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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 26, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-14041
HAEMONETICS CORPORATION
(Exact name of registrant as specified in its charter)
Massachusetts04-2882273
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
125 Summer Street
Boston,Massachusetts02110
(Address of principal executive offices)(Zip Code)
(781) 848-7100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common stock, $.01 par value per shareHAENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer  ☐
Non-accelerated filer  ☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☒
The number of shares of $0.01 par value common stock outstanding as of October 30, 2026: 45,537,511.


HAEMONETICS CORPORATION
INDEX
PAGE
2
Table of Contents

ITEM 1. FINANCIAL STATEMENTS
HAEMONETICS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars and Shares in Thousands, Except Per Share Data)
Net revenues$357,759 $327,315 $697,139 $648,709 
Cost of goods sold136,846 132,571 273,423 261,721 
Gross profit220,913 194,744 423,716 386,988 
Operating expenses:
Research and development17,029 14,872 33,229 31,133 
Selling, general and administrative118,361 101,615 237,302 212,334 
Amortization of acquired intangible assets10,403 11,182 20,607 22,574 
Impairment of intangible assets— 8,584 — 8,584 
Total operating expenses145,793 136,253 291,138 274,625 
Operating income75,120 58,491 132,578 112,363 
Interest and other expense, net(12,261)(7,206)(22,145)(15,909)
Income before provision for income taxes62,859 51,285 110,433 96,454 
Provision for income taxes16,554 12,601 31,118 23,739 
Net income$46,305 $38,684 $79,315 $72,715 
Net income per common share:
Basic$1.02 $0.81 $1.75 $1.52 
Diluted$1.00 $0.81 $1.72 $1.51 
Weighted average shares outstanding
Basic45,500 47,590 45,430 47,850 
Diluted46,463 47,664 46,084 48,009 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Table of Contents
HAEMONETICS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
Net income$46,305 $38,684 $79,315 $72,715 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax1,493 (4,419)(3,215)14,888 
Unrealized gain (loss) on cash flow hedges, net of tax1,534 336 2,332 (184)
Reclassifications into earnings of cash flow hedge gains, net of tax(115)(206)(220)(151)
Other comprehensive income (loss)2,912 (4,289)(1,103)14,553 
Comprehensive income$49,217 $34,395 $78,212 $87,268 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Table of Contents
HAEMONETICS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 26, 2026March 28, 2026
(Dollars in Thousands, Except Share Data)
ASSETS
Current assets:
Cash and cash equivalents$260,712 $245,440 
Accounts receivable, less allowance for credit losses of $3,524 as of September 26, 2026 and $3,693 as of March 28, 2026
224,952 216,855 
Inventories, net305,006 306,370 
Prepaid expenses and other current assets64,857 66,214 
Total current assets855,527 834,879 
Property, plant and equipment, net307,921 305,761 
Intangible assets, less accumulated amortization of $386,872 as of September 26, 2026 and $363,763 as of March 28, 2026
426,364 447,655 
Goodwill657,104 656,368 
Deferred tax asset9,350 9,521 
Other long-term assets154,339 141,741 
Total assets$2,410,605 $2,395,925 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and current maturities of long-term debt$9,643 $5,015 
Accounts payable71,640 51,056 
Accrued payroll and related costs54,424 68,191 
Other current liabilities165,131 158,337 
Total current liabilities300,838 282,599 
Long-term debt1,114,118 1,219,565 
Deferred tax liability41,824 38,048 
Other long-term liabilities55,328 59,393 
Stockholders’ equity:
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 45,523,872 shares as of September 26, 2026 and 45,252,667 shares as of March 28, 2026
455 453 
Additional paid-in capital579,798 554,137 
Retained earnings356,961 279,344 
Accumulated other comprehensive loss(38,717)(37,614)
Total stockholders’ equity898,497 796,320 
Total liabilities and stockholders’ equity$2,410,605 $2,395,925 
    
The accompanying notes are an integral part of these condensed consolidated financial statements.
5
Table of Contents
HAEMONETICS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
Common StockAdditional
Paid-in Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		Total
Stockholders’ Equity
SharesPar Value
(Dollars in Thousands, Except Share Data)
Balance, March 28, 202645,252,667 $453 $554,137 $279,344 $(37,614)$796,320 
Employee stock purchase plan73,033 1 3,122 — — 3,123 
Exercise of stock options7,244 — 426 — — 426 
Issuance of restricted stock, net of cancellations157,265 1 (1)— — — 
Tax withholding on employee equity awards(18,896)— (236)(838)— (1,074)
Share-based compensation expense— — 9,311 — — 9,311 
Net income— — — 33,010 — 33,010 
Other comprehensive loss— — — — (4,015)(4,015)
Balance, June 27, 202645,471,313 $455 $566,759 $311,516 $(41,629)$837,101 
Exercise of stock options30,314 — 1,951 — — 1,951 
Issuance of restricted stock, net of cancellations22,261 1 (1)— — — 
Tax withholding on employee equity awards(16)(1)861 (860)— — 
Share-based compensation expense— — 10,228 — — 10,228 
Net income— — — 46,305 — 46,305 
Other comprehensive income— — — — 2,912 2,912 
Balance, September 26, 202645,523,872 $455 $579,798 $356,961 $(38,717)$898,497 

6
Table of Contents
Common StockAdditional
Paid-in Capital		Retained EarningsAccumulated
Other
Comprehensive Loss		Total
Stockholders’ Equity
SharesPar Value
(Dollars in Thousands, Except Share Data)
Balance, March 29, 202548,215,899 $482 $523,264 $352,174 $(55,084)$820,836 
Employee stock purchase plan64,884 1 3,475 — — 3,476 
Exercise of stock options9,141 — 698 (236)— 462 
Shares repurchased(363,886)(4)26,051 (26,047)— — 
Issuance of restricted stock, net of cancellations250,532 3 (3)— — — 
Tax withholding on employee equity awards(17,847)— (783)(3,876)— (4,659)
Share-based compensation expense— — 9,312 — — 9,312 
Net income— — — 34,031 — 34,031 
Other comprehensive income— — — — 18,842 18,842 
Balance, June 28, 202548,158,723 $482 $562,014 $356,046 $(36,242)$882,300 
Exercise of stock options857 — 74 (11)— 63 
Shares repurchased, including excise tax(1,430,579)(14)(16,759)(58,387)— (75,160)
Issuance of restricted stock, net of cancellations18,626 (1)— — — (1)
Tax withholding on employee equity awards(246)— (4)(9)— (13)
Share-based compensation expense— — 7,589 — — 7,589 
Net income— — — 38,684 — 38,684 
Other comprehensive loss— — — — (4,289)(4,289)
Balance, September 27, 202546,747,381 $467 $552,914 $336,323 $(40,531)$849,173 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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Table of Contents
HAEMONETICS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
September 26, 2026September 27, 2025
(Dollars in Thousands)
Cash Flows from Operating Activities:
Net income$79,315 $72,715 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization54,871 57,013 
Amortization of fair value inventory step-up— 4,491 
Share-based compensation expense19,539 16,901 
Impairment of intangible assets— 8,584 
Deferred income taxes3,234 (3,956)
Other non-cash operating activities5,389 2,361 
Change in operating assets and liabilities:
Change in accounts receivable(8,064)(3,702)
Change in inventories978 25,058 
Change in prepaid income taxes2,428 3,136 
Change in other assets and other liabilities(18,277)(23,688)
Change in accounts payable and accrued expenses41,010 (30,197)
Net cash provided by operating activities180,423 128,716 
Cash Flows from Investing Activities:
Capital expenditures(22,677)(8,770)
Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment(15,657)(29,149)
Proceeds from sale of property, plant and equipment813 417 
Other investments(9,000)(25,966)
Net cash used in investing activities(46,521)(63,468)
Cash Flows from Financing Activities:
Payments on revolving credit facility(100,000)— 
Repayment of term loan borrowings(3,125)(3,125)
Share repurchases— (75,000)
Contingent consideration payments(17,597)— 
Proceeds from employee stock purchase plan3,123 3,476 
Proceeds from exercise of stock options2,377 525 
Cash used to net share settle employee equity awards(3,888)(4,795)
Other financing activities(29)(75)
Net cash used in financing activities(119,139)(78,994)
Effect of exchange rates on cash and cash equivalents509 3,409 
Net Change in Cash and Cash Equivalents15,272 (10,337)
Cash and Cash Equivalents at Beginning of Period245,440 306,763 
Cash and Cash Equivalents at End of Period$260,712 $296,426 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
HAEMONETICS CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Haemonetics Corporation (“Haemonetics” or the “Company”) presented herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany transactions have been eliminated. Operating results for the six months ended September 26, 2026 are not necessarily indicative of the results that may be expected for the full fiscal year ending April 3, 2027 or any other interim period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Annual Report on Form 10-K for the fiscal year ended March 28, 2026.
The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. There were no material recognized or unrecognized subsequent events as of or for the six months ended September 26, 2026.
2. RECENT ACCOUNTING PRONOUNCEMENTS
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 after 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 can be applied on a prospective basis with the option to apply the standard retrospectively.
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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.
In May 2026, the FASB issued ASC Update No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). ASC Update No. 2026-02 establishes guidance for the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. The updated guidance is effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. ASC Update No. 2026-02 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.
3. ACQUISITIONS 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 $166.0 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 the fourth quarter of 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 vascular closure 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 certain structural heart and endovascular procedures. PerQseal Elite received CE Mark in Europe for both arterial and venous indications in 2025, and in October 2026 the U.S. Food and Drug Administration (“FDA”) approved PerQseal Elite for large-bore arterial procedures. As part of the FDA’s approval, the Company will also conduct and report periodically to the FDA on a post-approval study designed to characterize the real-world safety and performance of PerQseal Elite in U.S. clinical practice. The addition of Vivasure expands the MedSurg business unit portfolio in the interventional cardiology market and is included in the MedSurg 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. During the second quarter of fiscal 2027 the Company recorded measurement period adjustments that were considered not material. 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.
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The total purchase price of $166.0 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 receivable21 
Inventories1,056 
Prepaid expenses and other current assets1,736 
Property, plant and equipment575 
Intangible assets117,100 
Goodwill52,076 
Other long-term assets1,972 
Total assets acquired$174,985 
Accounts payable1,186 
Accrued payroll and related costs2,889 
Other current liabilities4,741 
Other long-term liabilities199 
Total liabilities assumed9,015 
Net assets acquired$165,970 
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 $52.1 million based on expected synergies from integration into the Company’s MedSurg business unit. The goodwill is not deductible for tax purposes and relates entirely to the MedSurg reportable segment.
Intangible assets acquired consist of the following:
AmountWeighted-Average Amortization PeriodRisk-Adjusted Discount
Rates used in Purchase Price Allocation
(Dollars in Thousands)
Developed technology$117,100 16 years16.5 %
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.
Strategic Investments
As part of its business development strategy, the Company maintains strategic investments in certain entities. The carrying value of the Company’s strategic investments was $23.4 million as of September 26, 2026 and $19.2 million as of March 28, 2026. These investments are included within other long-term assets in the Company’s condensed consolidated balance sheets.
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During the three and six months ended September 26, 2026, the Company recognized losses of $1.4 million and $2.4 million, respectively, related to an equity method investment, which reduced the carrying value of the investment accordingly. Other than this adjustment, the Company did not record any material adjustments to the carrying value of its strategic investments during the three and six months ended September 26, 2026 or September 27, 2025.
4. REVENUE
As of September 26, 2026, the Company had $30.1 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 78% 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 condensed 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.
As of September 26, 2026 and March 28, 2026, the Company had contract liabilities of $67.3 million and $42.3 million, respectively. During the three and six months ended September 26, 2026, the Company recognized $11.0 million and $29.1 million, respectively, of revenue that was included in the above March 28, 2026 contract liability balance. Contract liabilities are classified as other current liabilities on the condensed consolidated balance sheets. As of September 26, 2026 and March 28, 2026, the Company’s contract assets were $5.6 million and $5.5 million, respectively.
5. RESTRUCTURING
On an ongoing basis, the Company assesses 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.
Market and Regional Alignment Initiative
In May 2025, the Board approved a 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. The amounts and timing of estimated costs and savings are subject to change until finalized. The actual amounts and timing may vary materially based on various factors. Under this initiative, the Company recognized de minimis reversals of previously incurred costs during the three months ended September 26, 2026 and incurred restructuring and restructuring related costs of $2.2 million during the six months ended September 26, 2026, as compared to restructuring and restructuring related costs of $0.7 million and $3.4 million during the three and six months ended September 27, 2025, respectively. Total cumulative charges under the market and regional alignment initiative are $7.9 million as of September 26, 2026.
The following table summarizes the activity for restructuring reserves related to the market and regional alignment initiative as well as certain previously completed programs for the six months ended September 26, 2026, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:
Market and Regional Alignment Initiative
Previously Completed Programs(1)
Total
Balance as of March 28, 2026
$568 $739 $1,307 
Costs incurred, net of reversals2,292 (221)2,071 
Payments(2,519)(479)(2,998)
Balance as of September 26, 2026
$341 $39 $380 
__________
(1)    Reflects the Company’s Operational Excellence Program and portfolio rationalization initiatives, each of which closed as of March 29, 2025.
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The following presents the net restructuring costs by line item within the Company’s accompanying unaudited condensed consolidated statements of income:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
Cost of goods sold$(219)$(141)$564 $(526)
Research and development— 349 (8)1,034 
Selling, general and administrative expenses(8)(4)1,515 962 
Total$(227)$204 $2,071 $1,470 
As of September 26, 2026, the Company had a restructuring liability of $0.4 million, all of which is payable within the next twelve months.
In addition to the restructuring expenses included in the table above, the Company also incurred costs that do not constitute restructuring costs under FASB ASC Topic 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs. These costs consist primarily of expenditures directly related to the restructuring actions.
The tables below present restructuring and restructuring related costs by reportable segment:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
Restructuring costs
Apheresis$(197)$(415)$(184)$(867)
MedSurg(7)540 2,302 1,116 
Corporate(23)79 (47)1,221 
Total$(227)$204 $2,071 $1,470 
Restructuring related costs
Apheresis$— $— $— $9 
MedSurg— — — — 
Corporate11 54 (29)103 
Total$11 $54 $(29)$112 
Total restructuring and restructuring related costs$(216)$258 $2,042 $1,582 
6. INCOME TAXES
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 is favorably impacted by the jurisdictional mix of earnings and research credits generated.
For the three and six months ended September 26, 2026, the Company reported income tax expense of $16.6 million and $31.1 million, respectively, representing an effective tax rate of 26.3% and 28.2%, respectively. The effective tax rate for the three months ended September 26, 2026 is primarily impacted by valuation allowances recorded against deferred tax assets in jurisdictions with losses from recent acquisitions. The effective tax rate for the six months ended September 26, 2026 includes $1.6 million of discrete tax expense, primarily related to stock compensation shortfalls.
For the three and six months ended September 27, 2025, the Company reported income tax expense of $12.6 million and $23.7 million, respectively, representing an effective tax rate of 24.6% in each period. The effective tax rates for the three and six months ended September 27, 2025 was primarily impacted related to stock compensation shortfalls.
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The increase in the reported tax rate for the six months ended September 26, 2026, compared to the same period in fiscal 2026, relates primarily to the increase in net stock compensation shortfalls and the impact of losses incurred in certain jurisdictions for which no tax benefit was recognized.
7. EARNINGS PER SHARE
The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars and Shares in Thousands, Except Per Share)
Net income$46,305 $38,684 $79,315 $72,715 
Basic weighted average shares outstanding45,500 47,590 45,430 47,850 
Dilutive net effect of common stock equivalents963 74 654 159 
Diluted weighted average shares46,463 47,664 46,084 48,009 
Net income per share
Basic$1.02 $0.81 $1.75 $1.52 
Diluted$1.00 $0.81 $1.72 $1.51 
Anti-dilutive shares excluded from the calculation606 1,134 743 1,041 
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 the convertible senior notes.
2025 Share Repurchase Program
In April 2025, the Board approved a new three-year share repurchase program authorizing the repurchase of up to $500.0 million of Haemonetics common stock, based on market conditions, through April 2028. This new share repurchase program will help to offset the dilutive impact of recent and future employee equity grants. Under the share repurchase program, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions. The actual timing, number and value of shares repurchased will be determined by the Company at its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and compliance with the terms of loan covenants. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.
During fiscal 2026, the Company repurchased 3,009,834 shares for $175.0 million at an average price per share upon settlement of $58.14. As of September 26, 2026, the total remaining authorization for repurchases of the Company's common stock under the 2025 share repurchase program was $325.0 million.
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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.
September 26, 2026March 28, 2026
(Dollars in Thousands)
Raw materials$109,100 $114,873 
Work-in-process14,900 11,974 
Finished goods181,006 179,523 
Total$305,006 $306,370 
9. PROPERTY, PLANT AND EQUIPMENT
September 26, 2026March 28, 2026
(Dollars in Thousands)
Land$2,287 $2,251 
Building and building improvements109,760 109,793 
Plant equipment and machinery201,813 197,552 
Office equipment and information technology133,678 131,085 
Haemonetics equipment388,783 371,205 
Construction in progress36,998 29,943 
Property, plant and equipment, at cost873,319 841,829 
Less: accumulated depreciation(565,398)(536,068)
Property, plant and equipment, net$307,921 $305,761 
During the three and six months ended September 26, 2026, depreciation expense was $15.7 million and $31.1 million, respectively. During the three and six months ended September 27, 2025, depreciation expense was $15.5 million and $30.9 million, respectively.
10. LEASES
Lessor Activity
Assets on the Company’s balance sheet classified as Haemonetics equipment primarily consist 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 a certain level of disposable products. 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 estimated stand-alone selling prices. Operating lease revenue represents approximately two percent of the Company’s total net revenues during both the three and six months ended September 26, 2026.
11. GOODWILL AND INTANGIBLE ASSETS
On June 5, 2026, the Company implemented an organizational realignment designed to align its commercial operations into two global reportable segments by combining the previously reported Plasma and Blood Center reportable segments into Apheresis and renaming the Hospital reportable segment to MedSurg. This organizational structure reflects how the Company is organized to manage operations, allocate resources and evaluate performance.
15
The Company has recast goodwill assigned to the Apheresis segment as of the beginning of the year by combining the goodwill from the previous Blood Center and Plasma segments into the new Apheresis segment. Each of the Company’s reporting units were tested for goodwill impairment prior to and subsequent to the re-alignments and no impairment was identified.
The changes in the carrying amount of goodwill by operating segment for fiscal 2027 are as follows:
ApheresisMedSurgTotal
(Dollars in Thousands)
Carrying amount as of March 28, 2026
$55,931 $600,437 $656,368 
Purchase accounting adjustments— 1,597 1,597 
Currency translation50 (911)(861)
Carrying amount as of September 26, 2026
$55,981 $601,123 $657,104 
The gross carrying amount of intangible assets and the related accumulated amortization as of September 26, 2026 and March 28, 2026 are as follows:
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying AmountWeighted Average Remaining Life (Years)
September 26, 2026
(Dollars in Thousands)
Amortizable:
Developed technology$554,323 $210,319 $344,004 11.2
Customer contracts and related relationships129,857 78,823 51,034 10.9
Capitalized software99,620 85,198 14,422 2.8
Patents and other7,422 4,911 2,511 5.1
Trade names14,628 7,621 7,007 10.0
Total$805,850 $386,872 $418,978 
Non-amortizable:
In-process software development$7,386 
Total$7,386 
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying AmountWeighted 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 relationships130,862 76,489 54,373 11.3
Capitalized software95,880 82,284 13,596 2.9
Patents and other7,422 4,613 2,809 5.5
Trade names14,720 7,263 7,457 10.4
Total$805,515 $363,763 $441,752 
Non-amortizable:
In-process software development$5,903 
Total$5,903 
During fiscal 2026, the Company recorded total intangible asset impairment charges of $86.5 million. This included a $9.3 million intangible impairment charge related to the intellectual property associated with the HAS viscoelastic diagnostic devices, related assays and disposables within the MedSurg reportable segment, which was primarily recorded in the second quarter of fiscal 2026, and an intangible asset impairment charge of $77.2 million related to long-lived intangible assets associated with the acquisition of Attune Medical within the MedSurg reportable segment in the fourth quarter of fiscal 2026.
16
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 and Strategic Investments, for additional information regarding the acquisition.
Intangible assets include the value assigned to license rights and other developed technology, patents, customer contracts and relationships and trade names. The estimated useful lives for all of these intangible assets are approximately 5 to 16 years.
During the three and six months ended September 26, 2026, amortization expense was $11.9 million and $23.7 million, respectively. During the three and six months ended September 27, 2025, amortization expense was $12.8 million and $26.1 million, respectively.
Future annual amortization expense on intangible assets for the next five years is estimated to be as follows:
Amortization Expense
(Dollars in Thousands)
Remainder of Fiscal 2027$23,943 
Fiscal 2028$45,678 
Fiscal 2029$43,689 
Fiscal 2030$42,420 
Fiscal 2031$40,794 
12. NOTES PAYABLE AND LONG-TERM DEBT
Notes payable and long-term debt consisted of the following:
September 26, 2026March 28, 2026
(Dollars in Thousands)
Convertible notes$690,476 $688,775 
Term loan, net of financing fees232,594 235,131 
Revolving credit facility
200,000 300,000 
Other borrowings691 674 
Total debt1,123,761 1,224,580 
Less: current portion(9,643)(5,015)
Long-term debt$1,114,118 $1,219,565 
Convertible Senior 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 the Indenture between the Company and U.S. Bank Trust Company, National Association, as trustee. The total net proceeds from the sale of the 2029 Notes, after deducting the initial purchasers’ discounts and debt issuance costs, were $682.8 million, with a portion of funds used to repay the entirety of the balance on the revolving credit facility under the Company’s second amended and restated credit agreement, to repurchase a portion of the Company’s convertible senior notes due in 2026 and 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;
17
•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.
During the second quarter of fiscal 2027, the conditions allowing holders of the 2029 Notes to convert have not been met. The 2029 Notes were therefore not convertible as of September 26, 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 are amortized to interest expense over the contractual term of the 2029 Notes at an effective interest rate of 3.0%.
As of September 26, 2026, the $700.0 million principal balance was netted down by $9.5 million of remaining debt issuance costs, resulting in a net convertible note payable of $690.5 million. Interest expense related to the 2029 Notes was $5.2 million and $10.5 million, respectively, for the three and six months ended September 26, 2026, which includes nominal interest expense and the amortization of the debt issuance costs. The nominal interest rate is 2.5% and the remaining debt issuance costs are amortized at an effective interest rate of 3.0%.
Capped Calls
In connection with the issuance of the 2029 Notes, the Company entered into capped call transactions with certain counterparties (“Capped Calls”). The Capped Calls each have an initial strike price of approximately $117.12 per share, subject to certain adjustments, which corresponds to the initial conversion price of the convertible notes. The Capped Calls have initial cap prices of $180.18 per share, subject to certain adjustments. The Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2029 Notes, with such offset subject to a cap based on the cap price. The Capped Calls cover approximately 5.98 million shares of the Company’s common stock, 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 Capped Calls was recorded as a reduction to additional paid-in capital in fiscal 2025 and will not be remeasured.
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Credit Facilities
On April 30, 2024, the Company entered into a second amended and restated credit agreement with certain lenders to refinance its credit facilities initially entered into in 2022 and extended their maturity date through April 2029. The second amended and restated credit agreement provides for a $250.0 million senior unsecured term loan 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. During the three and six months ended September 26, 2026, the Company recognized $6.5 million and $13.7 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities. During the three and six months ended September 27, 2025, the Company recognized $4.3 million and $8.5 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities.
As of September 26, 2026, $235.9 million was outstanding under the term loan with an effective interest rate of 6.0%, which was netted down by the $3.3 million of remaining debt discount, resulting in a net note payable of $232.6 million. The Company has scheduled principal payments of $7.8 million required during the 12 months following September 26, 2026. In connection with the settlement of the convertible senior notes due in 2026, the Company borrowed $300.0 million under the revolving credit facility. During the first half of fiscal 2027, the Company repaid $100.0 million of the outstanding amount under the revolving credit facility. As of September 26, 2026, $200.0 million remained outstanding under the revolving credit facility.
The Company also had $18.0 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 26, 2026.
The Company was in compliance with the consolidated net leverage and interest coverage ratios specified in the 2024 Revised Credit Facilities as well as all other bank covenants as of September 26, 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 net leverage ratio. The commitment fee ranges from 0.125% to 0.250%. The current commitment fee on the undrawn portion of the revolving credit facility is 0.2%.
The future aggregate amount of debt maturities are as follows:
Debt Maturities
(Dollars in Thousands)
Remainder of Fiscal 2027$4,718 
Fiscal 202812,562 
Fiscal 202918,816 
Fiscal 20301,100,071 
Fiscal 203175 
Thereafter388 
Total debt maturities$1,136,630 
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13. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
The Company manufactures, markets and sells its products globally. During the three and six months ended September 26, 2026, 25.1% and 24.6%, respectively, of the Company’s sales were generated outside the U.S. in local currencies. 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 and Euro, and to a lesser extent Swiss Franc, Mexican Peso, Chinese Yuan, and Canadian Dollar. 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 September 26, 2026 and March 28, 2026 were cash flow hedges under FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). The Company records the effective portion of any change in the fair value of designated foreign currency hedge contracts in other comprehensive income until the related third-party transaction occurs. 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 $80.0 million as of September 26, 2026 and $30.1 million as of March 28, 2026. As of September 26, 2026, a loss of $1.0 million, net of tax, will be reclassified to earnings within the next eighteen months. Substantially all currency cash flow hedges outstanding as of September 26, 2026 mature within eighteen 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 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 815 outstanding in the contract amount of $51.2 million as of September 26, 2026 and $75.3 million as of March 28, 2026.
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.
In September 2024, the Company amended and extended two interest rate swaps on its senior unsecured term loan through April 2029 to mitigate the interest rate risk. This did not have a material impact on the condensed 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.
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The Company held the following interest rate swaps as of September 26, 2026:
Hedged ItemOriginal Notional Amount
Notional Amount as of September 26, 2026
Designation DateEffective DateTermination DateFixed Interest RateEstimated Asset Fair Value
(Dollars in Thousands)
1-month USD Term SOFR$109,900 $99,010 9/27/20249/30/20244/30/20293.3%$3,007 
1-month USD Term SOFR109,900 97,672 9/27/20249/30/20244/30/20293.3%3,024 
Total$219,800 $196,682 $6,031 
For the six months ended September 26, 2026, the Company recognized a gain on the interest rate swaps to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges of $3.4 million, net of tax, in accumulated other comprehensive loss (“AOCL”) within the condensed consolidated balance sheets.
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 (Write-offs)
(Dollars in Thousands)
Balance as of March 28, 2026
$3,693 
Credit loss83 
Write-offs(254)
Balance as of September 26, 2026
$3,522 
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.
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Fair Value of Derivative Instruments
The following table presents the effect of the Company’s derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its condensed consolidated statements of income for the six months ended September 26, 2026:

Derivative InstrumentsAmount of (Loss) Gain Recognized in AOCLAmount of (Loss) Gain Reclassified from AOCL into EarningsClassification in EarningsAmount of Gain (Loss) Excluded from
Effectiveness
Testing		Classification in Earnings
(Dollars in Thousands)
Designated foreign currency hedge contracts, net of tax$(1,024)$(230)Net revenues, COGS and SG&A$443 Interest and other expense, net
Non-designated foreign currency hedge contracts$— $— $(528)Interest and other expense, net
Designated interest rate swaps, net of tax$3,355 $11 Interest and other expense, net$— 
The Company did not have fair value hedges or net investment hedges outstanding as of September 26, 2026 or March 28, 2026. As of September 26, 2026, there were no material deferred taxes recognized for designated foreign currency hedges.
ASC 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet. The Company determines the fair value of its derivative instruments using the framework prescribed by FASB 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 September 26, 2026, the Company has classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments.
The following tables present the fair value of the Company’s derivative instruments as they appear in its condensed consolidated balance sheets as of September 26, 2026 and March 28, 2026:
ClassificationSeptember 26, 2026March 28, 2026
(Dollars in Thousands)
Derivative Assets:
Designated foreign currency hedge contractsPrepaid expenses and other current assets$691 $1,245 
Non-designated foreign currency hedge contractsPrepaid expenses and other current assets93 330 
Designated interest rate swapsPrepaid expenses and other current assets2,199 823 
Designated interest rate swapsOther long-term assets3,832 947 
Total$6,815 $3,345 
Derivative Liabilities:
Designated foreign currency hedge contractsOther current liabilities$892 $50 
Non-designated foreign currency hedge contractsOther current liabilities158 63 
Total$1,050 $113 
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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 September 26, 2026 and March 28, 2026.
September 26, 2026
Level 1Level 2Level 3Total
(Dollars in Thousands)
Assets
Money market funds$64,468 $— $— $64,468 
Designated foreign currency hedge contracts— 691 — 691 
Non-designated foreign currency hedge contracts— 93 — 93 
Designated interest rate swaps— 6,031 — 6,031 
Total$64,468 $6,815 $— $71,283 
Liabilities
Designated foreign currency hedge contracts$— $892 $— $892 
Non-designated foreign currency hedge contracts— 158 — 158 
Contingent consideration— — 3,300 3,300 
Total$— $1,050 $3,300 $4,350 
March 28, 2026
Level 1Level 2Level 3Total
(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 
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.
23
The level 3 fair value measurements of contingent consideration liabilities include the following significant unobservable inputs:
Fair Value as of
September 26, 2026Valuation TechniqueUnobservable InputRange
(Dollars in Thousands)
Revenue-based payments$3,100 Monte Carlo Simulation ModelDiscount rate3.4%
Projected fiscal year of payments2028 - 2030
Event-based payment$200 Monte Carlo Simulation ModelDiscount rate5.8%
Projected fiscal year of payment2027 - 2028
Fair Value as of
March 28, 2026Valuation TechniqueUnobservable InputRange
(Dollars in Thousands)
Revenue-based payments$3,076 Monte Carlo Simulation ModelDiscount rate3.4%
Projected fiscal year of payments2028 - 2030
Event-based payment$390 Monte Carlo Simulation ModelDiscount rate5.8%
Projected fiscal year of payment2027 - 2028
$17,597 Monte Carlo Simulation ModelDiscount rate3.0%
Projected fiscal year of payment2027
The fair value of contingent consideration associated with acquisitions was $3.3 million and $21.1 million as of September 26, 2026 and March 28, 2026, respectively. As of September 26, 2026, $0.2 million was included in other current liabilities and $3.1 million was included in other long-term liabilities. As of March 28, 2026, $17.6 million was included in other current liabilities and $3.4 million was included in other long-term liabilities.
During the second quarter of fiscal 2027, the Company paid $18.5 million of contingent consideration related to the achievement of certain milestones associated with the acquisition of Vivasure, which resulted in a loss of $0.8 million related to the earnout, which is included in selling, general and administrative expenses in the condensed consolidated statements of income.
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 28, 2026
$21,063 
Payment of contingent consideration(18,463)
Change in fair value700 
Balance as of September 26, 2026
$3,300 
Other Fair Value Disclosures
The fair value of the 2029 Notes was $800.6 million and $662.4 million as of September 26, 2026 and March 28, 2026, respectively, which were determined by using the market price on the last trading day of the reporting period and are considered as level 2 in the fair value hierarchy.
The senior unsecured term loan (which is carried at amortized cost), the revolving credit facility, accounts receivable and accounts payable approximate fair value.
14. 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 FASB ASC Topic 450, Contingencies, for all matters. Legal costs are expensed as incurred.
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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 filed nine 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. All nine of the petitions were denied by the PTO, rendering moot the motion to stay. On June 24, 2026, Haemonetics and Terumo filed an amended joint disputed claim terms chart in which two Haemonetics patents were withdrawn from assertion in the litigation. On September 30, 2026, the District Court denied Terumo’s partial motion to dismiss. On October 14, 2026, Terumo filed an answer and counterclaim alleging infringement by the Company of certain of Terumo’s U.S. patents, alleging inequitable conduct and Walker Process antitrust violations.
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. In May 2026, Fenwal amended its counterclaim, alleging inequitable conduct and Walker Process antitrust violations. The Company has filed its answer, denying all counterclaims. In September and October 2026, the parties exchanged final infringement, invalidity, and unenforceability contentions, as well as responsive contentions. On October 20, 2026, the parties reached an agreement in principle to resolve the litigation at mediation. The parties continue to work toward a final resolution. On October 21, 2026, the parties jointly moved to stay the litigation, and on October 22, 2026, the court granted the motion and stayed all deadlines and proceedings.
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.
15. ACCUMULATED OTHER COMPREHENSIVE LOSS
The components of AOCL, net of tax, are as follows:
Foreign CurrencyDefined Benefit PlansNet Unrealized Gain (Loss) on DerivativesTotal
(Dollars in Thousands)
Balance as of March 28, 2026$(39,332)$746 $972 $(37,614)
Other comprehensive (loss) income before reclassifications(1)
(3,215)— 2,332 (883)
Amounts reclassified from AOCL(1)
— — (220)(220)
Balance as of September 26, 2026$(42,547)$746 $3,084 $(38,717)
__________
(1)    Presented net of income taxes, the amounts of which are insignificant.
16. SEGMENT AND ENTERPRISE-WIDE INFORMATION
On June 5, 2026, the Company implemented an organizational realignment designed to align its commercial operations into two global reportable segments by combining the previously reported Plasma and Blood Center reportable segments into Apheresis and renaming the Hospital reportable segment to MedSurg. This organizational structure reflects how the Company is organized to manage operations, allocate resources and evaluate performance. As a result, the information that is regularly reviewed by the Company’s chief operating decision maker (“CODM”), identified as the Chief Executive Officer, has changed. Prior-period segment information presented has been recast to reflect the current reportable segment structure.
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The Company’s reportable and operating segments are as follows:
•Apheresis
•MedSurg
The CODM measures and evaluates the operating segments based on operating income for purposes of assessing business performance and allocating resources. The CODM uses segment operating income for each segment by comparing on a quarterly basis actual results to the prior year comparable period and to the annual operating plan to assess the performance of the segments and to allocate resources across our segments. Certain corporate expenses and amounts considered to be non-recurring or non-operational are excluded from segment operating income. These items include restructuring costs, restructuring related costs, digital transformation costs, amortization of acquired intangible assets, amortization of fair value inventory step-up, acquisition, integration and divestiture related costs, unusual or infrequent and material litigation-related charges, and remeasurement of contingent consideration. Although these amounts are excluded from segment operating income, as applicable, they are included in the reconciliations that follow.
The Company does not track its total assets by segment. Consequently, the Company’s CODM does not review total assets by segment when assessing business performance and allocating resources.
Selected information by reportable segment is presented below:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
Net revenues:
Apheresis$204,805 $181,818 $396,123 $363,554 
MedSurg152,954 145,497 301,016 285,155 
Total net revenues$357,759 $327,315 $697,139 $648,709 
Significant segment expenses and operating income:
Apheresis
Cost of goods sold$88,456 $79,967 $172,587 $155,832 
Selling, general and administrative47,303 38,265 91,567 78,145 
Research and development6,647 6,170 13,025 12,986 
Apheresis operating income$62,399 $57,416 $118,944 $116,591 
MedSurg
Cost of goods sold$47,673 $49,318 $98,041 $99,534 
Selling, general and administrative63,770 57,966 128,930 120,289 
Research and development9,854 8,352 19,674 17,094 
MedSurg operating income$31,657 $29,861 $54,371 $48,238 
Corporate and unallocated expenses
Amortization of acquired assets$(10,403)$(13,237)$(20,607)$(27,065)
Integration and transaction costs(2,551)(1,520)(5,317)(4,202)
Restructuring and restructuring related costs215 (258)(2,043)(1,582)
Digital transformation costs(5,405)(5,054)(11,568)(10,409)
Other(1)
(792)(8,717)(1,202)(9,208)
Operating income75,120 58,491 132,578 112,363 
Interest and other expense, net(12,261)(7,206)(22,145)(15,909)
Income before provision for income taxes$62,859 $51,285 $110,433 $96,454 
__________
(1)    Comprised of intangible asset impairments, litigation-related charges and remeasurement of contingent consideration for the three and six months ended September 26, 2026 and September 27, 2025.
26
Net revenues by business unit are as follows:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
Apheresis
Plasma$162,584 $139,614 $318,108 $284,688 
Other42,221 42,204 78,015 78,866 
Apheresis net revenues$204,805 $181,818 $396,123 $363,554 
MedSurg
Interventional Technologies$60,508 $59,073 $120,450 $117,556 
Blood Management Technologies92,446 86,424 180,566 167,599 
MedSurg net revenues$152,954 $145,497 $301,016 $285,155 
Total net revenues$357,759 $327,315 $697,139 $648,709 
Depreciation and amortization, excluding impairment charges, by business unit are as follows:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
Apheresis$13,978 $13,882 $27,609 $27,794 
MedSurg13,782 14,373 27,262 29,219 
Total depreciation and amortization (excluding impairment charges)$27,760 $28,255 $54,871 $57,013 
Long-lived assets, comprised of property, plant and equipment, by business unit are as follows:
September 26, 2026March 28, 2026
(Dollars in Thousands)
Apheresis$246,068 $246,042 
MedSurg61,853 59,719 
Total long-lived assets$307,921 $305,761 
Long-lived assets, comprised of property, plant and equipment, by operating regions are as follows:
September 26, 2026March 28, 2026
(Dollars in Thousands)
United States$228,410 $224,699 
Japan817 916 
Europe31,784 32,080 
Rest of Asia29,712 30,833 
Other17,198 17,233 
Total long-lived assets$307,921 $305,761 
27
Net revenues by operating regions are as follows:
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(Dollars in Thousands)
United States$267,807 $240,089 $525,651 $482,493 
Japan16,092 18,011 28,950 31,659 
Europe46,611 42,965 92,140 83,847 
Rest of Asia23,663 22,567 43,826 44,215 
Other3,586 3,683 6,572 6,495 
Total net revenues$357,759 $327,315 $697,139 $648,709 
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with both our interim condensed consolidated financial statements and notes thereto which appear elsewhere in this Quarterly Report on Form 10-Q and our annual consolidated financial statements, notes thereto and the MD&A contained in our Annual Report on Form 10-K for the fiscal year ended March 28, 2026. The following discussion may contain forward-looking statements and should be read in conjunction with the “Cautionary Statement Regarding Forward-Looking Information” in this discussion. When used in this report, the terms “we,” “us,” “our,” “Haemonetics” and the “Company” mean Haemonetics Corporation.
Introduction
Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Our innovative solutions addressing critical medical needs include a suite of hospital technologies designed to advance standards of care and help enhance outcomes for patients; end-to-end plasma collection technologies to optimize operations for plasma centers; and products to enable blood centers to collect in-demand blood components.
We view our operations and manage our business in two reporting segments: Apheresis and MedSurg. For that purpose, “Apheresis” includes plasma collection devices and disposables for plasma, red cells and platelets, donor management software and supporting software solutions sold to plasma customers, blood collection and processing devices. “MedSurg” 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.
Recent Developments
Revolving Credit Facility Repayment
In connection with the settlement of the convertible senior notes due in 2026, we borrowed $300.0 million under our revolving credit facility pursuant to our second amended and restated credit agreement. We repaid $50.0 million of the outstanding amount under the revolving credit facility during the first quarter of fiscal 2027 and repaid an additional $50.0 million on the revolving credit facility during the second quarter of fiscal 2027. As of September 26, 2026, $200.0 million remained outstanding under the revolving credit facility.
CSL Plasma Inc. Supply Agreement
On August 14, 2026, Haemonetics entered into a supply agreement with CSL Plasma Inc. (“CSL”) pursuant to which CSL may utilize our NexSys PCS® devices with Persona® PLUS technology and purchase related disposables in the United States. The supply agreement is non-exclusive and does not contain minimum purchase commitments. On October 8 2026, CSL announced that it expects to complete the rollout of Haemonetics’ devices and disposables under the supply agreement by the end of calendar year 2027, and CSL has informed us that it currently anticipates that the transition to Haemonetics devices and disposables will occur at all of CSL’s current U.S. plasma collection centers. The scope and timing of the rollout remain subject to change consistent with the terms of the supply agreement, and the implementation details for the rollout are to be determined by CSL and Haemonetics.
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Financial Summary
Three Months EndedSix Months Ended
September 26, 2026September 27, 2025Reported changeSeptember 26, 2026September 27, 2025Reported change
(Dollars in Thousands, Except Per Share Data)
Net revenues$357,759 $327,315 9.3 %$697,139 $648,709 7.5 %
Gross profit$220,913 $194,744 13.4 %$423,716 $386,988 9.5 %
% of net revenues61.7 %59.5 %60.8 %59.7 %
Operating expenses$145,793 $136,253 7.0 %$291,138 $274,625 6.0 %
Operating income$75,120 $58,491 28.4 %$132,578 $112,363 18.0 %
% of net revenues21.0 %17.9 %19.0 %17.3 %
Interest and other expense, net$(12,261)$(7,206)70.1 %$(22,145)$(15,909)39.2 %
Income before provision for income taxes$62,859 $51,285 22.6 %$110,433 $96,454 14.5 %
Provision for income taxes$16,554 $12,601 31.4 %$31,118 $23,739 31.1 %
% of pre-tax income26.3 %24.6 %28.2 %24.6 %
Net income$46,305 $38,684 19.7 %$79,315 $72,715 9.1 %
% of net revenues12.9 %11.8 %11.4 %11.2 %
Net income per share – basic$1.02 $0.81 25.9 %$1.75 $1.52 15.1 %
Net income per share – diluted$1.00 $0.81 23.5 %$1.72 $1.51 13.9 %
Net revenues increased 9.3% and 7.5%, respectively, during the three and six months ended September 26, 2026 as compared with the same periods of fiscal 2026. This was primarily attributable to revenue increases in Apheresis, driven by volume growth and share gains within the Plasma franchise, and revenue increases in MedSurg, driven by share gains in the Hemostasis Management and Transfusion Management product lines within the Blood Management Technologies franchise.
Operating income increased 28.4% and 18.0%, respectively, during the three and six months ended September 26, 2026 as compared with the same periods of fiscal 2026. The increase during the three and six months ended September 26, 2026 was primarily due to favorable product mix across all business units, as well as decreased amortization of fair value inventory step-up related to the acquisition of Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”) and a decrease in impairment of intangible assets.
Management’s Use of Non-GAAP Measures
Management uses non-GAAP financial measures, in addition to financial measures in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), to monitor the financial performance of the business, make informed business decisions, establish budgets and forecast future results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with U.S. GAAP. Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency conversion rate. We have provided this non-GAAP financial measure because we believe it provides meaningful information regarding our results on a consistent and comparable basis for the periods presented.
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Results of Operations
Net Revenues by Geography
Three Months Ended
September 26, 2026September 27, 2025Reported changeCurrency impact
Constant currency change(1)
(Dollars in Thousands)
United States$267,807 $240,089 11.5 %— %11.5 %
International89,952 87,226 3.1 %(1.6)%4.7 %
Total net revenues$357,759 $327,315 9.3 %(0.4)%9.7 %
Six Months Ended
September 26, 2026September 27, 2025Reported changeCurrency impact
Constant currency change (1)
(Dollars in Thousands)
United States$525,651 $482,493 8.9 %— %8.9 %
International171,488 166,216 3.2 %(0.4)%3.6 %
Net revenues$697,139 $648,709 7.5 %(0.1)%7.6 %
__________
(1)    Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.”
Our principal operations are in the United States, Europe, Japan and other parts of Asia. We market and sell our products in approximately 90 countries through a combination of our direct sales force and independent distributors. During the three and six months ended September 26, 2026, our revenue generated outside the U.S. was 25.1% and 24.6%, respectively, of total net revenues, as compared with 26.6% and 25.6%, respectively, during the three and six months ended September 27, 2025. International sales are generally conducted in local currencies, primarily Japanese Yen, Euro and Chinese Yuan. Our results of operations are impacted by changes in foreign exchange rates, particularly in the value of the Yen, Euro and Yuan, relative to the U.S. Dollar. We have placed foreign currency hedges on certain foreign currencies to mitigate our exposure to foreign currency fluctuations.
Please see the section entitled “Foreign Exchange” in this discussion for a more complete explanation of how foreign currency affects our business and our strategy for managing this exposure.
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Net Revenues by Business Unit
Three Months Ended
September 26, 2026September 27, 2025Reported changeCurrency impact
Constant currency change(1)
(Dollars in Thousands)
Apheresis
Plasma$162,584 $139,614 16.5 %(0.6)%17.1 %
Other(2)
42,221 42,204 — %(0.2)%0.2 %
Apheresis net revenues$204,805 $181,818 12.6 %(0.6)%13.2 %
MedSurg
Interventional Technologies(3)
$60,508 $59,073 2.4 %(0.8)%3.2 %
Blood Management Technologies(4)
92,446 86,424 7.0 %— %7.0 %
MedSurg net revenues$152,954 $145,497 5.1 %(0.4)%5.5 %
Total net revenues$357,759 $327,315 9.3 %(0.4)%9.7 %
Six Months Ended
September 26, 2026September 27, 2025Reported changeCurrency impact
Constant currency change(1)
(Dollars in Thousands)
Apheresis
Plasma$318,108 $284,688 11.7 %(0.3)%12.0 %
Other(2)
78,015 78,866 (1.1)%0.1 %(1.2)%
Apheresis net revenues$396,123 $363,554 9.0 %(0.1)%9.1 %
MedSurg
Interventional Technologies(3)
$120,450 $117,556 2.5 %(0.5)%3.0 %
Blood Management Technologies(4)
180,566 167,599 7.7 %0.2 %7.5 %
MedSurg net revenues$301,016 $285,155 5.6 %(0.1)%5.7 %
Total net revenues$697,139 $648,709 7.5 %(0.1)%7.6 %
__________
(1)    Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.”
(2)    Other includes blood collection and processing devices and disposables.
(3)    Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the MedSurg business unit.
(4)    Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the MedSurg business unit.
Apheresis
Apheresis revenue increased by 12.6% and 9.0%, respectively, on an as reported basis and by 13.2% and 9.1%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increases were primarily driven by volume growth and share gains within the Plasma franchise.
MedSurg
MedSurg revenue increased by 5.1% and 5.6%, respectively, on an as reported basis and by 5.5% and 5.7%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increases were driven by higher market expansion in the Vascular Closure product line within the Interventional Technologies franchise, and by increased volume and share gains in the Hemostasis Management and Transfusion Management product lines within the Blood Management Technologies franchise.
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Gross Profit
Three Months Ended
September 26, 2026September 27, 2025Reported changeCurrency impact
Constant currency change(1)
(Dollars in Thousands)
Gross profit$220,913 $194,744 13.4 %(1.6)%15.0 %
% of net revenues61.7 %59.5 %
Six Months Ended
September 26, 2026September 27, 2025Reported changeCurrency impact
Constant currency change(1)
(Dollars in Thousands)
Gross profit$423,716 $386,988 9.5 %(0.8)%10.3 %
% of net revenues60.8 %59.7 %
__________
(1)    Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.”
Gross profit increased by 13.4% and 9.5%, respectively, on an as reported basis and by 15.0% and 10.3%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increase was driven primarily by tariff refunds received, the continued transformation of the product portfolio to higher margin offerings and the absence of fair value inventory step-up amortization.
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Operating Expenses
Three Months Ended
September 26, 2026September 27, 2025Reported changeCurrency impact
Constant currency change(1)
(Dollars in Thousands)
Research and development$17,029 $14,872 14.5 %(0.2)%14.7 %
% of net revenues4.8 %4.5 %
Selling, general and administrative$118,361 $101,615 16.5 %(1.2)%17.7 %
% of net revenues33.1 %31.0 %
Amortization of acquired intangible assets$10,403 $11,182 (7.0)%(0.3)%(6.7)%
% of net revenues2.9 %3.4 %
Impairment of intangible assets$— $8,584 (100.0)%— %(100.0)%
% of net revenues— %2.6 %
Total operating expenses$145,793 $136,253 7.0 %— %7.0 %
% of net revenues40.8 %41.6 %
Six Months Ended
September 26, 2026September 27, 2025Reported changeCurrency impact
Constant currency change(1)
(Dollars in Thousands)
Research and development$33,229 $31,133 6.7 %0.1 %6.6 %
% of net revenues4.8 %4.8 %
Selling, general and administrative$237,302 $212,334 11.8 %(0.1)%11.9 %
% of net revenues34.0 %32.7 %
Amortization of acquired intangible assets$20,607 $22,574 (8.7)%0.1 %(8.8)%
% of net revenues3.0 %3.5 %
Impairment of intangible assets$— $8,584 (100.0)%— %(100.0)%
% of net revenues— %1.3 %
Total operating expenses$291,138 $274,625 6.0 %0.4 %5.6 %
% of net revenues41.8 %42.3 %
__________
(1)    Constant currency change, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.”
Research and Development
Research and development expenses increased by 14.5% and 6.7%, respectively, on an as reported basis and increased by 14.7% and 6.6%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increase was primarily due to higher personnel-related costs in the current year.
Selling, General and Administrative
SG&A expenses increased by 16.5% and 11.8%, respectively, on an as reported basis and increased by 17.7% and 11.9%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increase was primarily due to higher personnel-related costs and freight charges.
Amortization of Acquired Intangible Assets
We recognized amortization expense related to our acquired intangible assets of $10.4 million and $20.6 million, respectively, during the three and six months ended September 26, 2026, as compared with $11.2 million and $22.6 million, respectively, during the three and six months ended September 27, 2025. The decreases were primarily due to certain intangible assets becoming fully amortized or being impaired during fiscal 2026.
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Impairment of intangible assets
We recognized impairment charges of intangible assets of $8.6 million during both the three and six months ended September 27, 2025. The impairment charges were related to intellectual property associated with the HAS viscoelastic diagnostic devices, related assays and disposables.
Interest and Other Expense, Net
Interest and other expense, net increased by $5.1 million and $6.2 million, respectively, during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increase was primarily due to increase interest expense resulting from the borrowing of the revolving credit facility.
Income Taxes
We conduct business globally and report our results of operations in a number of foreign jurisdictions in addition to the United States. Our 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 we operate have tax rates that differ from the U.S. statutory tax rate. Our effective tax rate is adversely impacted by non-deductible expenses including executive compensation and is favorably impacted by the jurisdictional mix of earnings and research credits generated.
For the three and six months ended September 26, 2026, we reported income tax expense of $16.6 million and $31.1 million, respectively, representing an effective tax rate of 26.3% and 28.2%, respectively. The effective tax rate for the three months ended September 26, 2026 is primarily impacted by valuation allowances recorded against deferred tax assets in jurisdictions with losses from recent acquisitions. The effective tax rate for the six months ended September 26, 2026 includes $1.6 million of discrete tax expense, primarily related to stock compensation shortfalls.
For the three and six months ended September 27, 2025, the Company reported income tax expense of $12.6 million and $23.7 million, respectively, representing an effective tax rate of 24.6% in each period. The effective tax rates for the three and six months ended September 27, 2025 was primarily impacted related to stock compensation shortfalls.
The increase in the reported tax rate for the six months ended September 26, 2026, compared to the same period in fiscal 2026, relates primarily to the increase in net stock compensation shortfalls and the impact of losses incurred in certain jurisdictions for which no tax benefit was recognized.
Liquidity and Capital Resources
Resources
The following table contains certain key performance indicators we believe depict our liquidity and cash flow position:
September 26, 2026March 28, 2026
(Dollars in Thousands)
Cash and cash equivalents$260,712 $245,440 
Availability under revolving credit facilities(1)
$548,697 $448,697 
Working capital$554,689 $552,280 
Current ratio2.8 3.0 
Net debt position(2)
$(863,049)$(979,140)
Days sales outstanding57 56 
Inventory turnover1.8 1.5 
__________
(1)    Availability under our revolving credit facilities is reduced by borrowings on the revolving credit facilities of $200.0 million as of September 26, 2026 and by eligible outstanding letters of credit allowable of $1.3 million as of September 26, 2026 and March 28, 2026, respectively.
(2)    Net debt position is the sum of cash and cash equivalents less total debt.
Our primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and our senior unsecured revolving credit facility. We believe these sources are sufficient to fund our cash requirements over at least the next twelve months and to meet our known long-term cash requirements, including our 2.5% convertible senior notes due in 2029 (the “2029 Notes”), and our senior unsecured term loan. Our expected cash outlays relate primarily to acquisitions, investments, capital expenditures, share repurchases, our ongoing market and regional alignment initiative, and payments of principal and interest under our credit facilities.
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As of September 26, 2026, we had $260.7 million in cash and cash equivalents, the majority of which is held in the U.S. or in countries from which it can be repatriated to the U.S.
Convertible Senior Notes
As of September 26, 2026, the $700.0 million principal balance of the 2029 Notes was netted down by $9.5 million of remaining debt issuance costs, resulting in a net convertible note payable of $690.5 million. The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased. As of September 26, 2026, the 2029 Notes were not convertible. Interest expense related to the 2029 Notes was $5.2 million and $10.5 million, respectively, for the three and six months ended September 26, 2026, which includes nominal interest expense and the amortization of the debt issuance costs. For further discussion on the 2029 Notes, refer to Note 12, Notes Payable and Long-Term Debt within these condensed consolidated financial statements.
Credit Facilities
On April 30, 2024, the Company entered into a second amended and restated credit agreement with certain lenders to refinance its credit facilities initially entered into in 2022 and extended their maturity date through April 2029. The second amended and restated credit agreement provides for a $250.0 million senior unsecured term loan 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.
As of September 26, 2026, $235.9 million was outstanding under the term loan with an effective interest rate of 6.0%. In connection with the settlement of the convertible notes due in 2026, we borrowed $300.0 million under the revolving credit facility. During the first half of fiscal 2027, we repaid $100.0 million of the outstanding amount under the revolving credit facility, and as of September 26, 2026, $200.0 million remained outstanding under the revolving credit facility.
We also had $18.0 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 26, 2026.
We have scheduled principal payments of $4.7 million required during the remainder of fiscal 2027 related to our term loan.
2025 Share Repurchase Program
In April 2025, our Board approved a new three-year share repurchase program authorizing the repurchase of up to $500.0 million of our common stock, based on market conditions, through April 2028. During fiscal 2026, the Company repurchased 3,009,834 shares for $175.0 million at an average price per share upon settlement of $58.14. As of September 26, 2026, the total remaining authorization for repurchases of our common stock under the share repurchase program was $325.0 million.
Market and Regional Alignment Initiative
In May 2025, our Board approved a new market and regional alignment initiative and delegated authority to 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 our resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities. We recognized de minimis reversals of previously incurred costs during the three months ended September 26, 2026 and incurred restructuring and restructuring related costs of $2.2 million during the six months ended September 26, 2026. Total cumulative charges under the market and regional alignment initiative are $7.9 million as of September 26, 2026.
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Cash Flows
Six Months Ended
September 26, 2026September 27, 2025
(Dollars in Thousands)
Net cash provided by (used in):
Operating activities$180,423 $128,716 
Investing activities(46,521)(63,468)
Financing activities(119,139)(78,994)
Effect of exchange rate changes on cash and cash equivalents(1)
509 3,409 
Net change in cash and cash equivalents$15,272 $(10,337)
__________
(1)    The balance sheet is affected by spot exchange rates used to translate local currency amounts into U.S. Dollars. In accordance with U.S. GAAP, we have eliminated the effect of foreign currency throughout our cash flow statement, except for its effect on our cash and cash equivalents.
Operating Cash Flows
Net cash provided by operating activities increased by $51.7 million during the six months ended September 26, 2026, as compared with the same period of fiscal 2026. Cash flows from operations for the fiscal 2027 period included net income of $79.3 million, adjusted for non-cash depreciation and amortization of $54.9 million, share-based compensation expense of $19.5 million, and cash inflows for working capital of $18.1 million. The fiscal 2026 period included cash flows for net income of $72.7 million, adjusted for non-cash depreciation and amortization of $57.0 million, share-based compensation expense of $16.9 million, and impairment charges of $8.6 million, partially offset by an increase in cash outflows for working capital of $24.9 million.
Investing Cash Flows
Net cash used in investing activities decreased by $16.9 million during the six months ended September 26, 2026, as compared with the same period of fiscal 2026. The fiscal 2027 period included cash outflows for capital expenditures of $22.7 million, non-cash transfers from inventory of $15.7 million, and outflows of $9.0 million for strategic investments. The fiscal 2026 period included cash outflows for strategic investments of $22.5 million, non-cash transfers from inventory of $29.1 million, and $8.8 million of capital expenditures.
Financing Cash Flows
Net cash used in financing activities increased by $40.1 million during the six months ended September 26, 2026, as compared with the same period of fiscal 2026. The fiscal 2027 period included cash outflows of $100.0 million for repayment on our revolving credit facility, $17.6 million of contingent consideration payments, $3.9 million of employee equity award settlements and $3.1 million for repayments of term loan borrowings. The fiscal 2026 period included cash outflows of $75.0 million for share repurchases, $4.8 million of employee equity award settlements, and $3.1 million of repayments of term loan borrowings.
Recent Accounting Pronouncements
Refer to Note 2, Recent Accounting Pronouncements, to the condensed consolidated financial statements for a discussion of recently issued accounting pronouncements.
Cautionary Statement Regarding Forward-Looking Information
Certain statements that we make from time to time, including statements contained in this Quarterly Report on Form 10-Q and incorporated by reference into this report, constitute “forward looking-statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements may be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “foresees,” “potential” and other words of similar meaning in conjunction with, among other things: discussions of future operations; expected operating results and financial performance; our strategy for growth; product development, commercialization and anticipated performance and benefits; regulatory approvals; impacts of acquisitions or dispositions; impacts of share repurchases; and market position and expenditures.
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Because forward-looking statements are based on current beliefs, expectations and assumptions regarding future events, they are subject to uncertainties, risks and changes that are difficult to predict and many of which are outside of our control. Investors should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, our actual results and financial condition could vary materially from expectations and projections expressed or implied in its forward-looking statements. Investors are therefore cautioned not to rely on these forward-looking statements.
The following are some important factors that could cause our actual results to differ from our expectations in any forward-looking statements. For further discussion of these and other factors, see Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K.
•Our ability to achieve our long-term strategic and financial-improvement goals;
•Demand for and market acceptance risks for new and existing products, including material reductions in purchasing from, delays in or changes to planned conversions to our products by, or loss of a significant customer;
•Our ability to develop, manufacture and market new products and technologies successfully and in a timely manner and the ability of our competitors and other third parties to develop products or technologies that render our products or technologies noncompetitive or obsolete;
•Product quality or safety concerns, leading to product recalls, withdrawals, regulatory action by the FDA (or similar non-U.S. regulatory agencies), reputational damage, declining sales or litigation;
•Security breaches of our products or information technology systems, or those of our customers, suppliers or other business partners, which could impair our ability or our customers’ ability to conduct business or compromise sensitive information of the Company or its customers, suppliers and other business partners, or of customers’ patients;
•The potential that the expected strategic benefits and opportunities from completed or planned acquisitions, including our acquisitions of Vivasure, OpSens Inc. and Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”), divestitures or other strategic investments by us may not be realized or may take longer to realize than expected;
•Pricing pressures resulting from trends toward healthcare cost containment, including the continued consolidation among healthcare providers and other market participants;
•Disruptions to the continuity, availability and pricing of plastic and other raw materials, finished goods and components used in the manufacturing of our products (including those purchased from sole-source suppliers) and the related continuity of our manufacturing, sterilization, supply chain and distribution operations, including disruptions caused by natural disasters, extreme weather and other conditions caused by or related to climate change, labor strikes, terrorism acts, cyber incidents or other adverse events;
•Our ability to obtain the anticipated benefits of restructuring programs that we have or may undertake, including our market and regional alignment initiative;
•The impact of enhanced requirements to obtain regulatory approval in the U.S. and around the world and the associated timing and cost of product approval;
•Our ability to comply with established and developing U.S. and foreign legal and regulatory requirements, including the U.S. Foreign Corrupt Practices Act, European Union Medical Device Regulation and In Vitro Diagnostic Regulation and similar laws in other jurisdictions, as well as the impact of U.S. and foreign export and import restrictions and tariffs;
•The impact of changes in U.S. and international tax laws;
•Our ability to meet our debt obligations and raise additional capital when desired on terms reasonably acceptable to us;
•The potential impact of our convertible senior notes and related capped call transactions;
•Geopolitical and economic conditions in China, Taiwan, Russia, Ukraine, Iran and other parts of the Middle East and other foreign jurisdictions where we do business;
•Our ability to execute and realize anticipated benefits from our investments in emerging economies;
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•The potential effect of foreign currency fluctuations and interest rate fluctuations on our net sales, expenses and resulting margins;
•Our ability to protect intellectual property and the outcome of patent litigation;
•Costs and risks associated with product liability and other litigation claims we may be subject to now or in the future;
•Our ability to retain and attract key personnel;
•Market conditions impacting our stock price and/or our share repurchase program, and the possibility that such share repurchase program may be delayed, suspended or discontinued;
•Our ability to achieve against our corporate responsibility initiatives and meet evolving stakeholder expectations concerning corporate responsibility matters; and
•The impact of actual or threatened public health crises.
Investors should understand that it is not possible to predict or identify all such factors and should not consider the risks described above and in Item 1A. “Risk Factors” in our Annual Report on Form 10-K to be a complete statement of all potential risks and uncertainties. The Company does not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new information or future events or developments.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our exposures relative to market risk are due to foreign exchange risk, interest rate risk, concentration of credit risk and investment risk.
Foreign Exchange Risk
Our reporting currency is the U.S. Dollar, however, during the three months ended September 26, 2026 and September 27, 2025, 25.1% and 26.6%, respectively, of our sales were generated outside the U.S., and during the six months ended September 26, 2026 and September 27, 2025, 24.6% and 25.6%, respectively, of our sales were generated outside of the U.S., generally in foreign currencies. We also incur certain manufacturing, marketing and selling costs in international markets in local currency. Our primary foreign currency exposures relate to sales denominated in Japanese Yen, Euro and Chinese Yuan. We also have foreign currency exposure related to manufacturing and other operational costs denominated in Swiss Francs, Canadian Dollars, Mexican Pesos and Malaysian Ringgit. The Yen, Euro and Yuan sales exposure is partially mitigated by costs and expenses for foreign operations and sourcing products denominated in foreign currencies.
Since our foreign currency denominated Yen, Euro and Yuan sales exceed the foreign currency denominated costs, whenever the U.S. Dollar strengthens relative to the Yen, Euro or Yuan, there is an adverse effect on our results of operations and, conversely, whenever the U.S. Dollar weakens relative to the Yen, Euro or Yuan, there is a positive effect on our results of operations. For Swiss Francs, Canadian Dollars, Mexican Pesos and Malaysian Ringgit, our primary cash flows relate to product costs or costs and expenses of local operations. Whenever the U.S. Dollar strengthens relative to these foreign currencies, there is a positive effect on our results of operations. Conversely, whenever the U.S. Dollar weakens relative to these currencies, there is an adverse effect on our results of operations.
We have a program in place that is designed to mitigate our 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 unforeseen impact on our financial results from changes in foreign exchange rates. We utilize forward foreign currency contracts to hedge the anticipated cash flows from transactions denominated in foreign currencies, primarily Japanese Yen and Euro, and to a lesser extent Canadian Dollar, Swiss Franc and Mexican Peso. This does not eliminate the volatility of foreign exchange rates, but because we generally enter into forward contracts into the future, rates are fixed at the time of execution; thereby facilitating financial planning and resource allocation. Hedges are executed on a rolling basis over an 18-month horizon, informed by forecasted net income exposures. Both forecasted exposures and active hedges are reviewed periodically throughout the year to ensure effective and efficient mitigation of foreign currency exchange rate risk. These contracts are designated as cash flow hedges. The final impact of currency fluctuations on the results of operations is dependent on the local currency amounts hedged and the actual local currency results. We do not use forward foreign currency contracts for speculative or trading activities.
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We estimate the change in the fair value of all forward contracts assuming both a 10% strengthening and weakening of the U.S. Dollar relative to all other major currencies. As of September 26, 2026, in the event of a 10% strengthening of the U.S. Dollar, the change in fair value of all forward contracts would result in a $4.1 million increase in the fair value of the forward contracts, whereas a 10% weakening of the U.S. Dollar would result in a $5.1 million decrease in the fair value of the forward contracts.
Interest Rate Risk
Our exposure to changes in interest rates is associated with borrowings under our credit facilities, all of which is variable rate debt. Total outstanding debt under our senior unsecured term loan as of September 26, 2026 was $235.9 million with an effective interest rate of 6.0% based on prevailing Term SOFR rates. An increase of 100 basis points in Term SOFR rates would result in additional annual interest expense of $2.9 million. As of September 26, 2026, the notional amount on our two active interest rate swap agreements to effectively convert borrowings under our 2024 Revised Credit Facilities from a variable rate to a fixed rate were $196.7 million. These interest rate swaps are intended to mitigate the exposure to fluctuations in interest rates and qualify for hedge accounting treatment as cash flow hedges.
Concentration of Credit Risk
Concentrations of credit risk with respect to trade accounts receivable are generally limited due to our large number of customers and their diversity across many geographic areas. Certain markets and industries, however, can expose us to concentrations of credit risk. For example, in the Plasma reporting unit within the Apheresis reportable segment, 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. In addition, a portion of our 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 and local economic conditions. Payment is dependent upon the financial stability and creditworthiness of those countries’ national economies.
We have not incurred significant losses on trade accounts or other receivables. We continually evaluate all 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.
Investment Risk
As part of our business development activities, we hold strategic investments in privately held entities, including preferred stock. Certain of these investments are accounted for under the equity method, as we have 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, we apply the measurement alternative, recording them at cost less impairment. The carrying amount of these investments is subsequently adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. In addition, these investments are periodically evaluated for impairment. There is also a risk that we could lose all or a substantial portion of our investment in these privately held entities depending on their solvency and ability to achieve their business objectives.
As part of our business development strategy, we maintain strategic investments in certain entities. The carrying value of our strategic investments was $23.4 million as of September 26, 2026 and $19.2 million as of March 28, 2026. These investments are included within other long-term assets in our condensed consolidated balance sheets.
During the three and six months ended September 26, 2026, we recognized $1.4 million and $2.4 million, respectively, in losses related to an equity method investment, which reduced the carrying value of the investment accordingly. Other than this adjustment, we did not record any material adjustments to the carrying value of its strategic investments during the three and six months ended September 26, 2026 or September 27, 2025. For further discussion, refer to Note 3, Acquisitions and Strategic Investments within these condensed consolidated financial statements.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We conducted an evaluation, as of September 26, 2026, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer (our principal executive officer and principal financial officer, respectively) regarding the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15 under the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 26, 2026.
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Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the three months ended September 26, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II — OTHER INFORMATION
Item 1. Legal Proceedings
Information with respect to this Item may be found in Note 14, Commitments and Contingencies to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
Item 1A. Risk Factors
There are no material changes from the Risk Factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended March 28, 2026.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the three months ended September 26, 2026, none of our directors or officers (as defined under Rule 16a-1(f) under the Securities Exchange Act of 1934) adopted or terminated trading arrangements for the sale of shares of our common stock.
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Item 6. Exhibits
Exhibit NumberDescription
Restated Articles of Organization of the Company, reflecting Articles of Amendment dated August 23, 1993, August 21, 2006, July 26, 2018 and July 25, 2019 (filed as Exhibit 3.1 to the Company’s Form 8-K dated July 29, 2019 and incorporated herein by reference).
By-Laws of the Company, as amended through June 29, 2020 (filed as Exhibit 3.1 to the Company’s Form 8-K dated June 30, 2020 and incorporated herein by reference).
Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002, of Christopher A. Simon, President and Chief Executive Officer of the Company.
Certification pursuant to Section 302 of Sarbanes-Oxley of 2002, of James C. D'Arecca, Executive Vice President, Chief Financial Officer of the Company.
Certification Pursuant to 18 United States Code Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Christopher A. Simon, President and Chief Executive Officer of the Company.
Certification Pursuant to 18 United States Code Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of James C. D'Arecca, Executive Vice President, Chief Financial Officer of the Company.
101*
The following materials from Haemonetics Corporation on Form 10-Q for the quarter ended September 26, 2026 formatted in inline Extensible Business Reporting Language (XBRL) includes: (i) Condensed Consolidated Statements of Income, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statement of Stockholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.
104*Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101).
*Document filed with this report.
**Document furnished with this report.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
HAEMONETICS CORPORATION
November 5, 2026By:  /s/ Christopher A. Simon  
Christopher A. Simon,
President and Chief Executive Officer
(Principal Executive Officer) 
November 5, 2026By:  /s/ James C. D’Arecca
James C. D’Arecca, Executive Vice President, Chief Financial Officer
(Principal Financial Officer) 


44

EXHIBIT 31.1
CERTIFICATION
I, Christopher A. Simon, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Haemonetics Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 5, 2026
/s/ Christopher A. Simon
Christopher A. Simon, President and Chief Executive Officer
(Principal Executive Officer)

EXHIBIT 31.2
CERTIFICATION
I, James C. D'Arecca, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Haemonetics Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 5, 2026
/s/ James C. D'Arecca
James C. D'Arecca, Executive Vice President, Chief Financial Officer
(Principal Financial Officer) 

EXHIBIT 32.1

Certification Pursuant To
18 USC. Section 1350,
As Adopted Pursuant To
Section 906 of the Sarbanes/Oxley Act of 2002
In connection with the Quarterly Report of Haemonetics Corporation (the “Company”) on Form 10-Q for the period ended September 26, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christopher A. Simon, President and Chief Executive Officer of the Company, certify, pursuant to Section 1350 of Chapter 63 of Title 18, United States Code, that this Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
November 5, 2026
/s/ Christopher A. Simon
Christopher A. Simon, 
President and Chief Executive Officer 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Haemonetics and will be retained by Haemonetics and furnished to the Securities and Exchange Commission or its staff upon request.

EXHIBIT 32.2

Certification Pursuant To
18 USC. Section 1350,
As Adopted Pursuant To
Section 906 of the Sarbanes/Oxley Act of 2002
In connection with the Quarterly Report of Haemonetics Corporation (the “Company”) on Form 10-Q for the period ended September 26, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James C. D'Arecca, Executive Vice President, Chief Financial Officer of the Company, certify, pursuant to Section 1350 of Chapter 63 of Title 18, United States Code, that this Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
November 5, 2026
/s/ James C. D'Arecca
James C. D'Arecca, 
Executive Vice President, Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Haemonetics and will be retained by Haemonetics and furnished to the Securities and Exchange Commission or its staff upon request.