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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: December 27, 2025


☐			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 January 30, 2026: 46,471,350.

HAEMONETICS CORPORATION

INDEX



			PAGE
PART I. FINANCIAL INFORMATION			3

ITEM 1. Financial Statements			3

Unaudited Condensed Consolidated Statements of Income - Three and Nine Months Ended December 27, 2025 and December 28, 2024			3
Unaudited Condensed Consolidated Statements of Comprehensive Income - Three and Nin e Months Ended December 27, 2025 and December 28, 2024			4
Unaudited Condensed Consolidated Balance Sheet - December 27, 2025 and Consolidated Balance Sheet - March 29, 2025			5
Unaudited Condensed Consolidated Statements of Stockholders’ Equity - Three and Nine Months Ended December 27, 2025 and December 28, 2024			6
Unaudited Condensed Consolidated Statements of Cash Flows - Nine Months Ended December 27, 2025 and December 28, 2024			8
Notes to Unaudited Condensed Consolidated Financial Statements			9

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			37

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk			48

ITEM 4. Controls and Procedures			49

PART II. OTHER INFORMATION			50

ITEM 1. Legal Proceedings			50

ITEM 1A. Risk Factors			50

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			50

ITEM 3. Defaults upon Senior Securities			50

ITEM 4. Mine Safety Disclosures			50

ITEM 5. Other Information			50

ITEM 6. Exhibits			51

SIGNATURES			52

Table of Contents

ITEM 1. FINANCIAL STATEMENTS

HAEMONETICS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars and Shares in Thousands, Except Per Share Data)
Net revenues	$	338,967	$	348,542	$	987,676	$	1,030,225
Cost of goods sold	136,581		154,995		398,302		474,317
Gross profit	202,386		193,547		589,374		555,908
Operating expenses:
Research and development	14,187		15,829		45,320		44,417
Selling, general and administrative	109,154		106,459		321,488		321,653
Amortization of acquired intangible assets	10,933		12,230		33,507		36,965
Impairment of intangible assets	716		—		9,300		2,391



Total operating expenses	134,990		134,518		409,615		405,426
Operating income	67,396		59,029		179,759		150,482
Interest and other expense, net	(7,421)		(9,112)		(23,330)		(9,148)
Income before provision for income taxes	59,975		49,917		156,429		141,334
Provision for income taxes	15,235		12,423		38,974		31,636
Net income	$	44,740	$	37,494	$	117,455	$	109,698

Net income per common share:
Basic	$	0.96	$	0.75	$	2.47	$	2.16
Diluted	$	0.95	$	0.74	$	2.46	$	2.14

Weighted average shares outstanding
Basic	46,792		50,286		47,497		50,709
Diluted	46,987		50,639		47,668		51,148

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

Table of Contents

HAEMONETICS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Net income	$	44,740	$	37,494	$	117,455	$	109,698

Other comprehensive income (loss):

Foreign currency translation adjustment, net of tax	5,823		(26,797)		20,711		(21,943)
Unrealized gain on cash flow hedges, net of tax	640		5,573		456		2,257
Reclassifications into earnings of cash flow hedge (gains) losses, net of tax	(542)		287		(693)		(183)
Other comprehensive income (loss)	5,921		(20,937)		20,474		(19,869)
Comprehensive income	$	50,661	$	16,557	$	137,929	$	89,829

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

Table of Contents

HAEMONETICS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	December 27, 2025		March 29, 2025

	(Dollars in Thousands, Except Share Data)
ASSETS
Current assets:
Cash and cash equivalents	$	363,367	$	306,763
Accounts receivable, less allowance for credit losses of $3,880 as of December 27, 2025 and $6,300 as of March 29, 2025	195,707		202,657
Inventories, net	321,185		365,141
Prepaid expenses and other current assets	63,415		60,414
Total current assets	943,674		934,975
Property, plant and equipment, net	297,234		284,052
Intangible assets, less accumulated amortization of $352,122 as of December 27, 2025 and $316,313 as of March 29, 2025	419,734		455,743
Goodwill	606,825		604,269
Deferred tax asset	7,329		7,803
Other long-term assets	216,094		164,106
Total assets	$	2,490,890	$	2,450,948
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and current maturities of long-term debt	$	304,746	$	303,558
Accounts payable	48,694		66,999
Accrued payroll and related costs	52,099		59,423
Other current liabilities	134,329		148,133
Total current liabilities	539,868		578,113
Long-term debt	919,987		921,230
Deferred tax liability	55,979		62,575
Other long-term liabilities	63,605		68,194
Stockholders’ equity:
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 46,829,249 shares as of December 27, 2025 and 48,215,899 shares as of March 29, 2025	468		482
Additional paid-in capital	564,502		523,264
Retained earnings	381,091		352,174
Accumulated other comprehensive loss	(34,610)		(55,084)
Total stockholders’ equity	911,451		820,836
Total liabilities and stockholders’ equity	$	2,490,890	$	2,450,948

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

Table of Contents

HAEMONETICS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Par Value

	(Dollars in Thousands, Except Share Data)
Balance, March 29, 2025	48,215,899	$	482	$	523,264	$	352,174	$	(55,084)	$	820,836
Employee stock purchase plan	64,884	1		3,475		—		—		3,476
Exercise of stock options	9,141	—		698		(236)		—		462
Shares repurchased	(363,886)	(4)		26,051		(26,047)		—		—
Issuance of restricted stock, net of cancellations	250,532	3		(3)		—		—		—

Tax withholding on employee equity awards	(17,847)	—		(783)		(3,876)		—		(4,659)

Share-based compensation expense	—	—		9,312		—		—		9,312
Net income	—	—		—		34,031		—		34,031
Other comprehensive income	—	—		—		—		18,842		18,842
Balance, June 28, 2025	48,158,723	$	482	$	562,014	$	356,046	$	(36,242)	$	882,300
Employee stock purchase plan	—	—		—		—		—		—
Exercise of stock options	857	—		74		(11)		—		63
Shares repurchased, including excise tax	(1,430,579)	(14)		(16,759)		(58,387)		—		(75,160)
Issuance of restricted stock, net of cancellations	18,626	(1)		—		—		—		(1)
Tax withholding on employee equity awards	(246)	—		(4)		(9)		—		(13)

Share-based compensation expense	—	—		7,589		—		—		7,589
Net income	—	—		—		38,684		—		38,684
Other comprehensive loss	—	—		—		—		(4,289)		(4,289)
Balance, September 27, 2025	46,747,381	$	467	$	552,914	$	336,323	$	(40,531)	$	849,173
Employee stock purchase plan	61,723	—		2,623		—		—		2,623
Exercise of stock options	19,577	—		1,156		(9)		—		1,147
Shares repurchased, including excise tax	—	—		12		43		—		55
Issuance of restricted stock, net of cancellations	713	1		—		—		—		1
Tax withholding on employee equity awards	(145)	—		(2)		(6)		—		(8)
Share-based compensation expense	—	—		7,799		—		—		7,799
Net income	—	—		—		44,740		—		44,740
Other comprehensive income	—	—		—		—		5,921		5,921
Balance, December 27, 2025	46,829,249	$	468	$	564,502	$	381,091	$	(34,610)	$	911,451

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	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
	Shares	Par Value

	(Dollars in Thousands, Except Share Data)
Balance, March 30, 2024	50,787,859	$	508	$	634,627	$	360,456	$	(35,632)	$	959,959
Employee stock purchase plan	46,860	—		3,441		—		—		3,441
Exercise of stock options	73,270	1		4,703		(3,743)		—		961
Issuance of restricted stock, net of cancellations	280,290	3		(3)		—		—		—
Tax withholding on employee equity awards	(35,393)	—		(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	51,152,886	$	512	$	560,881	$	386,642	$	(42,667)	$	905,368
Exercise of stock options	4,533	—		515		(264)		—		251
Shares repurchased, including excise tax	(799,148)	(8)		(23,839)		(51,394)		—		(75,241)
Issuance of restricted stock, net of cancellations	22,856	—		—		—		—		—
Tax withholding on employee equity awards	—	—		(39)		(279)		—		(318)
Share-based compensation expense	—	—		6,857		—		—		6,857
Net income	—	—		—		33,831		—		33,831
Other comprehensive income	—	—		—		—		8,103		8,103
Balance, September 28, 2024	50,381,127	$	504	$	544,375	$	368,536	$	(34,564)	$	878,851
Employee stock purchase plan	49,232	—		3,035		—		—		3,035
Exercise of stock options	11,528	—		1,266		(761)		—		505
Shares repurchased, including excise tax	(209,494)	(2)		12,761		(12,867)		—		(108)
Issuance of restricted stock, net of cancellations	2,819	—		—		—		—		—
Tax withholding on employee equity awards	(161)	—		(22)		(172)		—		(194)
Share-based compensation expense	—	—		8,214		—		—		8,214
Net income	—	—		—		37,494		—		37,494
Other comprehensive loss	—	—		—		—		(20,937)		(20,937)
Balance, December 28, 2024	50,235,051	$	502	$	569,629	$	392,230	$	(55,501)	$	906,860

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)


	Nine Months Ended
	December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Cash Flows from Operating Activities:
Net income	$	117,455	$	109,698
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	84,398		87,378
Amortization of fair value inventory step-up	5,814		12,319
Share-based compensation expense	24,700		22,699
Impairment of intangible assets	9,300		2,391


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

Gains on sales of property, plant and equipment	(536)		(14,572)
Deferred income taxes	(6,018)		(8,593)

Other non-cash operating activities	4,751		8,114
Change in operating assets and liabilities:
Change in accounts receivable	7,356		(3,379)
Change in inventories	38,899		(64,340)
Change in prepaid income taxes	1,352		(2,638)
Change in other assets and other liabilities	(28,298)		(34,493)
Change in accounts payable and accrued expenses	(36,893)		(36,816)
Net cash provided by operating activities	222,280		65,168
Cash Flows from Investing Activities:
Capital expenditures	(15,119)		(23,635)
Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment	(42,593)		(12,649)
Acquisitions	—		(150,906)

Proceeds from sale of property, plant and equipment	849		20,802
Other investments	(36,071)		(13,547)
Net cash used in investing activities	(92,934)		(179,935)
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	(4,688)		(3,125)
Debt issuance costs	—		(23,135)
Share repurchases	(75,000)		(75,000)

Proceeds from employee stock purchase plan	6,099		6,476
Proceeds from exercise of stock options	1,672		1,717
Cash used to net share settle employee equity awards	(4,955)		(10,243)
Other financing activities	(89)		(222)
Net cash (used in) provided by financing activities	(76,961)		260,268
Effect of exchange rates on cash and cash equivalents	4,219		(3,455)
Net Change in Cash and Cash Equivalents	56,604		142,046
Cash and Cash Equivalents at Beginning of Period	306,763		178,800
Cash and Cash Equivalents at End of Period	$	363,367	$	320,846

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 nine months ended December 27, 2025 are not necessarily indicative of the results that may be expected for the full fiscal year ending March 28, 2026 or any other interim period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Annual Report on Form 10-K for the fiscal year ended March 29, 2025.

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. There were no material recognized or unrecognized subsequent events as of or for the nine months ended December 27, 2025, except for those discussed in Note 3, Acquisitions, Divestitures and Strategic Investments and Note 7, Earnings Per Share within these condensed consolidated financial statements.

2. RECENT ACCOUNTING PRONOUNCEMENTS

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASC Update No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASC Update No. 2023-09 is effective for the Company’s first fiscal year beginning after December 15, 2024 and early adoption is permitted. ASC Update No. 2023-09 is applicable to Haemonetics beginning with the fiscal 2026 Annual Report on Form 10-K. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company does not expect the adoption of ASC Update No. 2023-09 to have a material impact on its financial position or results of operations.

In November 2024, the FASB issued ASC Update No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. ASC Update No. 2024-03 requires detailed cost and expense information disaggregated in the financial statement notes. The updated guidance is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. ASC Update No. 2024-03 is applicable to Haemonetics beginning with the fiscal 2028 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

In July 2025, the FASB issued ASC Update No. 2025-05, Financial Instruments - Credit Losses (Topic 326). ASC Update No. 2025-05 introduces a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB Accounting Standards Codification 606. Under ASC Update No. 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. The updated guidance is effective for fiscal years beginning December 15, 2025, with early adoption permitted. ASC Update No. 2025-05 is applicable to Haemonetics beginning with the fiscal 2027 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures. The guidance can be applied on a prospective basis with the option to apply the standard retrospectively.

In September 2025, the FASB issued ASC Update No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software. ASC Update No. 2025-06 eliminates references to development stages in the capitalization guidance and requires costs to be capitalized once management authorizes funding and will be completed and used as intended. The updated guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. ASC Update No. 2025-06 is applicable to Haemonetics beginning with the fiscal 2029 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures. The guidance can be applied on a prospective basis with the option to apply the standard retrospectively.

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In September 2025, the FASB issued ASC Update No. 2025-07, Derivatives and Hedging and Revenue from Contracts with Customers. ASC Update No. 2025-07 reduces cost, complexity and diversity in practice of evaluating whether contracts with features based on the operations or activities of one of the parties to the contract are derivatives. The updated guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. ASC Update No. 2025-07 is applicable to Haemonetics beginning with the fiscal 2028 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.

In November 2025, the FASB issued ASC Update No. 2025-09, Derivatives and Hedging. ASC Update No. 2025-09 enables groups of forecasted transactions to now share similar risk exposure with ongoing assessments of risk similarity to better reflect economic hedging strategies. The updated guidance is effective for fiscal years beginning after December 15, 2028, with early adoption permitted. ASC Update No. 2025-09 is applicable to Haemonetics beginning with the fiscal 2030 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.

In December 2025, the FASB issued ASC Update No. 2025-11, Interim Reporting. ASC Update No. 2025-11 improves navigability and consistency in interim reporting by providing a comprehensive list of interim disclosures that are required from U.S. GAAP as well as a disclosure principle for additional transparency. The updated guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. ASC Update No. 2025-11 is applicable to Haemonetics beginning with the fiscal 2029 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

In December 2025, the FASB issued ASC Update No. 2025-12, Codification Improvements. ASC Update No. 2025-12 makes a broad set of technical corrections, clarifications and targeted improvements to the FASB Accounting Standards Codification to address unintended application issues and improve the operability of U.S. GAAP across a range of topics. The updated guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. ASC Update No. 2025-12 is applicable to Haemonetics beginning with the fiscal 2028 Annual Report on Form 10-K and the Company is currently evaluating the impact to its interim and annual report disclosures.

3. ACQUISITIONS, DIVESTITURES AND STRATEGIC INVESTMENTS

Acquisitions

Vivasure Medical Limited

On January 9, 2026, subsequent to the end of the third quarter of fiscal 2026, the Company acquired Vivasure Medical Limited (“Vivasure”) for gross upfront consideration of $116.4 million, with $60.7 million paid in cash at closing after giving effect to the value of certain prior investments and loans made by the Company to Vivasure, as well as other customary closing adjustments. The definitive agreement between the parties also provides for up to $98.9 million of additional contingent consideration based on sales growth over the three years following the completion of the acquisition and the achievement of certain other milestones, also subject to adjustment based on the value of certain prior investments and loans. The Company financed this transaction through available cash on hand.

Vivasure is a Galway, Ireland-based company pioneering next-generation technology for percutaneous vessel closure. Vivasure’s PerQseal® Elite system uses a proprietary bioabsorbable patch to seal large-bore (up to 26 F) arteriotomies and venotomies from inside the vessel, offering a sutureless, fully absorbable solution for structural heart and endovascular procedures. In 2025, Vivasure submitted a Premarket Approval application to the U.S. FDA for the PerQseal Elite arterial closure system and received CE Mark approval in Europe for both arterial and venous indications. The addition of Vivasure expands the Hospital business unit portfolio in the interventional cardiology market and will be included in the Hospital reportable segment.

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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 a net purchase price of $176.2 million, which included an upfront cash payment of $162.0 million, or $150.5 million net of $11.5 million cash acquired, the fair value of contingent consideration of $25.3 million, and $0.4 million of working capital adjustments. The contingent consideration is based on sales growth over the three years following completion of the acquisition, 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.

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

Purchase Price Allocation

The Company accounted for the acquisition as a business combination, and in accordance with FASB ASC Topic 805, Business Combinations (“ASC 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 net purchase price of $176.2 million consists of the amounts presented below, which represent the final determination of the fair value of the identifiable assets acquired and liabilities assumed:


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

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

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

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

The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. As a result of the acquisition of Attune Medical, the Company recognized goodwill of $70.3 million based on expected synergies from integration into the Company’s Hospital business. 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:


	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation

	(Dollars in Thousands)
Developed technology	$	96,100	10 years	22.0	%
Customer contracts and related relationships	7,800		10 years	21.5	%
Trade names	1,900		10 years	21.5	%
Total	$	105,800

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

Acquisition-Related Costs

The Company incurred $9.8 million of acquisition-related costs during the first quarter of fiscal 2025 in connection with the Attune Medical acquisition. These costs related to legal and other professional fees were recognized in selling, general and administrative (“SG&A”) within 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 has been determined to not be 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 a net purchase price of $243.9 million, reflecting total consideration of $254.5 million, net of $10.6 million of cash acquired. The Company financed the acquisition through a combination of cash on hand and borrowings under its senior unsecured revolving credit facility.

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

Purchase Price Allocation

The Company accounted for the acquisition as a business combination, and in accordance with ASC 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.

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


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

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

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

Intangible assets acquired consist of the following:


	Amount		Weighted-Average Amortization Period	Risk-Adjusted Discount Rates used in Purchase Price Allocation

	(Dollars in Thousands)
Developed technology	$	114,900	15 years	20.5	%
Customer contracts and related relationships	52,300		15 years	18.9	%
Trade names	4,800		15 years	20.5	%
Total	$	172,000

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

Acquisition-Related Costs

The Company incurred $6.6 million of acquisition-related costs for fiscal 2024 in connection with the OpSens acquisition. These costs related to legal and other professional fees, which were recognized in SG&A on the condensed consolidated statements of income.

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.

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Divestiture of the Whole Blood Product Line

On December 3, 2024, the Company announced that it had entered into a definitive agreement to sell its Whole Blood product line and related assets within its Blood Center business unit to GVS, S.p.A (“GVS”), a manufacturer of filter solutions for applications in the healthcare and life sciences sectors. The divested assets include the Company’s complete portfolio of proprietary whole blood collection, processing and filtration solutions, along with the Company’s manufacturing facility in Covina, California where certain of these products are produced, and related equipment and assets located at the Company’s manufacturing facility in Tijuana, Mexico.

On January 13, 2025, the Company completed the transaction with GVS in exchange for upfront cash consideration of $43.3 million, after customary post-closing adjustments, and up to $22.5 million in contingent consideration, based on sales growth over the three years following completion of the transaction and the achievement of certain other milestones.

The assets that were derecognized in connection with the sale consisted of $26.4 million of inventory, $7.8 million of property, plant and equipment and $6.4 million of goodwill, which were previously classified as held for sale in Prepaid expenses and other current assets in the consolidated balance sheets in the third quarter of fiscal 2025.

In connection with the sale, the Company recognized a gain from the sale of the business in Interest and other expense, net in the Consolidated Statements of Income for the year ended March 29, 2025. The gain was not material and included cash receipts of $43.3 million less net assets transferred to GVS or otherwise derecognized and net of transaction costs of $0.1 million.

As part of the sale, the Company entered into a Transition Services Agreement (“TSA”) with GVS to ensure a smooth transition of business operations. Under the TSA, the Company will continue to provide certain regulatory, quality, logistical and operational support services to GVS for a maximum period of 36 months following the transaction closing to facilitate GVS's integration of the acquired business. Under the TSA, the Company is entitled to be reimbursed for the costs incurred plus a mark-up and has recorded other income and expenses, net related to the agreement in SG&A in the condensed consolidated statements of income, which were immaterial for the three and nine months ended December 27, 2025.

In addition to the TSA, Haemonetics and GVS entered into a Contract Manufacturing Agreement (“CMA”), under which Haemonetics will continue to manufacture certain whole blood filtration products for GVS for a maximum term of 18 months. The CMA allows GVS to gradually transition manufacturing operations while ensuring supply continuity for customers. Under the CMA, the Company is entitled to be reimbursed for the costs incurred plus a mark-up and has recorded other income and expenses, net related to the agreement in SG&A in the condensed consolidated statements of income, which were immaterial for the three and nine months ended December 27, 2025.

Strategic Investments

As part of the Company’s business development activities, it holds strategic investments in certain entities. The Company has made total strategic investments and loans totaling $97.2 million as of December 27, 2025 and $61.6 million as of March 29, 2025, including $78.3 million and $48.7 million in strategic investments and loans to Vivasure, as of December 27, 2025 and March 29, 2025, respectively. On January 9, 2026, subsequent to the end of the third quarter of fiscal 2026, the Company completed the acquisition of Vivasure. The Company’s strategic investments are classified as other long-term assets on the Company’s condensed consolidated balance sheets, and the Company has not recorded any material adjustments to the carrying value of the Company’s strategic investments during the three and nine months ended December 27, 2025 and December 28, 2024.

4. REVENUE

As of December 27, 2025, the Company had $36.6 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 79% 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.

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As of December 27, 2025 and March 29, 2025, the Company had contract liabilities of $44.6 million and $43.3 million, respectively. During the three and nine months ended December 27, 2025, the Company recognized $6.0 million and $30.9 million of revenue, respectively, that was included in the above March 29, 2025 contract liability balance. Contract liabilities are classified as other current liabilities on the condensed consolidated balance sheets. As of December 27, 2025 and March 29, 2025, the Company’s contract assets were $5.7 million and $11.6 million, respectively.

5. RESTRUCTURING

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

Operational Excellence Program

In July 2019, the Board of Directors of the Company (the “Board”) approved the Operational Excellence Program (the “2020 Program”) and delegated authority to the Company’s management to determine the details of the initiatives that will comprise the 2020 Program. During fiscal 2022, the Company revised the 2020 Program to improve product and service quality, reduce cost principally in its manufacturing and supply chain operations and ensure sustainability while helping to offset impacts from a previously announced customer loss, rising inflationary pressures and effects of the COVID-19 pandemic. The 2020 Program is closed as of March 29, 2025. Total cumulative charges under the 2020 Program are $84.8 million through March 29, 2025.

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. These portfolio rationalization initiatives are closed as of March 29, 2025. Under these initiatives, during the three and nine months ended December 27, 2025, the Company recognized reversals of previously incurred costs of de minimis and $1.9 million, respectively, as compared with restructuring and restructuring related costs incurred of $3.1 million and $12.5 million, respectively, during the three and nine months ended December 28, 2024. Total cumulative charges under the portfolio rationalization initiatives are $25.1 million through December 27, 2025.

Market and Regional Alignment Initiative

In May 2025, the Board approved a new market and regional alignment initiative and delegated authority to the Company’s management to determine the details of the specific actions that will comprise the initiative. This strategic initiative is designed to improve operational performance and reduce costs by directing the Company’s resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities. The amounts and timing of estimated costs and savings are subject to change until finalized. The actual amounts and timing may vary materially based on various factors. Initial actions related to this initiative were approved by the Board in January 2025, resulting in restructuring related costs during the fourth quarter of fiscal 2025. Under this initiative, during the three and nine months ended December 27, 2025, the Company incurred restructuring and restructuring related costs of $1.5 million and $4.9 million, respectively, under this initiative. Total cumulative charges under the market and regional alignment initiative are $5.5 million as of December 27, 2025.

The following table summarizes the activity for restructuring reserves related to the 2020 Program, the portfolio rationalization initiatives and the market and regional alignment initiative for the nine months ended December 27, 2025, substantially all of which relates to employee severance, other employee costs, inventory reserves and lease termination fees:


	2020 Program		Portfolio Rationalization		Market and Regional Alignment		Total

	(Dollars in Thousands)
Balance as of March 29, 2025	$	290	$	2,735	$	—	$	3,025
Costs incurred, net of reversals	(67)		(1,941)		4,926		2,918
Payments	(221)		(77)		(3,965)		(4,263)

Balance as of December 27, 2025	$	2	$	717	$	961	$	1,680

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


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Cost of goods sold	$	(47)	$	3,027	$	(573)	$	11,158
Research and development	(100)		(4)		934		(16)
Selling, general and administrative expenses	1,595		492		2,557		1,787
Total	$	1,448	$	3,515	$	2,918	$	12,929

As of December 27, 2025, the Company had a restructuring liability of $1.7 million, all of which is payable within the next twelve months.

In addition to the restructuring expenses included in the table above, the Company also incurred costs that do not constitute restructuring costs under FASB ASC Topic 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs. These costs consist primarily of expenditures directly related to the restructuring actions.

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


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Restructuring costs
Plasma	$	(43)	$	77	$	448	$	284
Blood Center	822		685		(536)		4,241
Hospital	115		774		1,231		1,404
Corporate	554		1,979		1,775		7,000
Total	$	1,448	$	3,515	$	2,918	$	12,929

Restructuring related costs
Plasma	$	—	$	37	$	9	$	263
Blood Center	(1)		31		(1)		120
Hospital	—		(68)		—		40
Corporate	37		1,468		140		5,134
Total	$	36	$	1,468	$	148	$	5,557

Total restructuring and restructuring related costs	$	1,484	$	4,983	$	3,066	$	18,486

6. INCOME TAXES

The Company conducts business globally and reports its results of operations in a number of foreign jurisdictions in addition to the United States. The Company’s reported tax rate differs from the statutory tax rate due to the jurisdictional mix of earnings in any given period as the foreign jurisdictions in which it operates have tax rates that differ from the U.S. statutory tax rate. The Company’s effective tax rate is adversely impacted by non-deductible expenses including executive compensation and is favorably impacted by the jurisdictional mix of earnings and research credits generated.

For the three and nine months ended December 27, 2025, the Company reported income tax expense of $15.2 million and $39.0 million, respectively, representing effective tax rates of 25.4% and 24.9%, respectively. The effective tax rate for the nine months ended December 27, 2025 includes $0.5 million of discrete tax expense, primarily related to stock compensation shortfalls.

For the three and nine months ended December 28, 2024, the Company reported income tax expense of $12.4 million and $31.6 million, respectively, representing effective tax rates of 24.9% and 22.4%, respectively. The effective tax rate for the three months ended December 28, 2024 includes an immaterial discrete tax benefit. The effective tax rate for the nine months ended December 28, 2024 includes $3.3 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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The reported tax rate for the three months ended December 27, 2025, compared to the same period in fiscal 2025, was relatively consistent. The increase in the reported tax rate for the nine months ended December 27, 2025, compared to the same period in fiscal 2025, relates primarily to the decrease in net stock compensation windfall benefits.

The One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. on July 4, 2025. The OBBBA legislation provides for the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, revisions to the international tax framework and the reinstatement of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in future periods. The Company has accounted for the impact of the OBBBA on the Company’s consolidated financial statements, and has determined that it has no material impact on the reported tax rate in the current year.

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				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars and Shares in Thousands, Except Per Share Data)
Net income	$	44,740	$	37,494	$	117,455	$	109,698

Basic weighted average shares outstanding	46,792		50,286		47,497		50,709
Dilutive net effect of common stock equivalents	195		353		171		439
Diluted weighted average shares	46,987		50,639		47,668		51,148

Net income per share
Basic	$	0.96	$	0.75	$	2.47	$	2.16
Diluted	$	0.95	$	0.74	$	2.46	$	2.14

Anti-dilutive shares excluded from the calculation	848		768		977		766

Basic earnings per share is calculated using the Company’s weighted average outstanding common shares. Diluted earnings per share is calculated using its weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method and the outstanding convertible senior notes as determined under the net share settlement method. From the time of the issuance of the convertible senior notes, the average market price of the Company’s common shares has been less than the applicable initial conversion price, and consequently no shares have been included in diluted earnings per share for the conversion values of both the convertible senior notes.

2022 Share Repurchase Program

In August 2022, the Board 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.

In April 2025, the Company completed a $150.0 million repurchase of its common stock pursuant to an accelerated share repurchase agreement (“ASR”) entered into with Goldman Sachs & Co. in February 2025. The total number of shares repurchased under the ASR was 2,386,131 at an average price per share upon final settlement of $62.86. As of March 29, 2025, the Company had fully funded the $300.0 million authorization under the 2022 share repurchase program.

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2025 Share Repurchase Program

In April 2025, the Board approved a new three-year share repurchase program authorizing the repurchase of up to $500.0 million of Haemonetics common stock, based on market conditions, through April 2028. This new share repurchase program will help to offset the dilutive impact of recent and future employee equity grants. Under the share repurchase program, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions. The actual timing, number and value of shares repurchased will be determined by the Company at its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and compliance with the terms of loan covenants. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

In September 2025, the Company completed a $75.0 million repurchase of its common stock pursuant to an ASR entered into with Citibank N.A. (“Citibank”) in August 2025. The total number of shares repurchased under the ASR was 1,430,579 at an average price per share upon final settlement of $52.43. As of December 27, 2025, the total remaining authorization for repurchases of the Company's common stock under the 2025 share repurchase program was $425.0 million.

During the fourth quarter of fiscal 2026, the Company repurchased 360,457 shares of its common stock for $25.0 million under a previously executed Rule 10b5-1 trading plan. The total remaining authorization for repurchases of the Company’s common stock under the 2025 share repurchase program is $400.0 million.

8. INVENTORIES

Inventories are stated at the lower of cost or net realizable value and include the cost of material, labor and manufacturing overhead. Cost is determined with the first-in, first-out method.


	December 27, 2025		March 29, 2025

	(Dollars in Thousands)
Raw materials	$	114,319	$	128,574
Work-in-process	17,499		14,956
Finished goods	189,367		221,611
Total	$	321,185	$	365,141

9. PROPERTY, PLANT AND EQUIPMENT


	December 27, 2025		March 29, 2025

	(Dollars in Thousands)
Land	$	2,265	$	1,985
Building and building improvements	111,430		105,079
Plant equipment and machinery	193,333		181,825
Office equipment and information technology	132,636		130,924
Haemonetics equipment	376,303		395,152
Construction in progress	20,847		22,229
Property, plant and equipment, at cost	836,814		837,194
Less: accumulated depreciation	(539,580)		(553,142)
Property, plant and equipment, net	$	297,234	$	284,052

During the three and nine months ended December 27, 2025, depreciation expense was $14.9 million and $45.9 million, respectively. During the three and nine months ended December 28, 2024, depreciation expense was $15.2 million and $44.8 million, respectively.

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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 approximately three percent of the Company’s total net revenues during both the three and nine months ended December 27, 2025.

11. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by operating segment for fiscal 2026 are as follows:


	Plasma		Blood Center		Hospital		Total

	(Dollars in Thousands)
Carrying amount as of March 29, 2025	$	29,043	$	26,967	$	548,259	$	604,269



Currency translation	—		10		2,546		2,556
Carrying amount as of December 27, 2025	$	29,043	$	26,977	$	550,805	$	606,825

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


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life (Years)


December 27, 2025	(Dollars in Thousands)
Amortizable:
Developed technology	$	511,341	$	184,414	$	326,927	9.6
Customer contracts and related relationships	137,291		75,330		61,961		11.3
Capitalized software	94,136		80,834		13,302		3.3
Patents and other	7,422		4,458		2,964		5.7
Trade names	16,177		7,086		9,091		10.3
Total	$	766,367	$	352,122	$	414,245

Non-amortizable:
In-process software development	$	5,489


Total	$	5,489

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	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life (Years)

March 29, 2025	(Dollars in Thousands)
Amortizable:
Developed technology	$	506,144	$	156,123	$	350,021	12.1
Customer contracts and related relationships	135,561		70,842		64,719		12.6
Capitalized software	85,528		76,185		9,343		6.9
Patents and other	19,678		6,796		12,882		8.5
Trade names	15,955		6,367		9,588		12.3
Total	$	762,866	$	316,313	$	446,553

Non-amortizable:


In-process software development	$	9,190
Total	$	9,190

During fiscal 2026, the Company recorded an intangible asset impairment charge of $9.3 million related to the intellectual property associated with the HAS viscoelastic diagnostic devices, related assays and disposables within the Hospital business unit, as acquired from HemoAssay Science and Technology (Suzhou) Co. Ltd., a China-incorporated company, and its affiliates (collectively, “HemoAssay”) in fiscal 2021. The impairment charge was the result of lower revenue projections of the HemoAssay devices and disposables. The fair value as December 27, 2025 was $0.9 million with a useful life of five years. The Company calculated the fair value of the HemoAssay intangible assets as the present value of estimated future cash flows the Company expects to generate from the assets based on estimates and assumptions about future revenues, costs and the remaining useful lives of the assets.

Additionally, the Company performed an impairment analysis for certain other amortizable intangible assets based on undiscounted cash flows and concluded those assets were not impaired. The Company will continue to review intangible assets subject to amortization for impairment indicators in future periods in accordance with its normal review processes.

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

During the three and nine months ended December 27, 2025, amortization expense was $12.4 million and $38.5 million, respectively. During the three and nine months ended December 28, 2024, amortization expense was $13.9 million and $42.6 million, respectively.

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


	Amortization Expense
	(Dollars in Thousands)
Remainder of Fiscal 2026	$	12,320
Fiscal 2027	$	47,812
Fiscal 2028	$	46,036
Fiscal 2029	$	44,788
Fiscal 2030	$	43,520

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12. NOTES PAYABLE AND LONG-TERM DEBT

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


	December 27, 2025		March 29, 2025

	(Dollars in Thousands)
Convertible notes, net of financing fees	$	987,665	$	983,951
Term loan, net of financing fees	236,311		240,028
Other borrowings	757		809
Total debt	1,224,733		1,224,788
Less: current portion	(304,746)		(303,558)
Long-term debt	$	919,987	$	921,230

Convertible Senior Notes

2026 Notes

On March 5, 2021, the Company issued $500.0 million aggregate principal amount of 0.0% convertible senior notes due 2026 (the “2026 Notes”). The 2026 Notes are governed by the terms of the Indenture between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2026 Notes will mature on March 1, 2026, at which time the Company expects to settle the remaining principal that has not been already converted, redeemed or repurchased through a combination of cash on hand and borrowings under its revolving credit facility.

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.

Holders may convert their notes at their option at any time prior to the close of business on the business day immediately preceding September 1, 2025 only under the following circumstances:

•During any calendar quarter (and only during such calendar quarter) beginning after June 30, 2021, 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 2026 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 2026 Notes; or

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

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On or after September 1, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2026 Notes, in multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. The conversion rate for the 2026 Notes is 5.7033 shares of common stock per $1,000 principal amount of notes (which is equal to an initial conversion price of approximately $175.34 per share of the Company’s common stock), subject to adjustment as set forth in the Indenture. 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 2026 Notes in connection with such make-whole adjustment event, such holder may be entitled to an increase in the conversion rate as described in the Indenture. As of December 27, 2025, there have been no conversions of the 2026 Notes, which are classified as short-term debt on the Company’s condensed consolidated balance sheets.

The 2026 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after March 5, 2024 and on or before the 40th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. Upon the occurrence of certain fundamental changes involving the Company, holders of the 2026 Notes may require the Company to repurchase for cash all or part of their 2026 Notes at a repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest.

As of December 27, 2025, the $300.0 million principal balance was netted down by $0.3 million of remaining debt issuance costs, resulting in a net convertible note payable of $299.7 million. Interest expense related to the 2026 Notes was $0.4 million and $1.2 million, respectively, for the three and nine months ended December 27, 2025, which is entirely attributable to the amortization of the debt issuance costs. The remaining debt issuance costs are amortized at an effective interest rate of 0.5%.

2029 Notes

On May 28, 2024, the Company issued $700.0 million aggregate principal amount of 2.5% convertible senior notes due 2029 (the “2029 Notes”). The 2029 Notes are governed by the terms of the Indenture between the Company and U.S. Bank Trust Company, National Association, as trustee. The total net proceeds from the sale of the 2029 Notes, after deducting the initial purchasers’ discounts and debt issuance costs, were $682.8 million, with a portion of funds used to repay the entirety of the balance on the revolving credit facility under the Company’s second amended and restated credit agreement, to repurchase a portion of the Company’s 2026 Notes, to complete capped call transactions in connection with the issuance of the 2029 Notes, as described further below, with the remaining proceeds available for other working capital requirements. The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased.

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

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

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

•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.

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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 third quarter of fiscal 2026, the conditions allowing holders of the 2029 Notes to convert have not been met. The 2029 Notes were therefore not convertible as of December 27, 2025 and were classified as long-term debt on the Company’s consolidated balance sheets.

The 2029 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 5, 2027 and on or before the 50th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately before the date the Company sends the related redemption notice at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date. Upon the occurrence of certain fundamental changes involving the Company, holders of the 2029 Notes may require the Company to repurchase for cash all or part of their 2029 Notes at a repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus accrued and unpaid interest.

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

As of December 27, 2025, the $700.0 million principal balance was netted down by $12.1 million of remaining debt issuance costs, resulting in a net convertible note payable of $687.9 million. Interest expense related to the 2029 Notes was $5.2 million and $15.6 million, respectively, for the three and nine months ended December 27, 2025, which includes nominal interest expense and the amortization of the debt issuance costs. The nominal interest rate is 2.5% and the remaining debt issuance costs are amortized at an effective interest rate of 3.0%.

Capped Calls

In connection with the issuance of the 2026 Notes and the 2029 Notes, the Company entered into capped call transactions with certain counterparties (“Capped Calls”). The 2026 Notes Capped Calls each have an initial strike price of approximately $175.34 per share, and the 2029 Notes Capped Calls each have an initial strike price of approximately $117.12 per share, both subject to certain adjustments, which correspond to the initial conversion price of the convertible notes. The 2026 Notes Capped Calls have initial cap prices of $250.48, and the 2029 Notes Capped Calls have initial cap prices of $180.18 per share, both subject to certain adjustments. The Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2026 Notes and 2029 Notes, with such offset subject to a cap based on the cap price. The 2026 Notes Capped Calls cover approximately 2,851,668 shares of the Company’s common stock, and the 2029 Notes Capped Calls cover approximately 5,976,929 shares of the Company’s common stock, both subject to anti-dilution adjustments. For accounting purposes, the Capped Calls are separate transactions, and not part of the 2026 Notes and 2029 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $88.2 million incurred to purchase the 2029 Notes Capped Calls was recorded as a reduction to additional paid-in capital in fiscal 2025 and will not be remeasured.

Credit Facilities

On July 26, 2022, the Company entered into an amended and restated credit agreement to refinance its credit facilities initially entered into in 2018 and extended their maturity dates through June 2025. The amended and restated credit agreement provided for a $700.0 million facility (the “2022 Revised Credit Facility”).

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On April 30, 2024, the Company entered into a second amended and restated credit agreement with certain lenders to refinance the 2022 Revised Credit Facility 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 Facility, and a $750.0 million senior unsecured revolving credit facility (together, the “2024 Revised Credit Facilities”). Loans under the 2024 Revised Credit Facilities bear interest at an annual rate equal to the Adjusted Term SOFR Rate (as specified in the second amended and restated credit agreement), which is subject to a floor of 0.0%, plus an applicable rate ranging from 1.125% to 1.750% based on the Company’s consolidated net leverage ratio (as specified in the second amended and restated credit agreement) at the applicable measurement date. The revolving credit facility carries an unused fee that ranges from 0.125% to 0.250% annually based on the Company’s consolidated net leverage ratio at the applicable measurement date. The 2024 Revised Credit Facilities mature on April 30, 2029. The principal amount of the term loan under the 2024 Revised Credit Facilities amortizes quarterly through the maturity date at a rate of 2.5% for the first three years following the closing date, 5.0% for the fourth year following the closing date and 7.5% for the fifth year following the closing date, with the unpaid balance due at maturity.

Under the 2024 Revised Credit Facilities, the Company is required to maintain a consolidated leverage ratio not to exceed 4.0:1.0 or, upon two occasions during the term of the facility, 4.5:1.0 for the four consecutive fiscal quarters ended immediately following acquisitions meeting certain criteria specified in the agreement.

The Company applied modification accounting for the credit facility refinancing, which resulted in the capitalization of an additional $5.9 million in lender fees and third-party costs. During the three and nine months ended December 27, 2025, the Company recognized $4.1 million and $12.6 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities. During the three and nine months ended December 28, 2024, the Company recognized $4.6 million and $16.6 million, respectively, of interest expense and amortization of debt issuance costs related to its credit facilities.

As of December 27, 2025, $240.6 million was outstanding under the term loan with an effective interest rate of 5.8%, which was netted down by the $4.3 million of remaining debt discount, resulting in a net note payable of $236.3 million. The Company has scheduled principal payments of $6.3 million required during the 12 months following December 27, 2025. There were no outstanding borrowings under the revolving credit facilities as of December 27, 2025. The Company also had $18.2 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of December 27, 2025.

The Company was in compliance with the consolidated net leverage and interest coverage ratios specified in the 2024 Revised Credit Facilities as well as all other bank covenants as of December 27, 2025.

The future aggregate amount of debt maturities are as follows:


	Debt Maturities
	(Dollars in Thousands)
Remainder of Fiscal 2026	$	301,578
Fiscal 2027	$	7,874
Fiscal 2028	$	12,564
Fiscal 2029	$	18,818
Fiscal 2030	$	900,073
Thereafter	$	478

13. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The Company manufactures, markets and sells its products globally. During the three and nine months ended December 27, 2025, 26.9% and 26.1%, respectively, of the Company’s sales were generated outside the U.S. in local currencies. The Company also incurs certain manufacturing, marketing and selling costs in international markets in local currency.

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Accordingly, earnings and cash flows are exposed to market risk from changes in foreign currency exchange rates relative to the U.S. Dollar, the Company’s reporting currency. The Company has a program in place that is designed to mitigate the exposure to changes in foreign currency exchange rates. That program includes the use of derivative financial instruments to minimize, for a period of time, the impact on its financial results from changes in foreign exchange rates. The Company utilizes foreign currency forward contracts to hedge the anticipated cash flows from transactions denominated in foreign currencies, primarily Japanese Yen and Euro, and to a lesser extent Swiss Franc, Mexican Peso, Chinese Yuan, and Canadian Dollar. This does not eliminate the impact of the volatility of foreign exchange rates. However, because the Company generally enters into forward contracts one year out, rates are fixed for a one-year period, thereby facilitating financial planning and resource allocation.

Designated Foreign Currency Hedge Contracts

All of the Company’s designated foreign currency hedge contracts as of December 27, 2025 and March 29, 2025 were cash flow hedges under FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). The Company records the effective portion of any change in the fair value of designated foreign currency hedge contracts in other comprehensive income until the related third-party transaction occurs. 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 $49.9 million as of December 27, 2025 and $23.6 million as of March 29, 2025. As of December 27, 2025, a gain of $2.4 million, net of tax, will be reclassified to earnings within the next eighteen months. Substantially all currency cash flow hedges outstanding as of December 27, 2025 mature within eighteen months.

Non-Designated Foreign Currency Contracts

The Company manages its exposure to changes in foreign currency on a consolidated basis to take advantage of offsetting transactions and balances. It uses foreign currency forward contracts as a part of its strategy to manage exposure related to foreign currency denominated monetary assets and liabilities. These foreign currency forward contracts are entered into for periods consistent with currency transaction exposures, generally one month. They are not designated as cash flow or fair value hedges under ASC 815. These forward contracts are marked-to-market with changes in fair value recorded to earnings. The Company had non-designated foreign currency hedge contracts under ASC 815 outstanding in the contract amount of $121.4 million as of December 27, 2025 and $89.6 million as of March 29, 2025.

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 and mature in April 2029. 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 have an average blended fixed interest rate of 3.31% plus the applicable rate on approximately 80% of the notional value of the unsecured term loan, until their maturity in April 2029. The Company has determined both of these interest rate swaps are effective and qualify for hedge accounting treatment.

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


Hedged Item	Original Notional Amount		Notional Amount as of December 27, 2025		Designation Date	Effective Date	Termination Date	Fixed Interest Rate	Estimated Asset Fair Value

	(Dollars in Thousands)




1-month USD Term SOFR	$	109,900	$	100,977	9/27/2024	9/30/2024	4/30/2029	3.3%	$	(86)
1-month USD Term SOFR	109,900		99,613		9/27/2024	9/30/2024	4/30/2029	3.3%	—
Total	$	219,800	$	200,590					$	(86)

For the nine months ended December 27, 2025, the Company recognized a gain on the interest rate swaps to recognize the effective portion of the fair value of the swaps that qualify as cash flow hedges of $1.9 million, net of tax, in accumulated other comprehensive loss (“AOCL”) within the condensed consolidated balance sheets.

Trade Receivables

In the ordinary course of business, the Company grants trade credit to its customers on normal credit terms. In an effort to reduce its credit risk, the Company (i) establishes credit limits for all customers; (ii) performs ongoing credit evaluations of customers’ financial condition; (iii) monitors the payment history and aging of customers’ receivables; and (iv) monitors open orders against an individual customer’s outstanding receivable balance.

The Company’s allowance for credit losses is maintained for trade accounts receivable based on the expected collectability, the historical collection experience, the length of time an account is outstanding, the financial position of the customer and information provided by credit rating services. The Company has not experienced significant customer payment defaults or identified other significant collectability concerns.

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


	Allowance for Credit Losses (Recoveries)
	(Dollars in Thousands)
Balance as of March 29, 2025	$	6,300
Credit loss	696
Recoveries	(3,116)
Balance as of December 27, 2025	$	3,880

Other Fair Value Measurements

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

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

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

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

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

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Fair Value of Derivative Instruments

The following table presents the effect of the Company’s derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its condensed consolidated statements of income for the nine months ended December 27, 2025:


Derivative Instruments	Amount of Gain Recognized in AOCL		Amount of (Loss) Gain Reclassified from AOCL into Earnings		Classification in Earnings	Amount of Gain (Loss) Excluded from Effectiveness Testing		Classification in Earnings

	(Dollars in Thousands)
Designated foreign currency hedge contracts, net of tax	$	2,362	$	(694)	Net revenues, cost of goods sold and SG&A	$	1,974	Interest and other expense, net
Non-designated foreign currency hedge contracts	$	—	$	—		$	(5,899)	Interest and other expense, net
Designated interest rate swaps, net of tax	$	1,907	$	2	Interest and other expense, net	$	—

The Company did not have fair value hedges or net investment hedges outstanding as of December 27, 2025 or March 29, 2025. As of December 27, 2025, there were no material deferred taxes recognized for designated foreign currency hedges.

ASC 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet. The Company determines the fair value of its derivative instruments using the framework prescribed by FASB ASC Topic 820, Fair Value Measurements and Disclosures, by considering the estimated amount it would receive or pay to sell or transfer these instruments at the reporting date and by taking into account current interest rates, currency exchange rates, current interest rate curves, interest rate volatilities, the creditworthiness of the counterparty for assets, and its creditworthiness for liabilities. In certain instances, the Company may utilize financial models to measure fair value. Generally, the Company uses inputs that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; other observable inputs for the asset or liability; and inputs derived principally from, or corroborated by, observable market data by correlation or other means. As of December 27, 2025, the Company has classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments.

The following tables present the fair value of the Company’s derivative instruments as they appear in its condensed consolidated balance sheets as of December 27, 2025 and March 29, 2025:


	Classification	December 27, 2025		March 29, 2025

		(Dollars in Thousands)
Derivative Assets:
Designated foreign currency hedge contracts	Prepaid expenses and other current assets	$	1,322	$	193
Non-designated foreign currency hedge contracts	Prepaid expenses and other current assets	25		85
Designated interest rate swaps	Prepaid expenses and other current assets	190		1,305
Designated interest rate swaps	Other long-term assets	—		1,020
Total		$	1,537	$	2,603

Derivative Liabilities:
Designated foreign currency hedge contracts	Other current liabilities	$	21	$	471
Non-designated foreign currency hedge contracts	Other current liabilities	159		25

Designated interest rate swaps	Other long-term liabilities	277		—
Total		$	457	$	496

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Fair Value Measured on a Recurring Basis

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


	December 27, 2025
	Level 1		Level 2		Level 3		Total

	(Dollars in Thousands)
Assets
Money market funds	$	126,018	$	—	$	—	$	126,018
Designated foreign currency hedge contracts	—		1,322		—		1,322
Non-designated foreign currency hedge contracts	—		25		—		25
Designated interest rate swaps	—		190		—		190
Total	$	126,018	$	1,537	$	—	$	127,555

Liabilities
Designated foreign currency hedge contracts	$	—	$	21	$	—	$	21
Non-designated foreign currency hedge contracts	—		159		—		159
Designated interest rate swaps	—		277		—		277
Contingent consideration	—				3,164		3,164
Total	$	—	$	457	$	3,164	$	3,621


	March 29, 2025
	Level 1		Level 2		Level 3		Total

	(Dollars in Thousands)
Assets
Money market funds	$	158,916	$	—	$	—	$	158,916
Designated foreign currency hedge contracts	—		193		—		193
Non-designated foreign currency hedge contracts	—		85		—		85
Designated interest rate swaps	—		2,325		—		2,325
Total	$	158,916	$	2,603	$	—	$	161,519

Liabilities
Designated foreign currency hedge contracts	$	—	$	471	$	—	$	471
Non-designated foreign currency hedge contracts	—		25		—		25

Contingent consideration	—		—		2,278		2,278
Total	$	—	$	496	$	2,278	$	2,774

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

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

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

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

Fair Value as of

December 27, 2025

Valuation Technique

Unobservable Input

Range

(Dollars in Thousands)

Revenue-based payments

2,542

Monte Carlo Simulation Model

Discount rate

6.0%

Projected fiscal year of payments

2026 - 2028

Event-based payment

622

Monte Carlo Simulation Model

Discount rate

6.0%

Projected fiscal year of payment

2026 - 2028

The fair value of contingent consideration associated with acquisitions was $3.2 million as of December 27, 2025 and the total was included in other long-term liabilities on the condensed consolidated balance sheets.

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


	Contingent Consideration
	(Dollars in Thousands)
Balance as of March 29, 2025	$	2,278


Payment of contingent consideration	(9)
Change in fair value	895

Balance as of December 27, 2025	$	3,164

Other Fair Value Disclosures

The fair values of the 2026 Notes and 2029 Notes were $297.0 million and $727.9 million, respectively, as of December 27, 2025, and $286.3 million and $668.4 million, respectively, as of March 29, 2025, which were determined by using the market price on the last trading day of the reporting period and are considered as level 2 in the fair value hierarchy.

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

14. COMMITMENTS AND CONTINGENCIES

The Company is a party to various legal proceedings and claims arising out of the ordinary course of its business. The Company believes that, except for those matters described below, there are no other proceedings or claims pending against it the ultimate resolution of which could have a material adverse effect on its financial condition or results of operations. At each reporting period, management evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under FASB ASC Topic 450, Contingencies, for all matters. Legal costs are expensed as incurred.

Sensor-Guided Technologies Patent Litigation

During the fourth quarter of fiscal 2024, a complaint was filed in the U.S. District Court for the District of Delaware by Knoninklijke Philips N.V. and IP2IPO Innovations, Ltd. (together, the “Plaintiffs”) against OpSens, OpSens Medical, Inc., a wholly-owned subsidiary of Haemonetics, and Haemonetics (1:24-cv-00206-CFC). The complaint alleged, inter alia, that OpSens’ interventional cardiology systems, including its OptoWire and OptoMonitor® technology, infringed a single patent held by the Plaintiffs and sought both injunctive relief and damages. The Company recorded loss contingencies related to this matter in the first and fourth quarters of fiscal 2025 and in the first quarter of fiscal 2026, which did not have a material impact on its condensed consolidated financial statements. In the second quarter of fiscal 2026, the parties entered into a final confidential settlement agreement to resolve the matter, which the court approved, and the Company recorded an immaterial additional loss contingency relating to final settlement of the matter.

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Plasma Patent Litigation

During the first quarter of fiscal 2026, the Company filed a complaint against Terumo BCT in U.S. District Court for the District of Colorado (1:25-cv-01409). The complaint alleges that Terumo BCT infringes the Company’s intellectual property rights with respect to its donor-centric blood plasma collection patents, as embodied in the Company’s NexSys PCS® with YES® technology and NexSys PCS with Persona® technology. On June 26, 2025, Terumo filed a motion to dismiss. On July 17, 2025 and August 12, 2025, the Company filed amended complaints adding recently issued patents. On September 2, 2025, Terumo filed a partial motion to dismiss with prejudice claiming that the Company’s asserted patents were invalid under 35 U.S.C. section 101. Terumo has also filed inter partes and post-grant review petitions with the U.S. Patent and Trademark Office (PTO) seeking to invalidate the asserted patents. In October 2025, Terumo filed a motion to stay the district court proceedings pending resolution of the PTO petitions. The Company filed responses opposing Terumo’s motions in November 2025. Two of the pending petitions have been instituted for further review.

During the second quarter of fiscal 2026, the Company filed a complaint against Fresenius Kabi USA LLC in U.S. District Court for the Northern District of Illinois (1:25-cv-08680). The complaint alleges that Fresenius Kabi infringes the Company’s intellectual property rights with respect to its donor-centric blood plasma collection patents, as embodied in the Company’s NexSys PCS with YES technology and NexSys PCS with Persona technology. In October 2025, the Company filed an amended complaint to add Fenwal Inc. and Fresenius Kabi AG as parties to the matter. In December 2025, the Fenwal filed its answer and counterclaims, alleging non-infringement and invalidity of the Company’s asserted patents and alleging infringement by the Company of certain of Fenwal’s U.S. patents.

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

15. CAPITAL STOCK

Share-Based Compensation

Compensation cost related to share-based transactions is recognized in the consolidated financial statements based on fair value. The total amount of share-based compensation expense, which is recorded on a straight-line basis, is as follows:


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Selling, general and administrative expenses	$	7,243	$	7,023	$	21,854	$	20,044
Research and development	659		661		1,866		1,298
Cost of goods sold	(103)		530		980		1,357
Total share-based compensation	$	7,799	$	8,214	$	24,700	$	22,699

Stock Options

Options are granted to purchase common stock at prices as determined by the Committee, but in no event shall such exercise price be less than the fair market value of the common stock at the time of the grant. Options generally vest in equal installments over a four-year period for employees. Options expire not more than seven years from the date of the grant. The grant-date fair value of options, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are estimated based on historical experience.

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


	Options Outstanding	Weighted Average Exercise Price per Share		Weighted Average Remaining Life (years)	Aggregate Intrinsic Value

	(Dollars in Thousands, Except Share and Per Share Data)
Outstanding as of March 29, 2025	993,587	$	81.75	3.5	$	2,249
Granted	224,048	$	70.14
Exercised	(33,896)	$	57.96
Forfeited/Canceled	(156,212)	$	89.26
Outstanding as of December 27, 2025	1,027,527	$	78.87	3.9	$	9,499
Exercisable as of December 27, 2025	610,067	$	79.80	2.4	$	6,300
Vested or expected to vest as of December 27, 2025	942,147	$	79.02	3.9	$	8,874

As of December 27, 2025, there was $11.5 million of total unrecognized compensation cost related to non-vested stock options. This cost is expected to be recognized over a weighted average period of 2.7 years.

Restricted Stock Units

Restricted Stock Units (“RSUs”) generally vest in equal installments over a three or four-year period for employees and one year from grant for non-employee directors. The grant-date fair value of RSUs, adjusted for estimated forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The fair market value of RSUs is determined based on the market value of the Company’s shares on the date of grant.

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


	Shares	Weighted Average Grant Date Fair Value
Unvested as of March 29, 2025	303,003	$	81.27
Granted	224,192	$	70.56
Vested	(156,761)	$	78.40
Forfeited	(38,142)	$	78.11
Unvested as of December 27, 2025	332,292	$	75.76

As of December 27, 2025, there was $17.5 million of total unrecognized compensation cost related to non-vested restricted stock units. This cost is expected to be recognized over a weighted average period of 1.8 years.

Performance Share Units

The grant date fair value of Performance Share Units (“PSUs”), adjusted for estimated forfeitures, is recognized as expense on a straight-line basis from the grant date through the end of the performance period. The value of these PSUs is generally based on (i) relative total shareholder return (“rTSR”), which equals the total shareholder return for the Company as compared with the total shareholder return of a PSU comparison group and; (ii) the average annual organic revenue growth rate (“AAGR”) of the Company, both of which are measured over a three-year performance period. For outstanding rTSR-based PSUs, the comparison group for awards granted prior to fiscal 2026 consists of the components of the Standard and Poor’s (“S&P”) MidCap 400 Index and for awards granted in fiscal 2026 consists of the components of the S&P Health Care Equipment Select Industry Index. Depending on the Company’s performance under the above-mentioned PSU awards during the performance period, a recipient of the award is entitled to receive a number of ordinary shares equal to a percentage, ranging from 0% to 200% of the award granted. If the Company’s total shareholder return for the performance period is negative, then any share payout for rTSR-based PSU awards will be capped at 100% of the target award, regardless of the Company’s performance relative to the comparison group. As a result, the Company may issue up to 715,262 shares related to outstanding performance-based awards.

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


	Shares	Weighted Average Grant Date Fair Value
Unvested as of March 29, 2025	335,843	$	112.10
Granted(1)	220,349	$	87.66
Vested(2)	(162,066)	$	84.96
Forfeited	(36,495)	$	114.24
Unvested as of December 27, 2025	357,631	$	108.86

__________

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

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

As of December 27, 2025, there was $22.1 million of total unrecognized compensation cost related to non-vested performance share units deemed probable of vesting. This cost is expected to be recognized over a weighted average period of 1.9 years.

16. ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of AOCL, net of tax, are as follows:


	Foreign Currency		Defined Benefit Plans		Net Unrealized Gain (Loss) on Derivatives		Total

	(Dollars in Thousands)
Balance as of March 29, 2025	$	(56,248)	$	1,149	$	15	$	(55,084)
Other comprehensive income before reclassifications(1)	20,711		—		456		21,167
Amounts reclassified from AOCL(1)	—		—		(693)		(693)
Balance as of December 27, 2025	$	(35,537)	$	1,149	$	(222)	$	(34,610)

__________

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

17. SEGMENT AND ENTERPRISE-WIDE INFORMATION

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

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

•Plasma

•Blood Center

•Hospital

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The CODM measures and evaluates the operating segments based on operating income for purposes of assessing business performance and allocating resources. Certain corporate expenses and amounts considered to be non-recurring or non-operational are excluded from segment operating income. These items include acquisition, integration and divestiture related costs, amortization of acquired assets, restructuring costs, restructuring related costs, digital transformation costs related to the upgrade of the Company’s enterprise resource planning system, impairments and write downs, costs related to compliance with the European Union Medical Device Regulation (“MDR”) and In Vitro Diagnostic Regulation (“IVDR”), unusual or infrequent and material litigation-related charges and gains, losses on dispositions and sale of assets, remeasurement of the contingent consideration and unusual or infrequent gains such as on repurchases of convertible notes or divestitures. Although these amounts are excluded from segment operating income, as applicable, they are included in the reconciliations that follow. During the fourth quarter of fiscal 2025, the CODM began reviewing financial information including allocations of certain corporate costs including global functional support and overhead costs determined to benefit the segments. The prior period segment disclosures have been recast to reflect the new presentation.

The Company does not track its assets by segment, and as a result it is not practical to show assets or depreciation by segment. Consequently, the Company’s CODM does not review assets by segment when assessing business performance and allocating resources.

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Selected information by reportable segment is presented below:


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Net revenues:
Plasma	$	138,905	$	134,224	$	394,166	$	408,695
Blood Center	56,560		70,345		164,853		205,118
Hospital	143,502		143,973		428,657		416,412
Total net revenues	$	338,967	$	348,542	$	987,676	$	1,030,225

Significant segment expenses and operating performance:
Plasma
Cost of goods sold	$	56,809	$	58,658	$	159,745	$	189,722
Selling, general and administrative	27,096		23,532		78,055		73,924
Research and development	4,773		4,305		15,263		11,171
Plasma operating income	$	50,227	$	47,729	$	141,103	$	133,878
Blood Center
Cost of goods sold	$	29,097	$	40,235	$	81,993	$	112,726
Selling, general and administrative	13,472		14,311		40,658		45,115
Research and development	966		1,476		3,462		4,373
Blood Center operating income	$	13,025	$	14,323	$	38,740	$	42,904
Hospital
Cost of goods sold	$	49,102	$	48,690	$	148,636	$	145,081
Selling, general and administrative	59,937		59,132		180,226		179,128
Research and development	8,539		8,766		25,633		25,022
Hospital operating income	$	25,924	$	27,385	$	74,162	$	67,181
Corporate and unallocated expenses
Amortization of acquired assets	$	(12,256)	$	(15,571)	$	(39,321)	$	(49,284)
Integration and transaction costs	(1,655)		(244)		(5,677)		(13,449)
Restructuring and restructuring related costs	(1,484)		(4,983)		(3,066)		(18,486)
Digital transformation costs	(6,113)		(4,620)		(16,522)		(15,823)


Other(1)	(272)		(4,990)		(9,660)		3,561
Operating income	67,396		59,029		179,759		150,482
Interest and other expense, net	(7,421)		(9,112)		(23,330)		(9,148)
Income before provision for income taxes	$	59,975	$	49,917	$	156,429	$	141,334

__________

(1) Comprised of litigation-related charges, impairment of intangible assets, and the write downs of certain assets for the three and nine months ended December 27, 2025. Comprised of MDR and IVDR costs, litigation-related charges, gains on sale of property, plant and equipment, impairment of intangible assets, and the write downs of certain assets for the three and nine months ended December 28, 2024.

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Net revenues by business unit are as follows:


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Plasma
Plasma net revenues	$	138,905	$	134,224	$	394,166	$	408,695

Blood Center
Apheresis	56,560		55,388		164,447		158,814
Whole Blood	—		14,957		406		46,304
Blood Center net revenues	56,560		70,345		164,853		205,118

Hospital
Interventional Technologies	56,054		63,253		173,610		188,220
Blood Management Technologies	87,448		80,720		255,047		228,192
Hospital net revenues	143,502		143,973		428,657		416,412

Total net revenues	$	338,967	$	348,542	$	987,676	$	1,030,225

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


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Plasma	$	11,525	$	12,058	$	35,711	$	36,006
Blood Center	1,768		2,142		5,376		8,332
Hospital	14,092		14,825		43,311		43,040
Total depreciation and amortization (excluding impairment charges)	$	27,385	$	29,025	$	84,398	$	87,378

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


	December 27, 2025		March 29, 2025

	(Dollars in Thousands)
Plasma	$	207,840	$	189,833
Blood Center	41,333		40,337
Hospital	48,061		53,882
Total long-lived assets	$	297,234	$	284,052

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


	December 27, 2025		March 29, 2025

	(Dollars in Thousands)
United States	$	215,846	$	217,212
Japan	1,045		1,250
Europe	30,772		20,024
Rest of Asia	31,543		28,705
Other	18,028		16,861
Total long-lived assets	$	297,234	$	284,052

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Net revenues by operating regions are as follows:


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024

	(Dollars in Thousands)
United States	$	247,713	$	257,665	$	730,206	$	762,628
Japan	18,137		16,174		49,796		46,303
Europe	48,276		44,163		132,123		133,379
Rest of Asia	23,029		25,597		67,244		71,148
Other	1,812		4,943		8,307		16,767
Total net revenues	$	338,967	$	348,542	$	987,676	$	1,030,225

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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 29, 2025. The following discussion may contain forward-looking statements and should be read in conjunction with the “Cautionary Statement Regarding Forward-Looking Information” in this discussion. When used in this report, the terms “we,” “us,” “our,” “Haemonetics” and the “Company” mean Haemonetics Corporation.

Introduction

Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Our innovative solutions addressing critical medical needs include a suite of hospital technologies designed to advance standards of care and help enhance outcomes for patients; end-to-end plasma collection technologies to optimize operations for plasma centers; and products to enable blood centers to collect in-demand blood components.

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

We believe that Plasma and Hospital have the greatest growth potential and are well positioned to drive long-term value. Blood Center operates in more challenging markets, and we have sharpened our focus accordingly on targeted opportunities – particularly in plasma and platelets – while ensuring continued alignment of this business with our broader strategic objectives.

Recent Developments

Acquisition of Vivasure Medical Limited

On January 9, 2026, subsequent to the end of the third quarter of fiscal 2026, we acquired Vivasure Medical Limited (“Vivasure”) for gross upfront consideration of $116.4 million, with $60.7 million paid in cash at closing after giving effect to the value of certain prior investments and loans made by us to Vivasure, as well as other customary closing adjustments. The definitive agreement between the parties also provides for up to $98.9 million of additional contingent consideration based on sales growth and the achievement of certain other milestones, also subject to adjustment based on the value of certain prior investments and loans. We financed this transaction through available cash on hand.

Vivasure is a Galway, Ireland-based company pioneering next-generation technology for percutaneous vessel closure. Vivasure’s PerQseal Elite system uses a proprietary bioabsorbable patch to seal large-bore (up to 26 F) arteriotomies and venotomies from inside the vessel, offering a sutureless, fully absorbable solution for structural heart and endovascular procedures. In 2025, Vivasure submitted a Premarket Approval application to the U.S. FDA for the PerQseal Elite arterial closure system and received CE Mark approval in Europe for both arterial and venous indications. The addition of Vivasure expands our Hospital business unit portfolio in the interventional cardiology market and will be included in the Hospital reportable segment.

Share Repurchases

During the fourth quarter of fiscal 2026, we repurchased 360,457 shares of our common stock for $25.0 million under a previously executed Rule 10b5-1 trading plan. The total remaining authorization for repurchases of our common stock under the 2025 share repurchase program is $400.0 million.

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Financial Summary


	Three Months Ended								Nine Months Ended
	December 27, 2025			December 28, 2024			Reported growth		December 27, 2025			December 28, 2024			Reported growth

	(Dollars in Thousands, Except Per Share Data)
Net revenues	$	338,967		$	348,542		(2.7)	%	$	987,676		$	1,030,225		(4.1)	%
Gross profit	$	202,386		$	193,547		4.6	%	$	589,374		$	555,908		6.0	%
% of net revenues	59.7		%	55.5		%			59.7		%	54.0		%
Operating expenses	$	134,990		$	134,518		0.4	%	$	409,615		$	405,426		1.0	%
Operating income	$	67,396		$	59,029		14.2	%	$	179,759		$	150,482		19.5	%
% of net revenues	19.9		%	16.9		%			18.2		%	14.6		%
Interest and other expense, net	$	(7,421)		$	(9,112)		(18.6)	%	$	(23,330)		$	(9,148)		155.0	%
Income before provision for income taxes	$	59,975		$	49,917		20.1	%	$	156,429		$	141,334		10.7	%
Provision for income taxes	$	15,235		$	12,423		22.6	%	$	38,974		$	31,636		23.2	%
% of pre-tax income	25.4		%	24.9		%			24.9		%	22.4		%
Net income	$	44,740		$	37,494		19.3	%	$	117,455		$	109,698		7.1	%
% of net revenues	13.2		%	10.8		%			11.9		%	10.6		%
Net income per share – basic	$	0.96		$	0.75		28.0	%	$	2.47		$	2.16		14.4	%
Net income per share – diluted	$	0.95		$	0.74		28.4	%	$	2.46		$	2.14		15.0	%

Net revenues decreased 2.7% and 4.1% during the three and nine months ended December 27, 2025, respectively, as compared with the same periods of fiscal 2025. During the three months ended December 27, 2025, a revenue decrease in Blood Center, primarily driven by the divestiture of the Whole Blood product line in fiscal 2025, was partially offset by an increase in Plasma, primarily attributable to growth in U.S. plasma collections and prior innovation benefits. During the nine months ended December 27, 2025, revenue decreases in Plasma and Blood Center, primarily driven by the previously announced customer transition of CSL Plasma and the divestiture of the Whole Blood product line in fiscal 2025, were partially offset by an increase in Hospital, primarily attributable to the Hemostasis Management product line within the Blood Management Technologies franchise.

Operating income increased 14.2% and 19.5% during the three and nine months ended December 27, 2025, respectively, as compared with the same periods of fiscal 2025. The increase during the three and nine months ended December 27, 2025 was primarily due to pricing benefits across all business units, as well as decreased restructuring costs related to portfolio rationalization initiatives and decreased amortization of fair value inventory step-up related to the acquisition of Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”), partially offset by lower gains on sales of property, plant and equipment.

Management’s Use of Non-GAAP Measures

Management uses non-GAAP financial measures, in addition to financial measures in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), to monitor the financial performance of the business, make informed business decisions, establish budgets and forecast future results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with U.S. GAAP. Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency conversion rate. We have provided this non-GAAP financial measure because we believe it provides meaningful information regarding our results on a consistent and comparable basis for the periods presented.

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Results of Operations

Net Revenues by Geography


	Three Months Ended
	December 27, 2025		December 28, 2024		Reported growth		Currency impact		Constant currency growth(1)

	(Dollars in Thousands)
United States	$	247,713	$	257,665	(3.9)	%	—	%	(3.9)	%
International	91,254		90,877		0.4	%	2.7	%	(2.3)	%
Total net revenues	$	338,967	$	348,542	(2.7)	%	0.8	%	(3.5)	%

	Nine Months Ended
	December 27, 2025		December 28, 2024		Reported growth		Currency impact		Constant currency growth (1)

	(Dollars in Thousands)
United States	$	730,206	$	762,628	(4.3)	%	—	%	(4.3)	%
International	257,470		267,597		(3.8)	%	2.5	%	(6.3)	%
Net revenues	$	987,676	$	1,030,225	(4.1)	%	0.7	%	(4.8)	%

__________

(1) Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.”

Our principal operations are in the United States, Europe, Japan and other parts of Asia. We market and sell our products in approximately 96 countries through a combination of our direct sales force and independent distributors. During the three and nine months ended December 27, 2025, our revenue generated outside the U.S. was 26.9% and 26.1%, respectively, of total net revenues, as compared with 26.1% and 26.0% during the three and nine months ended December 28, 2024, respectively. International sales are generally conducted in local currencies, primarily Japanese Yen, Euro and Chinese Yuan. Our results of operations are impacted by changes in foreign exchange rates, particularly in the value of the Yen, Euro and Yuan, relative to the U.S. Dollar. We have placed foreign currency hedges on certain foreign currencies to mitigate our exposure to foreign currency fluctuations.

Please see the section entitled “Foreign Exchange” in this discussion for a more complete explanation of how foreign currency affects our business and our strategy for managing this exposure.

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Net Revenues by Business Unit


	Three Months Ended
	December 27, 2025		December 28, 2024		Reported growth		Currency impact		Constant currency growth(1)

	(Dollars in Thousands)
Plasma
Plasma net revenues	$	138,905	$	134,224	3.5	%	0.7	%	2.8	%

Blood Center
Apheresis	56,560		55,388		2.1	%	1.3	%	0.8	%
Whole Blood	—		14,957		(100.0)	%	—	%	(100.0)	%
Blood Center net revenues	56,560		70,345		(19.6)	%	1.1	%	(20.7)	%

Hospital
Interventional Technologies(2)	56,054		63,253		(11.4)	%	0.2	%	(11.6)	%
Blood Management Technologies(3)	87,448		80,720		8.3	%	0.7	%	7.6	%
Hospital net revenues	143,502		143,973		(0.3)	%	0.6	%	(0.9)	%

Total net revenues	$	338,967	$	348,542	(2.7)	%	0.8	%	(3.5)	%

	Nine Months Ended
	December 27, 2025		December 28, 2024		Reported growth		Currency impact		Constant currency growth(1)

	(Dollars in Thousands)
Plasma
Plasma net revenues	$	394,166	$	408,695	(3.6)	%	0.5	%	(4.1)	%

Blood Center
Apheresis	164,447		158,814		3.5	%	1.3	%	2.2	%
Whole Blood	406		46,304		(99.1)	%	—	%	(99.1)	%
Blood Center net revenues	164,853		205,118		(19.6)	%	1.2	%	(20.8)	%

Hospital
Interventional Technologies(2)	173,610		188,220		(7.8)	%	0.3	%	(8.1)	%
Blood Management Technologies(3)	255,047		228,192		11.8	%	0.7	%	11.1	%
Hospital net revenues	428,657		416,412		2.9	%	0.5	%	2.4	%

Total net revenues	$	987,676	$	1,030,225	(4.1)	%	0.7	%	(4.8)	%

__________

(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.

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Plasma

Plasma revenue increased by 3.5% and decreased by 3.6%, respectively, on an as reported basis and increased by 2.8% and decreased by 4.1%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The increase during the three months ended December 27, 2025 was driven by increased growth in U.S. plasma collections and prior innovation benefits. The decrease during the nine months ended December 27, 2025, was driven by lower sales volumes in North America, primarily relating to the previously announced customer transition of CSL Plasma, which was partially offset by prior innovation benefits, share gains and upfront revenue recognition on execution of a renegotiated long-term software agreement with an existing software customer in the first quarter of fiscal 2026. We do not expect any North America disposable sales to CSL Plasma in fiscal 2026.

Blood Center

Blood Center revenue decreased by 19.6% and 19.6%, respectively, on an as reported basis and by 20.7% and 20.8%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The decrease was primarily driven by the divestiture of our Whole Blood product line, which was completed in January 2025, partially offset by product mix.

Hospital

Hospital revenue decreased by 0.3% and increased by 2.9%, respectively, on an as reported basis and decreased by 0.9% and increased by 2.4%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The decrease during the three months ended December 27, 2025 was driven by lower sales volume in the Interventional Technologies franchise, offset by an increase in sales volume in the Hemostasis Management product line within the Blood Management Technologies franchise. The increase during the nine months ended December 27, 2025 was primarily attributable to the Hemostasis Management product line within the Blood Management Technologies franchise, driven by volume growth and pricing benefits, which was partially offset by lower volume in the Interventional Technologies franchise.

Gross Profit


	Three Months Ended
	December 27, 2025			December 28, 2024			Reported growth		Currency impact		Constant currency growth(1)

	(Dollars in Thousands)
Gross profit	$	202,386		$	193,547		4.6	%	1.2	%	3.4	%
% of net revenues	59.7		%	55.5		%

	Nine Months Ended
	December 27, 2025			December 28, 2024			Reported growth		Currency impact		Constant currency growth(1)

	(Dollars in Thousands)
Gross profit	$	589,374		$	555,908		6.0	%	1.1	%	4.9	%
% of net revenues	59.7		%	54.0		%

__________

Gross profit increased by 4.6% and 6.0%, respectively, on an as reported basis and by 3.4% and 4.9%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The increase was driven primarily by the continued transformation of the product portfolio to higher margin offerings, benefits from product innovation, decreased restructuring costs related to portfolio rationalization initiatives, and decreased amortization of fair value inventory step-up related to the Attune Medical acquisition.

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Operating Expenses


	Three Months Ended
	December 27, 2025			December 28, 2024			Reported growth		Currency impact		Constant currency growth(1)

	(Dollars in Thousands)
Research and development	$	14,187		$	15,829		(10.4)	%	0.2	%	(10.6)	%
% of net revenues	4.2		%	4.5		%
Selling, general and administrative	$	109,154		$	106,459		2.5	%	1.5	%	1.0	%
% of net revenues	32.2		%	30.5		%
Amortization of acquired intangible assets	$	10,933		$	12,230		(10.6)	%	(0.4)	%	(10.2)	%
% of net revenues	3.2		%	3.5		%
Impairment of intangible assets	$	716		$	—		100.0	%	—	%	100.0	%
% of net revenues	0.2		%	—		%


Total operating expenses	$	134,990		$	134,518		0.4	%	0.4	%	—	%
% of net revenues	39.8		%	38.6		%

	Nine Months Ended
	December 27, 2025			December 28, 2024			Reported growth		Currency impact		Constant currency growth(1)

	(Dollars in Thousands)
Research and development	$	45,320		$	44,417		2.0	%	0.1	%	1.9	%
% of net revenues	4.6		%	4.3		%
Selling, general and administrative	$	321,488		$	321,653		(0.1)	%	0.8	%	(0.9)	%
% of net revenues	32.5		%	31.2		%
Amortization of acquired intangible assets	$	33,507		$	36,965		(9.4)	%	(9.4)	%	—	%
% of net revenues	3.4		%	3.6		%
Impairment of intangible assets	$	9,300		$	2,391		289.0	%	—	%	289.0	%
% of net revenues	0.9		%	0.2		%


Total operating expenses	$	409,615		$	405,426		1.0	%	0.4	%	0.6	%
% of net revenues	41.5		%	39.4		%

__________

Research and Development

Research and development expenses decreased by 10.4% and increased by 2.0%, respectively, on an as reported basis and decreased by 10.6% and increased by 1.9%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The decrease during the three months ended December 27, 2025 was primarily due to lower costs related to compliance with the European Union Medical Device Regulation and In Vitro Diagnostic Regulation requirements compared to the same period in fiscal 2025. The increase during the nine months ended December 27, 2025 was primarily due to increased investments into product innovation.

Selling, General and Administrative

SG&A expenses increased by 2.5% and decreased by 0.1%, respectively, on an as reported basis and increased by 1.0% and decreased by 0.9%, respectively, without the effect of foreign exchange during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The increase during the three months ended December 27, 2025 was primarily due to performance-based compensation costs and litigation-related charges. The decrease during the nine months ended December 27, 2025 was primarily driven by lower integration and transaction costs and freight costs, partially offset by lower gains on sales of property, plant and equipment.

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Amortization of Acquired Intangible Assets

We recognized amortization expense related to our acquired intangible assets of $10.9 million and $33.5 million, respectively, during the three and nine months ended December 27, 2025, as compared with $12.2 million and $37.0 million, respectively, during the three and nine months ended December 28, 2024. The decrease was primarily due to certain intangible assets becoming fully amortized or impaired during fiscal 2025 and fiscal 2026.

Impairment of intangible assets

We recognized impairment charges of intangible assets of $0.7 million and $9.3 million, respectively, during the three and nine months ended December 27, 2025, as compared with no impairment and $2.4 million, respectively, during the three and nine months ended December 28, 2024. The impairment charges in fiscal 2026 were related to the intellectual property associated with the HAS viscoelastic diagnostic devices, related assays and disposables. For further discussion, refer to Note 11, Goodwill and Intangible Assets within these condensed consolidated financial statements.

Interest and Other Expense, Net

Interest and other expense, net decreased by $1.7 million and increased by $14.2 million, respectively, during the three and nine months ended December 27, 2025, as compared with the same periods of fiscal 2025. The decrease during the three months ended December 27, 2025 was primarily due to unrealized and realized foreign currency exchange gains. The increase during the nine months ended December 27, 2025 was primarily driven by gains recognized in the first quarter of fiscal 2025 on the repurchase of $200.0 million of aggregate principal of our 0.0% convertible senior notes due in 2026 (the “2026 Notes”). For further discussion on the 2026 Notes, refer to Note 12, Notes Payable and Long-Term Debt within these condensed consolidated financial statements.

Income Taxes

We conduct business globally and report our results of operations in a number of foreign jurisdictions in addition to the United States. Our reported tax rate differs from the statutory tax rate due to the jurisdictional mix of earnings in any given period as the foreign jurisdictions in which we operate have tax rates that differ from the U.S. statutory tax rate. Our effective tax rate is adversely impacted by non-deductible expenses including executive compensation and is favorably impacted by the jurisdictional mix of earnings and research credits generated.

For the three and nine months ended December 27, 2025, we reported income tax expense of $15.2 million and $39.0 million, respectively, representing effective tax rates of 25.4% and 24.9%, respectively. The effective tax rate for the nine months ended December 27, 2025 includes $0.5 million of discrete tax expense, primarily related to stock compensation shortfalls.

For the three and nine months ended December 28, 2024, we reported income tax expense of $12.4 million and $31.6 million, respectively, representing effective tax rates of 24.9% and 22.4%, respectively. The effective tax rate for the three months ended December 28, 2024 includes an immaterial discrete tax benefit. The effective tax rate for the nine months ended December 28, 2024 includes $3.3 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

Resources

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


	December 27, 2025		March 29, 2025

	(Dollars in Thousands)
Cash and cash equivalents	$	363,367	$	306,763
Availability under revolving credit facilities(1)	$	748,697	$	748,697
Working capital	$	403,806	$	356,862
Current ratio	1.7		1.6
Net debt position(2)	$	(861,366)	$	(918,025)
Days sales outstanding	52		55
Inventory turnover	1.4		1.4

__________

(1) Availability under our revolving credit facilities is reduced by eligible outstanding letters of credit allowable of $1.3 million as of December 27, 2025 and March 29, 2025, respectively.

(2) Net debt position is the sum of cash and cash equivalents less total debt.

Our primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and our senior unsecured revolving credit facility. We believe these sources are sufficient to fund our cash requirements over at least the next twelve months and to meet our known long-term cash requirements, including our 2026 Notes, 2.5% convertible senior notes due in 2029 (the “2029 Notes”), and our senior unsecured term loan. Our expected cash outlays relate primarily to acquisitions, investments, capital expenditures, share repurchases, the market and regional alignment initiative and cash principal and interest payments under our revised credit agreements.

As of December 27, 2025, we had $363.4 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. On January 9, 2026, subsequent to the end of the third quarter of fiscal 2026, we completed the acquisition of Vivasure. We paid $60.7 million in cash at closing, after giving effect to the value of certain prior investments and loans made by the Company to Vivasure as well as other customary closing adjustments. For further discussion, refer to Note 3, Acquisitions, Divestitures and Strategic Investments within these condensed consolidated financial statements.

Convertible Senior Notes

In the first quarter of fiscal 2025, we used a portion of the proceeds from the 2029 Notes to repurchase $200.0 million of the $500.0 million aggregate principal amount of our 2026 Notes for a total cost of $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. As of December 27, 2025, the $300.0 million remaining principal balance on the 2026 Notes was netted down by $0.3 million of remaining debt issuance costs, resulting in a net convertible note payable of $299.7 million. The 2026 Notes will mature on March 1, 2026, at which time we expect to settle the remaining principal that has not been already converted, redeemed or repurchased through a combination of cash on hand and borrowings under its revolving credit facility. As of September 1, 2025, holders of the 2026 Notes are able to convert all or a portion of their 2026 Notes, and as of December 27, 2025, there have been no conversions. Interest expense related to the 2026 Notes was $0.4 million and $1.2 million, respectively, for the three and nine months ended December 27, 2025 which is entirely attributable to the amortization of the debt issuance costs. The remaining debt issuance costs are amortized at an effective interest rate of 0.5%. For further discussion on the 2026 Notes, refer to Note 12, Notes Payable and Long-Term Debt within these condensed consolidated financial statements.

As of December 27, 2025, the $700.0 million principal balance of the 2029 Notes was netted down by $12.1 million of remaining debt issuance costs, resulting in a net convertible note payable of $687.9 million. The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased. As of December 27, 2025, the 2029 Notes were not convertible. Interest expense related to the 2029 Notes was $5.2 million and $15.6 million, respectively, for the three and nine months ended December 27, 2025, which includes nominal interest expense and the amortization of the debt issuance costs. For further discussion on the 2029 Notes, refer to Note 12, Notes Payable and Long-Term Debt within these condensed consolidated financial statements.

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Credit Facilities

On April 30, 2024, we entered into a second amended and restated credit agreement with certain lenders to refinance our 2022 unsecured 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 our 2022 unsecured credit facilities, and a $750.0 million senior unsecured revolving credit facility (together, the “2024 Revised Credit Facilities”). Loans under the 2024 Revised Credit Facilities bear interest at an annual rate equal to the Adjusted Term SOFR Rate (as specified in the second amended and restated credit agreement), which is subject to a floor of 0.0%, plus an applicable rate ranging from 1.125% to 1.750% based on our 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 our 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. For further discussion on the 2029 Notes, refer to Note 12, Notes Payable and Long-Term Debt within these condensed consolidated financial statements.

As of December 27, 2025, $240.6 million was outstanding under the term loan with an effective interest rate of 5.8%. There were no outstanding borrowings under the revolving credit facilities as of December 27, 2025. We also had $18.2 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of December 27, 2025.

We have scheduled principal payments of $1.6 million required during the remainder of fiscal 2026 related to its term loan.

2025 Share Repurchase Program

In April 2025, our Board approved a new three-year share repurchase program authorizing the repurchase of up to $500.0 million of our common stock, based on market conditions, through April 2028. In September 2025, we completed a $75.0 million repurchase of our common stock pursuant to an ASR entered into with Citibank in August 2025. The total number of shares repurchased under the ASR was 1,430,579 at an average price per share upon final settlement of $52.43. As of December 27, 2025, the total remaining authorization for repurchases of our common stock under the share repurchase program was $425.0 million.

Market and Regional Alignment Initiative

In May 2025, our Board approved a new market and regional alignment initiative and delegated authority to management to determine the details of the specific actions that will comprise the initiative. This strategic initiative is designed to improve operational performance and reduce costs by directing our resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities. During the three and nine months ended December 27, 2025, we incurred restructuring and restructuring related costs of $1.5 million and $4.9 million, respectively, under this initiative. Total cumulative charges under the market and regional alignment initiative are $5.5 million as of December 27, 2025. The amounts and timing of estimated costs and savings are subject to change until finalized. The actual amounts and timing may vary materially based on various factors.

Cash Flows


	Nine Months Ended
	December 27, 2025		December 28, 2024

	(Dollars in Thousands)
Net cash provided by (used in):
Operating activities	$	222,280	$	65,168
Investing activities	(92,934)		(179,935)
Financing activities	(76,961)		260,268
Effect of exchange rate changes on cash and cash equivalents(1)	4,219		(3,455)
Net change in cash and cash equivalents	$	56,604	$	142,046

__________

(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.

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Operating Cash Flows

Net cash provided by operating activities increased by $157.1 million during the nine months ended December 27, 2025, as compared with the same period of fiscal 2025. Cash flows from operations for fiscal 2026 period included net income of $117.5 million, adjusted for non-cash depreciation and amortization of $84.4 million, share-based compensation expense of $24.7 million, and impairment charges of $9.3 million, partially offset by cash outflows for working capital of $17.6 million driven by digital transformation costs. The fiscal 2025 period included cash inflows from net income of $109.7 million, adjusted for non-cash depreciation and amortization of $87.4 million and share-based compensation expense of $22.7 million, partially offset by cash outflows for non-cash adjustments related to a $12.6 million gain on the repurchase of convertible senior notes in the first quarter of fiscal 2025, a $14.6 million gain on the sale of property, plant and equipment, and unfavorable working capital adjustments of $141.7 million driven by increased outflows for inventory.

Investing Cash Flows

Net cash used in investing activities decreased by $87.0 million during the nine months ended December 27, 2025, as compared with the same period of fiscal 2025. The fiscal 2026 period included cash outflows for strategic investments of $30.6 million, non-cash transfers from inventory of $42.6 million, and $15.1 million of capital expenditures. The fiscal 2025 period included cash outflows for the acquisition of Attune Medical of $150.9 million, capital expenditures of $23.6 million, other strategic investments of $13.5 million and non-cash transfers from inventory of $12.6 million, partially offset by proceeds from the sale of property, plant and equipment of $20.8 million.

Financing Cash Flows

Net cash provided by financing activities decreased by $337.2 million during the nine months ended December 27, 2025, as compared with the same period of fiscal 2025. The fiscal 2026 period included cash outflows of $75.0 million for share repurchases, repayments of term loan borrowings of $4.7 million, and $5.0 million of employee equity award settlements. The fiscal 2025 period included cash inflows relating to proceeds from the sale of the 2029 Notes of $700.0 million and proceeds from term loan borrowings of $250.0 million, partially offset by cash outflows for the repurchase of a portion of the 2026 Notes of $185.5 million, capped call purchases of $88.2 million, term loan redemptions of $262.5 million, shares repurchases of $75.0 million, payments on the revolving credit facility of $50.0 million, debt issuance costs of $23.1 million, and $10.2 million of employee equity award settlements.

Recent Accounting Pronouncements

Refer to Note 2, Recent Accounting Pronouncements, to the condensed consolidated financial statements for a discussion of recently issued accounting pronouncements.

Cautionary Statement Regarding Forward-Looking Information

Certain statements that we make from time to time, including statements contained in this Quarterly Report on Form 10-Q and incorporated by reference into this report, constitute “forward looking-statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements may be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “foresees,” “potential” and other words of similar meaning in conjunction with, among other things: discussions of future operations; expected operating results and financial performance; our strategy for growth; product development, commercialization and anticipated performance and benefits; regulatory approvals; impacts of acquisitions or dispositions; 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 our control. Investors should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, our actual results and financial condition could vary materially from expectations and projections expressed or implied in its forward-looking statements. Investors are therefore cautioned not to rely on these forward-looking statements.

The following are some important factors that could cause our actual results to differ from our expectations in any forward-looking statements. For further discussion of these and other factors, see Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K.

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

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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 products or information technology systems, or those of our customers, suppliers or other business partners, which could impair our ability or our customers’ ability to conduct business or compromise sensitive information of the Company or its customers, suppliers and other business partners, or of customers’ patients;

•The potential that the expected strategic benefits and opportunities from completed or planned acquisitions, including our acquisitions of OpSens Inc., Attune Medical and Vivasure, divestitures or other strategic investments by us may not be realized or may take longer to realize than expected;

•Pricing pressures resulting from trends toward healthcare cost containment, including the continued consolidation among healthcare providers and other market participants;

•Disruptions to the continuity, availability and pricing of plastic and other raw materials, finished goods and components used in the manufacturing of our products (including those purchased from sole-source suppliers) and the related continuity of our manufacturing, sterilization, supply chain and distribution operations, including disruptions caused by natural disasters, extreme weather and other conditions caused by or related to climate change, labor strikes, terrorism acts, cyber incidents or other adverse events;

•Our ability to obtain the anticipated benefits of restructuring programs that we have or may undertake, including our market and regional alignment initiative;

•The impact of enhanced requirements to obtain regulatory approval in the U.S. and around the world and the associated timing and cost of product approval;

•Our ability to comply with established and developing U.S. and foreign legal and regulatory requirements, including the U.S. Foreign Corrupt Practices Act, European Union Medical Device Regulation and In Vitro Diagnostic Regulation and similar laws in other jurisdictions, as well as the impact of U.S. and foreign export and import restrictions and tariffs;

•The impact of changes in U.S. and international tax laws, including with respect to the OBBBA;

•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 revenues, expenses and resulting margins;

•Our ability to protect intellectual property and the outcome of patent litigation;

•Costs and risks associated with product liability and other litigation claims we may be subject to now or in the future;

•Our ability to retain and attract key personnel;

•Market conditions impacting our stock price and/or our share repurchase program, and the possibility that such share repurchase program may be delayed, suspended or discontinued;

•Our ability to achieve against our corporate responsibility initiatives and meet evolving stakeholder expectations concerning corporate responsibility matters; and

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•The impact of actual or threatened public health crises.

Investors should understand that it is not possible to predict or identify all such factors and should not consider the risks described above and in Item 1A. “Risk Factors” in our Annual Report on Form 10-K to be a complete statement of all potential risks and uncertainties. We do not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new information or future events or developments.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our exposures relative to market risk are due to foreign exchange risk, interest rate risk, concentration of credit risk and investment risk.

Foreign Exchange Risk

Our reporting currency is the U.S. Dollar, however, during the three months ended December 27, 2025 and December 28, 2024, 26.9% and 26.1%, respectively, of our sales were generated outside the U.S., and during the nine months ended December 27, 2025 and December 28, 2024, 26.1% and 26.0%, respectively, of our sales were generated outside the U.S., generally in foreign currencies. We also incur certain manufacturing, marketing and selling costs in international markets in local currency. Our primary foreign currency exposures relate to sales denominated in Japanese Yen, Euro and Chinese Yuan. We also have foreign currency exposure related to manufacturing and other operational costs denominated in Swiss Francs, Canadian Dollars, Mexican Pesos and Malaysian Ringgit. The Yen, Euro and Yuan sales exposure is partially mitigated by costs and expenses for foreign operations and sourcing products denominated in foreign currencies.

Since our foreign currency denominated Yen, Euro and Yuan sales exceed the foreign currency denominated costs, whenever the U.S. Dollar strengthens relative to the Yen, Euro or Yuan, there is an adverse effect on our results of operations and, conversely, whenever the U.S. Dollar weakens relative to the Yen, Euro or Yuan, there is a positive effect on our results of operations. For Swiss Francs, Canadian Dollars, Mexican Pesos and Malaysian Ringgit, our primary cash flows relate to product costs or costs and expenses of local operations. Whenever the U.S. Dollar strengthens relative to these foreign currencies, there is a positive effect on our results of operations. Conversely, whenever the U.S. Dollar weakens relative to these currencies, there is an adverse effect on our results of operations.

We have a program in place that is designed to mitigate our exposure to changes in foreign currency exchange rates. That program includes the use of derivative financial instruments to minimize, for a period of time, the unforeseen impact on our financial results from changes in foreign exchange rates. We utilize forward foreign currency contracts to hedge the anticipated cash flows from transactions denominated in foreign currencies, primarily Japanese Yen and Euro, and to a lesser extent Canadian Dollar, Swiss Franc and Mexican Peso. This does not eliminate the volatility of foreign exchange rates, but because we generally enter into forward contracts into the future, rates are fixed at the time of execution; thereby facilitating financial planning and resource allocation. Hedges are executed on a rolling basis over an 18-month horizon, informed by forecasted net income exposures. Both forecasted exposures and active hedges are reviewed periodically throughout the year to ensure effective and efficient mitigation of foreign currency exchange rate risk. These contracts are designated as cash flow hedges. The final impact of currency fluctuations on the results of operations is dependent on the local currency amounts hedged and the actual local currency results. We do not use forward foreign currency contracts for speculative or trading activities.

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 December 27, 2025, 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 $9.0 million increase in the fair value of the forward contracts, whereas a 10% weakening of the U.S. Dollar would result in a $10.9 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 December 27, 2025 was $240.6 million with an effective interest rate of 5.8% 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 December 27, 2025, 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 $200.6 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.

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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.

Investment Risk

As part of our business development activities, we have made private loans and hold strategic investments in privately held entities, including preferred stock and a special share. The special share allows us to acquire the related entity in accordance with an agreement between the parties. As these equity instruments do not have readily determinable fair values, they have been measured using the measurement alternative, at cost less impairment. The carrying amount for these instruments would be subsequently adjusted for observable price changes, or prices in orderly transactions for an identical investment or similar investment of the same issuer. In addition, these investments are periodically evaluated for impairment. There is also a risk that we could lose all or a substantial portion of our investment in these privately held entities depending on their solvency and ability to achieve their business objectives.

As part of our business development activities, we hold strategic investments in certain entities. We have made total strategic investments and loans totaling $97.2 million as of December 27, 2025 and $61.6 million as of March 29, 2025, including $78.3 million and $48.7 million in strategic investments and loans to Vivasure, as of December 27, 2025 and March 29, 2025, respectively. On January 9, 2026, subsequent to the end of the third quarter of fiscal 2026, we completed the acquisition of Vivasure. These strategic investments and loans include Vivasure, which we acquired on January 9, 2026. Our strategic investments are classified as other long-term assets on our condensed consolidated balance sheets, and we have not recorded any material adjustments to the carrying value of our strategic investments during the three and nine months ended December 27, 2025 and December 28, 2024. For further discussion, refer to Note 3, Acquisitions, Divestitures and Strategic Investments within these condensed consolidated financial statements.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We conducted an evaluation, as of December 27, 2025, 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 December 27, 2025.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended December 27, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings

Information with respect to this Item may be found in Note 14, Commitments and Contingencies to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.

Item 1A. Risk Factors

There are no material changes from the Risk Factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended March 29, 2025.

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

Issuer Purchases of Equity Securities

The following table provides information on the Company’s share repurchases during the third quarter of fiscal 2026:


	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(1)(2)

	(Dollars in Thousands, Except Per Share Data)
September 28, 2025 – October 25, 2025	—	—	—	$	425,000
October 26, 2025 – November 22, 2025	—	—	—	$	425,000
November 23, 2025 – December 27, 2025	—	—	—	$	425,000
Total	—		—

__________

(1) In April 2025, our Board approved a three-year share repurchase program authorizing the repurchase of up to $500.0 million of Haemonetics common stock, based on market conditions, through April 2028. Under the 2025 share repurchase program, shares may be repurchased in accordance with applicable laws both on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Exchange Act, and in privately negotiated transactions.

(2) In September 2025, we completed a $75.0 million repurchase of our common stock pursuant to an ASR entered into with Citibank in August 2025. The total number of shares repurchased under the ASR was 1,430,579 at an average price per share upon final settlement of $52.43. As of December 27, 2025, the total remaining authorization for repurchases of our common stock under the share repurchase program was $425.0 million.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended December 27, 2025, none of our directors or officers (as defined under Rule 16a-1(f) under the Securities Exchange Act of 1934) adopted or terminated trading arrangements for the sale of shares of our common stock.

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Item 6. Exhibits


Exhibit Number						Description


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).

HAEMONETICS CORP 10-Q