HAEMONETICS CORP
For the period ended Sep 26, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 26, 2026 · Filed Nov 5, 2026
HAE$119.93-3.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-27; filed 2026-08-06.
0000313143-26-000120
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-26; filed 2026-11-05.
0000313143-26-000152
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 103 previous paragraphs and 105 current paragraphs.
76 unchanged; 24 reworded; 5 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
CSL Plasma Inc. Supply Agreement
Current report
On August 14, 2026, Haemonetics entered into a supply agreement with CSL Plasma Inc. (“CSL”) pursuant to which CSL may utilize our NexSys PCS® devices with Persona® PLUS technology and purchase related disposables in the United States. The supply agreement is non-exclusive and does not contain minimum purchase commitments. On October 8 2026, CSL announced that it expects to complete the rollout of Haemonetics’ devices and disposables under the supply agreement by the end of calendar year 2027, and CSL has informed us that it currently anticipates that the transition to Haemonetics devices and disposables will occur at all of CSL’s current U.S. plasma collection centers. The scope and timing of the rollout remain subject to change consistent with the terms of the supply agreement, and the implementation details for the rollout are to be determined by CSL and Haemonetics.
Current report
Research and development expenses increased by 14.5% and 6.7%, respectively, on an as reported basis and increased by 14.7% and 6.6%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increase was primarily due to higher personnel-related costs in the current year.
Current report
Impairment of intangible assets
Current report
We recognized impairment charges of intangible assets of$8.6 million during both thethree and six months ended September 27, 2025. The impairment charges were related to intellectual property associated with the HAS viscoelastic diagnostic devices, related assays and disposables.
Removed paragraphs (3)
Previous report
Segment Organization Realignment
Previous report
On June 5, 2026, we implemented an organizational realignment designed to align our commercial operations into two global reportable segments by combining the previously reported Plasma and Blood Center reportable segments into Apheresis and renaming the Hospital reportable segment to MedSurg. This organizational structure reflects how the Company is organized to manage operations, allocate resources and evaluate performance.
Previous report
Research and development expenses decreased by 0.4% on an as reported basis and decreased by 0.8% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The decrease was primarily due to higher performance-based compensation in the prior year.
Reworded paragraphs (24)
Previous wording
In connection with the settlement of the convertible senior notes due in 2026, we borrowed $300.0 million under our revolving credit facility pursuant to our second amended and restated credit agreement. During the first quarter of fiscal 2027, we repaid $50.0 million of the outstanding amount under the revolving credit facility. As of June 27, 2026, $250.0 million remained outstanding under the revolving credit facility. During the second quarter of fiscal 2027, we repaid an additional $50.0 million on the revolving credit facility.
Current wording
In connection with the settlement of the convertible senior notes due in 2026, we borrowed $300.0 million under our revolving credit facility pursuant to our second amended and restated credit agreement. We repaid $50.0 million of the outstanding amount under the revolving credit facility during the first quarter of fiscal 2027 and repaid an additional $50.0 million on the revolving credit facility during the second quarter of fiscal 2027. As of September 26, 2026, $200.0 million remained outstanding under the revolving credit facility.
Previous wording
Net revenues increased 5.6% during the three months ended June 27, 2026 as compared with the same period of fiscal 2026. This was primarily attributable to revenue increases in Apheresis, driven by volume growth and share gains within the Plasma franchise, and revenue increases in MedSurg, driven by share gains in the Hemostasis Management and Transfusion Management product lines within the Blood Management Technologies franchise.
Current wording
Net revenues increased 9.3% and 7.5%, respectively, during the three and six months ended September 26, 2026 as compared with the same periods of fiscal 2026. This was primarily attributable to revenue increases in Apheresis, driven by volume growth and share gains within the Plasma franchise, and revenue increases in MedSurg, driven by share gains in the Hemostasis Management and Transfusion Management product lines within the Blood Management Technologies franchise.
Previous wording
Operating income increased 6.7% during the three months ended June 27, 2026 as compared with the same period of fiscal 2026. The increase during the three months ended June 27, 2026 was primarily due to favorable product mix across all business units, as well as decreased amortization of fair value inventory step-up related to the acquisition of Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”).
Current wording
Operating income increased 28.4% and 18.0%, respectively, during the three and six months ended September 26, 2026 as compared with the same periods of fiscal 2026. The increase during the three and six months ended September 26, 2026 was primarily due to favorable product mix across all business units, as well as decreased amortization of fair value inventory step-up related to the acquisition of Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”) and a decrease in impairment of intangible assets.
Previous wording
Our principal operations are in the United States, Europe, Japan and other parts of Asia. We market and sell our products in approximately 90 countries through a combination of our direct sales force and independent distributors. During the three months ended June 27, 2026, our revenue generated outside the U.S. was 24.0% of total net revenues, as compared with 24.6% during the three months ended June 28, 2025. International sales are generally conducted in local currencies, primarily Japanese Yen, Euro and Chinese Yuan. Our results of operations are impacted by changes in foreign exchange rates, particularly in the value of the Yen, Euro and Yuan, relative to the U.S. Dollar. We have placed foreign currency hedges on certain foreign currencies to mitigate our exposure to foreign currency fluctuations.
Current wording
Our principal operations are in the United States, Europe, Japan and other parts of Asia. We market and sell our products in approximately 90 countries through a combination of our direct sales force and independent distributors. During the three and six months ended September 26, 2026, our revenue generated outside the U.S. was 25.1% and 24.6%, respectively, of total net revenues, as compared with 26.6% and 25.6%, respectively, during the three and six months ended September 27, 2025. International sales are generally conducted in local currencies, primarily Japanese Yen, Euro and Chinese Yuan. Our results of operations are impacted by changes in foreign exchange rates, particularly in the value of the Yen, Euro and Yuan, relative to the U.S. Dollar. We have placed foreign currency hedges on certain foreign currencies to mitigate our exposure to foreign currency fluctuations.
Previous wording
Apheresis revenue increased by 5.3% on an as reported basis and by 5.1% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was primarily driven by volume growth and share gains within the Plasma franchise.
Current wording
Apheresis revenue increased by 12.6% and 9.0%, respectively, on an as reported basis and by 13.2% and 9.1%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increases were primarily driven by volume growth and share gains within the Plasma franchise.
Previous wording
MedSurg revenue increased by 6.0% on an as reported basis and by 5.9% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was driven by higher market expansion in the Vascular Closure product line within the Interventional Technologies franchise, and by increased volume and share gains in the Hemostasis Management product line within the Blood Management Technologies franchise.
Current wording
MedSurg revenue increased by 5.1% and 5.6%, respectively, on an as reported basis and by 5.5% and 5.7%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increases were driven by higher market expansion in the Vascular Closure product line within the Interventional Technologies franchise, and by increased volume and share gains in the Hemostasis Management and Transfusion Management product lines within the Blood Management Technologies franchise.
Previous wording
Gross profit increased by 5.5% on an as reported basis and by 5.5% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was driven primarily by the continued transformation of the product portfolio to higher margin offerings, benefits from product innovation, and the absence of amortization of fair value inventory step-up related to the Attune Medical acquisition.
Current wording
Gross profit increased by 13.4% and 9.5%, respectively, on an as reported basis and by 15.0% and 10.3%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increase was driven primarily by tariff refunds received, the continued transformation of the product portfolio to higher margin offerings and the absence of fair value inventory step-up amortization.
Previous wording
SG&A expenses increased by 7.4% on an as reported basis and increased by 6.6% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was primarily due to higher personnel-related costs and freight charges.
Current wording
SG&A expenses increased by 16.5% and 11.8%, respectively, on an as reported basis and increased by 17.7% and 11.9%, respectively, without the effect of foreign exchange during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increase was primarily due to higher personnel-related costs and freight charges.
Previous wording
We recognized amortization expense related to our acquired intangible assets of $10.2 million during the three months ended June 27, 2026, as compared with $11.4 million during the three months ended June 28, 2025. The decrease was primarily due to certain intangible assets becoming fully amortized or being impaired during fiscal 2026.
Current wording
We recognized amortization expense related to our acquired intangible assets of $10.4 million and $20.6 million, respectively, during the three and six months ended September 26, 2026, as compared with $11.2 million and $22.6 million, respectively, during the three and six months ended September 27, 2025. The decreases were primarily due to certain intangible assets becoming fully amortized or being impaired during fiscal 2026.
Previous wording
Interest and other expense, net increased by $1.2 million during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was primarily due to increase interest expense resulting from the borrowing of the revolving credit facility, partially offset by additional gains recognized on the previously held equity interest in Vivasure Medical Limited (“Vivasure”).
Current wording
Interest and other expense, net increased by $5.1 million and $6.2 million, respectively, during the three and six months ended September 26, 2026, as compared with the same periods of fiscal 2026. The increase was primarily due to increase interest expense resulting from the borrowing of the revolving credit facility.
Previous wording
For the three months ended June 27, 2026, we reported income tax expense of $14.6 million, representing an effective tax rate of 30.6%. The effective tax rate for the three months ended June 27, 2026 includes $1.7 million of discrete tax expense, primarily related to stock compensation shortfalls and valuation allowance impacts related to losses in certain recently acquired jurisdictions.
Current wording
For the three and six months ended September 26, 2026, we reported income tax expense of $16.6 million and $31.1 million, respectively, representing an effective tax rate of 26.3% and 28.2%, respectively. The effective tax rate for the three months ended September 26, 2026 is primarily impacted by valuation allowances recorded against deferred tax assets in jurisdictions with losses from recent acquisitions. The effective tax rate for the six months ended September 26, 2026 includes $1.6 million of discrete tax expense, primarily related to stock compensation shortfalls.
Previous wording
For the three months ended June 28, 2025, we reported income tax expense of $11.1 million, representing an effective tax rate of 24.7%. The effective tax rate for the three months ended June 28, 2025 includes $0.1 million of discrete tax expense, primarily related to stock compensation shortfalls.
Current wording
For the three and six months ended September 27, 2025, the Company reported income tax expense of $12.6 million and $23.7 million, respectively, representing an effective tax rate of 24.6% in each period. The effective tax rates for the three and six months ended September 27, 2025 was primarily impacted related to stock compensation shortfalls.
Previous wording
The increase in the reported tax rate for the three months ended June 27, 2026, compared to the same period in fiscal 2026, relates primarily to the increase in net stock compensation shortfalls and the impact of losses incurred in certain jurisdictions for which no tax benefit was recognized.
Current wording
The increase in the reported tax rate for the six months ended September 26, 2026, compared to the same period in fiscal 2026, relates primarily to the increase in net stock compensation shortfalls and the impact of losses incurred in certain jurisdictions for which no tax benefit was recognized.
Previous wording
(1)Availability under our revolving credit facilities is reduced by borrowings on the revolving credit facilities of $250.0 million as of June 27, 2026 and by eligible outstanding letters of credit allowable of $1.3 million as of June 27, 2026 and March 28, 2026, respectively.
Current wording
(1)Availability under our revolving credit facilities is reduced by borrowings on the revolving credit facilities of $200.0 million as of September 26, 2026 and by eligible outstanding letters of credit allowable of $1.3 million as of September 26, 2026 and March 28, 2026, respectively.
Previous wording
As of June 27, 2026, we had $223.4 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.
Current wording
As of September 26, 2026, we had $260.7 million in cash and cash equivalents, the majority of which is held in the U.S. or in countries from which it can be repatriated to the U.S.
Previous wording
As of June 27, 2026, the $700.0 million principal balance of the 2029 Notes was netted down by $10.4 million of remaining debt issuance costs, resulting in a net convertible note payable of $689.6 million. The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased. As of June 27, 2026, the 2029 Notes were not convertible. Interest expense related to the 2029 Notes was $5.2 million for the three months ended June 27, 2026, which includes nominal interest expense and the amortization of the debt issuance costs. For further discussion on the 2029 Notes, refer to Note 12, Notes Payable and Long-Term Debt within these condensed consolidated financial statements.
Current wording
As of September 26, 2026, the $700.0 million principal balance of the 2029 Notes was netted down by $9.5 million of remaining debt issuance costs, resulting in a net convertible note payable of $690.5 million. The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased. As of September 26, 2026, the 2029 Notes were not convertible. Interest expense related to the 2029 Notes was $5.2 million and $10.5 million, respectively, for the three and six months ended September 26, 2026, which includes nominal interest expense and the amortization of the debt issuance costs. For further discussion on the 2029 Notes, refer to Note 12, Notes Payable and Long-Term Debt within these condensed consolidated financial statements.
Previous wording
As of June 27, 2026, $237.5 million was outstanding under the term loan with an effective interest rate of 5.7%. In connection with the settlement of the convertible notes due in 2026, we borrowed $300.0 million under the revolving credit facility. In the first quarter of fiscal 2027, we repaid $50.0 million of the outstanding amount under the revolving credit facility, and as of June 27, 2026, $250.0 million remained outstanding under the revolving credit facility. During the second quarter of fiscal 2027, the Company repaid an additional $50.0 million on the revolving credit facility.
Current wording
As of September 26, 2026, $235.9 million was outstanding under the term loan with an effective interest rate of 6.0%. In connection with the settlement of the convertible notes due in 2026, we borrowed $300.0 million under the revolving credit facility. During the first half of fiscal 2027, we repaid $100.0 million of the outstanding amount under the revolving credit facility, and as of September 26, 2026, $200.0 million remained outstanding under the revolving credit facility.
Previous wording
We also had $17.5 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of June 27, 2026.
Current wording
We also had $18.0 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of September 26, 2026.
Previous wording
We have scheduled principal payments of $6.3 million required during the remainder of fiscal 2027 related to our term loan.
Current wording
We have scheduled principal payments of $4.7 million required during the remainder of fiscal 2027 related to our term loan.
Previous wording
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 months ended June 27, 2026, we incurred restructuring and restructuring related costs of $2.3 million under this initiative. Total cumulative charges under the market and regional alignment initiative are $7.9 million as of June 27, 2026. 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.
Current wording
In May 2025, our Board approved a new market and regional alignment initiative and delegated authority to management to determine the details of the specific actions that will comprise the initiative. This strategic initiative is designed to improve operational performance and reduce costs by directing our resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities. We recognized de minimis reversals of previously incurred costs during the three months ended September 26, 2026 and incurred restructuring and restructuring related costs of $2.2 million during the six months ended September 26, 2026. Total cumulative charges under the market and regional alignment initiative are $7.9 million as of September 26, 2026.
Previous wording
Net cash provided by operating activities increased by $34.9 million during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. Cash flows from operations for fiscal 2027 period included net income of $33.0 million, adjusted for non-cash depreciation and amortization of $27.1 million and share-based compensation expense of $9.3 million, partially offset by cash outflows for working capital of $20.0 million driven by digital transformation costs. The fiscal 2026 period included cash inflows for net income of $34.0 million, adjusted for non-cash depreciation and amortization of $28.8 million, share-based compensation expense of $9.3 million and amortization of fair value inventory step up of $2.4 million, partially offset by unfavorable working capital adjustments of $55.5 million.
Current wording
Net cash provided by operating activities increased by $51.7 million during the six months ended September 26, 2026, as compared with the same period of fiscal 2026. Cash flows from operations for the fiscal 2027 period included net income of $79.3 million, adjusted for non-cash depreciation and amortization of $54.9 million, share-based compensation expense of $19.5 million, and cash inflows for working capital of $18.1 million. The fiscal 2026 period included cash flows for net income of $72.7 million, adjusted for non-cash depreciation and amortization of $57.0 million, share-based compensation expense of $16.9 million, and impairment charges of $8.6 million, partially offset by an increase in cash outflows for working capital of $24.9 million.
Previous wording
Net cash used in investing activities decreased by $10.8 million during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The fiscal 2027 period included cash outflows for capital expenditures of $7.9 million and non-cash transfers from inventory of $5.6 million. The fiscal 2026 period included cash outflows for strategic investments of $18.1 million and non-cash transfers from inventory of $11.5 million.
Current wording
Net cash used in investing activities decreased by $16.9 million during the six months ended September 26, 2026, as compared with the same period of fiscal 2026. The fiscal 2027 period included cash outflows for capital expenditures of $22.7 million, non-cash transfers from inventory of $15.7 million, and outflows of $9.0 million for strategic investments. The fiscal 2026 period included cash outflows for strategic investments of $22.5 million, non-cash transfers from inventory of $29.1 million, and $8.8 million of capital expenditures.
Previous wording
Net cash used in financing activities increased by $49.1 million during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The fiscal 2027 period included cash outflows of $50.0 million for repayment on our revolving credit facility, $3.5 million of employee equity award settlements and $1.6 million for repayments of term loan borrowings. The fiscal 2026 period included cash outflows of $4.8 million of employee equity award settlements and $1.6 million for repayments of term loan borrowings.
Current wording
Net cash used in financing activities increased by $40.1 million during the six months ended September 26, 2026, as compared with the same period of fiscal 2026. The fiscal 2027 period included cash outflows of $100.0 million for repayment on our revolving credit facility, $17.6 million of contingent consideration payments, $3.9 million of employee equity award settlements and $3.1 million for repayments of term loan borrowings. The fiscal 2026 period included cash outflows of $75.0 million for share repurchases, $4.8 million of employee equity award settlements, and $3.1 million of repayments of term loan borrowings.
Previous wording
•Demand for and market acceptance risks for new and existing products, including material reductions in purchasing from or loss of a significant customer;
Current wording
•Demand for and market acceptance risks for new and existing products, including material reductions in purchasing from, delays in or changes to planned conversions to our products by, or loss of a significant customer;