Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 28, 2024


☐			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)


Massachusetts		04-2882273
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

125 Summer Street
Boston,	Massachusetts	02110
(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 Class

Trading Symbol

Name of Each Exchange on Which Registered

Common stock, $.01 par value per share

HAE

New 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 x No o

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 x No o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐No x

The number of shares of $0.01 par value common stock outstanding as of November 5, 2024: 50,223,887

HAEMONETICS CORPORATION

INDEX



			PAGE
PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income - Three and Six Months Ended September 28 , 2024 and September 30 , 2023			3
Unaudited Condensed Consolidated Balance Sheet - September 28 , 2024 and Consolidated Balance Sheet - March 30, 2024			4
Unaudited Condensed Consolidated Statements of Stockholders’ Equity - Three and Six Months Ended September 28 , 2024 and September 30 , 2023			5
Unaudited Condensed Consolidated Statements of Cash Flows - Six Months Ended September 28 , 2024 and September 30 , 2023			6
Notes to Unaudited Condensed Consolidated Financial Statements			7

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			29

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk			39

ITEM 4. Controls and Procedures			39

PART II. OTHER INFORMATION			40

ITEM 1. Legal Proceedings			40

ITEM 1A. Risk Factors			40

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			40

ITEM 3. Defaults upon Senior Securities			40

ITEM 4. Mine Safety Disclosures			40

ITEM 5. Other Information			40

ITEM 6. Exhibits			41

SIGNATURES			42

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ITEM 1. FINANCIAL STATEMENTS

HAEMONETICS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited in thousands, except per share data)


	Three Months Ended				Six Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net revenues	$	345,511	$	318,183	$	681,683	$	629,515
Cost of goods sold	158,074		147,673		319,322		291,740
Gross profit	187,437		170,510		362,361		337,775
Operating expenses:
Research and development	16,530		12,665		30,979		25,313
Selling, general and administrative	106,946		115,320		215,194		208,805
Amortization of acquired intangible assets	12,264		7,222		24,735		14,695



Total operating expenses	135,740		135,207		270,908		248,813
Operating income	51,697		35,303		91,453		88,962
Interest and other expense, net	(6,993)		(2,471)		(36)		(4,540)
Income before provision for income taxes	44,704		32,832		91,417		84,422
Provision for income taxes	10,873		7,924		19,213		18,472
Net income	$	33,831	$	24,908	$	72,204	$	65,950

Net income per share - basic	$	0.66	$	0.49	$	1.42	$	1.30
Net income per share - diluted	$	0.66	$	0.48	$	1.40	$	1.28

Weighted average shares outstanding
Basic	50,898		50,727		50,920		50,634
Diluted	51,240		51,396		51,402		51,368

Comprehensive income	$	41,934	$	21,721	$	73,272	$	63,626

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

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HAEMONETICS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited in thousands, except share data)


	September 28, 2024		March 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	299,283	$	178,800
Accounts receivable, less allowance for credit losses of $5,912 at September 28, 2024 and $5,695 at March 30, 2024	213,534		206,562
Inventories, net	382,105		317,202
Prepaid expenses and other current assets	60,980		66,339
Total current assets	955,902		768,903
Property, plant and equipment, net	300,478		311,362
Intangible assets, less accumulated amortization of $484,517 at September 28, 2024 and $455,213 at March 30, 2024	487,837		406,117
Goodwill	616,162		565,082
Deferred tax asset	9,083		7,739
Other long-term assets	155,762		136,388
Total assets	$	2,525,224	$	2,195,591
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and current maturities of long-term debt	$	5,434	$	10,229
Accounts payable	69,242		73,358
Accrued payroll and related costs	49,300		80,708
Other current liabilities	149,970		136,088
Total current liabilities	273,946		300,383
Long-term debt	1,219,523		797,564
Deferred tax liability	62,893		62,644
Other long-term liabilities	90,011		75,041
Stockholders’ equity:
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 50,381,127 shares at September 28, 2024 and 50,787,859 shares at March 30, 2024	504		508
Additional paid-in capital	544,375		634,627
Retained earnings	368,536		360,456
Accumulated other comprehensive loss	(34,564)		(35,632)
Total stockholders’ equity	878,851		959,959
Total liabilities and stockholders’ equity	$	2,525,224	$	2,195,591

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

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HAEMONETICS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited in thousands)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)/Income		Total Stockholders’ Equity
	Shares	Par Value
Balance, March 30, 2024	50,788	$	508	$	634,627	$	360,456	$	(35,632)	$	959,959
Employee stock purchase plan	47	—		3,441		—		—		3,441
Exercise of stock options	73	1		4,703		(3,743)		—		961
Issuance of restricted stock, net of cancellations	280	3		(3)		—		—		—

Tax withholding on employee equity awards	(35)	—		(1,315)		(8,444)		—		(9,759)
Purchase of capped call related to convertible notes	—	—		(88,200)		—		—		(88,200)
Share-based compensation expense	—	—		7,628		—		—		7,628
Net income	—	—		—		38,373		—		38,373
Other comprehensive loss	—	—		—		—		(7,035)		(7,035)
Balance, June 29, 2024	51,153	$	512	$	560,881	$	386,642	$	(42,667)	$	905,368

Exercise of stock options	5	—		515		(264)		—		251
Shares repurchased, including excise tax	(799)	(8)		(23,839)		(51,394)		—		(75,241)
Issuance of restricted stock, net of cancellations	23	—		—		—		—		—
Tax withholding on employee equity awards	(1)	—		(39)		(279)		—		(318)

Share-based compensation expense	—	—		6,857		—		—		6,857
Net income	—	—		—		33,831		—		33,831
Other comprehensive income	—	—		—		—		8,103		8,103
Balance, September 28, 2024	50,381	$	504	$	544,375	$	368,536	$	(34,564)	$	878,851


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)/Income		Total Stockholders’ Equity
	Shares	Par Value
Balance, April 1, 2023	50,449	$	504	$	594,706	$	253,168	$	(30,381)	$	817,997
Employee stock purchase plan	40	—		2,871		—		—		2,871
Exercise of stock options	145	2		5,858		(5,233)		—		627
Issuance of restricted stock, net of cancellations	140	2		(2)		—		—		—
Tax withholding on employee equity awards	(68)	(1)		(812)		(4,960)		—		(5,773)


Share-based compensation expense	—	—		6,989		—		—		6,989
Net income	—	—		—		41,042		—		41,042
Other comprehensive income	—	—		—		—		863		863
Balance, July 1, 2023	50,706	$	507	$	609,610	$	284,017	$	(29,518)	$	864,616
Exercise of stock options	12	—		655		37		—		692

Issuance of restricted stock, net of cancellations	22	—		—		—		—		—
Tax withholding on employee equity awards	—	—		(11)		(64)		—		(75)
Share-based compensation expense	—	—		6,706		—		—		6,706
Net income	—	—		—		24,908		—		24,908
Other comprehensive loss	—	—		—		—		(3,187)		(3,187)
Balance, September 30, 2023	50,740	$	507	$	616,960	$	308,898	$	(32,705)	$	893,660

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

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HAEMONETICS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited in thousands)


	Six Months Ended
	September 28, 2024		September 30, 2023
Cash Flows from Operating Activities:
Net income	$	72,204	$	65,950
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash items:
Depreciation and amortization	58,353		46,045
Amortization of fair value inventory step-up	8,978		—
Share-based compensation expense	14,485		13,695
Impairment of intangible assets	2,391		10,419

Gain on repurchase of convertible senior notes, net	(12,600)		—
Inventory reserve adjustment	6,074		2,559
Gains on sales of property, plant and equipment	(14,412)		(444)
Deferred tax benefit	(6,176)		(1,893)

Other non-cash operating activities	4,523		2,111
Change in operating assets and liabilities:
Change in accounts receivable	(1,608)		2,857
Change in inventories	(53,082)		(30,654)
Change in prepaid income taxes	(3,713)		(906)
Change in other assets and other liabilities	(13,890)		(10,291)
Change in accounts payable and accrued expenses	(40,125)		18,762
Net cash provided by operating activities	21,402		118,210
Cash Flows from Investing Activities:
Capital expenditures	(15,089)		(16,794)
Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment	(6,754)		(17,523)
Acquisition, net of cash acquired	(150,906)		—

Proceeds from sale of property, plant and equipment	20,551		921
Other investing activities	(10,366)		(7,000)
Net cash used in investing activities	(162,564)		(40,396)
Cash Flows from Financing Activities:

Proceeds from issuance of convertible notes	700,000		—
Repurchase of convertible senior notes	(185,500)		—
Purchase of capped call related to convertible notes	(88,200)		—
Term loan borrowings	250,000		—
Term loan redemption	(262,500)		—

Payments on revolving facility	(50,000)		—
Repayment of term loan borrowings	(1,563)		(5,250)
Debt issuance costs	(23,135)		—
Share repurchases	(75,000)		—

Proceeds from employee stock purchase plan	3,441		2,871
Proceeds from exercise of stock options	1,212		1,319
Cash used to net share settle employee equity awards	(9,794)		(5,842)
Other financing activities	(73)		(868)
Net cash provided by (used in) financing activities	258,888		(7,770)
Effect of exchange rates on cash and cash equivalents	2,757		(3,505)
Net Change in Cash and Cash Equivalents	120,483		66,539
Cash and Cash Equivalents at Beginning of Period	178,800		284,466
Cash and Cash Equivalents at End of Period	$	299,283	$	351,005

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

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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 28, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 29, 2025 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 30, 2024.

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. Subsequent events have been evaluated as required. There were no material recognized or unrecognized subsequent events as of or for the six months ended September 28, 2024.

2. RECENT ACCOUNTING PRONOUNCEMENTS

Standards to be Implemented

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No. 2023-07, Segment Reporting (Topic 280). The new guidance requires public entities to provide expanded disclosures over significant segment expenses and additional disclosures related to the chief operating decision maker. ASC Update No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The new guidance is applicable to Haemonetics beginning with the fiscal 2025 Annual Report on Form 10-K. The Company is currently evaluating the impact to its interim and annual report disclosures.

In December 2023, the FASB issued ASC Update No. 2023-09, Income Taxes (Topic 740). ASC Update No. 2023-09 requires public entities to provide detailed income tax disclosures, including rate reconciliations and disaggregated income tax payment information, on an annual basis. The updated guidance is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. ASC Update No. 2023-09 is applicable to Haemonetics beginning with the fiscal 2026 Annual Report on Form 10-K and the Company is currently evaluating the impact to its annual report disclosures.

3. ACQUISITIONS AND STRATEGIC INVESTMENTS

Acquisitions

Attune Medical

On March 5, 2024, the Company entered into a definitive agreement to acquire Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”), the manufacturer of the ensoETM® proactive esophageal cooling device, pursuant to which, among other things, the Company agreed to acquire all of the issued and outstanding common shares of Attune Medical. On April 1, 2024, the Company completed its acquisition of Attune Medical for total consideration of $187.7 million, which included an upfront cash payment of $162.0 million, or $150.5 million net of cash acquired, the fair value of contingent consideration of $25.3 million, and $0.4 million of working capital adjustments. The contingent consideration is based on sales growth over the next three years, which is uncapped, and the achievement of certain other milestones. The Company financed the acquisition through a combination of cash on hand and borrowings under its senior unsecured revolving credit facility.

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Attune Medical expands the Hospital business unit’s presence in electrophysiology and complements its Vascular Closure product line within Interventional Technologies, which is included in the Hospital reportable segment.

Purchase Price Allocation

The Company accounted for the acquisition as a business combination, and in accordance with FASB ASC Topic 805, Business Combinations (Topic 805), recorded the assets acquired and liabilities assumed at their fair values as of the acquisition date. The fair value of assets acquired and liabilities assumed have been recognized based on management’s estimates and assumptions using the information regarding facts and circumstances that existed at the closing date. The assessment of fair value is preliminary and is based on information that was available at the time the Condensed Consolidated Financial Statements were prepared. The most significant open item is the accounting for income taxes as the Company is awaiting additional information to complete its assessment of these matters. Measurement period adjustments will be recorded in the period in which they are determined, as if they had been completed at the acquisition date. The finalization of the Company’s purchase accounting assessment could result in changes in the valuation of assets acquired and liabilities assumed, which could be material. The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by Topic 805.

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


(In thousands)	April 1, 2024
Accounts receivable	$	3,784
Inventories	26,300
Prepaid expenses and other current assets	906
Property, plant and equipment	200
Intangible assets	105,800
Goodwill	70,256

Total assets acquired	$	207,246
Accounts payable	2,260
Accrued payroll and related costs	2,129
Other liabilities	496
Deferred tax liability	26,155

Total liabilities assumed	$	31,040
Net assets acquired	$	176,206

The Company determined that the identifiable intangible assets were developed technology, customer contracts and related relationships and trade names. The fair values of intangible assets were based on valuation techniques with estimates and assumptions developed by the Company. Developed technology was valued using the excess earnings method. Customer contracts and related relationships were valued using the distributor method. The trademark was valued using the relief from royalty method. The cash flows used in the valuation of the intangible assets were based on estimates used to price the transaction. In developing the discount rates applied to the cash flow projections, the discount rates were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital and then adjusted to reflect the relative risk of the asset.

The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. As a result of the acquisition of Attune Medical, the Company recognized goodwill of $70.3 million based on expected synergies from integration into our Hospital business. The goodwill is not deductible for tax purposes and relates entirely to the Hospital reportable segment.

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Intangible assets acquired consist of the following:


(In thousands)	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Developed technology	$	96,100	10 years	22.0	%
Customer contracts and related relationships	7,800		10 years	21.5	%
Trade names	1,900		10 years	21.5	%
Total	$	105,800

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

Acquisition-Related Costs

The Company incurred $9.8 million of acquisition-related costs during the first quarter of fiscal 2025 in connection with the Attune Medical acquisition. These costs related to legal and other professional fees, which were recognized in selling, general and administrative on the Condensed Consolidated Statements of Income.

The Company’s condensed consolidated financial statements include the results of Attune Medical from the date the acquisition was completed. Pro forma financial information has not been presented as the acquisition is not material to the Company’s overall financial results.

OpSens Inc.

On October 10, 2023, the Company entered into an Arrangement Agreement with OpSens Inc. (“OpSens”), a medical device cardiology-focused company delivering solutions based on its proprietary optical technology, pursuant to which, among other things, the Company agreed to acquire all of the issued and outstanding common shares of OpSens. On December 12, 2023, the Company completed its acquisition of OpSens for total consideration of approximately $254.5 million, or $243.9 million, net of cash acquired. The Company financed the acquisition through a combination of cash on hand and borrowings under its senior unsecured revolving credit facility.

OpSens offers commercially and clinically validated optical technology for use primarily in interventional cardiology. OpSens’ core products include the SavvyWire®, a sensor-guided 3-in-1 guidewire for TAVR procedures, advancing the workflow of the procedure and enabling potentially shorter hospital stays for patients; and the OptoWire®, a pressure guidewire that aims to improve clinical outcomes by accurately and consistently measuring Fractional Flow Reserve (FFR) and diastolic pressure ratio (dPR) to aid clinicians in the diagnosis and treatment of patients with coronary artery disease. OpSens also manufactures a range of fiber optic sensor solutions used in medical devices and other critical industrial applications. The addition of OpSens expands the Hospital business unit portfolio in the interventional cardiology market and is included in the Hospital reportable segment.

Purchase Price Allocation

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


(In thousands)	December 12, 2023
Accounts receivable	$	5,960
Inventories	12,075
Prepaid expenses and other current assets	2,062
Property, plant and equipment	3,028
Intangible assets	172,000
Goodwill	79,400
Other long-term assets	4,705
Total assets acquired	$	279,230
Accounts payable	3,251
Accrued payroll and related costs	1,723
Other liabilities	9,746
Deferred tax liability	14,805
Other long-term liabilities	5,853
Total liabilities assumed	$	35,378
Net assets acquired	$	243,852

The Company determined that the identifiable intangible assets were developed technology, customer contracts and related relationships and trade names. The fair values of intangible assets were based on valuation techniques with estimates and assumptions developed by the Company. Developed technology and customer contracts and related relationships were valued using the excess earnings method. Trademarks were valued using the relief from royalty method. The cash flows used in the valuation of the intangible assets were based on estimates used to price the transaction. In developing the discount rates applied to the cash flow projections, the discount rates were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital and then adjusted to reflect the relative risk of the asset.

The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. As a result of the acquisition of OpSens, the Company recognized goodwill of $79.4 million based on expected synergies from integration into our Hospital business. The goodwill is not deductible for tax purposes and relates entirely to the Hospital reportable segment.

Intangible assets acquired consist of the following:


(In thousands)	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Developed technology	$	114,900	15 years	20.5	%
Customer contracts and related relationships	52,300		15 years	18.9	%
Trade names	4,800		15 years	20.5	%
Total	$	172,000

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

Acquisition-Related Costs

The Company incurred $6.6 million of acquisition-related costs for fiscal 2024 in connection with the OpSens acquisition. These costs related to legal and other professional fees, which were recognized in selling, general and administrative on the Condensed Consolidated Statements of Income.

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The Company’s condensed consolidated financial statements include the results of OpSens from the date the acquisition was completed. Pro forma financial information has not been presented as the acquisition is not material to the Company’s overall financial results.

Strategic Investments

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

As of September 28, 2024, the Company has made total investments in Vivasure Medical LTD (“Vivasure”) of €35 million. The investments include both preferred stock and a special share that allows the Company to acquire Vivasure in accordance with an agreement between the parties. In addition, the Company made certain other strategic investments totaling $10.9 million and $7.6 million during fiscal 2025 and 2024, respectively. The Company’s strategic investments are classified as other long-term assets on the Company’s Condensed Consolidated Balance Sheets and the Company has not recorded any adjustments to the carrying value of our strategic investments during three and six months ended September 28, 2024 and September 30, 2023.

4. REVENUE

As of September 28, 2024, the Company had $30.5 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more. The Company expects to recognize approximately 77% 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 28, 2024 and March 30, 2024, the Company had contract liabilities of $36.7 million and $31.2 million, respectively. During the three and six months ended September 28, 2024, the Company recognized $8.5 million and $21.8 million of revenue, respectively, that was included in the above March 30, 2024 contract liability balance. Contract liabilities are classified as other current liabilities on the Condensed Consolidated Balance Sheet. As of September 28, 2024 and March 30, 2024, the Company’s contract assets were immaterial.

5. RESTRUCTURING

On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify opportunities for efficiencies, enhance commercial capabilities, align its resources and offer its customers better solutions. In order to realize these opportunities, the Company undertakes restructuring-type activities to transform its business.

Operational Excellence Program

In July 2019, the Board of Directors of the Company approved the Operational Excellence Program (the “2020 Program”) and delegated authority to the Company’s management to determine the detail of the initiatives that will comprise the program. During fiscal 2022, the Company revised the program to improve product and service quality, reduce cost principally in its manufacturing and supply chain operations and ensure sustainability while helping to offset impacts from a previously announced customer loss, rising inflationary pressures and effects of the COVID-19 pandemic. The Company expects to incur aggregate charges between $85.0 million and $90.0 million by the end of fiscal 2025 under the program. The majority of charges will result in cash outlays, including severance and other employee costs, and will be incurred as the specific actions required to execute these initiatives are identified and approved. During the three and six months ended September 28, 2024, the Company incurred $1.7 million and $4.1 million, respectively, of restructuring and restructuring related costs under this program. During the three and six months ended September 30, 2023, the Company incurred $2.0 million and $4.2 million, respectively, of restructuring and restructuring related costs under this program. Total cumulative charges under this program are $81.1 million.

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Portfolio Rationalization Initiatives

In November 2023, the Company announced its plans to end of life the ClotPro analyzer system within the Hospital business unit and certain products within the Blood Center business unit, primarily in Whole Blood, including the associated manufacturing operations and closure of certain other facilities. In the three and six months ended September 28, 2024, the Company incurred $4.7 million and $9.4 million, respectively, of restructuring and restructuring related costs related to these portfolio rationalization initiatives.

The following table summarizes the activity for restructuring reserves related to the portfolio rationalization initiatives and the 2020 Program for the six months ended September 28, 2024, which relates to employee severance, other employee costs and inventory reserves:


(In thousands)	Portfolio Rationalization		2020 Program		Total
Balance at March 30, 2024	$	11,309	$	485	$	11,794
Costs incurred, net of reversals	9,201		213		9,414
Payments	(5,847)		(564)		(6,411)
Balance at September 28, 2024	$	14,663	$	134	$	14,797

The following presents the restructuring costs by line item within our accompanying unaudited Condensed Consolidated Statements of Income and Comprehensive Income:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of goods sold	$	3,765	$	58	$	8,131	$	264
Research and development	—		—		(12)		—
Selling, general and administrative expenses	1,027		28		1,295		(189)
Total	$	4,792	$	86	$	9,414	$	75

As of September 28, 2024, the Company had a restructuring liability of $14.8 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 ASC 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs. These costs consist primarily of expenditures directly related to the restructuring actions.

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


Restructuring costs	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Plasma	$	144	$	59	$	207	$	(197)
Blood Center	2,393		—		3,556		—
Hospital	333		—		630		242
Corporate	1,922		27		5,021		30
Total	$	4,792	$	86	$	9,414	$	75

Restructuring related costs	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Plasma	$	51	$	74	$	226	$	243
Blood Center	46		28		89		73
Hospital	—		98		108		147
Corporate	1,474		1,747		3,666		3,688
Total	$	1,571	$	1,947	$	4,089	$	4,151

Total restructuring and restructuring related costs	$	6,363	$	2,033	$	13,503	$	4,226

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 transaction costs.

For the three and six months ended September 28, 2024, the Company reported income tax expense of $10.9 million and $19.2 million, respectively, representing effective tax rates of 24.3% and 21.0%. The effective tax rate for the three months ended September 28, 2024, which includes an immaterial discrete tax benefit. The effective tax rate for the six months ended September 28, 2024 includes $3.6 million of discrete tax benefit, primarily related to stock compensation windfalls. The discrete benefit also includes other items such as provision to return differences.

For the three and six months ended September 30, 2023, the Company reported income tax expense of $7.9 million and $18.5 million, respectively, representing effective tax rates of 24.1% and 21.9%, respectively. The effective tax rate for the three months ended September 30, 2023 includes $0.1 million of discrete tax benefit primarily related to stock compensation windfalls. The effective tax rate for the six months ended September 30, 2023 includes $1.3 million of discrete tax benefit primarily related to stock compensation windfalls.

The increase in the reported tax rate for the three months ended September 28, 2024, compared to the same period in fiscal 2024, relates primarily to the unfavorable impact of the jurisdictional mix of earnings and non-deductible acquisition-related expenses. The decrease in the reported tax rate for the six months ended September 28, 2024, compared to the same period in fiscal 2024, relates primarily to increased discrete tax benefits year-over-year, partially offset by the unfavorable impact of jurisdictional mix of earnings and non-deductible acquisition-related expenses.

On August 26, 2024, the U.S. Tax Court issued a decision in Varian Medical Systems, Inc. v. Commissioner. The decision related to the Tax Cuts and Jobs Act Transition Tax on unrepatriated earnings of applicable foreign subsidiaries. The Company is still evaluating the impact and whether to file a protective refund claim with the U.S. Internal Revenue Service.

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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 Ended				Six Months Ended
(In thousands, except per share amounts)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Basic EPS
Net income	$	33,831	$	24,908	$	72,204	$	65,950
Weighted average shares	50,898		50,727		50,920		50,634
Basic income per share	$	0.66	$	0.49	$	1.42	$	1.30
Diluted EPS
Net income	$	33,831	$	24,908	$	72,204	$	65,950
Basic weighted average shares	50,898		50,727		50,920		50,634
Net effect of common stock equivalents	342		669		482		734
Diluted weighted average shares	51,240		51,396		51,402		51,368
Diluted income per share	$	0.66	$	0.48	$	1.40	$	1.28

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 prices, and consequently no shares have been included in diluted earnings per share for the conversion values of both convertible senior notes. For the three and six months ended September 28, 2024, weighted average shares outstanding, assuming dilution, excludes the impact of $0.8 million anti-dilutive shares for both periods. For the three and six months ended September 30, 2023, weighted average shares outstanding, assuming dilution, excludes the impact of $0.7 million and $0.6 million anti-dilutive shares, respectively.

Share Repurchase Program

In August 2022, the Company announced that its Board of Directors had approved a three-year share repurchase program authorizing the repurchase of up to $300.0 million of Haemonetics common stock, based on market conditions, through August 2025. Under the share repurchase program, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions. 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.

In August 2024, the Company entered into an accelerated share repurchase agreement (“ASR”) with Citibank N.A. (“Citibank”) to repurchase $75.0 million of the Company’s common stock. Pursuant to the terms of the ASR, in August 2024, the Company paid Citibank $75.0 million in cash and received an initial delivery of 0.8 million shares of the Company's common stock based on a closing market price on the New York Stock Exchange on August 28, 2024 of $75.08. This initial delivery of shares represented approximately 80% of the notional amount of the ASR. The ASR was completed in October 2024, subsequent to the end of the second quarter of fiscal 2025, and 0.2 million additional shares were delivered upon settlement. As of September 28, 2024, the total remaining authorization for repurchases of the Company's common stock under the share repurchase program was $150.0 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.


(In thousands)	September 28, 2024		March 30, 2024
Raw materials	$	110,035	$	134,150
Work-in-process	36,357		15,488
Finished goods	235,713		167,564
Total inventories	$	382,105	$	317,202

9. PROPERTY, PLANT AND EQUIPMENT


(In thousands)	September 28, 2024		March 30, 2024
Land	$	3,764	$	4,130
Building and building improvements	124,264		124,338
Plant equipment and machinery	227,930		204,622
Office equipment and information technology	132,845		129,979
Haemonetics equipment	425,402		456,414
Construction in progress	24,889		39,694
Total	939,094		959,177
Less: accumulated depreciation	(638,616)		(647,815)
Property, plant and equipment, net	$	300,478	$	311,362

During the three and six months ended September 28, 2024, depreciation expense was $15.0 million and $29.6 million, respectively. During the three and six months ended September 30, 2023, depreciation expense was $13.6 million and $26.9 million, respectively.

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

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. Sales-type leases are not significant. Contract terms vary by customer and may include options to terminate the contract or options to extend the contract. Where devices are provided under operating lease arrangements, a substantial majority of the entire lease revenue is variable and subject to subsequent non-lease component (disposable products) sales. The allocation of revenue between the lease and non-lease components is based on estimated stand-alone selling prices. Operating lease revenue represents less than 3 percent of the Company’s total net sales.

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11. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by operating segment for fiscal 2025 are as follows:


(In thousands)	Plasma		Blood Center		Hospital		Total
Carrying amount as of March 30, 2024	$	29,043	$	33,484	$	502,555	$	565,082

Purchase accounting adjustments	—		—		(19,248)		(19,248)
Acquisitions	—		—		69,542		69,542
Currency translation	—		84		702		786
Carrying amount as of September 28, 2024	$	29,043	$	33,568	$	553,551	$	616,162

The decrease in goodwill of $19.2 million for purchase accounting adjustments was primarily related to the Company obtaining additional facts and information to finalize the pre-acquisition tax returns and associated analyses for OpSens. This resulted in the Company revising its estimate of the net deferred tax liability recorded as of the acquisition date. Refer to Note 3, Acquisitions and Strategic Investments, for additional information regarding the acquisitions of OpSens and Attune Medical.

The gross carrying amount of intangible assets and the related accumulated amortization as of September 28, 2024 and March 30, 2024 is as follows:


(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net

As of September 28, 2024
Amortizable:
Developed technology	$	573,745	$	199,048	$	374,697
Customer contracts and related relationships	264,703		194,055		70,648
Capitalized software	84,783		73,160		11,623
Patents and other	27,504		12,326		15,178
Trade names	16,244		5,928		10,316
Total	$	966,979	$	484,517	$	482,462
Non-amortizable:
In-process software development	$	5,375


Total	$	5,375


(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net

As of March 30, 2024
Amortizable:
Developed technology	$	464,291	$	178,413	$	285,878
Customer contracts and related relationships	255,144		190,033		65,111
Capitalized software	84,837		69,491		15,346
Patents and other	24,504		11,820		12,684
Trade names	14,320		5,456		8,864
Total	$	843,096	$	455,213	$	387,883
Non-amortizable:
In-process research and development	$	13,667

In-process software development	4,567
Total	$	18,234

During fiscal 2025, the Company acquired Attune Medical and recorded $96.1 million of developed technology, $7.8 million of customer contracts and related relationships and $1.9 million of trade name intangibles based on the purchase accounting valuation. Refer to Note 3, Acquisitions and Strategic Investments, for additional information regarding the acquisition.

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

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

Intangible assets include the value assigned to license rights and 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 15 years.

During the three and six months ended September 28, 2024, amortization expense was $14.2 million and $28.7 million, respectively. During the three and six months ended September 30, 2023, amortization expense was $9.4 million and $19.2 million, respectively.

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


(In thousands)
Remainder of Fiscal 2025	$	26,135
Fiscal 2026	$	49,842
Fiscal 2027	$	47,893
Fiscal 2028	$	46,121
Fiscal 2029	$	44,927

12. NOTES PAYABLE AND LONG-TERM DEBT

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


(In thousands)	September 28, 2024		March 30, 2024
Convertible notes	$	981,513	$	494,813
Term loan, net of financing fees	242,511		261,971
Revolving credit facility	—		50,000
Other borrowings	933		1,009
Less: current portion	(5,434)		(10,229)
Long-term debt	$	1,219,523	$	797,564

Convertible Senior Notes

2026 Notes

In March 2021, the Company issued $500.0 million aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”). The 2026 Notes are governed by the terms of the Indenture between the Company and U.S. Bank National Association, as trustee. The 2026 Notes will mature on March 1, 2026, unless earlier converted, redeemed or repurchased. In the first quarter of fiscal 2025, the Company repurchased $200.0 million of the aggregate principal amount for $185.5 million, resulting in a gain of $14.5 million related to the discount on repurchase. As the repurchase of the 2026 Notes met the criteria for extinguishment accounting, $1.9 million of unamortized debt issuance costs were allocated to the repurchase, resulting in a net gain of $12.6 million, which was recorded in Interest and other income (expense), net on the Condensed Consolidated Statements of Income.

During the second quarter of fiscal 2025, the conditions allowing holders of the 2026 Notes to convert have not been met. The 2026 Notes were therefore not convertible as of September 28, 2024 and were classified as long-term debt on the Company’s Condensed Consolidated Balance Sheets.

As of September 28, 2024, the $300.0 million principal balance was netted down by $2.3 million of remaining debt issuance costs, resulting in a net convertible note payable of $297.7 million. Interest expense related to the 2026 Notes was $0.4 million and $1.0 million for the three and six months ended September 28, 2024, respectively, which is entirely attributable to the amortization of the debt issuance costs. The remaining debt issuance costs are amortized at an effective interest rate of 0.5%.

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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 National Association, as trustee. The total net proceeds from the sale of the 2029 Notes, after deducting the initial purchasers’ discounts and debt issuance costs, were $682.8 million, with a portion of funds used to repay the entirety of the balance on the revolving credit facility under the Company’s second amended and restated credit agreement, to repurchase a portion of the Company’s 2026 Notes and to complete capped call transactions in connection with the issuance of the 2029 Notes, as described further below. The Company intends to use the remainder of the proceeds for future cash requirements, which may include additional repurchases of the 2026 Notes from time to time following the offering, or the repayment at maturity of the 2026 Notes. The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased.

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

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

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

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

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

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

On or after December 1, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2029 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. The conversion rate for the 2029 Notes is 8.5385 shares of common stock per $1,000 principal amount of notes (which is equal to an initial conversion price of approximately $117.12 per share of the Company’s common stock), subject to adjustment as set forth in the Indenture. Upon conversion, the Company will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, common stock or a combination of cash and common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the notes being converted. If a make-whole adjustment event, as described in the Indenture, occurs and a holder elects to convert its 2029 Notes in connection with such make-whole adjustment event, such holder may be entitled to an increase in the conversion rate as described in the Indenture.

During the second quarter of fiscal 2025, the conditions allowing holders of the 2029 Notes to convert have not been met. The 2029 Notes were therefore not convertible as of September 28, 2024 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.

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

As of September 28, 2024, the $700.0 million principal balance was netted down by $16.2 million of remaining debt issuance costs, resulting in a net convertible note payable of $683.8 million. Interest expense related to the 2029 Notes was $5.2 million and $6.9 million for the three and six months ended September 28, 2024, respectively, which includes nominal interest expense and the amortization of the debt issuance costs.

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 2029 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, subject to anti-dilution adjustments, approximately 5.98 million shares of the Company’s common stock. 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 and will not be remeasured.

Credit Facilities

On July 26, 2022, the Company entered into an amended and restated credit agreement to refinance its credit facilities initially entered into in 2018 and extend their maturity date through June 2025. The amended and restated credit agreement provided for a $280.0 million senior unsecured term loan and a $420.0 million senior unsecured revolving credit facility (together, the “2022 Revised Credit Facilities”) with applicable interest rates during the period established using an annual rate equal to the Adjusted Term SOFR Rate plus an applicable rate ranging from 1.125% to 1.750% based on the Company’s consolidated net leverage ratio, as specified in the agreement.

On April 30, 2024, the Company entered into a second amended and restated credit agreement with certain lenders to refinance the 2022 Revised Credit Facilities and extend their maturity date through April 2029. The second amended and restated credit agreement provides for a $250.0 million senior unsecured term loan, the proceeds of which, along with $12.5 million of cash on hand, were used to retire the balance of the term loan under the 2022 Revised Credit Facilities, and a $750.0 million senior unsecured revolving credit facility (together, the “2024 Revised Credit Facilities”). Loans under the 2024 Revised Credit Facilities will initially bear interest at an annual rate equal to the Adjusted Term SOFR Rate (as specified in the second amended and restated credit agreement), which is subject to a floor of 0.0%, plus an applicable rate ranging from 1.125% to 1.750% based on the Company’s consolidated net leverage ratio (as specified in the second amended and restated credit agreement) at the applicable measurement date. 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, on up to two occasions during the term of the facility, 4.5:1.0 for the four consecutive fiscal quarters ended immediately following acquisitions meeting certain criteria specified in the agreement.

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

At September 28, 2024, $248.4 million was outstanding under the term loan with an effective interest rate of 6.7%, which was netted down by the $5.9 million of remaining debt discount, resulting in a net note payable of $242.5 million. The Company has scheduled principal payments of $6.3 million required during the 12 months following September 28, 2024. There were no outstanding borrowings under the revolving credit facilities at September 28, 2024. The Company also had $19.8 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 28, 2024.

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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 28, 2024.

The future aggregate amount of debt maturities are as follows:


(In thousands)
Remainder of Fiscal 2025	$	3,198
Fiscal 2026	$	306,355
Fiscal 2027	$	6,312
Fiscal 2028	$	11,003
Fiscal 2029	$	17,257
Thereafter	$	905,246

13. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The Company manufactures, markets and sells its products globally. During both the three and six months ended September 28, 2024, 25.9% 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 and Mexican Peso. This does not eliminate the impact of the volatility of foreign exchange rates. However, because the Company generally enters into forward contracts one year out, rates are fixed for a one-year period, thereby facilitating financial planning and resource allocation.

Designated Foreign Currency Hedge Contracts

All of the Company’s designated foreign currency hedge contracts as of September 28, 2024 and March 30, 2024 were cash flow hedges under ASC 815, Derivatives and Hedging (“ASC 815”). The Company records the effective portion of any change in the fair value of designated foreign currency hedge contracts in other comprehensive income until the related third-party transaction occurs. Once the related third-party transaction occurs, the Company reclassifies the effective portion of any related gain or loss on the designated foreign currency hedge contracts to earnings. In the event the hedged forecasted transaction does not occur, or it becomes probable that it will not occur, the Company will reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time. The Company had designated foreign currency hedge contracts outstanding in the contract amount of $30.8 million as of September 28, 2024 and $74.0 million as of March 30, 2024. At September 28, 2024, a loss of $1.3 million, net of tax, will be reclassified to earnings within the next twelve months. All currency cash flow hedges outstanding as of September 28, 2024 mature within twelve months.

Non-Designated Foreign Currency Contracts

The Company manages its exposure to changes in foreign currency on a consolidated basis to take advantage of offsetting transactions and balances. It uses foreign currency forward contracts as a part of its strategy to manage exposure related to foreign currency denominated monetary assets and liabilities. These foreign currency forward contracts are entered into for periods consistent with currency transaction exposures, generally one month. They are not designated as cash flow or fair value hedges under ASC 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 $38.0 million as of September 28, 2024 and $39.9 million as of March 30, 2024.

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Interest Rate Swaps

Part of the Company’s interest rate risk management strategy includes the use of interest rate swaps to mitigate its exposure to changes in variable interest rates. The Company’s objective in using interest rate swaps is to add stability to interest expense and to manage and reduce the risk inherent in interest rate fluctuations.

To mitigate the interest rate risk on the Company’s senior unsecured term loan, in September 2022, the Company entered into four interest rate swaps, two of which expired in June 2023 and the remaining two were amended and extended in September 2024. The amendment and extension of the two interest rate swaps did not have a material impact on the 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 (the “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 the Swaps are effective and qualify for hedge accounting treatment.

The Company held the following interest rate swaps as of September 28, 2024:


Hedged Item	Original Notional Amount		Notional Amount as of September 28, 2024		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets (Liabilities)
(In thousands)




1-month USD Term SOFR	103,600		103,600		9/27/2024	9/30/2024	4/30/2029	3.32%	(634)
1-month USD Term SOFR	102,200		102,200		9/27/2024	9/30/2024	4/30/2029	3.30%	(403)
Total	$	205,800	$	205,800					$	(1,037)

For the six months ended September 28, 2024, the Company recorded a loss of $2.1 million, net of tax, in accumulated other comprehensive loss to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges.

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:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Beginning balance	$	5,719	$	5,047	$	5,695	$	4,932
Credit loss	179		30		216		181
Write-offs	14		(33)		1		(69)
Ending balance	$	5,912	$	5,044	$	5,912	$	5,044

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Other Fair Value Measurements

Fair value is defined as the exit price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes the following three-level hierarchy used for measuring fair value:

•Level 1 — Inputs to the valuation methodology are quoted market prices for identical assets or liabilities.

•Level 2 — Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs.

•Level 3 — Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk.

The Company’s money market funds carried at fair value are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Fair Value of Derivative Instruments

The following table presents the effect of the Company’s derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the six months ended September 28, 2024:


Derivative Instruments	Amount of Gain Recognized in Accumulated Other Comprehensive Loss		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings		Location in Condensed Consolidated Statements of Income and Comprehensive Income	Amount of Gain Excluded from Effectiveness Testing		Location in Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands)
Designated foreign currency hedge contracts, net of tax	$	(1,263)	$	(506)	Net revenues, COGS and SG&A	$	506	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	117	Interest and other expense, net
Designated interest rate swaps, net of tax	$	(2,053)	$	36	Interest and other expense, net	$	—

The Company did not have fair value hedges or net investment hedges outstanding as of September 28, 2024 or March 30, 2024. As of September 28, 2024, no material deferred taxes were 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 ASC 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 28, 2024, 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.

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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 28, 2024 and March 30, 2024:


(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		September 28, 2024		March 30, 2024
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	—	$	1,353
Non-designated foreign currency hedge contracts	Other current assets	32		154
Designated interest rate swaps	Other current assets	744		1,673
Designated interest rate swaps	Other long-term assets	—		62
		$	776	$	3,242
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	624	$	395
Non-designated foreign currency hedge contracts	Other current liabilities	104		536

Designated interest rate swaps	Other long-term liabilities	1,781		—
		$	2,509	$	931

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 28, 2024 and March 30, 2024.


	As of September 28, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	155,290	$	—	$	—	$	155,290

Non-designated foreign currency hedge contracts	—		32		—		32
Designated interest rate swaps	—		744		—		744
	$	155,290	$	776	$	—	$	156,066
Liabilities
Designated foreign currency hedge contracts	$	—	$	624	$	—	$	624
Non-designated foreign currency hedge contracts	—		104		—		104
Designated interest rate swaps	—		1,781		—		1,781
Contingent consideration	—		—		26,334		26,334
	$	—	$	2,509	$	26,334	$	28,843

	As of March 30, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	43,073	$	—	$	—	$	43,073
Designated foreign currency hedge contracts	—		1,353		—		1,353
Non-designated foreign currency hedge contracts	—		154		—		154
Designated interest rate swaps	—		1,735		—		1,735
	$	43,073	$	3,242	$	—	$	46,315
Liabilities
Designated foreign currency hedge contracts	$	—	$	395	$	—	$	395
Non-designated foreign currency hedge contracts	—		536		—		536


	$	—	$	931	$	—	$	931

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Foreign currency hedge contracts - The fair value of foreign currency hedge contracts was measured using significant other observable inputs and valued by reference to over-the-counter quoted market prices for similar instruments. The Company does not believe that the fair value of these derivative instruments differs significantly from the amount that could be realized upon settlement or maturity, or that the changes in fair value will have a significant effect on its results of operations, financial condition or cash flows.

Interest rate swaps - The fair values of interest rate swaps are measured using the present value of expected future cash flows using market-based observable inputs, including credit risk and interest rate yield curves. The Company does not believe that the fair values of these derivative instruments differ significantly from the amounts that could be realized upon settlement or maturity, or that the changes in fair value will have a significant effect on its results of operations, financial condition or cash flows.

Contingent consideration - The fair value of contingent consideration liabilities is based on significant unobservable inputs, including management estimates and assumptions, and is measured based on the probability-weighted present value of the payments expected to be made. Accordingly, the fair value of contingent consideration has been classified as level 3 within the fair value hierarchy.

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

Fair Value at

Valuation

Unobservable

(In thousands)

September 28, 2024

Technique

Input

Range

Revenue-based payments

20,606

Monte Carlo Simulation Model

Discount rate

6.3%

Projected year of payments

2025 - 2027

Regulatory-based payment

4,735

Monte Carlo Simulation Model

Discount rate

6.1%

Probability of payment

50%

Projected year of payment

2026 - 2028

Event-based payment

993

Monte Carlo Simulation Model

Discount rate

5.8%

Projected year of payment

2028

The fair value of contingent consideration associated with the Attune Medical acquisition was $26.3 million at September 28, 2024. As of September 28, 2024, $8.0 million was included in other current liabilities and $18.3 million was included in other long-term liabilities on the Condensed Consolidated Balance Sheets.

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


(In thousands)
Balance at March 30, 2024	$	—
Acquisition date fair value of contingent consideration	25,000
Purchase accounting adjustments	300
Change in fair value	1,034

Balance at September 28, 2024	$	26,334

Other Fair Value Disclosures

The fair values of the 2026 Notes and 2029 Notes were $277.7 million and $701.7 million as of September 28, 2024, respectively, which were determined by using the market price on the last trading day of the reporting period and are considered as level 2 in the fair value hierarchy.

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

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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 ASC 450, Contingencies, for all matters. Legal costs are expensed as incurred.

In the fourth quarter of fiscal 2021, a putative class action complaint was filed against the Company in the Circuit Court of Cook County, Illinois by Mary Crumpton, on behalf of herself and similarly situated individuals. The Company removed the case to the United States District Court for the Northern District Illinois. See Mary Crumpton v. Haemonetics Corporation, Case No. 1:21-cv-1402. In her complaint, the plaintiff asserts that between June 2017 and August 2018 she donated plasma at a center operated by one of the Company’s customers, that the center required her to scan her fingerprint on a finger scanner that stored her fingerprint to identify her prior to plasma donation, and that the Company’s eQue donor management software sent her biometric information to a Company-owned server to be collected and stored in a manner that violated her rights under the Illinois Biometric Information Privacy Act (“BIPA”). The plaintiff seeks statutory damages, attorneys’ fees and injunctive and equitable relief. In March 2021, the Company moved to dismiss the complaint for lack of personal jurisdiction and concurrently filed a motion to dismiss for failure to state a claim and a motion to stay. In March 2022, the court denied the Company’s motion to dismiss for lack of personal jurisdiction but did not address the merits of the Company’s other positions. In March 2023, the Company filed a second motion to dismiss the complaint, which is pending before the court. During the second quarter of fiscal 2024, the Company entered into a Memorandum of Understanding providing terms that would resolve the litigation and recorded an additional loss contingency related to this matter. In the third quarter of fiscal 2024, the parties requested preliminary court approval of a final settlement agreement, which was granted in February 2024, and the Company recorded an immaterial additional loss contingency related to settlement administration, resulting in an accrual of $8.7 million within Other current liabilities in its consolidated balance sheets. In March 2024, notice of the settlement was mailed to class members and the parties are now awaiting the complete administration of the settlement through the third-party administrator. In the first quarter of fiscal 2025, the Company issued payment of the $8.7 million settlement amount following the court's final approval of the settlement agreement and dismissal of the matter with prejudice.

During the fourth quarter of fiscal 2024, a complaint was filed in the U.S. District Court for the District of Delaware by Knoninklijke Philips N.V. and IP2IPO Innovations, Ltd. (together, the “Plaintiffs”) against OpSens, OpSens Medical, Inc., a wholly-owned subsidiary of OpSens, and Haemonetics (1:24-cv-00206-CFC). The complaint alleges, inter alia, that OpSens’ interventional cardiology systems, including its OptoWire and OptoMonitor technology, infringe a single patent held by the Plaintiffs and seeks both injunctive relief and damages. The Company believes it has valid and meritorious defenses to the complaint and plans to vigorously defend against the complaint. During the first quarter of fiscal 2025, the Company recorded a loss contingency related to this matter, which did not have a material impact on its Condensed Consolidated Financial Statements.

Product Recall

In August 2023, the Company issued a voluntary recall of certain products within the Whole Blood portion of our Blood Center business unit sold to customers in the U.S. and certain foreign jurisdictions. In fiscal 2024, the Company recorded cumulative charges of $6.8 million related to inventory, returns and customer claims associated with this recall. Substantially all outstanding claims have been paid as of September 28, 2024.

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15. ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of Accumulated Other Comprehensive Loss, net of tax, are as follows:


(In thousands)	Foreign Currency		Defined Benefit Plans		Net Unrealized Gain (Loss) on Derivatives		Total
Balance as of March 30, 2024	$	(38,274)	$	1,748	$	894	$	(35,632)
Other comprehensive income (loss) before reclassifications(1)	4,854		—		(3,316)		1,538
Amounts reclassified from accumulated other comprehensive loss(1)	—		—		(470)		(470)
Net current period other comprehensive income (loss)	4,854		—		(3,786)		1,068
Balance as of September 28, 2024	$	(33,420)	$	1,748	$	(2,892)	$	(34,564)
(1) Presented net of income taxes, the amounts of which are insignificant.

16. SEGMENT AND ENTERPRISE-WIDE INFORMATION

The Company determines its reportable segments by first identifying its operating segments, and then by assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. The Company’s reporting structure aligns with its operating structure of three global business units and the information that is regularly reviewed by the Company’s chief operating decision maker.

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

•Plasma

•Blood Center

•Hospital

Management measures and evaluates the operating segments based on operating income. Management excludes certain corporate expenses from segment operating income. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment operating income because management evaluates the operating results of the segments excluding such items. Although these amounts are excluded from segment operating income, as applicable, they are included in the reconciliations that follow. Management measures and evaluates the Company’s net revenues and operating income using internally derived standard currency exchange rates that remain constant from year to year; therefore, segment information is presented on this basis.

Selected information by reportable segment is presented below:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net revenues(1)
Plasma	$	138,565	$	142,643	$	274,607	$	282,134
Blood Center	68,804		70,470		135,643		139,639
Hospital	138,384		105,950		272,790		208,378
Net revenues in constant currency	345,753		319,063		683,040		630,151
Effect of exchange rates	(242)		(880)		(1,357)		(636)
Net revenues	$	345,511	$	318,183	$	681,683	$	629,515
(1) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.

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	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Segment operating income
Plasma	$	69,728	$	78,042	$	135,565	$	153,740
Blood Center	27,167		27,307		49,789		53,590
Hospital	59,705		41,834		113,596		82,777
Segment operating income	156,600		147,183		298,950		290,107
Corporate expenses (1)	(74,407)		(75,750)		(144,387)		(151,059)
Effect of exchange rates	1,312		(3,091)		(37)		(478)
Amortization of acquired intangible assets	(12,264)		(7,222)		(24,735)		(14,695)
Amortization of fair value inventory step-up	(3,739)		—		(8,978)		—
Integration and transaction costs	(882)		(1,784)		(13,205)		(2,899)
Restructuring costs	(4,792)		(86)		(9,414)		(75)
Restructuring related costs	(1,571)		(1,947)		(4,089)		(4,151)
Digital transformation costs	(4,858)		(3,592)		(11,203)		(7,297)
PCS2 related charges	—		(552)		—		(411)
MDR and IVDR costs	(991)		(1,988)		(2,117)		(3,154)
Litigation-related charges	(320)		(5,449)		(1,075)		(6,507)
Impairment of intangible assets	(2,391)		(10,419)		(2,391)		(10,419)
Gain on sale of property, plant and equipment	—		—		14,134		—
Operating income	$	51,697	$	35,303	$	91,453	$	88,962
(1) Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions.

Net revenues by business unit are as follows:


		Three Months Ended				Six Months Ended
(In thousands)		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
	Plasma	$	138,561	$	142,794	$	274,471	$	282,415

	Apheresis	54,332		54,973		103,426		104,139
	Whole Blood	14,196		14,683		31,347		34,723
	Blood Center	68,528		69,656		134,773		138,862

	Interventional Technologies(1)	61,923		38,541		124,967		76,161
	Blood Management Technologies(2)	76,499		67,192		147,472		132,077
	Hospital	138,422		105,733		272,439		208,238

Net revenues(3)		$	345,511	$	318,183	$	681,683	$	629,515
(1) Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the Hospital business unit.
(2) Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the Hospital business unit.
(3) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.

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Net revenues generated in the Company’s principle operating regions on a reported basis are as follows:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
United States	$	256,061	$	236,345	$	504,963	$	473,418
Japan	16,424		15,011		30,129		26,784
Europe	41,991		38,666		89,216		78,053
Rest of Asia	25,768		27,735		45,551		49,775
Other	5,267		426		11,824		1,485
Net revenues	$	345,511	$	318,183	$	681,683	$	629,515

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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 30, 2024. 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.

Introduction

Haemonetics is a global healthcare company dedicated to providing a suite of innovative medical technology solutions that improve the quality, effectiveness and efficiency of care. We challenge ourselves to think big and make new possibilities a reality, so that our customers can make it matter for patients, every single day. Our technology addresses important medical markets: blood and plasma component collection, the surgical suite and hospital transfusion services.

We view our operations and manage our business in three principal reporting segments: Plasma, Blood Center and Hospital. For that purpose, “Plasma” includes plasma collection devices and disposables, donor management software and supporting software solutions sold to plasma customers. “Blood Center” includes blood collection and processing devices and disposables for red cells, platelets and whole blood. “Hospital” is comprised of Interventional Technologies, which includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection products, and Blood Management Technologies, which includes Hemostasis Management, Cell Salvage and Transfusion Management products.

We believe that Plasma and Hospital have growth potential, while Blood Center competes in challenging markets that require us to manage the business differently, including reducing costs, shrinking the scope of the current product line, and evaluating opportunities to exit unfavorable customer contracts.

Recent Developments

Accelerated Share Repurchase

In August 2024, in accordance with our previously-announced three-year share repurchase program, we entered into an accelerated share repurchase agreement (“ASR”) with Citibank N.A. (“Citibank”) to repurchase $75.0 million of our common stock. Pursuant to the terms of the ASR, in August 2024, we paid Citibank $75.0 million in cash and received an initial delivery of 0.8 million shares of our common stock based on a closing market price on the New York Stock Exchange on August 28, 2024 of $75.08. This initial delivery of shares represented approximately 80% of the notional amount of the ASR. The ASR was completed in October 2024, subsequent to the end of the second quarter of fiscal 2025, and 0.2 million additional shares were delivered upon settlement. As of September 28, 2024, the total remaining authorization for repurchases of our common stock under the share repurchase program was $150.0 million.

Issuance of Convertible Senior Notes

On May 28, 2024, we 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 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, of which $230.0 million was used to repay the entirety of the balance on the revolving credit facility under the Company’s current credit agreement, $185.5 million was used to repurchase a portion of our existing 0% convertible senior notes due 2026 and $88.2 million was used to complete capped call transactions, with the remaining proceeds available for future cash requirements. The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased.

Debt Issuance and Repayment

On April 30, 2024, we entered into a second amended and restated credit agreement with certain lenders to refinance our prior credit facilities and extend their maturity date through April 2029. The second amended and restated credit agreement provides for a $250.0 million senior unsecured term loan, the proceeds of which, along with $12.5 million of cash on hand, have been used to retire the balance of the term loan under our prior credit facilities, and a $750.0 million senior unsecured revolving credit facility.

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Acquisition of Attune Medical

On April 1, 2024, we completed our acquisition of Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”) for total consideration of $187.7 million, which included an upfront cash payment of $162.0 million, or $150.5 million net of cash acquired, the fair value of contingent consideration of $25.3 million, and $0.4 million of working capital adjustments. The contingent consideration is based on sales growth over the next three years, which is uncapped, and the achievement of certain other milestones. We financed the acquisition through a combination of cash on hand and borrowings under its senior unsecured revolving credit facility.

Attune Medical's ensoETM technology is designed for use across a range of medical conditions involving patient cooling or warming, including treatment in electrophysiology, critical care, neurocritical care, trauma, burn surgery, spine surgery, and cancer surgery, among others. The addition of our Esophageal Protection product line through this acquisition expands our Hospital business unit’s presence in electrophysiology and complements its Vascular Closure product line within Interventional Technologies, which is included in the Hospital reportable segment.

Acquisition of OpSens Inc.

On December 12, 2023, we completed our acquisition of OpSens Inc. (“OpSens”) for total consideration of approximately $254.5 million, or $243.9 million, net of cash acquired. We financed the acquisition through a combination of cash on hand and borrowings under its senior unsecured revolving credit facility.

OpSens offers commercially and clinically validated optical technology for use primarily in interventional cardiology. OpSens’ core products include the SavvyWire®, a sensor-guided 3-in-1 guidewire for TAVR procedures, advancing the workflow of the procedure and enabling potentially shorter hospital stays for patients; and the OptoWire®, a pressure guidewire that aims to improve clinical outcomes by accurately and consistently measuring Fractional Flow Reserve (FFR) and diastolic pressure ratio (dPR) to aid clinicians in the diagnosis and treatment of patients with coronary artery disease. OpSens also manufactures a range of fiber optic sensor solutions used in medical devices and other critical industrial applications. The addition of OpSens expands our Hospital business unit portfolio in the interventional cardiology market and is included in the Hospital reportable segment.

Financial Summary


	Three Months Ended								Six Months Ended
(In thousands, except per share data)	September 28, 2024			September 30, 2023			% Increase/ (Decrease)		September 28, 2024			September 30, 2023			% Increase/ (Decrease)
Net revenues	$	345,511		$	318,183		8.6	%	$	681,683		$	629,515		8.3	%
Gross profit	$	187,437		$	170,510		9.9	%	$	362,361		$	337,775		7.3	%
% of net revenues	54.2		%	53.6		%			53.2		%	53.7		%
Operating expenses	$	135,740		$	135,207		0.4	%	$	270,908		$	248,813		8.9	%
Operating income	$	51,697		$	35,303		46.4	%	$	91,453		$	88,962		2.8	%
% of net revenues	15.0		%	11.1		%			13.4		%	14.1		%
Interest and other expense, net	$	(6,993)		$	(2,471)		183.0	%	$	(36)		$	(4,540)		(99.2)	%
Income before provision for income taxes	$	44,704		$	32,832		36.2	%	$	91,417		$	84,422		8.3	%
Provision for income taxes	$	10,873		$	7,924		37.2	%	$	19,213		$	18,472		4.0	%
% of pre-tax income	24.3		%	24.1		%			21.0		%	21.9		%
Net income	$	33,831		$	24,908		35.8	%	$	72,204		$	65,950		9.5	%
% of net revenues	9.8		%	7.8		%			10.6		%	10.5		%
Net income per share - basic	$	0.66		$	0.49		34.7	%	$	1.42		$	1.30		9.2	%
Net income per share - diluted	$	0.66		$	0.48		37.5	%	$	1.40		$	1.28		9.4	%

Net revenues increased 8.6% and 8.3% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. Without the effects of foreign exchange, net revenues increased 8.7% during both the three and six months ended September 28, 2024, as compared with the same periods of fiscal 2024. Revenue increases in our Hospital businesses, primarily related to recent acquisitions as well as volume and price benefits, drove the overall increases in revenue during the three and six months ended September 28, 2024.

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Operating income increased 46.4% and 2.8% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. The increase during the three months ended September 28, 2024 was primarily due to operating leverage, partially offset by operating costs related to recent acquisitions and increased amortization of acquired intangible assets. The increase for the six months ended September 28, 2024 was primarily due to operating leverage and the gains realized on the sale of a manufacturing facility in the first quarter of fiscal 2025, partially offset by operating, transaction and integration costs related to recent acquisitions and increased amortization of acquired 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.

RESULTS OF OPERATIONS

Net Revenues by Geography


	Three Months Ended
(In thousands)	September 28, 2024		September 30, 2023		Reported growth		Currency impact		Constant currency growth (1)
United States	$	256,061	$	236,345	8.3	%	—	%	8.3	%
International	89,450		81,838		9.3	%	(0.5)	%	9.8	%
Net revenues	$	345,511	$	318,183	8.6	%	(0.1)	%	8.7	%


	Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		Reported growth		Currency impact		Constant currency growth (1)
United States	$	504,963	$	473,418	6.7	%	—	%	6.7	%
International	176,720		156,097		13.2	%	(1.8)	%	15.0	%
Net revenues	$	681,683	$	629,515	8.3	%	(0.4)	%	8.7	%
(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.”

Our principal operations are in the United States, Europe, Japan and other parts of Asia. Our products are marketed in approximately 90 countries around the world through a combination of our direct sales force and independent distributors and agents. During both the three and six months ended September 28, 2024, our revenue generated outside the U.S. was 25.9% of total net revenues, as compared with 25.7% and 24.8%, respectively, during the three and six months ended September 30, 2023. 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 and Euro 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
(In thousands)	September 28, 2024		September 30, 2023		Reported growth		Currency impact		Constant currency growth(1)
Plasma	$	138,561	$	142,794	(3.0)	%	—	%	(3.0)	%

Apheresis	54,332		54,973		(1.2)	%	(1.0)	%	(0.2)	%
Whole Blood	14,196		14,683		(3.3)	%	—	%	(3.3)	%
Blood Center	68,528		69,656		(1.6)	%	(0.7)	%	(0.9)	%

Interventional Technologies(2)	61,923		38,541		60.7	%	(0.2)	%	60.9	%
Blood Management Technologies(3)	76,499		67,192		13.9	%	0.3	%	13.6	%
Hospital	138,422		105,733		30.9	%	0.1	%	30.8	%

Net revenues(4)	$	345,511	$	318,183	8.6	%	(0.1)	%	8.7	%

	Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		Reported growth		Currency impact		Constant currency growth(1)
Plasma	$	274,471	$	282,415	(2.8)	%	—	%	(2.8)	%

Apheresis	103,426		104,139		(0.7)	%	(2.0)	%	1.3	%
Whole Blood	31,347		34,723		(9.7)	%	(0.1)	%	(9.6)	%
Blood Center	134,773		138,862		(2.9)	%	(1.4)	%	(1.5)	%

Interventional Technologies(2)	124,967		76,161		64.1	%	(0.3)	%	64.4	%
Blood Management Technologies(3)	147,472		132,077		11.7	%	(0.2)	%	11.9	%
Hospital	272,439		208,238		30.8	%	(0.3)	%	31.1	%

Net revenues(4)	$	681,683	$	629,515	8.3	%	(0.4)	%	8.7	%

(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.”
(2) Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the Hospital business unit.
(3) Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the Hospital business unit.
(4) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.

Plasma

Plasma revenue decreased 3.0% and 2.8% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. Without the effects of foreign exchange, Plasma revenue decreased 3.0% and 2.8% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. The decreases during the three and six months ended September 28, 2024 were primarily driven by lower sales volumes in North America, primarily relating to the previously announced customer transition of CSL Plasma, whose non-exclusive supply agreement with the Company is scheduled to expire in December 2025. We anticipate sales of approximately $100.0 million to CSL in fiscal 2025. The decrease for the six months ended September 28, 2024 was also due to a temporary plasma center outage at one of our customers.

Blood Center

Blood Center revenue decreased 1.6% and 2.9% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. Without the effects of foreign exchange, Blood Center revenue decreased 0.9% and 1.5% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. The decreases during the three and six months ended September 28, 2024 were primarily driven by declines in our Whole Blood business.

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Hospital

Hospital revenue increased 30.9% and 30.8% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. Without the effects of foreign exchange, Hospital revenue increased 30.8% and 31.1% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. The increases during the three and six months ended September 28, 2024 were primarily attributable to the product lines within the Interventional Technologies franchise with benefits from Sensor Guided Technologies and Esophageal Protection that were recently acquired, as well as growth in Vascular Closure as well as Blood Management Technologies.

Gross Profit


	Three Months Ended								Six Months Ended
(In thousands)	September 28, 2024			September 30, 2023			% Increase		September 28, 2024			September 30, 2023			% Increase
Gross profit	$	187,437		$	170,510		9.9	%	$	362,361		$	337,775		7.3	%
% of net revenues	54.2		%	53.6		%			53.2		%	53.7		%

Gross profit increased 9.9% and 7.3% for the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. Without the effects of foreign exchange, gross profit increased 13.2% and 9.5% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. The increases during the three and six months ended September 28, 2024 were driven by increased revenues in the Hospital business and volume, mix and price, partially offset by restructuring costs related to portfolio rationalization initiatives, foreign exchange, amortization of fair value inventory step-up related to the Attune Medical acquisition.

Operating Expenses


	Three Months Ended								Six Months Ended
(In thousands)	September 28, 2024			September 30, 2023			% Increase/ (Decrease)		September 28, 2024			September 30, 2023			% Increase
Research and development	$	16,530		$	12,665		30.5	%	$	30,979		$	25,313		22.4	%
% of net revenues	4.8		%	4.0		%			4.5		%	4.0		%
Selling, general and administrative	$	106,946		$	115,320		(7.3)	%	$	215,194		$	208,805		3.1	%
% of net revenues	31.0		%	36.2		%			31.6		%	33.2		%
Amortization of acquired intangible assets	$	12,264		$	7,222		69.8	%	$	24,735		$	14,695		68.3	%
% of net revenues	3.5		%	2.3		%			3.6		%	2.3		%




Total operating expenses	$	135,740		$	135,207		0.4	%	$	270,908		$	248,813		8.9	%
% of net revenues	39.3		%	42.5		%			39.7		%	39.5		%

Research and Development

Research and development expenses increased 30.5% and 22.4% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. Without the effects of foreign exchange, research and development expenses increased 30.7% and 22.5% during the three and six months ended September 28, 2024, respectively, as compared with the same periods of fiscal 2024. The increases during the three and six months ended September 28, 2024 were primarily due to increased headcount as a result of recent acquisitions.

Selling, General and Administrative

Selling, general and administrative expenses decreased 7.3% during the three months ended September 28, 2024 and increased 3.1% during the six months ended September 28, 2024, as compared with the same periods of fiscal 2024. Without the effects of foreign exchange, selling, general, and administrative expenses decreased 6.6% during the three months ended September 28, 2024 and increased 3.2% during the six months ended September 28, 2024, as compared with the same periods of fiscal 2024. The decrease during the three months ended September 28, 2024 was driven by decreased performance-based compensation as well as decreases in impairment of intangible assets and litigation-related charges compared to the prior year period, partially offset by operating costs related to recent acquisitions and increased headcount. The increase during the six months ended September 28, 2024 was primarily driven by transaction, integration and operating costs related to recent acquisitions, increased headcount and restructuring costs related to portfolio rationalization initiatives, partially offset by gains

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realized on the sale of a manufacturing facility in the first quarter of fiscal 2025 and the decreases in impairment of intangible assets compared to the prior year period.

Amortization of Acquired Intangible Assets

We recognized amortization expense related to our acquired intangible assets of $12.3 million and $24.7 million during the three and six months ended September 28, 2024, respectively, and $7.2 million and $14.7 million during the three and six months ended September 30, 2023, respectively. The increases were primarily related to the amortization of the intangible assets acquired in conjunction with the recent acquisitions of OpSens and Attune Medical.

Interest and Other Expense, Net

Interest and other expense increased by $4.5 million during the three months ended September 28, 2024 and decreased $4.5 million during the six months ended September 28, 2024, as compared with the same periods of fiscal 2024. The increase during the three months ended September 28, 2024, as compared with the prior year period, was primarily driven by interest expense and amortization of deferred financing costs on the 2029 Notes issued in fiscal 2025, partially offset by foreign exchange. The decrease during the six months ended September 28, 2024 was primarily driven by the net gain on the repurchase of convertible notes during the first quarter of fiscal 2025, partially offset by interest expense on the 2029 Notes issued in fiscal 2025 as well as higher interest incurred on our revolving credit facilities, as compared with the same period of fiscal 2024.

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 transaction costs.

For the three and six months ended September 28, 2024, the Company reported income tax expense of $10.9 million and $19.2 million, representing effective tax rates of 24.3% and 21.0%. The effective tax rate for the three months ended September 28, 2024, which includes an immaterial discrete tax benefit. The effective tax rate for the six months ended September 28, 2024 includes $3.6 million of discrete tax benefit, primarily related to stock compensation windfalls. The discrete benefit also includes other items such as provision to return differences.

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Liquidity and Capital Resources

The following table contains certain key performance indicators we believe depict our liquidity and cash flow position:


(Dollars in thousands)	September 28, 2024		March 30, 2024
Cash and cash equivalents	$	299,283	$	178,800
Working capital	$	681,956	$	468,520
Current ratio	3.5		2.6
Net debt position(1)	$	(925,674)	$	(628,993)
Days sales outstanding (DSO)	56		54
Inventory turnover	1.4		1.7

(1) 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 convertible senior notes due March 1, 2026. Our expected cash outlays relate primarily to acquisitions, investments, capital expenditures, including enhancements to our North American manufacturing facilities, share repurchases, portfolio rationalization initiatives and cash principal and interest payments under our revised credit agreements. As of September 28, 2024, we had $299.3 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.

In the first quarter of fiscal 2025, the Company used a portion of its proceeds from the 2029 Notes to repurchase, for $185.5 million, $200.0 million of the $500.0 million aggregate principal amount of its 0% convertible senior notes due 2026 (the “2026 Notes”), resulting in a gain of $14.5 million related to the discount on repurchase. As the repurchase of the 2026 Notes met the criteria for extinguishment accounting, $1.9 million of unamortized debt issuance costs were allocated to the repurchase, resulting in a net gain of $12.6 million. As of September 28, 2024, the $300.0 million remaining principal balance on the 2026 Notes was netted down by $2.3 million of remaining debt issuance costs, resulting in a net convertible note payable of $297.7 million. Interest expense related to the 2026 Notes was $0.4 million and $1.0 million for the three and six months ended September 28, 2024, respectively, which is entirely attributable to the amortization of the debt issuance costs. The remaining debt issuance costs are amortized at an effective interest rate of 0.5%.

As of September 28, 2024, the $700.0 million principal balance of the 2029 Notes was netted down by $16.2 million of remaining debt issuance costs, resulting in a net convertible note payable of $683.8 million. Interest expense related to the 2029 Notes was $5.2 million and $6.9 million for the three and six months ended September 28, 2024, respectively, which includes nominal interest expense and the amortization of the debt issuance costs.

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At September 28, 2024, $248.4 million was outstanding under the term loan with an effective interest rate of 6.7%. There were no outstanding borrowings under the revolving credit facilities at September 28, 2024. The Company also had $19.8 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 28, 2024.

The Company has scheduled principal payments of $3.1 million required during the remainder of fiscal 2025 related to its term loan.

During fiscal 2022, our Board of Directors approved a revised Operational Excellence Program. We estimate that we will incur aggregate charges between $85.0 million and $90.0 million by the end of fiscal 2025 under the program in connection with the Operational Excellence Program. These charges, the majority of which will result in cash outlays, including severance and other employee costs, will be incurred as the specific actions required to execute these initiatives are identified and approved and are expected to be substantially completed by the end of fiscal 2025. During the three and six months ended September 28, 2024, the Company incurred $1.7 million and $4.1 million, respectively, of restructuring and restructuring related costs under this program.

Cash Flows


	Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023
Net cash provided by (used in):
Operating activities	$	21,402	$	118,210
Investing activities	(162,564)		(40,396)
Financing activities	258,888		(7,770)
Effect of exchange rate changes on cash and cash equivalents(1)	2,757		(3,505)
Net change in cash and cash equivalents	$	120,483	$	66,539

(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.

Net cash provided by operating activities decreased by $96.8 million during the six months ended September 28, 2024, as compared with the six months ended September 30, 2023. The decrease in cash provided by operating activities was primarily due to the timing of accounts payable payments, increased inventory balances and a payment in connection with a previously disclosed legal settlement.

Net cash used in investing activities increased by $122.2 million during the six months ended September 28, 2024, as compared with the six months ended September 30, 2023. The increase in cash used in investing activities was primarily the result of the acquisition of Attune Medical, partially offset by the proceeds from the sales of property, plant and equipment.

Net cash provided by financing activities increased by $266.7 million during the six months ended September 28, 2024, as compared with the six months ended September 30, 2023, primarily due to the issuance the 2029 Notes, partially offset by the repurchase of a portion of the 2026 Notes, capped call transactions, share repurchases, payments on the revolving credit facility and debt issuance costs.

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 business unit, sales are concentrated with several large customers. As a result, accounts receivable extended to any one of these biopharmaceutical customers can be significant at any point in time. 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.

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Foreign Exchange

During both the three and six months ended September 28, 2024, 25.9% of our sales were generated outside the U.S., generally in foreign currencies, yet our reporting currency is the U.S. Dollar. 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 Swiss Franc and Mexican Peso. This does not eliminate the volatility of foreign exchange rates, but because we generally enter into forward contracts one year out, rates are fixed for a one-year period, thereby facilitating financial planning and resource allocation. 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.

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; the Company’s strategy for growth; product development, commercialization and anticipated performance and benefits; regulatory approvals; impacts of acquisitions or dispositions; and market position and expenditures.

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 the Company’s control. Investors should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, the Company’s 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 (as supplemented by Part II, Item 1A. “Risks Factors” of our Quarterly Report on Form 10-Q for the first quarter ended June 29, 2024).

•Our ability to achieve our long-term strategic and financial-improvement goals;

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•Demand for and market acceptance risks for new and existing products, including material reductions in purchasing from 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 information technology systems or our products, which could impair our 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 the Company’s acquisitions of OpSens Inc. and Attune Medical, divestitures or other strategic investments by the Company 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 the Operational Excellence Program and portfolio rationalization initiatives;

•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 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, 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;

•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;

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•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 (as supplemented by Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the first quarter ended June 29, 2024) 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 and interest rate risk.

Foreign Exchange Risk

See the section above entitled Foreign Exchange for a discussion of how foreign currency affects our business. It is our policy to minimize, for a period of time, the unforeseen impact on our financial results of fluctuations in foreign exchange rates by using derivative financial instruments known as forward contracts to hedge anticipated cash flows from forecasted foreign currency denominated sales and costs. We do not use the financial instruments for speculative or trading activities.

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 28, 2024, 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 $2.9 million increase in the fair value of the forward contracts, whereas a 10% weakening of the U.S. Dollar would result in a $3.5 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 28, 2024 was $248.4 million with an effective interest rate of 6.7% based on prevailing Term SOFR rates. An increase of 100 basis points in Term SOFR rates would result in additional annual interest expense of $0.4 million. As of September 28, 2024, 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 $205.8 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.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We conducted an evaluation, as of September 28, 2024, 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 28, 2024.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended September 28, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the second quarter of fiscal 2024, we implemented the first phase of a new global enterprise resource planning (“ERP”) system, which will continue to be implemented in phases through fiscal 2026. The ERP will replace existing financial systems we have historically relied on. As each phase of the implementation occurs, we will reassess our processes and procedures, which may result in changes to our internal control over financial reporting.

Table of Contents

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 Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.

Item 1A. Risk Factors

Except as set forth in Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the first quarter ended June 29, 2024, 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 30, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

In August 2024, the Company entered into an ASR with Citibank to repurchase $75.0 million of the Company’s common stock. Pursuant to the terms of the ASR, in August 2024, the Company paid Citibank $75.0 million in cash and received an initial delivery of 0.8 million shares of the Company's common stock based on a closing market price on the New York Stock Exchange on August 28, 2024 of $75.08. This initial delivery of shares represented approximately 80% of the notional amount of the ASR. The ASR was completed in October 2024, subsequent to the end of the second quarter of fiscal 2025, and 0.2 million additional shares were delivered upon settlement. As of September 28, 2024, the total remaining authorization for repurchases of the Company's common stock under the share repurchase program was $150.0 million.

The following table provides information on the Company’s share repurchases during the second quarter of fiscal 2025:


	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)($)
June 30, 2024 – July 27, 2024	—	—	—	$	225.0
July 28, 2024 – August 24, 2024	—	—	—	225.0
August 25, 2024 – September 28, 2024	799,148	$75.08	799,148	$	150.0
Total	799,148		799,148

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 28, 2024, 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.

Table of Contents

Item 6. Exhibits




3.1			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).

3.2			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).

31.1*			Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002, of Christopher A. Simon, President and Chief Executive Officer of the Company.

31.2*			Certification pursuant to Section 302 of Sarbanes-Oxley of 2002, of James C. D'Arecca, Executive Vice President, Chief Financial Officer of the Company.

32.1**			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.

32.2**			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 28, 2024 formatted in inline Extensible Business Reporting Language (XBRL) includes: (i) Condensed Consolidated Statements of Income and Comprehensive Income, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statement of Stockholders' Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) 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.

Table of Contents

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 7, 2024	By:	/s/ Christopher A. Simon
		Christopher A. Simon, President and Chief Executive Officer
		(Principal Executive Officer)

November 7, 2024	By:	/s/ James C. D’Arecca
		James C. D’Arecca, Executive Vice President, Chief Financial Officer
		(Principal Financial Officer)

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 7, 2024

/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;

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

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 7, 2024

/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 28, 2024 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 7, 2024

/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 28, 2024 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 7, 2024

/s/ James C. D'Arecca

James C. D'Arecca,

Executive Vice President, Chief Financial Officer

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Sep. 28, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	001-14041
Entity Registrant Name	HAEMONETICS CORPORATION
Entity Central Index Key	0000313143
Current Fiscal Year End Date	--03-29
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2882273
Entity Address, Address Line One	125 Summer Street
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	781
Local Phone Number	848-7100
Title of 12(b) Security	Common stock, $.01 par value per share
Trading Symbol	HAE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,223,887

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenues	$ 345,511	$ 318,183	$ 681,683	$ 629,515
Cost of goods sold	158,074	147,673	319,322	291,740
Gross profit	187,437	170,510	362,361	337,775
Operating expenses:
Research and development	16,530	12,665	30,979	25,313
Selling, general and administrative	106,946	115,320	215,194	208,805
Amortization of acquired intangible assets	12,264	7,222	24,735	14,695
Total operating expenses	135,740	135,207	270,908	248,813
Operating income	51,697	35,303	91,453	88,962
Interest and other expense, net	(6,993)	(2,471)	(36)	(4,540)
Income before provision for income taxes	44,704	32,832	91,417	84,422
Provision for income taxes	10,873	7,924	19,213	18,472
Net income	$ 33,831	$ 24,908	$ 72,204	$ 65,950
Basic income (loss) per share (in dollars per share)	$ 0.66	$ 0.49	$ 1.42	$ 1.30
Diluted income (loss) per share (in dollars per share)	$ 0.66	$ 0.48	$ 1.40	$ 1.28
Weighted average shares outstanding
Basic (in shares)	50,898	50,727	50,920	50,634
Diluted (in shares)	51,240	51,396	51,402	51,368
Comprehensive income	$ 41,934	$ 21,721	$ 73,272	$ 63,626

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 30, 2024
Current assets:
Cash and cash equivalents	$ 299,283	$ 178,800
Accounts receivable, less allowance for credit losses of $5,912 at September 28, 2024 and $5,695 at March 30, 2024	213,534	206,562
Inventories, net	382,105	317,202
Prepaid expenses and other current assets	60,980	66,339
Total current assets	955,902	768,903
Property, plant and equipment, net	300,478	311,362
Intangible assets, less accumulated amortization of $484,517 at September 28, 2024 and $455,213 at March 30, 2024	487,837	406,117
Goodwill	616,162	565,082
Deferred tax asset	9,083	7,739
Other long-term assets	155,762	136,388
Total assets	2,525,224	2,195,591
Current liabilities:
Notes payable and current maturities of long-term debt	5,434	10,229
Accounts payable	69,242	73,358
Accrued payroll and related costs	49,300	80,708
Other current liabilities	149,970	136,088
Total current liabilities	273,946	300,383
Long-term debt	1,219,523	797,564
Deferred tax liability	62,893	62,644
Other long-term liabilities	90,011	75,041
Stockholders’ equity:
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 50,381,127 shares at September 28, 2024 and 50,787,859 shares at March 30, 2024	504	508
Additional paid-in capital	544,375	634,627
Retained earnings	368,536	360,456
Accumulated other comprehensive loss	(34,564)	(35,632)
Total stockholders’ equity	878,851	959,959
Total liabilities and stockholders’ equity	$ 2,525,224	$ 2,195,591

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 30, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 5,912	$ 5,695
Intangible assets, amortization	$ 484,517	$ 455,213
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	50,381,127	50,787,859
Common stock, shares outstanding (in shares)	50,381,127	50,787,859

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income
Balance (in shares) at Apr. 01, 2023		50,449,000
Balance at Apr. 01, 2023	$ 817,997	$ 504	$ 594,706	$ 253,168	$ (30,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock purchase plan (in shares)		40,000
Employee stock purchase plan	2,871		2,871
Exercise of stock options (in shares)		145,000
Exercise of stock options	627	$ 2	5,858	(5,233)
Issuance of restricted stock, net of cancellations (in shares)		140,000
Issuance of restricted stock, net of cancellations	0	$ 2	(2)
Tax withholding on employee equity awards (in shares)		(68,000)
Tax withholding on employee equity awards	(5,773)	$ (1)	(812)	(4,960)
Share-based compensation expense	6,989		6,989
Net income	41,042			41,042
Other comprehensive income (loss)	863				863
Balance (in shares) at Jul. 01, 2023		50,706,000
Balance at Jul. 01, 2023	864,616	$ 507	609,610	284,017	(29,518)
Balance (in shares) at Apr. 01, 2023		50,449,000
Balance at Apr. 01, 2023	817,997	$ 504	594,706	253,168	(30,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65,950
Balance (in shares) at Sep. 30, 2023		50,740,000
Balance at Sep. 30, 2023	893,660	$ 507	616,960	308,898	(32,705)
Balance (in shares) at Jul. 01, 2023		50,706,000
Balance at Jul. 01, 2023	864,616	$ 507	609,610	284,017	(29,518)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		12,000
Exercise of stock options	692	$ 0	655
Issuance of restricted stock, net of cancellations (in shares)		22,000
Tax withholding on employee equity awards (in shares)		0
Tax withholding on employee equity awards	(75)	$ 0	(11)	(64)
Share-based compensation expense	6,706		6,706
Net income	24,908			24,908
Other comprehensive income (loss)	(3,187)				(3,187)
Balance (in shares) at Sep. 30, 2023		50,740,000
Balance at Sep. 30, 2023	893,660	$ 507	616,960	308,898	(32,705)
Balance (in shares) at Mar. 30, 2024		50,788,000
Balance at Mar. 30, 2024	959,959	$ 508	634,627	360,456	(35,632)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock purchase plan (in shares)		47,000
Employee stock purchase plan	3,441		3,441
Exercise of stock options (in shares)		73,000
Exercise of stock options	961	$ 1	4,703	(3,743)
Issuance of restricted stock, net of cancellations (in shares)		280,000
Issuance of restricted stock, net of cancellations	0	$ 3	(3)
Tax withholding on employee equity awards (in shares)		(35,000)
Tax withholding on employee equity awards	(9,759)	$ 0	(1,315)	(8,444)
Adjustments to additional paid in capital, convertible debt, capped call purchases	88,200		88,200
Share-based compensation expense	7,628		7,628
Net income	38,373			38,373
Other comprehensive income (loss)	(7,035)				(7,035)
Balance (in shares) at Jun. 29, 2024		51,153,000
Balance at Jun. 29, 2024	905,368	$ 512	560,881	386,642	(42,667)
Balance (in shares) at Mar. 30, 2024		50,788,000
Balance at Mar. 30, 2024	959,959	$ 508	634,627	360,456	(35,632)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	72,204
Other comprehensive income (loss)	1,068
Balance (in shares) at Sep. 28, 2024		50,381,000
Balance at Sep. 28, 2024	878,851	$ 504	544,375	368,536	(34,564)
Balance (in shares) at Jun. 29, 2024		51,153,000
Balance at Jun. 29, 2024	905,368	$ 512	560,881	386,642	(42,667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		5,000
Exercise of stock options	$ 251	$ 0	515	(264)
Shares repurchased (in shares)	(799,000)
Shares repurchased	$ (75,241)	$ (8)	(23,839)	(51,394)
Issuance of restricted stock, net of cancellations (in shares)		23,000
Tax withholding on employee equity awards (in shares)		(1,000)
Tax withholding on employee equity awards	(318)	$ 0	(39)	(279)
Share-based compensation expense	6,857		6,857
Net income	33,831			33,831
Other comprehensive income (loss)	8,103				8,103
Balance (in shares) at Sep. 28, 2024		50,381,000
Balance at Sep. 28, 2024	$ 878,851	$ 504	$ 544,375	$ 368,536	$ (34,564)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 72,204	$ 65,950
Non-cash items:
Depreciation and amortization	58,353	46,045
Amortization of fair value inventory step-up	8,978	0
Share-based compensation expense	14,485	13,695
Impairment of intangible assets	2,391	10,419
Gain on repurchase of convertible senior notes, net	(12,600)	0
Inventory reserve adjustment	6,074	2,559
Gains on sales of property, plant and equipment	(14,412)	(444)
Deferred tax benefit	(6,176)	(1,893)
Other non-cash operating activities	4,523	2,111
Change in operating assets and liabilities:
Change in accounts receivable	(1,608)	2,857
Change in inventories	(53,082)	(30,654)
Change in prepaid income taxes	(3,713)	(906)
Change in other assets and other liabilities	(13,890)	(10,291)
Change in accounts payable and accrued expenses	(40,125)	18,762
Net cash provided by operating activities	21,402	118,210
Cash Flows from Investing Activities:
Capital expenditures	(15,089)	(16,794)
Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment	(6,754)	(17,523)
Acquisition, net of cash acquired	(150,906)	0
Proceeds from sale of property, plant and equipment	20,551	921
Other investing activities	(10,366)	(7,000)
Net cash used in investing activities	(162,564)	(40,396)
Cash Flows from Financing Activities:
Proceeds from issuance of convertible notes	700,000	0
Repurchase of convertible senior notes	(185,500)	0
Purchase of capped call related to convertible notes	(88,200)	0
Term loan borrowings	250,000	0
Term loan redemption	(262,500)	0
Payments on revolving facility	50,000	0
Repayment of term loan borrowings	(1,563)	(5,250)
Debt issuance costs	(23,135)	0
Share repurchases	(75,000)	0
Proceeds from employee stock purchase plan	3,441	2,871
Proceeds from exercise of stock options	1,212	1,319
Cash used to net share settle employee equity awards	(9,794)	(5,842)
Other financing activities	(73)	(868)
Net cash provided by (used in) financing activities	258,888	(7,770)
Effect of exchange rates on cash and cash equivalents	2,757	(3,505)
Net Change in Cash and Cash Equivalents	120,483	66,539
Cash and Cash Equivalents at Beginning of Period	178,800	284,466
Cash and Cash Equivalents at End of Period	$ 299,283	$ 351,005

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	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 28, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 29, 2025 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 30, 2024. 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. Subsequent events have been evaluated as required. There were no material recognized or unrecognized subsequent events as of or for the six months ended September 28, 2024.

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 28, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS Standards to be Implemented In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No. 2023-07, Segment Reporting (Topic 280). The new guidance requires public entities to provide expanded disclosures over significant segment expenses and additional disclosures related to the chief operating decision maker. ASC Update No. 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The new guidance is applicable to Haemonetics beginning with the fiscal 2025 Annual Report on Form 10-K. The Company is currently evaluating the impact to its interim and annual report disclosures. In December 2023, the FASB issued ASC Update No. 2023-09, Income Taxes (Topic 740). ASC Update No. 2023-09 requires public entities to provide detailed income tax disclosures, including rate reconciliations and disaggregated income tax payment information, on an annual basis. The updated guidance is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. ASC Update No. 2023-09 is applicable to Haemonetics beginning with the fiscal 2026 Annual Report on Form 10-K and the Company is currently evaluating the impact to its annual report disclosures.

ACQUISITIONS AND STRATEGIC INVESTMENTS

6 Months Ended

Sep. 28, 2024

Investments, All Other Investments [Abstract]

ACQUISITIONS AND STRATEGIC INVESTMENTS

3. ACQUISITIONS AND STRATEGIC INVESTMENTS

Acquisitions

Attune Medical

Purchase Price Allocation


(In thousands)	April 1, 2024
Accounts receivable	$	3,784
Inventories	26,300
Prepaid expenses and other current assets	906
Property, plant and equipment	200
Intangible assets	105,800
Goodwill	70,256

Total assets acquired	$	207,246
Accounts payable	2,260
Accrued payroll and related costs	2,129
Other liabilities	496
Deferred tax liability	26,155

Total liabilities assumed	$	31,040
Net assets acquired	$	176,206

Intangible assets acquired consist of the following:


(In thousands)	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Developed technology	$	96,100	10 years	22.0	%
Customer contracts and related relationships	7,800		10 years	21.5	%
Trade names	1,900		10 years	21.5	%
Total	$	105,800

Acquisition-Related Costs

OpSens Inc.

Purchase Price Allocation


(In thousands)	December 12, 2023
Accounts receivable	$	5,960
Inventories	12,075
Prepaid expenses and other current assets	2,062
Property, plant and equipment	3,028
Intangible assets	172,000
Goodwill	79,400
Other long-term assets	4,705
Total assets acquired	$	279,230
Accounts payable	3,251
Accrued payroll and related costs	1,723
Other liabilities	9,746
Deferred tax liability	14,805
Other long-term liabilities	5,853
Total liabilities assumed	$	35,378
Net assets acquired	$	243,852

The Company determined that the identifiable intangible assets were developed technology, customer contracts and related relationships and trade names. The fair values of intangible assets were based on valuation techniques with estimates and assumptions developed by the Company. Developed technology and customer contracts and related relationships were valued using the excess earnings method. Trademarks were valued using the relief from royalty method. The cash flows used in the valuation of the intangible assets were based on estimates used to price the transaction. In developing the discount rates applied to the cash flow projections, the discount rates were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital and then adjusted to reflect the relative risk of the asset.

Intangible assets acquired consist of the following:


(In thousands)	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Developed technology	$	114,900	15 years	20.5	%
Customer contracts and related relationships	52,300		15 years	18.9	%
Trade names	4,800		15 years	20.5	%
Total	$	172,000

Acquisition-Related Costs

Strategic Investments

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

REVENUE	6 Months Ended
REVENUE	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	4. REVENUE As of September 28, 2024, the Company had $30.5 million of transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more. The Company expects to recognize approximately 77% 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 28, 2024 and March 30, 2024, the Company had contract liabilities of $36.7 million and $31.2 million, respectively. During the three and six months ended September 28, 2024, the Company recognized $8.5 million and $21.8 million of revenue, respectively, that was included in the above March 30, 2024 contract liability balance. Contract liabilities are classified as other current liabilities on the Condensed Consolidated Balance Sheet. As of September 28, 2024 and March 30, 2024, the Company’s contract assets were immaterial.

RESTRUCTURING

6 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING

5. RESTRUCTURING

Operational Excellence Program

Portfolio Rationalization Initiatives


(In thousands)	Portfolio Rationalization		2020 Program		Total
Balance at March 30, 2024	$	11,309	$	485	$	11,794
Costs incurred, net of reversals	9,201		213		9,414
Payments	(5,847)		(564)		(6,411)
Balance at September 28, 2024	$	14,663	$	134	$	14,797

The following presents the restructuring costs by line item within our accompanying unaudited Condensed Consolidated Statements of Income and Comprehensive Income:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of goods sold	$	3,765	$	58	$	8,131	$	264
Research and development	—		—		(12)		—
Selling, general and administrative expenses	1,027		28		1,295		(189)
Total	$	4,792	$	86	$	9,414	$	75

As of September 28, 2024, the Company had a restructuring liability of $14.8 million, all of which is payable within the next twelve months.

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


Restructuring costs	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Plasma	$	144	$	59	$	207	$	(197)
Blood Center	2,393		—		3,556		—
Hospital	333		—		630		242
Corporate	1,922		27		5,021		30
Total	$	4,792	$	86	$	9,414	$	75

Restructuring related costs	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Plasma	$	51	$	74	$	226	$	243
Blood Center	46		28		89		73
Hospital	—		98		108		147
Corporate	1,474		1,747		3,666		3,688
Total	$	1,571	$	1,947	$	4,089	$	4,151

Total restructuring and restructuring related costs	$	6,363	$	2,033	$	13,503	$	4,226

INCOME TAXES	6 Months Ended
INCOME TAXES	Sep. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	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 transaction costs. For the three and six months ended September 28, 2024, the Company reported income tax expense of $10.9 million and $19.2 million, respectively, representing effective tax rates of 24.3% and 21.0%. The effective tax rate for the three months ended September 28, 2024, which includes an immaterial discrete tax benefit. The effective tax rate for the six months ended September 28, 2024 includes $3.6 million of discrete tax benefit, primarily related to stock compensation windfalls. The discrete benefit also includes other items such as provision to return differences. For the three and six months ended September 30, 2023, the Company reported income tax expense of $7.9 million and $18.5 million, respectively, representing effective tax rates of 24.1% and 21.9%, respectively. The effective tax rate for the three months ended September 30, 2023 includes $0.1 million of discrete tax benefit primarily related to stock compensation windfalls. The effective tax rate for the six months ended September 30, 2023 includes $1.3 million of discrete tax benefit primarily related to stock compensation windfalls. The increase in the reported tax rate for the three months ended September 28, 2024, compared to the same period in fiscal 2024, relates primarily to the unfavorable impact of the jurisdictional mix of earnings and non-deductible acquisition-related expenses. The decrease in the reported tax rate for the six months ended September 28, 2024, compared to the same period in fiscal 2024, relates primarily to increased discrete tax benefits year-over-year, partially offset by the unfavorable impact of jurisdictional mix of earnings and non-deductible acquisition-related expenses. On August 26, 2024, the U.S. Tax Court issued a decision in Varian Medical Systems, Inc. v. Commissioner. The decision related to the Tax Cuts and Jobs Act Transition Tax on unrepatriated earnings of applicable foreign subsidiaries. The Company is still evaluating the impact and whether to file a protective refund claim with the U.S. Internal Revenue Service.

EARNINGS PER SHARE

6 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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 Ended				Six Months Ended
(In thousands, except per share amounts)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Basic EPS
Net income	$	33,831	$	24,908	$	72,204	$	65,950
Weighted average shares	50,898		50,727		50,920		50,634
Basic income per share	$	0.66	$	0.49	$	1.42	$	1.30
Diluted EPS
Net income	$	33,831	$	24,908	$	72,204	$	65,950
Basic weighted average shares	50,898		50,727		50,920		50,634
Net effect of common stock equivalents	342		669		482		734
Diluted weighted average shares	51,240		51,396		51,402		51,368
Diluted income per share	$	0.66	$	0.48	$	1.40	$	1.28

Share Repurchase Program

INVENTORIES

6 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

INVENTORIES

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.


(In thousands)	September 28, 2024		March 30, 2024
Raw materials	$	110,035	$	134,150
Work-in-process	36,357		15,488
Finished goods	235,713		167,564
Total inventories	$	382,105	$	317,202

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Sep. 28, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

9. PROPERTY, PLANT AND EQUIPMENT


(In thousands)	September 28, 2024		March 30, 2024
Land	$	3,764	$	4,130
Building and building improvements	124,264		124,338
Plant equipment and machinery	227,930		204,622
Office equipment and information technology	132,845		129,979
Haemonetics equipment	425,402		456,414
Construction in progress	24,889		39,694
Total	939,094		959,177
Less: accumulated depreciation	(638,616)		(647,815)
Property, plant and equipment, net	$	300,478	$	311,362

LEASES	6 Months Ended
LEASES	Sep. 28, 2024
Leases [Abstract]
LEASES	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. Sales-type leases are not significant. Contract terms vary by customer and may include options to terminate the contract or options to extend the contract. Where devices are provided under operating lease arrangements, a substantial majority of the entire lease revenue is variable and subject to subsequent non-lease component (disposable products) sales. The allocation of revenue between the lease and non-lease components is based on estimated stand-alone selling prices. Operating lease revenue represents less than 3 percent of the Company’s total net sales.

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

11. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by operating segment for fiscal 2025 are as follows:


(In thousands)	Plasma		Blood Center		Hospital		Total
Carrying amount as of March 30, 2024	$	29,043	$	33,484	$	502,555	$	565,082

Purchase accounting adjustments	—		—		(19,248)		(19,248)
Acquisitions	—		—		69,542		69,542
Currency translation	—		84		702		786
Carrying amount as of September 28, 2024	$	29,043	$	33,568	$	553,551	$	616,162

The gross carrying amount of intangible assets and the related accumulated amortization as of September 28, 2024 and March 30, 2024 is as follows:


(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net

As of September 28, 2024
Amortizable:
Developed technology	$	573,745	$	199,048	$	374,697
Customer contracts and related relationships	264,703		194,055		70,648
Capitalized software	84,783		73,160		11,623
Patents and other	27,504		12,326		15,178
Trade names	16,244		5,928		10,316
Total	$	966,979	$	484,517	$	482,462
Non-amortizable:
In-process software development	$	5,375


Total	$	5,375


(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net

As of March 30, 2024
Amortizable:
Developed technology	$	464,291	$	178,413	$	285,878
Customer contracts and related relationships	255,144		190,033		65,111
Capitalized software	84,837		69,491		15,346
Patents and other	24,504		11,820		12,684
Trade names	14,320		5,456		8,864
Total	$	843,096	$	455,213	$	387,883
Non-amortizable:
In-process research and development	$	13,667

In-process software development	4,567
Total	$	18,234

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


(In thousands)
Remainder of Fiscal 2025	$	26,135
Fiscal 2026	$	49,842
Fiscal 2027	$	47,893
Fiscal 2028	$	46,121
Fiscal 2029	$	44,927

NOTES PAYABLE AND LONG-TERM DEBT

6 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

NOTES PAYABLE AND LONG-TERM DEBT

12. NOTES PAYABLE AND LONG-TERM DEBT

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


(In thousands)	September 28, 2024		March 30, 2024
Convertible notes	$	981,513	$	494,813
Term loan, net of financing fees	242,511		261,971
Revolving credit facility	—		50,000
Other borrowings	933		1,009
Less: current portion	(5,434)		(10,229)
Long-term debt	$	1,219,523	$	797,564

Convertible Senior Notes

2026 Notes

2029 Notes

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:

•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.

accrued and unpaid interest.

Capped Calls

Credit Facilities

The future aggregate amount of debt maturities are as follows:


(In thousands)
Remainder of Fiscal 2025	$	3,198
Fiscal 2026	$	306,355
Fiscal 2027	$	6,312
Fiscal 2028	$	11,003
Fiscal 2029	$	17,257
Thereafter	$	905,246

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES

6 Months Ended

Sep. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND FAIR VALUE MEASUREMENTS

13. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Designated Foreign Currency Hedge Contracts

Non-Designated Foreign Currency Contracts

Interest Rate Swaps

The Company held the following interest rate swaps as of September 28, 2024:


Hedged Item	Original Notional Amount		Notional Amount as of September 28, 2024		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets (Liabilities)
(In thousands)




1-month USD Term SOFR	103,600		103,600		9/27/2024	9/30/2024	4/30/2029	3.32%	(634)
1-month USD Term SOFR	102,200		102,200		9/27/2024	9/30/2024	4/30/2029	3.30%	(403)
Total	$	205,800	$	205,800					$	(1,037)

Trade Receivables

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


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Beginning balance	$	5,719	$	5,047	$	5,695	$	4,932
Credit loss	179		30		216		181
Write-offs	14		(33)		1		(69)
Ending balance	$	5,912	$	5,044	$	5,912	$	5,044

Other Fair Value Measurements

•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.

The Company’s money market funds carried at fair value are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Fair Value of Derivative Instruments


Derivative Instruments	Amount of Gain Recognized in Accumulated Other Comprehensive Loss		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings		Location in Condensed Consolidated Statements of Income and Comprehensive Income	Amount of Gain Excluded from Effectiveness Testing		Location in Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands)
Designated foreign currency hedge contracts, net of tax	$	(1,263)	$	(506)	Net revenues, COGS and SG&A	$	506	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	117	Interest and other expense, net
Designated interest rate swaps, net of tax	$	(2,053)	$	36	Interest and other expense, net	$	—

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 28, 2024 and March 30, 2024:


(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		September 28, 2024		March 30, 2024
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	—	$	1,353
Non-designated foreign currency hedge contracts	Other current assets	32		154
Designated interest rate swaps	Other current assets	744		1,673
Designated interest rate swaps	Other long-term assets	—		62
		$	776	$	3,242
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	624	$	395
Non-designated foreign currency hedge contracts	Other current liabilities	104		536

Designated interest rate swaps	Other long-term liabilities	1,781		—
		$	2,509	$	931

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 28, 2024 and March 30, 2024.


	As of September 28, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	155,290	$	—	$	—	$	155,290

Non-designated foreign currency hedge contracts	—		32		—		32
Designated interest rate swaps	—		744		—		744
	$	155,290	$	776	$	—	$	156,066
Liabilities
Designated foreign currency hedge contracts	$	—	$	624	$	—	$	624
Non-designated foreign currency hedge contracts	—		104		—		104
Designated interest rate swaps	—		1,781		—		1,781
Contingent consideration	—		—		26,334		26,334
	$	—	$	2,509	$	26,334	$	28,843

	As of March 30, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	43,073	$	—	$	—	$	43,073
Designated foreign currency hedge contracts	—		1,353		—		1,353
Non-designated foreign currency hedge contracts	—		154		—		154
Designated interest rate swaps	—		1,735		—		1,735
	$	43,073	$	3,242	$	—	$	46,315
Liabilities
Designated foreign currency hedge contracts	$	—	$	395	$	—	$	395
Non-designated foreign currency hedge contracts	—		536		—		536


	$	—	$	931	$	—	$	931

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

Fair Value at

Valuation

Unobservable

(In thousands)

September 28, 2024

Technique

Input

Range

Revenue-based payments

20,606

Monte Carlo Simulation Model

Discount rate

6.3%

Projected year of payments

2025 - 2027

Regulatory-based payment

4,735

Monte Carlo Simulation Model

Discount rate

6.1%

Probability of payment

50%

Projected year of payment

2026 - 2028

Event-based payment

993

Monte Carlo Simulation Model

Discount rate

5.8%

Projected year of payment

2028

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


(In thousands)
Balance at March 30, 2024	$	—
Acquisition date fair value of contingent consideration	25,000
Purchase accounting adjustments	300
Change in fair value	1,034

Balance at September 28, 2024	$	26,334

Other Fair Value Disclosures

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

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 ASC 450, Contingencies, for all matters. Legal costs are expensed as incurred. In the fourth quarter of fiscal 2021, a putative class action complaint was filed against the Company in the Circuit Court of Cook County, Illinois by Mary Crumpton, on behalf of herself and similarly situated individuals. The Company removed the case to the United States District Court for the Northern District Illinois. See Mary Crumpton v. Haemonetics Corporation, Case No. 1:21-cv-1402. In her complaint, the plaintiff asserts that between June 2017 and August 2018 she donated plasma at a center operated by one of the Company’s customers, that the center required her to scan her fingerprint on a finger scanner that stored her fingerprint to identify her prior to plasma donation, and that the Company’s eQue donor management software sent her biometric information to a Company-owned server to be collected and stored in a manner that violated her rights under the Illinois Biometric Information Privacy Act (“BIPA”). The plaintiff seeks statutory damages, attorneys’ fees and injunctive and equitable relief. In March 2021, the Company moved to dismiss the complaint for lack of personal jurisdiction and concurrently filed a motion to dismiss for failure to state a claim and a motion to stay. In March 2022, the court denied the Company’s motion to dismiss for lack of personal jurisdiction but did not address the merits of the Company’s other positions. In March 2023, the Company filed a second motion to dismiss the complaint, which is pending before the court. During the second quarter of fiscal 2024, the Company entered into a Memorandum of Understanding providing terms that would resolve the litigation and recorded an additional loss contingency related to this matter. In the third quarter of fiscal 2024, the parties requested preliminary court approval of a final settlement agreement, which was granted in February 2024, and the Company recorded an immaterial additional loss contingency related to settlement administration, resulting in an accrual of $8.7 million within Other current liabilities in its consolidated balance sheets. In March 2024, notice of the settlement was mailed to class members and the parties are now awaiting the complete administration of the settlement through the third-party administrator. In the first quarter of fiscal 2025, the Company issued payment of the $8.7 million settlement amount following the court's final approval of the settlement agreement and dismissal of the matter with prejudice. During the fourth quarter of fiscal 2024, a complaint was filed in the U.S. District Court for the District of Delaware by Knoninklijke Philips N.V. and IP2IPO Innovations, Ltd. (together, the “Plaintiffs”) against OpSens, OpSens Medical, Inc., a wholly-owned subsidiary of OpSens, and Haemonetics (1:24-cv-00206-CFC). The complaint alleges, inter alia, that OpSens’ interventional cardiology systems, including its OptoWire and OptoMonitor technology, infringe a single patent held by the Plaintiffs and seeks both injunctive relief and damages. The Company believes it has valid and meritorious defenses to the complaint and plans to vigorously defend against the complaint. During the first quarter of fiscal 2025, the Company recorded a loss contingency related to this matter, which did not have a material impact on its Condensed Consolidated Financial Statements. Product Recall In August 2023, the Company issued a voluntary recall of certain products within the Whole Blood portion of our Blood Center business unit sold to customers in the U.S. and certain foreign jurisdictions. In fiscal 2024, the Company recorded cumulative charges of $6.8 million related to inventory, returns and customer claims associated with this recall. Substantially all outstanding claims have been paid as of September 28, 2024.

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Sep. 28, 2024

Stockholders' Equity Note [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

15. ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of Accumulated Other Comprehensive Loss, net of tax, are as follows:


(In thousands)	Foreign Currency		Defined Benefit Plans		Net Unrealized Gain (Loss) on Derivatives		Total
Balance as of March 30, 2024	$	(38,274)	$	1,748	$	894	$	(35,632)
Other comprehensive income (loss) before reclassifications(1)	4,854		—		(3,316)		1,538
Amounts reclassified from accumulated other comprehensive loss(1)	—		—		(470)		(470)
Net current period other comprehensive income (loss)	4,854		—		(3,786)		1,068
Balance as of September 28, 2024	$	(33,420)	$	1,748	$	(2,892)	$	(34,564)
(1) Presented net of income taxes, the amounts of which are insignificant.

SEGMENT AND ENTERPRISE-WIDE INFORMATION

6 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

SEGMENT AND ENTERPRISE-WIDE INFORMATION

16. SEGMENT AND ENTERPRISE-WIDE INFORMATION

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

•Plasma

•Blood Center

•Hospital

Selected information by reportable segment is presented below:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net revenues(1)
Plasma	$	138,565	$	142,643	$	274,607	$	282,134
Blood Center	68,804		70,470		135,643		139,639
Hospital	138,384		105,950		272,790		208,378
Net revenues in constant currency	345,753		319,063		683,040		630,151
Effect of exchange rates	(242)		(880)		(1,357)		(636)
Net revenues	$	345,511	$	318,183	$	681,683	$	629,515
(1) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Segment operating income
Plasma	$	69,728	$	78,042	$	135,565	$	153,740
Blood Center	27,167		27,307		49,789		53,590
Hospital	59,705		41,834		113,596		82,777
Segment operating income	156,600		147,183		298,950		290,107
Corporate expenses (1)	(74,407)		(75,750)		(144,387)		(151,059)
Effect of exchange rates	1,312		(3,091)		(37)		(478)
Amortization of acquired intangible assets	(12,264)		(7,222)		(24,735)		(14,695)
Amortization of fair value inventory step-up	(3,739)		—		(8,978)		—
Integration and transaction costs	(882)		(1,784)		(13,205)		(2,899)
Restructuring costs	(4,792)		(86)		(9,414)		(75)
Restructuring related costs	(1,571)		(1,947)		(4,089)		(4,151)
Digital transformation costs	(4,858)		(3,592)		(11,203)		(7,297)
PCS2 related charges	—		(552)		—		(411)
MDR and IVDR costs	(991)		(1,988)		(2,117)		(3,154)
Litigation-related charges	(320)		(5,449)		(1,075)		(6,507)
Impairment of intangible assets	(2,391)		(10,419)		(2,391)		(10,419)
Gain on sale of property, plant and equipment	—		—		14,134		—
Operating income	$	51,697	$	35,303	$	91,453	$	88,962
(1) Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions.

Net revenues by business unit are as follows:


		Three Months Ended				Six Months Ended
(In thousands)		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
	Plasma	$	138,561	$	142,794	$	274,471	$	282,415

	Apheresis	54,332		54,973		103,426		104,139
	Whole Blood	14,196		14,683		31,347		34,723
	Blood Center	68,528		69,656		134,773		138,862

	Interventional Technologies(1)	61,923		38,541		124,967		76,161
	Blood Management Technologies(2)	76,499		67,192		147,472		132,077
	Hospital	138,422		105,733		272,439		208,238

Net revenues(3)		$	345,511	$	318,183	$	681,683	$	629,515
(1) Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the Hospital business unit.
(2) Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the Hospital business unit.
(3) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.

Net revenues generated in the Company’s principle operating regions on a reported basis are as follows:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
United States	$	256,061	$	236,345	$	504,963	$	473,418
Japan	16,424		15,011		30,129		26,784
Europe	41,991		38,666		89,216		78,053
Rest of Asia	25,768		27,735		45,551		49,775
Other	5,267		426		11,824		1,485
Net revenues	$	345,511	$	318,183	$	681,683	$	629,515

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024	Sep. 30, 2023	Jul. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 33,831	$ 38,373	$ 24,908	$ 41,042	$ 72,204	$ 65,950

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Josep L. Llorens [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended September 28, 2024, 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.

ACQUISITIONS AND STRATEGIC INVESTMENTS (Tables)

6 Months Ended

Sep. 28, 2024

Investments, All Other Investments [Abstract]

Schedule of Business Acquisitions, by Acquisition


(In thousands)	April 1, 2024
Accounts receivable	$	3,784
Inventories	26,300
Prepaid expenses and other current assets	906
Property, plant and equipment	200
Intangible assets	105,800
Goodwill	70,256

Total assets acquired	$	207,246
Accounts payable	2,260
Accrued payroll and related costs	2,129
Other liabilities	496
Deferred tax liability	26,155

Total liabilities assumed	$	31,040
Net assets acquired	$	176,206


(In thousands)	December 12, 2023
Accounts receivable	$	5,960
Inventories	12,075
Prepaid expenses and other current assets	2,062
Property, plant and equipment	3,028
Intangible assets	172,000
Goodwill	79,400
Other long-term assets	4,705
Total assets acquired	$	279,230
Accounts payable	3,251
Accrued payroll and related costs	1,723
Other liabilities	9,746
Deferred tax liability	14,805
Other long-term liabilities	5,853
Total liabilities assumed	$	35,378
Net assets acquired	$	243,852

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

Intangible assets acquired consist of the following:


(In thousands)	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Developed technology	$	96,100	10 years	22.0	%
Customer contracts and related relationships	7,800		10 years	21.5	%
Trade names	1,900		10 years	21.5	%
Total	$	105,800

Intangible assets acquired consist of the following:


(In thousands)	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation
Developed technology	$	114,900	15 years	20.5	%
Customer contracts and related relationships	52,300		15 years	18.9	%
Trade names	4,800		15 years	20.5	%
Total	$	172,000

RESTRUCTURING (Tables)

6 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost


(In thousands)	Portfolio Rationalization		2020 Program		Total
Balance at March 30, 2024	$	11,309	$	485	$	11,794
Costs incurred, net of reversals	9,201		213		9,414
Payments	(5,847)		(564)		(6,411)
Balance at September 28, 2024	$	14,663	$	134	$	14,797

Schedule of Restructuring and Related Costs

The following presents the restructuring costs by line item within our accompanying unaudited Condensed Consolidated Statements of Income and Comprehensive Income:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Cost of goods sold	$	3,765	$	58	$	8,131	$	264
Research and development	—		—		(12)		—
Selling, general and administrative expenses	1,027		28		1,295		(189)
Total	$	4,792	$	86	$	9,414	$	75

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


Restructuring costs	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Plasma	$	144	$	59	$	207	$	(197)
Blood Center	2,393		—		3,556		—
Hospital	333		—		630		242
Corporate	1,922		27		5,021		30
Total	$	4,792	$	86	$	9,414	$	75

Restructuring related costs	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Plasma	$	51	$	74	$	226	$	243
Blood Center	46		28		89		73
Hospital	—		98		108		147
Corporate	1,474		1,747		3,666		3,688
Total	$	1,571	$	1,947	$	4,089	$	4,151

Total restructuring and restructuring related costs	$	6,363	$	2,033	$	13,503	$	4,226

EARNINGS PER SHARE (Tables)

6 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Reconciliation

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


	Three Months Ended				Six Months Ended
(In thousands, except per share amounts)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Basic EPS
Net income	$	33,831	$	24,908	$	72,204	$	65,950
Weighted average shares	50,898		50,727		50,920		50,634
Basic income per share	$	0.66	$	0.49	$	1.42	$	1.30
Diluted EPS
Net income	$	33,831	$	24,908	$	72,204	$	65,950
Basic weighted average shares	50,898		50,727		50,920		50,634
Net effect of common stock equivalents	342		669		482		734
Diluted weighted average shares	51,240		51,396		51,402		51,368
Diluted income per share	$	0.66	$	0.48	$	1.40	$	1.28

INVENTORIES (Tables)

6 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Schedule of 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.


(In thousands)	September 28, 2024		March 30, 2024
Raw materials	$	110,035	$	134,150
Work-in-process	36,357		15,488
Finished goods	235,713		167,564
Total inventories	$	382,105	$	317,202

Property, Plant, and Equipment (Tables)

6 Months Ended

Sep. 28, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


(In thousands)	September 28, 2024		March 30, 2024
Land	$	3,764	$	4,130
Building and building improvements	124,264		124,338
Plant equipment and machinery	227,930		204,622
Office equipment and information technology	132,845		129,979
Haemonetics equipment	425,402		456,414
Construction in progress	24,889		39,694
Total	939,094		959,177
Less: accumulated depreciation	(638,616)		(647,815)
Property, plant and equipment, net	$	300,478	$	311,362

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by operating segment for fiscal 2025 are as follows:


(In thousands)	Plasma		Blood Center		Hospital		Total
Carrying amount as of March 30, 2024	$	29,043	$	33,484	$	502,555	$	565,082

Purchase accounting adjustments	—		—		(19,248)		(19,248)
Acquisitions	—		—		69,542		69,542
Currency translation	—		84		702		786
Carrying amount as of September 28, 2024	$	29,043	$	33,568	$	553,551	$	616,162

Schedule of Finite-Lived Intangible Assets

The gross carrying amount of intangible assets and the related accumulated amortization as of September 28, 2024 and March 30, 2024 is as follows:


(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net

As of September 28, 2024
Amortizable:
Developed technology	$	573,745	$	199,048	$	374,697
Customer contracts and related relationships	264,703		194,055		70,648
Capitalized software	84,783		73,160		11,623
Patents and other	27,504		12,326		15,178
Trade names	16,244		5,928		10,316
Total	$	966,979	$	484,517	$	482,462
Non-amortizable:
In-process software development	$	5,375


Total	$	5,375


(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net

As of March 30, 2024
Amortizable:
Developed technology	$	464,291	$	178,413	$	285,878
Customer contracts and related relationships	255,144		190,033		65,111
Capitalized software	84,837		69,491		15,346
Patents and other	24,504		11,820		12,684
Trade names	14,320		5,456		8,864
Total	$	843,096	$	455,213	$	387,883
Non-amortizable:
In-process research and development	$	13,667

In-process software development	4,567
Total	$	18,234

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


(In thousands)
Remainder of Fiscal 2025	$	26,135
Fiscal 2026	$	49,842
Fiscal 2027	$	47,893
Fiscal 2028	$	46,121
Fiscal 2029	$	44,927

Debt (Tables)

6 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


(In thousands)	September 28, 2024		March 30, 2024
Convertible notes	$	981,513	$	494,813
Term loan, net of financing fees	242,511		261,971
Revolving credit facility	—		50,000
Other borrowings	933		1,009
Less: current portion	(5,434)		(10,229)
Long-term debt	$	1,219,523	$	797,564

Schedule of Maturities of Long-Term Debt

The future aggregate amount of debt maturities are as follows:


(In thousands)
Remainder of Fiscal 2025	$	3,198
Fiscal 2026	$	306,355
Fiscal 2027	$	6,312
Fiscal 2028	$	11,003
Fiscal 2029	$	17,257
Thereafter	$	905,246

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)

6 Months Ended

Sep. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

The Company held the following interest rate swaps as of September 28, 2024:


Hedged Item	Original Notional Amount		Notional Amount as of September 28, 2024		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Fair Value Assets (Liabilities)
(In thousands)




1-month USD Term SOFR	103,600		103,600		9/27/2024	9/30/2024	4/30/2029	3.32%	(634)
1-month USD Term SOFR	102,200		102,200		9/27/2024	9/30/2024	4/30/2029	3.30%	(403)
Total	$	205,800	$	205,800					$	(1,037)

Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments


Derivative Instruments	Amount of Gain Recognized in Accumulated Other Comprehensive Loss		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings		Location in Condensed Consolidated Statements of Income and Comprehensive Income	Amount of Gain Excluded from Effectiveness Testing		Location in Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands)
Designated foreign currency hedge contracts, net of tax	$	(1,263)	$	(506)	Net revenues, COGS and SG&A	$	506	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	117	Interest and other expense, net
Designated interest rate swaps, net of tax	$	(2,053)	$	36	Interest and other expense, net	$	—

Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets

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 28, 2024 and March 30, 2024:


(In thousands)	Location in Condensed Consolidated Balance Sheets	As of		As of
		September 28, 2024		March 30, 2024
Derivative Assets:
Designated foreign currency hedge contracts	Other current assets	$	—	$	1,353
Non-designated foreign currency hedge contracts	Other current assets	32		154
Designated interest rate swaps	Other current assets	744		1,673
Designated interest rate swaps	Other long-term assets	—		62
		$	776	$	3,242
Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	624	$	395
Non-designated foreign currency hedge contracts	Other current liabilities	104		536

Designated interest rate swaps	Other long-term liabilities	1,781		—
		$	2,509	$	931

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of September 28, 2024 and March 30, 2024.


	As of September 28, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	155,290	$	—	$	—	$	155,290

Non-designated foreign currency hedge contracts	—		32		—		32
Designated interest rate swaps	—		744		—		744
	$	155,290	$	776	$	—	$	156,066
Liabilities
Designated foreign currency hedge contracts	$	—	$	624	$	—	$	624
Non-designated foreign currency hedge contracts	—		104		—		104
Designated interest rate swaps	—		1,781		—		1,781
Contingent consideration	—		—		26,334		26,334
	$	—	$	2,509	$	26,334	$	28,843

	As of March 30, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	43,073	$	—	$	—	$	43,073
Designated foreign currency hedge contracts	—		1,353		—		1,353
Non-designated foreign currency hedge contracts	—		154		—		154
Designated interest rate swaps	—		1,735		—		1,735
	$	43,073	$	3,242	$	—	$	46,315
Liabilities
Designated foreign currency hedge contracts	$	—	$	395	$	—	$	395
Non-designated foreign currency hedge contracts	—		536		—		536


	$	—	$	931	$	—	$	931

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

Fair Value at

Valuation

Unobservable

(In thousands)

September 28, 2024

Technique

Input

Range

Revenue-based payments

20,606

Monte Carlo Simulation Model

Discount rate

6.3%

Projected year of payments

2025 - 2027

Regulatory-based payment

4,735

Monte Carlo Simulation Model

Discount rate

6.1%

Probability of payment

50%

Projected year of payment

2026 - 2028

Event-based payment

993

Monte Carlo Simulation Model

Discount rate

5.8%

Projected year of payment

2028

Accounts Receivable, Allowance for Credit Loss

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


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Beginning balance	$	5,719	$	5,047	$	5,695	$	4,932
Credit loss	179		30		216		181
Write-offs	14		(33)		1		(69)
Ending balance	$	5,912	$	5,044	$	5,912	$	5,044

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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


(In thousands)
Balance at March 30, 2024	$	—
Acquisition date fair value of contingent consideration	25,000
Purchase accounting adjustments	300
Change in fair value	1,034

Balance at September 28, 2024	$	26,334

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Sep. 28, 2024

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of Accumulated Other Comprehensive Loss, net of tax, are as follows:


(In thousands)	Foreign Currency		Defined Benefit Plans		Net Unrealized Gain (Loss) on Derivatives		Total
Balance as of March 30, 2024	$	(38,274)	$	1,748	$	894	$	(35,632)
Other comprehensive income (loss) before reclassifications(1)	4,854		—		(3,316)		1,538
Amounts reclassified from accumulated other comprehensive loss(1)	—		—		(470)		(470)
Net current period other comprehensive income (loss)	4,854		—		(3,786)		1,068
Balance as of September 28, 2024	$	(33,420)	$	1,748	$	(2,892)	$	(34,564)
(1) Presented net of income taxes, the amounts of which are insignificant.

SEGMENT AND ENTERPRISE-WIDE INFORMATION (Tables)

6 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Selected Information by Business Segment

Selected information by reportable segment is presented below:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net revenues(1)
Plasma	$	138,565	$	142,643	$	274,607	$	282,134
Blood Center	68,804		70,470		135,643		139,639
Hospital	138,384		105,950		272,790		208,378
Net revenues in constant currency	345,753		319,063		683,040		630,151
Effect of exchange rates	(242)		(880)		(1,357)		(636)
Net revenues	$	345,511	$	318,183	$	681,683	$	629,515
(1) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Segment operating income
Plasma	$	69,728	$	78,042	$	135,565	$	153,740
Blood Center	27,167		27,307		49,789		53,590
Hospital	59,705		41,834		113,596		82,777
Segment operating income	156,600		147,183		298,950		290,107
Corporate expenses (1)	(74,407)		(75,750)		(144,387)		(151,059)
Effect of exchange rates	1,312		(3,091)		(37)		(478)
Amortization of acquired intangible assets	(12,264)		(7,222)		(24,735)		(14,695)
Amortization of fair value inventory step-up	(3,739)		—		(8,978)		—
Integration and transaction costs	(882)		(1,784)		(13,205)		(2,899)
Restructuring costs	(4,792)		(86)		(9,414)		(75)
Restructuring related costs	(1,571)		(1,947)		(4,089)		(4,151)
Digital transformation costs	(4,858)		(3,592)		(11,203)		(7,297)
PCS2 related charges	—		(552)		—		(411)
MDR and IVDR costs	(991)		(1,988)		(2,117)		(3,154)
Litigation-related charges	(320)		(5,449)		(1,075)		(6,507)
Impairment of intangible assets	(2,391)		(10,419)		(2,391)		(10,419)
Gain on sale of property, plant and equipment	—		—		14,134		—
Operating income	$	51,697	$	35,303	$	91,453	$	88,962
(1) Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions.

Schedule of Revenues by Business Unit and Geographic Regions

Net revenues by business unit are as follows:


		Three Months Ended				Six Months Ended
(In thousands)		September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
	Plasma	$	138,561	$	142,794	$	274,471	$	282,415

	Apheresis	54,332		54,973		103,426		104,139
	Whole Blood	14,196		14,683		31,347		34,723
	Blood Center	68,528		69,656		134,773		138,862

	Interventional Technologies(1)	61,923		38,541		124,967		76,161
	Blood Management Technologies(2)	76,499		67,192		147,472		132,077
	Hospital	138,422		105,733		272,439		208,238

Net revenues(3)		$	345,511	$	318,183	$	681,683	$	629,515
(1) Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the Hospital business unit.
(2) Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the Hospital business unit.
(3) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.

Net revenues generated in the Company’s principle operating regions on a reported basis are as follows:


	Three Months Ended				Six Months Ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
United States	$	256,061	$	236,345	$	504,963	$	473,418
Japan	16,424		15,011		30,129		26,784
Europe	41,991		38,666		89,216		78,053
Rest of Asia	25,768		27,735		45,551		49,775
Other	5,267		426		11,824		1,485
Net revenues	$	345,511	$	318,183	$	681,683	$	629,515

ACQUISITIONS AND STRATEGIC INVESTMENTS - Strategic Investments (Details) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended
	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 EUR (€)
Schedule of Investments [Line Items]
Payment to acquire investment	$ 10,900			$ 7,600
Gain (loss) on investments	$ 0	$ 0	$ 0	$ 0
Vivasure Medical LTD
Schedule of Investments [Line Items]
Investment \| €					€ 35.0

ACQUISITIONS AND STRATEGIC INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands			6 Months Ended
	Apr. 01, 2024	Dec. 12, 2023	Sep. 28, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired			$ 150,906	$ 0
OpSens, Inc.
Business Acquisition [Line Items]
Upfront payment		$ 254,500
Payments to acquire businesses, net of cash acquired		243,900
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents		10,600
OpSens, Inc. \| Selling, general and administrative expenses
Business Acquisition [Line Items]
Legal and professional fees		$ 6,600
Attune Medical
Business Acquisition [Line Items]
Total consideration	$ 187,700
Upfront payment	162,000
Payments to acquire businesses, net of cash acquired	150,500
Contingent consideration	25,300
Business combination, estimated working capital adjustment	400
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents	$ 11,500
Attune Medical \| Selling, general and administrative expenses
Business Acquisition [Line Items]
Legal and professional fees			$ 9,800

ACQUISITIONS AND STRATEGIC INVESTMENTS - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Apr. 01, 2024	Dec. 12, 2023	Sep. 28, 2024	Mar. 30, 2024
Business Acquisition [Line Items]
Goodwill			$ 616,162	$ 565,082
Attune Medical
Business Acquisition [Line Items]
Accounts receivable	$ 3,784
Inventories	26,300
Prepaid expenses and other current assets	906
Property, plant and equipment	200
Intangible assets	105,800
Goodwill	70,256
Total assets acquired	207,246
Accounts payable	2,260
Accrued payroll and related costs	2,129
Other liabilities	496
Deferred tax liability	26,155
Total liabilities assumed	31,040
Net assets acquired	176,206
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents	11,500
Attune Medical \| Developed technology
Business Acquisition [Line Items]
Acquired intangibles	$ 96,100
Weighted-Average Amortization Period	10 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation	22.00%
Attune Medical \| Customer contracts and related relationships
Business Acquisition [Line Items]
Acquired intangibles	$ 7,800
Weighted-Average Amortization Period	10 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation	21.50%
Attune Medical \| Trade names
Business Acquisition [Line Items]
Acquired intangibles	$ 1,900
Weighted-Average Amortization Period	10 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation	21.50%
OpSens, Inc.
Business Acquisition [Line Items]
Accounts receivable		$ 5,960
Inventories		12,075
Prepaid expenses and other current assets		2,062
Property, plant and equipment		3,028
Intangible assets		172,000
Goodwill		79,400
Other long-term assets		4,705
Total assets acquired		279,230
Accounts payable		3,251
Accrued payroll and related costs		1,723
Other liabilities		9,746
Deferred tax liability		14,805
Other long-term liabilities		5,853
Total liabilities assumed		35,378
Net assets acquired		243,852
Business combination, recognized identifiable assets acquired and liabilities assumed, cash and equivalents		10,600
OpSens, Inc. \| Developed technology
Business Acquisition [Line Items]
Acquired intangibles		$ 114,900
Weighted-Average Amortization Period		15 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation		20.50%
OpSens, Inc. \| Customer contracts and related relationships
Business Acquisition [Line Items]
Acquired intangibles		$ 52,300
Weighted-Average Amortization Period		15 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation		18.90%
OpSens, Inc. \| Trade names
Business Acquisition [Line Items]
Acquired intangibles		$ 4,800
Weighted-Average Amortization Period		15 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation		20.50%

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Sep. 28, 2024	Sep. 28, 2024	Mar. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation amount	$ 30.5	$ 30.5
Performance obligation percent	77.00%	77.00%
Contract liabilities	$ 36.7	$ 36.7	$ 31.2
Revenue recognized	$ 8.5	$ 21.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	12 months	12 months

RESTRUCTURING (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Mar. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and Restructuring Related Costs	$ 6,363	$ 2,033	$ 13,503	$ 4,226
Restructuring liability	14,797		14,797		$ 11,794
2020 Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	1,700		4,100
Restructuring and Restructuring Related Costs		$ 2,000		$ 4,200
Cumulative costs to date	81,100		81,100
Restructuring liability	134		134		485
2020 Program \| Minimum
Restructuring Cost and Reserve [Line Items]
Expected cost	85,000		85,000
2020 Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Expected cost	90,000		90,000
Portfolio Rationalization
Restructuring Cost and Reserve [Line Items]
Restructuring and Restructuring Related Costs	4,700		9,400
Restructuring liability	$ 14,663		$ 14,663		$ 11,309

RESTRUCTURING (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Balance at March 30, 2024			$ 11,794
Costs incurred, net of reversals	$ 4,792	$ 86	9,414	$ 75
Payments			(6,411)
Balance at September 28, 2024	14,797		14,797
Portfolio Rationalization
Restructuring Reserve [Roll Forward]
Balance at March 30, 2024			11,309
Costs incurred, net of reversals			9,201
Payments			(5,847)
Balance at September 28, 2024	14,663		14,663
2020 Program
Restructuring Reserve [Roll Forward]
Balance at March 30, 2024			485
Costs incurred, net of reversals			213
Payments			(564)
Balance at September 28, 2024	$ 134		$ 134

RESTRUCTURING (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 4,792	$ 86	$ 9,414	$ 75
Restructuring related costs	1,571	1,947	4,089	4,151
Restructuring and Restructuring Related Costs	6,363	2,033	13,503	4,226
Plasma
Restructuring Cost and Reserve [Line Items]
Restructuring costs	144	59	207	(197)
Restructuring related costs	51	74	226	243
Blood Center
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,393	0	3,556	0
Restructuring related costs	46	28	89	73
Hospital
Restructuring Cost and Reserve [Line Items]
Restructuring costs	333	0	630	242
Restructuring related costs	0	98	108	147
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,922	27	5,021	30
Restructuring related costs	1,474	1,747	3,666	3,688
Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3,765	58	8,131	264
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	(12)	0
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1,027	$ 28	$ 1,295	$ (189)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Contingency [Line Items]
Provision for income taxes	$ 10,873	$ 7,924	$ 19,213	$ 18,472
Reported tax rate	24.30%	24.10%	21.00%	21.90%
Stock Compensation Windfalls
Income Tax Contingency [Line Items]
Discrete tax benefit (expense)	$ (3,600)	$ (100)		$ (1,300)

EARNINGS PER SHARE (Schedule of Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Sep. 30, 2023	Jul. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Basic EPS
Net income	$ 33,831	$ 38,373	$ 24,908	$ 41,042	$ 72,204	$ 65,950
Weighted average shares (in shares)	50,898,000		50,727,000		50,920,000	50,634,000
Basic income (loss) per share (in dollars per share)	$ 0.66		$ 0.49		$ 1.42	$ 1.30
Diluted EPS
Net income	$ 33,831	$ 38,373	$ 24,908	$ 41,042	$ 72,204	$ 65,950
Net effect of common stock equivalents (in shares)	342,000		669,000		482,000	734,000
Diluted weighted average shares (in shares)	51,240,000		51,396,000		51,402,000	51,368,000
Diluted income (loss) per share (in dollars per share)	$ 0.66		$ 0.48		$ 1.40	$ 1.28
Anti-dilutive shares (in shares)	800,000		700,000		800,000	600,000

EARNINGS PER SHARE (Share Repurchase Program) (Details) shares in Thousands, $ in Thousands			3 Months Ended
	Nov. 01, 2024 shares	Aug. 28, 2024 USD ($) $ / shares shares	Sep. 28, 2024 USD ($) shares	Aug. 31, 2022 USD ($)
Share Repurchase Program [Line Items]
Share repurchase plan, authorized amount				$ 300,000
Accelerated share repurchases, settlement (payment) or receipt		$ 75,000
Shares repurchased (in shares) \| shares			799
Remaining authorized amount			$ 150,000
2024 Accelerated Share Repurchase Program
Share Repurchase Program [Line Items]
Accelerated share repurchases, settlement (payment) or receipt		$ 75,000
Shares repurchased (in shares) \| shares		800
Accelerated share repurchases, initial price paid per share (in CAD per share) \| $ / shares		$ 75.08
Accelerated share repurchases, initial delivery percentage of notional amount (as a percent)		80.00%
2024 Accelerated Share Repurchase Program \| Subsequent Event
Share Repurchase Program [Line Items]
Shares repurchased (in shares) \| shares	200

INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 30, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 110,035	$ 134,150
Work-in-process	36,357	15,488
Finished goods	235,713	167,564
Inventories, net	$ 382,105	$ 317,202

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 25, 2024	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Mar. 30, 2024
Property, Plant and Equipment [Line Items]
Total		$ 939,094		$ 939,094		$ 959,177
Less: accumulated depreciation		(638,616)		(638,616)		(647,815)
Property, plant and equipment, net		300,478		300,478		311,362
Depreciation		15,000	$ 13,600	29,600	$ 26,900
Proceeds from sale of property, plant and equipment	$ 19,900			20,551	921
Sale of property	$ 14,100			14,412	$ 444
Land
Property, Plant and Equipment [Line Items]
Total		3,764		3,764		4,130
Building and building improvements
Property, Plant and Equipment [Line Items]
Total		124,264		124,264		124,338
Plant equipment and machinery
Property, Plant and Equipment [Line Items]
Total		227,930		227,930		204,622
Office equipment and information technology
Property, Plant and Equipment [Line Items]
Total		132,845		132,845		129,979
Haemonetics equipment
Property, Plant and Equipment [Line Items]
Total		425,402		425,402		456,414
Construction in progress
Property, Plant and Equipment [Line Items]
Total		$ 24,889		$ 24,889		$ 39,694

LEASES (Details)	6 Months Ended
LEASES (Details)	Sep. 28, 2024
Leases [Abstract]
Operating lease, revenue, as a percentage of total net sales	3.00%

GOODWILL AND INTANGIBLE ASSETS Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Apr. 01, 2024
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 10,400
Aggregate amortization expense	$ 14,200	$ 9,400	$ 28,700	$ 19,200
Developed technology \| Attune Medical
Finite-Lived Intangible Assets [Line Items]
Acquired intangibles					$ 96,100
Customer-Related Intangible Assets \| Attune Medical
Finite-Lived Intangible Assets [Line Items]
Acquired intangibles					7,800
Trade names \| Attune Medical
Finite-Lived Intangible Assets [Line Items]
Acquired intangibles					$ 1,900
Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	5 years		5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	15 years		15 years

GOODWILL AND INTANGIBLE ASSETS Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Sep. 28, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, carrying amount, beginning balance	$ 565,082
Purchase accounting adjustments	(19,248)
Acquisitions	69,542
Currency translation	786
Goodwill, carrying amount, ending balance	616,162
Plasma
Goodwill [Roll Forward]
Goodwill, carrying amount, beginning balance	29,043
Purchase accounting adjustments	0
Acquisitions	0
Currency translation	0
Goodwill, carrying amount, ending balance	29,043
Blood Center
Goodwill [Roll Forward]
Goodwill, carrying amount, beginning balance	33,484
Purchase accounting adjustments	0
Acquisitions	0
Currency translation	84
Goodwill, carrying amount, ending balance	33,568
Hospital
Goodwill [Roll Forward]
Goodwill, carrying amount, beginning balance	502,555
Purchase accounting adjustments	(19,248)
Acquisitions	69,542
Currency translation	702
Goodwill, carrying amount, ending balance	$ 553,551

GOODWILL AND INTANGIBLE ASSETS Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 30, 2024
Amortizable:
Gross Carrying Amount	$ 966,979	$ 843,096
Accumulated Amortization	484,517	455,213
Net	482,462	387,883
Non-amortizable:	5,375	18,234
In-process software development
Amortizable:
Non-amortizable:	5,375	4,567
In-process research and development
Amortizable:
Non-amortizable:		13,667
Developed technology
Amortizable:
Gross Carrying Amount	573,745	464,291
Accumulated Amortization	199,048	178,413
Net	374,697	285,878
Customer contracts and related relationships
Amortizable:
Gross Carrying Amount	264,703	255,144
Accumulated Amortization	194,055	190,033
Net	70,648	65,111
Capitalized software
Amortizable:
Gross Carrying Amount	84,783	84,837
Accumulated Amortization	73,160	69,491
Net	11,623	15,346
Patents and other
Amortizable:
Gross Carrying Amount	27,504	24,504
Accumulated Amortization	12,326	11,820
Net	15,178	12,684
Trade names
Amortizable:
Gross Carrying Amount	16,244	14,320
Accumulated Amortization	5,928	5,456
Net	$ 10,316	$ 8,864

GOODWILL AND INTANGIBLE ASSETS - Maturity (Details) $ in Thousands	Sep. 28, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2025	$ 26,135
Fiscal 2026	49,842
Fiscal 2027	47,893
Fiscal 2028	46,121
Fiscal 2029	$ 44,927

NOTES PAYABLE AND LONG-TERM DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 30, 2024
Debt Instrument [Line Items]
Notes payable and current maturities of long-term debt	$ (5,434)	$ (10,229)
Long-term debt	1,219,523	797,564
Convertible notes
Debt Instrument [Line Items]
Debt outstanding	981,513	494,813
Term loan, net of financing fees
Debt Instrument [Line Items]
Debt outstanding	242,511	261,971
Revolving credit facility
Debt Instrument [Line Items]
Debt outstanding	0	50,000
Other borrowings
Debt Instrument [Line Items]
Debt outstanding	$ 933	$ 1,009

NOTES PAYABLE AND LONG-TERM DEBT - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands			3 Months Ended	6 Months Ended
	May 28, 2024	Apr. 30, 2024	Sep. 28, 2024	Sep. 28, 2024	Sep. 30, 2023	Mar. 30, 2024	Jul. 26, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Gain (loss) on repurchase of debt instrument				$ 12,600,000	$ 0
Proceeds from issuance of convertible notes				700,000,000	0
Capped call transaction, initial strike price (in dollars per share)	$ 117.12
Capped call transaction, initial cap price (in dollars per share)	$ 180.18
Capped call transaction, anti-dilution adjustment (in shares)	5,980
Purchase of capped call related to convertible notes	$ 88,200,000			88,200,000	0
Repayments of Long-term Debt				1,563,000	$ 5,250,000
Debt instrument, percent of principal amount due in years 1-3		2.50%
Debt instrument, percent of principal amount due in year 4		5.00%
Debt instrument, percent of principal amount due in year 5		7.50%
Consolidated total leverage ratio		4.0
Consolidated interest coverage ratio		4.5
Fiscal 2026			$ 306,355,000	306,355,000
Convertible notes
Debt Instrument [Line Items]
Debt outstanding			981,513,000	981,513,000		$ 494,813,000
Term loan, net of financing fees
Debt Instrument [Line Items]
Long-term debt, gross			248,400,000	248,400,000
Debt outstanding			$ 242,511,000	$ 242,511,000		261,971,000
Effective interest rate			6.70%	6.70%
Revolving credit facility
Debt Instrument [Line Items]
Debt outstanding			$ 0	$ 0		$ 50,000,000
Uncommitted Operating Lines of Credit
Debt Instrument [Line Items]
Debt outstanding			0	0
Maximum borrowing capacity			19,800,000	19,800,000
Convertible Senior Notes Due 2026 \| Convertible notes
Debt Instrument [Line Items]
Face amount of debt								$ 500,000,000
Stated rate (as a percent)								0.00%
Debt Instrument, Repurchased Face Amount	200,000,000
Debt Instrument, Repurchase Amount	185,500,000
Gain (loss) on extinguishment of debt, before debt issuance cost writeoff	14,500,000
Deferred debt issuance cost, writeoff	1,900,000
Gain (loss) on repurchase of debt instrument	(12,600,000)
Long-term debt, gross			300,000,000	300,000,000
Debt issuance costs, net			2,300,000	2,300,000
Debt outstanding			297,700,000	297,700,000
Interest expense, debt			$ 400,000	$ 1,000,000
Effective interest rate			0.50%	0.50%
Convertible Senior Notes Due 2029 \| Convertible notes
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Stated rate (as a percent)	2.50%
Debt issuance costs, net			$ 16,200,000	$ 16,200,000
Debt outstanding			683,800,000	683,800,000
Interest expense, debt			5,200,000	6,900,000
Effective interest rate	3.00%
Proceeds from issuance of convertible notes	$ 682,800,000
Debt instrument, redemption price, percentage	130.00%
Debt instrument, redemption price, percentage of principal amount redeemed	98.00%
Debt instrument, redemption price, percentage of previous closing price	10.00%
Debt instrument, convertible, conversion rate	8.5385
Debt instrument, convertible, conversion price	$ 117.12
Debt issuance costs, gross	$ 17,200,000
Convertible Senior Notes Due 2029 \| Convertible notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	130.00%
Convertible Senior Notes Due 2029 \| Convertible notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
2022 Revised Credit Facilities \| Term loan, net of financing fees
Debt Instrument [Line Items]
Face amount of debt							$ 280,000,000
2022 Revised Credit Facilities \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 420,000,000
2022 Revised Credit Facilities \| Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Stated rate (as a percent)							1.125%
2022 Revised Credit Facilities \| Revolving credit facility \| Maximum
Debt Instrument [Line Items]
Stated rate (as a percent)							1.75%
2024 Revised Credit Facilities \| Term loan, net of financing fees
Debt Instrument [Line Items]
Face amount of debt		$ 250,000,000
Debt issuance costs, net			5,900,000	5,900,000
Repayments of Long-term Debt		$ 12,500,000
Fiscal 2026			6,300,000	6,300,000
2024 Revised Credit Facilities \| Term loan, net of financing fees \| Minimum
Debt Instrument [Line Items]
Stated rate (as a percent)		1.125%
Interest rate floor		0.00%
2024 Revised Credit Facilities \| Term loan, net of financing fees \| Maximum
Debt Instrument [Line Items]
Stated rate (as a percent)		1.75%
2024 Revised Credit Facilities \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000,000
Additional debt issuance costs capitalized		$ 5,900,000
2024 Revised Credit Facilities \| Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Revolving credit facility unused fee percentage		0.125%
2024 Revised Credit Facilities \| Revolving credit facility \| Maximum
Debt Instrument [Line Items]
Revolving credit facility unused fee percentage		0.25%
Revised Credit Agreement \| Unsecured Debt
Debt Instrument [Line Items]
Interest expense			$ 4,900,000	$ 12,000,000

NOTES PAYABLE AND LONG-TERM DEBT - Schedule of Long Term Debt Maturity (Details) $ in Thousands	Sep. 28, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of Fiscal 2025	$ 3,198
Fiscal 2026	306,355
Fiscal 2027	6,312
Fiscal 2028	11,003
Fiscal 2029	17,257
Thereafter	$ 905,246

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Narrative) (Details)				1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 27, 2024 swap	Sep. 26, 2024 swap	Jun. 15, 2023 swap	Sep. 30, 2022 swap	Sep. 28, 2024 USD ($)	Sep. 28, 2024 USD ($)	Apr. 01, 2024 USD ($)	Mar. 30, 2024 USD ($)	Sep. 23, 2022 USD ($)
Derivative [Line Items]
Number of Interest Rate Swaps Remaining \| swap	2
Level 2 \| Convertible Senior Notes Due 2026
Derivative [Line Items]
Convertible notes, fair value					$ 277,700,000	$ 277,700,000
Level 2 \| Convertible Senior Notes Due 2029
Derivative [Line Items]
Convertible notes, fair value					701,700,000	701,700,000
Term loan, net of financing fees
Derivative [Line Items]
Debt outstanding					$ 242,511,000	$ 242,511,000		$ 261,971,000
Foreign Exchange Contract
Derivative [Line Items]
Percentage of sales generated outside the US					25.90%	25.90%
Maturity period for foreign currency contracts						1 year
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swaps entered \| swap				4
Derivative, percentage of notional value of debt	80.00%
Derivative, blended fixed interest rate	3.31%
Notional amount					$ 205,800,000	$ 205,800,000			$ 205,800,000
Number Of Interest Rate Swaps Terminated \| swap		2	2
Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative [Line Items]
Deferred income tax expense (benefit)					0	0
Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative [Line Items]
Designated foreign currency hedge contracts outstanding					30,800,000	30,800,000		74,000,000.0
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Gain (loss) to be reclassified within the next twelve months						1,300,000
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative [Line Items]
Non-designated foreign currency hedge contracts outstanding					38,000,000.0	38,000,000.0		$ 39,900,000
Attune Medical
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration							$ 25,300,000
Attune Medical \| Other Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration					8,000,000	8,000,000
Attune Medical \| Other Noncurrent Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration					$ 18,300,000	$ 18,300,000

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Schedule of Interest Rate Swaps) (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Mar. 30, 2024	Sep. 23, 2022
Fair Value, Recurring [Member]
Derivative [Line Items]
Derivative Assets	$ 776	$ 3,242
Derivative Liabilities	2,509	931
Interest Rate Swap
Derivative [Line Items]
Notional amount	205,800		$ 205,800
Estimated Fair Value Assets (Liabilities)	(1,037)
Interest Rate Swap \| Fair Value, Recurring [Member] \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liabilities	1,781
Interest Rate Swap \| Level 2 \| Fair Value, Recurring [Member] \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liabilities	1,781
Interest Rate Swap \| Other Current Assets \| Fair Value, Recurring [Member] \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets		1,673
Interest Rate Swap \| Other Current Assets \| Level 2 \| Fair Value, Recurring [Member] \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets	744
Interest Rate Swap \| Other Noncurrent Assets \| Fair Value, Recurring [Member] \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liabilities		62
Interest Rate Swap \| Other Noncurrent Assets \| Level 2 \| Fair Value, Recurring [Member] \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liabilities	0
Interest Rate Swap, 4.08% Fixed Interest Rate
Derivative [Line Items]
Notional amount	$ 103,600		103,600
Derivative fixed interest rate	3.32%
Estimated Fair Value Assets (Liabilities)	$ (634)
Interest Rate Swap, 4.15% Fixed Interest Rate
Derivative [Line Items]
Notional amount	$ 102,200		$ 102,200
Derivative fixed interest rate	3.30%
Estimated Fair Value Assets (Liabilities)	$ (403)
Foreign Exchange Contract \| Fair Value, Recurring [Member] \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets		1,353
Derivative Liabilities	624	395
Foreign Exchange Contract \| Fair Value, Recurring [Member] \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets	32	154
Derivative Liabilities	104	536
Foreign Exchange Contract \| Level 2 \| Fair Value, Recurring [Member] \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets		1,353
Derivative Liabilities		395
Foreign Exchange Contract \| Level 2 \| Fair Value, Recurring [Member] \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets		154
Foreign Exchange Contract \| Other Current Assets \| Fair Value, Recurring [Member] \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets		1,353
Foreign Exchange Contract \| Other Current Assets \| Fair Value, Recurring [Member] \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets		$ 154
Foreign Exchange Contract \| Other Current Assets \| Level 2 \| Fair Value, Recurring [Member] \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets	0
Foreign Exchange Contract \| Other Current Assets \| Level 2 \| Fair Value, Recurring [Member] \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets	$ 32

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 5,719	$ 5,047	$ 5,695	$ 4,932
Credit loss	179	30	216	181
Write-offs	14	(33)	1	(69)
Ending balance	$ 5,912	$ 5,044	$ 5,912	$ 5,044

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments) (Details) $ in Thousands	6 Months Ended
	Sep. 28, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and other expense, net
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in Accumulated Other Comprehensive Loss	$ (1,263)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	(506)
Amount of Gain Excluded from Effectiveness Testing	506
Designated as Hedging Instrument \| Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in Accumulated Other Comprehensive Loss	(2,053)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	36
Amount of Gain Excluded from Effectiveness Testing	0
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in Accumulated Other Comprehensive Loss	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	0
Amount of Gain Excluded from Effectiveness Testing	$ 117

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Schedules of Derivatives) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 28, 2024	Mar. 30, 2024
Liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Value At Acquisition Date	$ 25,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Adjustment	300
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	1,034
Fair Value, Recurring [Member]
Assets
Money market funds	155,290	$ 43,073
Derivative Assets	776	3,242
Assets fair value	156,066	46,315
Liabilities
Derivative Liabilities	2,509	931
Liabilities fair value	28,843	931
Fair Value, Recurring [Member] \| Level 1
Assets
Money market funds	155,290	43,073
Assets fair value	155,290	43,073
Liabilities
Liabilities fair value	0	0
Fair Value, Recurring [Member] \| Level 2
Assets
Money market funds	0	0
Assets fair value	776	3,242
Liabilities
Liabilities fair value	2,509	931
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3
Liabilities
Liabilities fair value	26,334	0
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Designated as Hedging Instrument
Assets
Derivative Assets		1,353
Liabilities
Derivative Liabilities	624	395
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Designated as Hedging Instrument \| Level 1
Assets
Derivative Assets		0
Liabilities
Derivative Liabilities	0	0
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets		1,353
Liabilities
Derivative Liabilities		395
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Not Designated as Hedging Instrument
Assets
Derivative Assets	32	154
Liabilities
Derivative Liabilities	104	536
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Level 1
Assets
Derivative Assets	0	0
Liabilities
Derivative Liabilities	0	0
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets		154
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Other Current Assets \| Designated as Hedging Instrument
Assets
Derivative Assets		1,353
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Other Current Assets \| Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets	0
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Other Current Assets \| Not Designated as Hedging Instrument
Assets
Derivative Assets		154
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Other Current Assets \| Not Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets	32
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Other Current Liabilities \| Designated as Hedging Instrument
Liabilities
Derivative Liabilities		395
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Other Current Liabilities \| Designated as Hedging Instrument \| Level 2
Liabilities
Derivative Liabilities	624
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Other Current Liabilities \| Not Designated as Hedging Instrument
Liabilities
Derivative Liabilities		536
Fair Value, Recurring [Member] \| Foreign Exchange Contract \| Other Current Liabilities \| Not Designated as Hedging Instrument \| Level 2
Liabilities
Derivative Liabilities	104	536
Fair Value, Recurring [Member] \| Interest Rate Swap \| Designated as Hedging Instrument
Liabilities
Derivative Liabilities	1,781
Fair Value, Recurring [Member] \| Interest Rate Swap \| Designated as Hedging Instrument \| Level 1
Liabilities
Derivative Liabilities	0
Fair Value, Recurring [Member] \| Interest Rate Swap \| Designated as Hedging Instrument \| Level 2
Liabilities
Derivative Liabilities	1,781
Fair Value, Recurring [Member] \| Interest Rate Swap \| Other Current Assets \| Not Designated as Hedging Instrument
Assets
Derivative Assets		1,673
Fair Value, Recurring [Member] \| Interest Rate Swap \| Other Current Assets \| Not Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets	744
Fair Value, Recurring [Member] \| Interest Rate Swap \| Other Noncurrent Liabilities \| Designated as Hedging Instrument
Liabilities
Derivative Liabilities		0
Fair Value, Recurring [Member] \| Interest Rate Swap \| Other Noncurrent Liabilities \| Designated as Hedging Instrument \| Level 2
Liabilities
Derivative Liabilities	1,781
Fair Value, Recurring [Member] \| Interest Rate Swap \| Other Assets \| Not Designated as Hedging Instrument
Assets
Derivative Assets	744	1,735
Fair Value, Recurring [Member] \| Interest Rate Swap \| Other Assets \| Not Designated as Hedging Instrument \| Level 1
Assets
Derivative Assets	0	0
Fair Value, Recurring [Member] \| Interest Rate Swap \| Other Assets \| Not Designated as Hedging Instrument \| Level 2
Assets
Derivative Assets	744	1,735
Fair Value, Recurring [Member] \| Contingent Consideration
Liabilities
Liabilities fair value	26,334	$ 0
Fair Value, Recurring [Member] \| Contingent Consideration \| Fair Value, Inputs, Level 3
Liabilities
Liabilities fair value	26,334
Fair Value, Recurring [Member] \| Contingent Consideration \| Fair Value, Inputs, Level 3 \| Revenue-based payment
Liabilities
Liabilities fair value	$ 20,606
Contingent Consideration Fair Value, Risk-Adjusted Discount Rate	6.30%
Fair Value, Recurring [Member] \| Contingent Consideration \| Fair Value, Inputs, Level 3 \| Regulatory-based payment
Liabilities
Liabilities fair value	$ 4,735
Contingent Consideration Fair Value, Risk-Adjusted Discount Rate	6.10%
Fair Value, Recurring [Member] \| Contingent Consideration \| Fair Value, Inputs, Level 3 \| Event-based payment
Liabilities
Liabilities fair value	$ 993
Contingent Consideration Fair Value, Risk-Adjusted Discount Rate	5.80%

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 28, 2024	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, estimate of possible loss		$ 8,700
Payments for legal settlements	$ 8,700
Loss in period		$ 6,800

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Sep. 30, 2023	Jul. 01, 2023	Sep. 28, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of March 30, 2024		$ (35,632)			$ (35,632)
Other comprehensive income (loss) before reclassifications					1,538
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)					(470)
Net current period other comprehensive income (loss)	$ 8,103	(7,035)	$ (3,187)	$ 863	1,068
Balance as of September 28, 2024	(34,564)				(34,564)
Foreign Currency
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of March 30, 2024		(38,274)			(38,274)
Other comprehensive income (loss) before reclassifications					4,854
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)					0
Net current period other comprehensive income (loss)					4,854
Balance as of September 28, 2024	(33,420)				(33,420)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of March 30, 2024		1,748			1,748
Other comprehensive income (loss) before reclassifications					0
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)					0
Net current period other comprehensive income (loss)					0
Balance as of September 28, 2024	1,748				1,748
Net Unrealized Gain (Loss) on Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of March 30, 2024		$ 894			894
Other comprehensive income (loss) before reclassifications					(3,316)
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)					(470)
Net current period other comprehensive income (loss)					(3,786)
Balance as of September 28, 2024	$ (2,892)				$ (2,892)

SEGMENT AND ENTERPRISE-WIDE INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			3
Net revenues in constant currency	$ 345,753	$ 319,063	$ 683,040	$ 630,151
Effect of exchange rates	(242)	(880)	(1,357)	(636)
Net revenues	345,511	318,183	681,683	629,515
Operating income	51,697	35,303	91,453	88,962
Effect of exchange rates	1,312	(3,091)	(37)	(478)
Amortization of acquired intangible assets	12,264	7,222	24,735	14,695
Amortization of fair value inventory step-up	3,739	0	8,978	0
Integration and transaction costs	(882)	(1,784)	(13,205)	(2,899)
Restructuring costs	(4,792)	(86)	9,414	75
Restructuring related costs	1,571	1,947	4,089	4,151
Digital transformation costs	4,858	3,592	11,203	7,297
PCS2 related charges	0	(552)	0	(411)
MDR and IVDR costs	(991)	(1,988)	(2,117)	(3,154)
Litigation-related charges	(320)	(5,449)	(1,075)	(6,507)
Impairment of intangible assets	(2,391)	(10,419)	(2,391)	(10,419)
Gain on sale of property, plant and equipment	0	0	14,134	0
United States
Segment Reporting Information [Line Items]
Net revenues	256,061	236,345	504,963	473,418
Japan
Segment Reporting Information [Line Items]
Net revenues	16,424	15,011	30,129	26,784
Europe
Segment Reporting Information [Line Items]
Net revenues	41,991	38,666	89,216	78,053
Rest of Asia
Segment Reporting Information [Line Items]
Net revenues	25,768	27,735	45,551	49,775
Other
Segment Reporting Information [Line Items]
Net revenues	5,267	426	11,824	1,485
Plasma
Segment Reporting Information [Line Items]
Net revenues in constant currency	138,565	142,643	274,607	282,134
Restructuring related costs	51	74	226	243
Plasma \| Plasma
Segment Reporting Information [Line Items]
Net revenues	138,561	142,794	274,471	282,415
Blood Center
Segment Reporting Information [Line Items]
Net revenues in constant currency	68,804	70,470	135,643	139,639
Restructuring related costs	46	28	89	73
Blood Center \| Blood Center
Segment Reporting Information [Line Items]
Net revenues	68,528	69,656	134,773	138,862
Apheresis \| Blood Center
Segment Reporting Information [Line Items]
Net revenues	54,332	54,973	103,426	104,139
Whole Blood \| Blood Center
Segment Reporting Information [Line Items]
Net revenues	14,196	14,683	31,347	34,723
Hospital
Segment Reporting Information [Line Items]
Net revenues in constant currency	138,384	105,950	272,790	208,378
Restructuring related costs	0	98	108	147
Hospital \| Hospital
Segment Reporting Information [Line Items]
Net revenues	138,422	105,733	272,439	208,238
Vascular Closure, Hosptial \| Hospital
Segment Reporting Information [Line Items]
Net revenues	61,923	38,541	124,967	76,161
Hemostasis Management, Hospital \| Hospital
Segment Reporting Information [Line Items]
Net revenues	76,499	67,192	147,472	132,077
Operating Segments
Segment Reporting Information [Line Items]
Operating income	156,600	147,183	298,950	290,107
Operating Segments \| Plasma
Segment Reporting Information [Line Items]
Operating income	69,728	78,042	135,565	153,740
Operating Segments \| Blood Center
Segment Reporting Information [Line Items]
Operating income	27,167	27,307	49,789	53,590
Operating Segments \| Hospital
Segment Reporting Information [Line Items]
Operating income	59,705	41,834	113,596	82,777
Corporate
Segment Reporting Information [Line Items]
Operating income	$ 74,407	$ 75,750	$ 144,387	$ 151,059