of Asia 87,212 92,305 107,536 Other 11,420 19,538 13,283 Total net revenues $ 1,334,027 $ 1,360,824 $ 1,309,055 113 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.