Core Viewpoint - CSL has received FDA approval for ANDEMBRY®, a novel treatment for hereditary angioedema (HAE), marking a significant advancement in the management of this rare genetic disorder [1][3][11] Group 1: Product Overview - ANDEMBRY is the first monoclonal antibody developed entirely by CSL, targeting factor XIIa to prevent HAE attacks in patients aged 12 and older [1][3][11] - The treatment offers once-monthly subcutaneous self-injection, providing a convenient administration method [1][3] - ANDEMBRY has shown a median reduction of more than 99% in HAE attacks compared to placebo, with a least squares mean reduction of 89.2% [6][7] Group 2: Clinical Trial Data - The approval is based on data from the pivotal Phase 3 VANGUARD trial, which demonstrated the efficacy and safety of ANDEMBRY [3][12] - In the pivotal trial, 62% of patients treated with ANDEMBRY remained attack-free throughout the treatment period [7] - The most common adverse reactions reported were nasopharyngitis and abdominal pain, with injection-site reactions occurring in 14% of patients [4][7] Group 3: Market Impact and Availability - ANDEMBRY's approval expands CSL's HAE franchise and reinforces the company's commitment to innovation in the HAE community [6][8] - The product is set to launch commercially immediately, with availability expected before the end of June 2025 [9] - ANDEMBRY has also received approvals in multiple regions, including Australia, the UK, the EU, Japan, Switzerland, and the UAE [8]

Company Overview - Haemonetics Corporation is a global medical technology company focused on enhancing the quality, effectiveness, and efficiency of healthcare [2] - The company offers innovative solutions for critical medical needs, including hospital technologies, plasma collection technologies, and products for blood centers [2] Upcoming Event - Chris Simon, President and CEO of Haemonetics, will participate in a fireside chat with investors at the Goldman Sachs 46th Annual Global Healthcare Conference on June 9, 2025, at 8:40 a.m. ET [1] - A live webcast of the event will be available on Haemonetics' Investor Relations website, with a replay accessible 12 hours after the event for 90 days [1]

Financial Performance - Net revenues for fiscal 2025 increased by 4.0% to $1,360,824, compared to $1,309,055 in fiscal 2024 [230]. - Operating income rose by 34.5% to $221,817 in fiscal 2025, driven by operating leverage and a gain from the sale of a manufacturing facility [232]. - Gross profit increased by 8.3% to $748,958, representing 55.0% of net revenues in fiscal 2025, up from 52.8% in fiscal 2024 [242]. - Hospital revenue surged by 23.7% to $564,269, primarily due to growth in Interventional Technologies and Blood Management Technologies [241]. - Plasma revenue decreased by 6.0% to $535,431, primarily due to lower sales volumes in North America [239]. - Blood Center revenue fell by 7.8% to $261,124, driven by declines in the Whole Blood business [240]. - Research and development expenses increased by 15.2% to $62,722, reflecting increased headcount from recent acquisitions [243]. - Interest and other expenses decreased by 25.1% to $(9,746), primarily due to gains on extinguishment of convertible notes [250]. - The reported income tax rate decreased to 20.9% in fiscal 2025 from 22.6% in fiscal 2024 [251]. - For the year ended March 29, 2025, the company recorded a pre-tax income of $212.1 million and an income tax expense of $44.4 million, resulting in a reported tax rate of 20.9% [253]. Cash Flow and Financing Activities - As of March 29, 2025, the company had $306.8 million in cash and cash equivalents, an increase from $178.8 million as of March 30, 2024 [254][255]. - Net cash provided by operating activities was $181.7 million during fiscal 2025, relatively flat compared to fiscal 2024 [265]. - Net cash used in investing activities was $161.9 million during fiscal 2025, an increase of $160.5 million compared to fiscal 2024 [266]. - Net cash provided by financing activities was $108.8 million during fiscal 2025, an increase of $70.7 million compared to fiscal 2024 [267]. - The company authorized a share repurchase program of up to $500 million to offset the dilutive impact of employee equity grants [262]. - The company repurchased $150.0 million of common stock through an ASR with Goldman Sachs, completing the ASR in April 2025, and has fully funded a $300.0 million Share Repurchase Authorization [205]. Acquisitions and Divestitures - The company completed the divestiture of its Whole Blood product line for total cash consideration of up to $65.8 million, including $43.3 million upfront and up to $22.5 million in contingent consideration based on sales growth over the next three years [204]. - The acquisition of Attune Medical was completed for total consideration of $187.7 million, enhancing the Hospital business unit's presence in electrophysiology [210][211]. - The acquisition of OpSens was finalized for approximately $254.5 million, expanding the Hospital business unit portfolio in interventional cardiology [212][213]. - The company completed the acquisition of Attune Medical for a purchase price of $187.7 million, including contingent consideration with an initial fair value of $25.3 million [300]. - The fair value of identified intangible assets from the acquisition totaled $105.8 million, primarily consisting of developed technology [301]. Market and Operational Insights - The company has seen declining transfusion rates in mature markets due to minimally invasive procedures, impacting growth in the Blood Center market [218]. - The Vascular Closure market continues to grow with the launch of VASCADE MVP in Japan and CE mark clearance for VASCADE systems in fiscal 2023 [221]. - Advanced hemostasis testing is increasingly utilized in clinical decision-making, with TEG systems achieving high market penetration in North America and Europe [224][226]. - The company expanded its market presence in the U.K. with SafeTraceTX, addressing operational efficiency and cybersecurity needs [229]. - Approximately 42% of the company's revenue during fiscal 2025 was generated by its ten largest customers, indicating a concentration of credit risk [269]. - 25.7% of the company's sales in fiscal 2025 were generated outside the U.S., primarily in foreign currencies, with significant exposure to Japanese Yen, Euro, and Chinese Yuan [273]. Debt and Financial Instruments - As of March 29, 2025, total outstanding debt under the senior unsecured term loan was $245.3 million with an effective interest rate of 5.7% [293]. - The company has scheduled principal payments of $6.3 million during fiscal 2026 related to its term loan [261]. - The company utilizes interest rate swaps to convert variable rate borrowings to fixed rates, with a notional amount of $204.5 million as of March 29, 2025 [293]. - A 10% strengthening of the U.S. Dollar would result in a $5.6 million increase in the fair value of forward contracts, while a 10% weakening would lead to a $6.8 million decrease [292]. - The company has a program to mitigate foreign currency exchange rate exposure using derivative financial instruments, including forward foreign currency contracts [275]. Accounting and Valuation - The consolidated financial statements present fairly the financial position of the company as of March 29, 2025, in conformity with U.S. generally accepted accounting principles [295]. - The fair value of contingent consideration in business combinations is recorded at fair value and remeasured at each reporting period based on changes in underlying assumptions [289]. - The company reviews intangible assets for impairment at least annually, considering factors such as market size declines and increased competition [282]. - The income tax provision process involves assessing temporary differences and maintaining a valuation allowance for deferred tax assets that are not more-likely-than-not realizable [285]. - Sensitivity analyses were performed to evaluate changes in fair value resulting from changes in significant assumptions [303].

Core Viewpoint - Haemonetics Corporation reported strong fourth-quarter fiscal 2025 results with adjusted EPS growth and revenue performance that exceeded estimates, reflecting effective execution of its long-term strategy and adaptation to market trends [11]. Financial Performance - The adjusted EPS for Q4 fiscal 2025 was $1.24, a 37.8% increase year over year, surpassing the Zacks Consensus Estimate by 1.6% [1] - Full-year fiscal 2025 adjusted EPS reached $4.57, up 15.4% year over year [1] - Revenues for Q4 decreased by 3.7% to $330.6 million, but still exceeded the Zacks Consensus Estimate by 1% [2] - Full-year fiscal 2025 revenues totaled $1.36 billion, reflecting a 4% year-over-year increase [2] Segment Performance - Plasma segment revenues were $126.7 million, accounting for 38.3% of total revenues, down 9.1% year over year due to lower sales volumes in North America [3] - Blood Center revenues fell 22.8% to $56 million, primarily due to Whole Blood portfolio rationalization [4] - Hospital segment revenues increased by 12.2% to $147.9 million, driven by new product lines and growth in vascular closure and Blood Management Technologies [5] Margin and Operating Performance - Adjusted gross margin for Q4 was 58.4%, up 715 basis points year over year, attributed to volume growth and pricing benefits [6] - Adjusted operating income was $61.8 million, a 60.9% increase year over year, with an adjusted operating margin of 18.7%, up 751 basis points [7] Financial Position - Cash and cash equivalents at the end of Q4 were $306.8 million, up from $178.8 million a year ago, while long-term debt increased to $921.2 million from $797.6 million [8] - Cumulative net cash flow from operating activities was $181.7 million, remaining flat year over year [9] Future Guidance - For fiscal 2026, the company expects GAAP revenues to decline by 3-6%, with organic revenues anticipated to range from negative 2% to positive 1% compared to fiscal 2024 [10] - Full-year 2026 adjusted EPS is projected to be between $4.70 and $5.00, with the Zacks Consensus Estimate at $4.98 [10]

Core Insights - Haemonetics reported revenue of $330.6 million for the quarter ended March 2025, a decrease of 3.7% year-over-year, but exceeded the Zacks Consensus Estimate by 1.00% [1] - The company's EPS for the quarter was $1.24, up from $0.90 in the same quarter last year, representing a surprise of 1.64% over the consensus estimate of $1.22 [1] Revenue Breakdown - Plasma segment net revenues were $126.74 million, slightly below the estimated $127.03 million, reflecting an 8.6% decline year-over-year [4] - Hospital segment net revenues reached $147.86 million, surpassing the average estimate of $147.41 million, with a year-over-year increase of 14.5% [4] - Blood Center segment net revenues were $56.01 million, exceeding the estimated $53.14 million, but showed a significant decline of 20.3% compared to the previous year [4] Stock Performance - Haemonetics shares have returned +14.8% over the past month, outperforming the Zacks S&P 500 composite's +13.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Company Performance - Haemonetics reported quarterly earnings of $1.24 per share, exceeding the Zacks Consensus Estimate of $1.22 per share, and up from $0.90 per share a year ago [1] - The company posted revenues of $330.6 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1%, but down from $343.29 million year-over-year [3] - The earnings surprise for this quarter was 1.64%, and Haemonetics has surpassed consensus EPS estimates two times over the last four quarters [2] Stock Performance - Haemonetics shares have declined approximately 17.7% since the beginning of the year, compared to a decline of 4.3% for the S&P 500 [4] - The current Zacks Rank for Haemonetics is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.07 on revenues of $315.05 million, and for the current fiscal year, it is $4.98 on revenues of $1.32 billion [8] - The estimate revisions trend for Haemonetics is mixed, and changes in earnings expectations may occur following the recent earnings report [5][7] Industry Context - The Medical - Products industry, to which Haemonetics belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges ahead [9]

Financial Data and Key Metrics Changes - The company reported total revenue of $1.4 billion, reflecting a 4% growth on a reported basis and 1% organic growth. Excluding $148 million from CSL and the whole blood divestiture, organic growth was 8% [9][10] - Adjusted gross margin for the fourth quarter was 60.2%, an increase of 620 basis points compared to the prior year, driven by volume growth and improved product mix [27][29] - Adjusted net income for fiscal year 2025 was $231.5 million, up $28 million or 14%, with adjusted earnings per diluted share at $4.57, up 15% compared to the prior year [32] Business Line Data and Key Metrics Changes - Hospital revenue grew 12% in the quarter and 24% in fiscal year 2025 on a reported basis, with organic growth of 9% respectively [12] - Blood Management Technologies revenue grew 6% in the quarter and 10% in fiscal year 2025, driven by strong utilization and share gains [12][13] - The Interventional Technologies franchise delivered 21% reported growth in the quarter and 46% in fiscal year 2025, with 16% organic growth respectively [14] Market Data and Key Metrics Changes - Plasma revenue declined 9% in the quarter and 6% in fiscal year 2025 due to the planned CSL transition, but excluding CSL, plasma revenue grew 11% in the fourth quarter and 5% for fiscal year 2025 [20][22] - Blood center revenue declined 22% in the quarter and 8% in fiscal year 2025 on a reported basis due to the whole blood divestiture [23] - The company anticipates plasma revenue to decline 7% to 10% on a reported basis in fiscal year 2026, with organic growth expected to be 11% to 14% excluding CSL [22][25] Company Strategy and Development Direction - The company is focused on advancing its innovation agenda and sharpening its focus on high-growth opportunities following the divestiture of the whole blood business [31] - The leadership team has been strengthened with new appointments to support scalable long-term growth, particularly in hospital businesses [11] - The company expects to achieve adjusted operating margin improvement to 26% to 27% in fiscal year 2026, supported by continued gains in adjusted gross margin [36] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the strong growth trajectory of the hospital business, projecting reported and organic revenue growth of 8% to 11% in fiscal year 2026 [17] - The company anticipates challenges in the first half of fiscal year 2026 but expects a rebound in collections in the second half [98] - Management highlighted the importance of cash flow generation and expects free cash flow in fiscal year 2026 to be in the range of $160 million to $200 million [38] Other Important Information - The company executed a $150 million share buyback, repurchasing approximately 2.4 million shares, reflecting its commitment to value creation [11] - The adjusted income tax rate was 22% for the fourth quarter and 23% for fiscal year 2025, compared to 21% to 23% for the respective periods of the prior year [31] Q&A Session Summary Question: Insights on plasma collections and guidance - Management remains bullish on plasma, indicating that the 11% to 14% growth guidance is primarily driven by share gains and technology adoption, with modest growth expected in the first half of fiscal year 2026 [46][48] Question: EPS guidance and drivers - The operating margin guidance of 26% to 27% is supported by continued improvement in gross margin and operational efficiencies, with a $0.20 impact from tariffs factored into the guidance [50][53] Question: Vascular closure portfolio performance - Management noted strong growth from newer products like MVP and XL, with efforts focused on improving performance in the legacy PCI side of the business [59][61] Question: Revenue and EPS progression throughout the year - Management indicated that revenue and margin expansion will progress over the course of the year, with a second half load expected due to ongoing growth initiatives [94][97] Question: Update on VIVUSURE Medical acquisition - The company maintains a long-term appetite for acquisitions, with a focus on integrating recent acquisitions before pursuing new opportunities [78][80]

Financial Data and Key Metrics Changes - The company reported total revenue of $1.4 billion, reflecting a 4% growth on a reported basis and 1% organic growth, with organic growth excluding $148 million from CSL and the whole blood divestiture at 8% [7][8] - Adjusted gross margin for the fourth quarter was 60.2%, an increase of 620 basis points compared to the prior year, driven by volume growth and improved product mix [24][25] - Adjusted net income for fiscal year 2025 was $231.5 million, up $28 million or 14%, with adjusted earnings per diluted share at $4.57, a 15% increase compared to the prior year [29] Business Line Data and Key Metrics Changes - Hospital revenue grew 12% in the quarter and 24% in fiscal year 2025 on a reported basis, with organic growth of 9% respectively [11] - Blood Management Technologies revenue grew 6% in the quarter and 10% in fiscal year 2025, driven by strong utilization and share gains [11] - The Interventional Technologies franchise delivered 21% reported growth in the quarter and 46% in fiscal year 2025, with 16% organic growth respectively [13] Market Data and Key Metrics Changes - Plasma revenue declined 9% in the quarter and 6% in fiscal year 2025, but excluding CSL, plasma revenue grew 11% in the fourth quarter and 5% for fiscal year 2025 [18][20] - Blood center revenue declined 22% in the quarter and 8% in fiscal year 2025 on a reported basis due to the whole blood divestiture [21] - The company anticipates plasma revenue to decline 7% to 10% on a reported basis in fiscal year 2026, with organic growth excluding CSL expected to be 11% to 14% [20] Company Strategy and Development Direction - The company is focused on advancing its innovation agenda and reallocating resources towards higher growth opportunities following the divestiture of the whole blood business [28] - A new regional and market alignment initiative is expected to generate approximately $30 million of net savings over the next two years [28] - The company aims for both blood management technologies and interventional technologies to become billion-dollar franchises each [66] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the strong growth trajectory of the hospital business, projecting reported and organic revenue growth of 8% to 11% in fiscal year 2026 [16] - The company expects adjusted operating margin to improve by 200 to 300 basis points, reaching 26% to 27% in fiscal year 2026 [33] - Management highlighted the importance of cash flow generation and expects free cash flow in fiscal year 2026 to be in the range of $160 million to $200 million [35] Other Important Information - The company executed a $150 million share buyback, repurchasing approximately 2.4 million shares, reflecting its commitment to value creation [10] - The adjusted income tax rate was 22% for the fourth quarter and 23% for fiscal year 2025, compared to 21% to 23% for the respective periods of the prior year [28] Q&A Session Summary Question: Insights on plasma collections and guidance for fiscal year 2026 - Management remains bullish on plasma, indicating that the 11% to 14% growth guidance is primarily driven by share gains and technology adoption, with modest growth expected in the first half of fiscal year 2026 [43][45] Question: Clarification on EPS guidance and operating margin drivers - The operating margin guidance of 26% to 27% is supported by continued gross margin improvement and operational leverage, with a $0.20 impact from tariffs factored into the guidance [47][49] Question: Update on vascular closure portfolio and legacy business performance - The company is focusing on driving utilization and share gains in the vascular closure market, with a dedicated team addressing both new and legacy products [55][60] Question: Changes in strategy following management transitions - The leadership changes are aimed at enhancing focus on growth in the hospital segment, with expectations for both blood management and interventional technologies to reach billion-dollar franchises [66][67] Question: Update on M&A activities and potential acquisition of VIVUSURE Medical - The company maintains a long-term appetite for strategic acquisitions, with optimism regarding the VIVUSURE opportunity, which aligns with its focus on closure and structural heart segments [74][76]

[Financial Performance Summary](index=1&type=section&id=Haemonetics%20Reports%20Fourth%20Quarter%20and%20Fiscal%202025%20Results%3B%20Provides%20Fiscal%202026%20Guidance) Haemonetics reported increased FY2025 revenue and adjusted EPS, driven by profitability and strategic growth [Q4 & Fiscal 2025 Highlights](index=1&type=section&id=Financial%20Highlights) For fiscal 2025, Haemonetics reported a 4% increase in total revenue to $1.361 billion, with a 1% organic growth, achieving a significant increase in profitability with fiscal 2025 adjusted EPS rising to $4.57, while the fourth quarter saw a revenue decrease of 4% to $331 million primarily due to divestitures and a major plasma customer contract transition Q4 & Fiscal 2025 Key Financial Metrics | Metric | 4th Quarter 2025 | Fiscal 2025 | | :--- | :--- | :--- | | **Revenue** | $331 million (-4%) | $1.361 billion (+4%) | | **Organic Revenue Growth** | —% | 1% | | **GAAP EPS (Diluted)** | $1.17 | $3.31 | | **Adjusted EPS (Diluted)** | $1.24 | $4.57 | | **Cash Flow from Operations** | $117 million | $182 million | | **Free Cash Flow** | $95 million | $145 million | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Chris Simon highlighted the company's solid earnings growth in fiscal 2025, emphasizing record margin expansion and strong cash flow, noting that key technologies like NexSys, TEG, and VASCADE are driving growth and the company is on track to meet its long-range plan goals in fiscal 2026 - The CEO emphasized **strong performance in FY2025**, citing **record margin expansion** and **robust cash flow** as indicators of business health[3](index=3&type=chunk) - Growth is being propelled by industry-leading technologies: NexSys, TEG, and VASCADE[3](index=3&type=chunk) - The company is on schedule to achieve all goals of its four-year long-range plan in the upcoming fiscal year 2026[3](index=3&type=chunk) [Detailed Financial Analysis](index=1&type=section&id=Detailed%20Financial%20Analysis) Q4 and FY2025 analysis reveals strong Hospital growth and margin expansion, offsetting other segment declines [Q4 FY2025 Performance (GAAP)](index=1&type=section&id=GAAP%20RESULTS) In Q4 FY2025, GAAP revenue decreased by 3.7% to $330.6 million, driven by declines in Plasma and Blood Center, partially offset by strong 12.2% growth in the Hospital segment, with gross margin significantly improving to 58.4% from 51.2% year-over-year, and operating income surging 138.2% to $71.3 million, primarily due to lower restructuring costs and a gain from the remeasurement of contingent consideration Q4 FY2025 GAAP Revenue by Business Unit | Business Unit | Revenue ($ millions) | Growth vs. Q4 FY2024 | | :--- | :--- | :--- | | Plasma | $126.7 | (9.1)% | | Blood Center | $56.0 | (22.2)% | | Hospital | $147.9 | 12.2% | | **Total Net Revenue** | **$330.6** | **(3.7)%** | - Gross margin increased to **58.4%** in Q4 FY2025 from **51.2%** in Q4 FY2024, driven by volume growth in high-margin Hospital products, pricing benefits, and lower restructuring costs[5](index=5&type=chunk)[6](index=6&type=chunk) - Operating income for Q4 FY2025 was **$71.3 million (21.6% margin)**, a substantial increase from **$29.9 million (8.7% margin)** in the prior year, helped by lower operating expenses[6](index=6&type=chunk) - Net income for Q4 FY2025 was **$58.0 million**, or **$1.17 per diluted share**, compared to **$20.4 million**, or **$0.40 per diluted share**, in Q4 FY2024[6](index=6&type=chunk) [Q4 FY2025 Performance (Adjusted)](index=2&type=section&id=ADJUSTED%20RESULTS) On an adjusted basis, Q4 FY2025 organic revenue saw a slight decrease of 0.2%, mainly due to the CSL U.S. disposables business transition in the Plasma segment, but the Hospital segment showed strong organic growth of 8.9%, with adjusted gross margin expanding by 620 basis points to 60.2%, and adjusted operating margin growing by 610 basis points to 24.9%, leading to a 37.8% increase in adjusted EPS to $1.24 Q4 FY2025 Organic Revenue Growth by Business Unit | Business Unit | Organic Growth vs. Q4 FY2024 | | :--- | :--- | | Plasma | (8.9)% | | Blood Center | (0.2)% | | Hospital | 8.9% | | **Total Net Revenue** | **(0.2)%** | - Adjusted gross margin increased to **60.2%**, up **620 basis points YoY**, due to volume growth in higher-margin Hospital products and pricing benefits[7](index=7&type=chunk) - Adjusted operating income rose **27.5%** to **$82.3 million**, with the adjusted operating margin reaching **24.9%**[8](index=8&type=chunk) - Adjusted net income increased **33.8%** to **$61.6 million**, resulting in adjusted EPS of **$1.24**, up **37.8% YoY**[9](index=9&type=chunk) [Full-Year FY2025 Performance by Business Unit](index=8&type=section&id=Full-Year%20FY2025%20Performance%20by%20Business%20Unit) For the full fiscal year 2025, total reported revenue grew 4.0% to $1.36 billion, driven by a strong 23.7% increase in the Hospital business, which benefited from acquisitions and 12.4% organic growth, offsetting declines in Plasma (-6.0%) and Blood Center (-7.8%), the latter impacted by the Whole Blood product line divestiture FY2025 Revenue Performance by Business Unit | Business Unit | FY2025 Revenue ($M) | Reported Growth | Organic Growth | | :--- | :--- | :--- | :--- | | Plasma | $535.4 | (6.0)% | (5.9)% | | Blood Center | $261.1 | (7.8)% | (1.5)% | | Hospital | $564.3 | 23.7% | 12.4% | | **Total Net Revenue** | **$1,360.8** | **4.0%** | **1.4%** | [Capital Allocation & Balance Sheet](index=3&type=section&id=Capital%20Allocation%20%26%20Balance%20Sheet) The company strengthened its balance sheet, completing a $300M share repurchase and authorizing a new $500M program [Share Repurchase Program](index=3&type=section&id=SHARE%20REPURCHASE%20PROGRAM%3B%20NEW%20AUTHORIZATION) Haemonetics completed its $300 million share repurchase program, buying back 2.39 million shares, and subsequently the Board of Directors approved a new, larger three-year program authorizing the repurchase of up to $500 million of common stock to offset equity grant dilution and support long-term growth plans - The company completed its previously announced **$300 million share repurchase program**, having repurchased a total of **2,386,131 shares**[10](index=10&type=chunk) - In April 2025, the Board of Directors approved a new share repurchase authorization of up to **$500 million** over the next three years[11](index=11&type=chunk) [Balance Sheet and Cash Flow](index=3&type=section&id=BALANCE%20SHEET%20AND%20CASH%20FLOW) The company ended fiscal 2025 with a strengthened balance sheet, with cash on hand increasing by $128.0 million to $306.8 million, while cash flow from operations remained stable at $181.7 million, and free cash flow for the year increased to $144.6 million from $117.3 million in the prior year, aided by proceeds from asset sales Key Balance Sheet Items (as of March 29, 2025) | Account | FY2025 ($ thousands) | FY2024 ($ thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $306,763 | $178,800 | | Total current assets | $934,975 | $768,903 | | Total assets | $2,450,948 | $2,195,591 | | Total current liabilities | $578,113 | $300,383 | | Long-term debt | $921,230 | $797,564 | | Total stockholders' equity | $820,836 | $959,959 | Fiscal Year Cash Flow Summary | Metric | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | Cash Flow from Operations | $181.7 million | $181.8 million | | Free Cash Flow | $144.6 million | $117.3 million | - The company ended fiscal 2025 with a **strengthened balance sheet**, with cash on hand increasing by **$128.0 million** to **$306.8 million**[29](index=29&type=chunk) - Cash flow from operations remained **stable at $181.7 million**, while free cash flow for the year increased to **$144.6 million** from **$117.3 million** in the prior year, aided by proceeds from asset sales[14](index=14&type=chunk)[31](index=31&type=chunk) [Fiscal 2026 Outlook](index=4&type=section&id=FISCAL%202026%20GUIDANCE) Fiscal 2026 guidance anticipates reported revenue decline due to divestitures, offset by strong organic growth and margin expansion [Revenue Guidance](index=4&type=section&id=Revenue%20Guidance) For fiscal 2026, Haemonetics projects a reported revenue decline of 3-6%, heavily influenced by the divestiture of the Whole Blood business and the CSL plasma contract transition, however, organic revenue is guided to be between -2% and +1%, and excluding the CSL impact, organic growth is expected to be a strong 6-9%, led by 11-14% growth in Plasma and 8-11% in Hospital Fiscal 2026 Revenue Growth Guidance | Category | Plasma | Blood Center | Hospital | Total Company | | :--- | :--- | :--- | :--- | :--- | | **Reported Growth** | (7 – 10%) | (23 – 26%) | 8 – 11% | **(3 – 6%)** | | **Organic Growth** | (7 – 10%) | (4 – 6%) | 8 – 11% | **(2) – 1%** | | **Organic, ex-CSL** | 11 – 14% | (4 – 6%) | 8 – 11% | **6 – 9%** | [Profitability and Cash Flow Guidance](index=4&type=section&id=Profitability%20and%20Cash%20Flow%20Guidance) The company anticipates continued margin expansion and strong earnings in fiscal 2026, guiding for an adjusted operating margin of 26-27% and adjusted earnings per diluted share between $4.70 and $5.00, with free cash flow expected to be in the range of $160 million to $200 million Fiscal 2026 Adjusted Profitability and Cash Flow Guidance | Metric | Guidance Range | | :--- | :--- | | Adjusted Operating Margin | 26 – 27% | | Adjusted EPS | $4.70 – $5.00 | | Free Cash Flow | $160M – $200M | [Appendix: Financial Statements](index=7&type=section&id=Appendix%3A%20Financial%20Statements) This appendix provides comprehensive unaudited financial statements, including income, balance sheets, cash flows, and GAAP reconciliations [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section provides the detailed unaudited consolidated statements of income for the three months and full year ended March 29, 2025, compared to the prior year periods, including breakdowns of revenues, costs, expenses, and profitability margins Condensed Consolidated Statements of Income (Year Ended) | ($ thousands, except per share) | Year Ended 3/29/2025 | Year Ended 3/30/2024 | | :--- | :--- | :--- | | Net revenues | $1,360,824 | $1,309,055 | | Gross profit | $748,958 | $691,548 | | Operating income | $221,817 | $164,883 | | Net income | $167,679 | $117,558 | | Net income per share (diluted) | $3.31 | $2.29 | [Revenue Analysis by Business Unit](index=8&type=section&id=Revenue%20Analysis%20by%20Business%20Unit) This section presents a detailed breakdown of revenue by business unit and product line for both the fourth quarter and the full fiscal year 2025, including reported growth, currency impact, acquisition/divestiture impact, and resulting organic growth rates Q4 Revenue Analysis by Business Unit ($ thousands) | Business Unit | Q4 FY2025 | Q4 FY2024 | Reported Growth | Organic Growth | | :--- | :--- | :--- | :--- | :--- | | Plasma | $126,736 | $139,479 | (9.1)% | (8.9)% | | Blood Center | $56,006 | $71,990 | (22.2)% | (0.2)% | | Hospital | $147,857 | $131,821 | 12.2% | 8.9% | | **Total** | **$330,599** | **$343,290** | **(3.7)%** | **(0.2)%** | Full Year Revenue Analysis by Business Unit ($ thousands) | Business Unit | FY2025 | FY2024 | Reported Growth | Organic Growth | | :--- | :--- | :--- | :--- | :--- | | Plasma | $535,431 | $569,535 | (6.0)% | (5.9)% | | Blood Center | $261,124 | $283,231 | (7.8)% | (1.5)% | | Hospital | $564,269 | $456,289 | 23.7% | 12.4% | | **Total** | **$1,360,824** | **$1,309,055** | **4.0%** | **1.4%** | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides the company's unaudited consolidated balance sheets as of March 29, 2025, compared to March 30, 2024, detailing assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets ($ thousands) | | As of 3/29/2025 | As of 3/30/2024 | | :--- | :--- | :--- | | **Assets** | | | | Total current assets | $934,975 | $768,903 | | Total assets | $2,450,948 | $2,195,591 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $578,113 | $300,383 | | Long-term debt | $921,230 | $797,564 | | Stockholders' equity | $820,836 | $959,959 | | Total liabilities & stockholders' equity | $2,450,948 | $2,195,591 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the company's cash flows from operating, investing, and financing activities for the fiscal years ended March 29, 2025, and March 30, 2024, and includes a reconciliation of free cash flow Condensed Consolidated Statements of Cash Flows (Year Ended, $ thousands) | | FY2025 | FY2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $181,725 | $181,751 | | Net cash used in investing activities | ($161,895) | ($322,389) | | Net cash provided by financing activities | $108,818 | $38,157 | | Net Change in Cash and Cash Equivalents | $127,963 | ($105,666) | | **Free cash flow** | **$144,588** | **$117,265** | [Reconciliation of GAAP to Adjusted Measures](index=12&type=section&id=Reconciliation%20of%20Adjusted%20Measures) This section provides detailed reconciliations of reported GAAP financial measures to non-GAAP adjusted measures for the fourth quarter and full fiscal years 2025 and 2024, itemizing adjustments for costs such as amortization, restructuring, and acquisitions to derive adjusted gross profit, operating income, net income, and EPS Q4 FY2025 Reconciliation of Net Income and EPS | ($ thousands, except per share) | Reported (GAAP) | Adjustments | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Gross Profit | $193,050 | $6,017 | $199,067 | | Operating Income | $71,335 | $11,008 | $82,343 | | Net Income | $57,981 | $3,593 | $61,574 | | EPS (Diluted) | $1.17 | $0.07 | $1.24 | Full Year FY2025 Reconciliation of Net Income and EPS | ($ thousands, except per share) | Reported (GAAP) | Adjustments | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Gross Profit | $748,958 | $32,805 | $781,763 | | Operating Income | $221,817 | $104,487 | $326,304 | | Net Income | $167,679 | $63,830 | $231,509 | | EPS (Diluted) | $3.31 | $1.26 | $4.57 |

Core Insights - Haemonetics Corporation announced its financial results for the fourth quarter and fiscal year 2025, which ended on March 29, 2025 [1] - The company will host a conference call and webcast on May 8, 2025, at 8:00 a.m. ET to discuss the results and answer questions from investors and analysts [1][2] - Supplemental tables providing additional information on fiscal 2026 revenue growth guidance have been posted on the Investor Relations website [2] Company Overview - Haemonetics is a global medical technology company focused on improving healthcare quality, effectiveness, and efficiency [3] - The company offers innovative solutions for critical medical needs, including hospital technologies, plasma collection technologies, and products for blood centers [3]