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Haemonetics Reports Fourth Quarter and Fiscal 2021 Results

Provides Fiscal 2022 Guidance

Boston, MA, May 13, 2021 - Haemonetics Corporation (NYSE HAE) reported financial results for its fourth quarter and fiscal 2021, which ended April 3, 2021

Chris Simon, Haemonetics' CEO, stated "The pandemic affected fiscal 2021, particularly our Plasma business, but cost mitigation efforts coupled with the Operational Excellence Program helped dampen the impact. We took meaningful steps to position the Company for growth, including the Persona launch, the Cardiva Medical acquisition, various divestitures and the debt refinancing. We remain confident in the strong end-market demand for our products and expect full recovery from the pandemic by the end of this fiscal year. Our guidance reflects the variable pace of that recovery across our different business segments. We are acting with urgency to develop a comprehensive response to the anticipated loss of a major customer in mid-calendar 2022."

Fourth quarter fiscal 2021 revenue was $225.0 million, down 5.6% compared with fiscal 2020, primarily driven by the continued impact of COVID-19. Business unit revenue and growth rates compared with the prior year were as follows

Gross margin was 36.4% in the fourth quarter of fiscal 2021, compared with 47.6% in fiscal 2020. The decrease in gross margin was primarily due to a $20.9 million asset impairment incurred in the fourth quarter of fiscal 2021, as discussed below. Operating expenses were $103.0 million in the fourth quarter of fiscal 2021, compared with $87.6 million in the prior year. The Company had an operating loss of $21.2 million and a (9.4%) operating margin in the fourth quarter of fiscal 2021, compared with operating income of $26.0 million and an operating margin of 10.9% in fiscal 2020. The income tax rates were (60%) and 20% in the fourth quarters of fiscal 2021 and fiscal 2020, respectively. Fourth quarter fiscal 2021 net loss and net loss per share were $11.0 million and $0.22, respectively, compared with net income and earnings per diluted share of $17.6 million and $0.34, respectively, in fiscal 2020.

Organic revenue for the fourth quarter of fiscal 2021 was down 13.7% compared with the prior year, primarily driven by the continued impact of COVID-19. Business unit organic revenue growth rates compared with the prior year were as follows

Within Hospital, organic revenue growth in the Hemostasis Management product line was 19.1% in the fourth quarter of fiscal 2021 compared with the prior year.

Fourth quarter fiscal 2021 adjusted gross margin was 50.0%, down 30 basis points compared with the prior year. The primary drivers of this decline were higher inventory related charges, the impact of recent divestitures and unfavorable pricing and product mix mainly due to the impact of COVID-19, partially offset by recent acquisitions and productivity savings from the Operational Excellence Program and lower depreciation.

Adjusted operating expenses in the fourth quarter of fiscal 2021 were $81.9 million, up $9.2 million, or 12.7%, compared with the prior year. The increase in adjusted operating expenses

was primarily driven by an increase in variable compensation and the acquisition of Cardiva Medical, Inc. ("Cardiva Medical"), partially offset by productivity savings and cost containment actions to help offset the negative effects of COVID-19. Adjusted operating income for the fourth quarter of fiscal 2021 was $30.5 million, down $16.8 million or 35.5%, and adjusted operating margin was 13.5%, down 630 basis points when compared with fiscal 2020. The adjusted income tax rate was 12% in the fourth quarter of fiscal 2021 compared with an adjusted income tax rate of 18% in fiscal 2020.

Fourth quarter fiscal 2021 adjusted net income was $23.9 million, down $11.5 million or 32.5%, and adjusted earnings per diluted share was $0.46, down 33.3% when compared with fiscal 2020.

BALANCE SHEET AND CASH FLOW

Cash on hand at April 3, 2021 was $192.3 million, an increase of $55.0 million since March 28, 2020. Cash flow from operating activities was $108.8 million and free cash flow before restructuring and turnaround funding requirements was $99.2 million during fiscal 2021, compared with $158.2 million and $139.4 million, respectively, in fiscal 2020. During fiscal 2021, cash flow from operating activities and free cash flow before restructuring and turnaround funding requirements included a $54.3 million payment for a compensation-related liability as part of the Cardiva Medical acquisition. The total purchase price paid for Cardiva Medical was reduced by the amount of this liability.

During fiscal 2021, the Company also received $439.1 million of net cash from the issuance of convertible notes and $44.6 million of net cash from divestitures. The Company utilized $434.8 million of cash for acquisitions and reduced net borrowings under its revolving credit line and long-term debt facility by $60.0 million and $21.9 million, respectively, during fiscal 2021.

RESTRUCTURING AND TURNAROUND COSTS, DEAL AMORTIZATION, ASSET IMPAIRMENTS, TRANSACTION AND INTEGRATION COSTS

The Company incurred restructuring and turnaround costs of $4.1 million in the fourth quarter of fiscal 2021 compared with $6.3 million in fiscal 2020 and deal amortization expenses of $8.6 million in the fourth quarter of fiscal 2021 compared with $8.1 million in fiscal 2020.

In addition, during the fourth quarter of fiscal 2021, the Company incurred an asset impairment of $20.9 million in connection with the recent announcement of CSL Plasma, Ltd.'s intent not to renew its long-term supply agreement with the Company following the expiration of its current term in June 2022. The Company also incurred transaction and integration costs of $18.3 million, primarily associated with the acquisition of Cardiva Medical, during the fourth quarter of fiscal 2021.

FISCAL 2022 GUIDANCE

The Company issued its GAAP total revenue growth guidance of 13 - 18% and organic revenue growth guidance as follows

Total company GAAP revenue guidance includes $65 - $75 million revenue related to our Cardiva Medical Vascular Closure devices. Hospital organic revenue guidance includes a Hemostasis Management organic revenue growth in the mid-twenties.

Additionally, the Company issued its adjusted operating margin, adjusted earnings per diluted share and free cash flow before restructuring and turnaround guidance as follows

WEBCAST CONFERENCE CALL AND RESULTS ANALYSIS

The Company will host a conference call with investors and analysts to discuss fourth quarter and fiscal 2021 results on Thursday, May 13, 2021 at 8 00am EDT. Interested parties may participate by telephone by dialing (877) 848-8880 from within the U.S. or Canada or (716) 335-9512 from international locations, using the access code 8694785. Alternatively, a live webcast of the call can be accessed on Haemonetics' investor relations website at the following direct link https edge.media-server.com mmc p xqyzme3t

The Company is posting this press release to its Investor Relations website, in addition to results analyses that will be referenced on the webcast. These analyses can be accessed at the following direct link https haemonetics.gcs-web.com static-files aedee021-4974-49c9-97bb-aaa441c4fc95

Haemonetics (NYSE HAE) is a global healthcare company dedicated to providing a suite of innovative hematology products and solutions for customers, to help them improve patient care and reduce the cost of healthcare. Our technology addresses important medical markets blood and plasma component collection, the surgical suite, and hospital transfusion services. To learn more about Haemonetics, visit www.haemonetics.com.

FORWARD-LOOKING STATEMENTS

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements in this press release may include, without limitation, statements regarding (i) plans and objectives of management for operations of the Company, including plans or objectives related to the development and commercialization of, and regulatory approvals related to, the Company's products, plans or objectives related to the Operational Excellence Program (ii) estimates or projections of financial results, financial condition, capital expenditures, capital structure or other financial items, (iii) the impact of the COVID-19 pandemic on the Company's operations, availability and demand for its products, and future financial performance, and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences.

Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the impact of the COVID-19 pandemic, including the scope and duration of the outbreak government actions and restrictive measures implemented in response availability and demand for the Company's products the Company's ability to implement as planned and realize estimated cost savings from the Operational Excellence Program the Company's ability to execute business continuity plans risks arising from the Company's acquisition of Cardiva Medical, including any failure to realize the anticipated benefits of the transaction the possibility that CSL Plasma, Ltd. may determine to renew it U.S. supply agreement with the Company for additional periods technological advances in the medical field and standards for transfusion medicine and the Company's ability to successfully offer products that incorporate such advances and standards product quality market acceptance regulatory uncertainties, including in the receipt or timing of regulatory approvals the effect of economic and political conditions the impact of competitive products and pricing blood product reimbursement policies and practices and the effect of industry consolidation as seen in the plasma market. These and other factors are identified and described in more detail in the Company's periodic reports and other filings with the U.S. Securities and Exchange Commission (the "SEC"). The Company does not undertake to update these forward-looking statements.

MANAGEMENT'S USE OF NON-GAAP MEASURES

This press release contains financial measures that are considered "non-GAAP" financial measures under applicable SEC rules and regulations. Management uses non-GAAP measures to monitor the financial performance of the business, make informed business decisions, establish budgets and forecast future results. Performance targets for management are also based on certain non-GAAP financial measures. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company's reported financial results prepared in accordance with U.S. GAAP. In this release, supplemental non-GAAP measures

have been provided to assist investors in evaluating the performance of the Company's core operations and provide a baseline for analyzing trends in the Company's underlying businesses. We strongly encourage investors to review the Company's financial statements and publicly-filed reports in their entirety and not rely on any single financial measure.

When used in this release, organic revenue growth excludes the impact of currency fluctuation, strategic exits of product lines, acquisitions and divestitures and the impact of the 53rd week in fiscal 2021. Adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted net income and adjusted earnings per diluted share exclude restructuring and turnaround costs, deal amortization expenses, asset impairments, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation, transaction and integration costs, gains and losses on dispositions and certain tax settlements and unusual or infrequent and material litigation-related charges. Adjusted net income and adjusted earnings per diluted share also exclude the tax impact of these items. Free cash flow before restructuring and turnaround is defined as cash provided by operating activities less capital expenditures, net of the proceeds from the sale of property, plant and equipment. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to similarly titled measures used by other companies.

A reconciliation of non-GAAP historical financial measures to their most comparable GAAP measure are included at the end of the financial sections of this press release as well as on the Company's website at www.haemonetics.com. The Company does not provide a quantitative reconciliation of its forward-looking organic revenue growth guidance by business unit to the comparable GAAP measure because forecasting the impact of foreign currency fluctuations by business unit is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. Additionally, the Company does not attempt to provide reconciliations of forward-looking adjusted operating margin guidance, adjusted earnings per diluted share guidance or free cash flow before restructuring and turnaround guidance to the comparable GAAP measures because the combined impact and timing of recognition of certain potential charges or gains, such as restructuring costs and impairment charges, is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of the Company's financial performance.