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Haemonetics Reports Third Quarter and Year-to-Date Fiscal 2023 Results Updates Fiscal 2023 Guidance

Boston, MA, February 7, 2023 - Haemonetics Corporation (NYSE HAE) reported financial results for its third quarter and year-to-date fiscal 2023, which ended December 31, 2022

Chris Simon, Haemonetics' CEO, stated Our strong performance continued in the third quarter despite the challenging macroeconomic environment. We are fueling our momentum and using it to invest in our Long-Range Plan, expanding our capital capacity and creating new opportunities to accelerate transformational growth and margin expansion.

Third quarter fiscal 2023 revenue was $305.3 million, up 17.5% compared with the third quarter of fiscal 2022. Business unit revenue and growth rates compared with the prior year period were as follows

Gross margin was 52.0% in the third quarter of fiscal 2023 compared with 53.3% in the third quarter of fiscal 2022. The primary drivers of the decrease in the gross margin percentage were inflationary pressures in our global manufacturing and supply chain and increased depreciation expense, partially offset by price, volume and productivity savings from the Operational Excellence Program. Operating expenses were $115.4 million in the third quarter of fiscal 2023 compared with $102.9 million in the third quarter of fiscal 2022. The increase in operating expenses was primarily driven by higher performance-based compensation, an increase in freight volumes and costs and continuous growth investments, partially offset by lower deal amortization. The Company had operating income of $43.3 million and a 14.2% operating margin in the third quarter of fiscal 2023, compared with operating income of $35.7 million and an operating margin of 13.7% in the third quarter of fiscal 2022. The income tax rates were 22.0% and 26.0% in the third quarters of fiscal 2023 and fiscal 2022, respectively. Third quarter fiscal 2023 net income and earnings per diluted share were $32.9 million and $0.64, respectively, compared with net income and earnings per diluted share of $23.2 million and $0.45, respectively, in the third quarter of fiscal 2022.

Organic revenue for the third quarter of fiscal 2023 was up 21.2% compared with the same period of fiscal 2022. Business unit organic revenue growth rates compared with the prior year period were as follows

Third quarter fiscal 2023 adjusted gross margin was 52.5%, down 240 basis points compared with the prior year period. The primary drivers of the decrease were inflationary pressures in our global manufacturing and supply chain and increased depreciation expense, partially offset by price, volume and productivity savings from the Operational Excellence Program.

Adjusted operating expenses in the third quarter of fiscal 2023 were $101.4 million, up $17.6 million, or 21.0%, compared with the prior year period. The increase in adjusted operating expenses was primarily driven by higher performance-based compensation, an increase in freight volumes and costs and continuous growth investments. Adjusted operating income for the third quarter of fiscal 2023 was $59.0 million, up $0.2 million or 0.3%, and adjusted operating margin was 19.3%, down 330 basis points when compared with the same period of fiscal 2022. The adjusted income tax rates were 24.8% and 21.4% in the third quarters of fiscal 2023 and fiscal 2022, respectively.

Third quarter fiscal 2023 adjusted net income was $43.6 million, up $0.7 million, or 1.5%, and adjusted earnings per diluted share was $0.85, up 1.2%, when compared with the same period of fiscal 2022.

RESTRUCTURING AND RESTRUCTURING RELATED COSTS, DEAL AMORTIZATION AND CERTAIN OTHER COSTS

The Company incurred restructuring and restructuring related costs of $4.1 million in the third quarter of fiscal 2023 compared with $5.7 million in the third quarter of fiscal 2022 and deal amortization expenses of $8.1 million in the third quarter of fiscal 2023 compared with $12.2 million in the third quarter of fiscal 2022.

In addition, during the third quarters of both fiscal 2023 and fiscal 2022, the Company incurred $2.5 million of costs related to compliance with the European Union Medical Device Regulation and In Vitro Diagnostic Regulation.

BALANCE SHEET AND CASH FLOW

Cash on hand at December 31, 2022 was $224.0 million, a decrease of $35.5 million since April 2, 2022. The Company repurchased $75.0 million of its common stock pursuant to an accelerated share repurchase agreement entered into during the second fiscal quarter. Additionally, the Company paid $32.3 million of earnout payments related to acquisitions and made investments in Vivasure Medical LTD totaling 30 million.

Cash flow from operating activities was $64.4 million and free cash flow before restructuring and restructuring related costs was $52.8 million during the third quarter of fiscal 2023, compared with $62.4 million and $44.7 million, respectively, in the same period of fiscal 2022.

SHARE REPURCHASE PROGRAM

As part of its previously announced $300 million share repurchase program, the Company repurchased 997,406 shares of its common shares for $75.0 million via an accelerated share repurchase agreement with Citibank, N.A. The initial delivery of 786,164 shares occurred at the end of the second quarter with a final delivery of 211,242 shares completed in the third quarter. The remaining authorized amount of share repurchase activity through August 2025 is $225 million.

FISCAL 2023 GUIDANCE

The Company updated its previous fiscal 2023 GAAP total revenue growth guidance from 12 - 15% to 15 - 17% and its fiscal 2023 organic revenue growth guidance as follows

Additionally, the Company reaffirmed its adjusted operating margin guidance and updated its adjusted earnings per diluted share guidance and free cash flow before restructuring and restructuring related costs guidance as follows

WEBCAST CONFERENCE CALL AND RESULTS ANALYSIS

The Company will host a conference call with investors and analysts to discuss third quarter fiscal 2023 results on Tuesday, February 7, 2023 at 8 00 a.m. ET. The call can be accessed via teleconference at https register.vevent.com register BIe8538d46f9014830b1de5ab9e697b6ec. Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start.

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 pt8ugsbv

The Company is posting this press release to its investor relations website, in addition to supplemental analytical tables that will be referenced on the webcast. These supplemental analytical tables can be accessed at the following direct link https haemonetics.gcs-web.com static-files 8ab8cd45-cbd4-4be8-b245-99ad01e6e40e

Haemonetics (NYSE HAE) is a global healthcare company dedicated to providing a suite of innovative medical 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 and 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, including with respect to the share repurchase program (iii) the impact of the COVID-19 pandemic and associated inflationary pressures 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 its scope and duration (including the extent of future surges, variants and the efficacy of vaccinations), government actions and restrictive measures implemented in response and associated economic disruptions, including inflationary pressures and higher freight costs in our global supply chain 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 planned or completed acquisitions or divestitures by the Company, including any failure to realize the anticipated strategic benefits and opportunities of the transaction the impact of share repurchases on the Company's stock price and volatility as well as the effect of short-term price fluctuations on the share repurchase program's effectiveness 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 and strategic exits of product lines. Adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted net income and adjusted earnings per diluted share exclude restructuring and restructuring related costs, deal amortization expenses, asset

impairments, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation and In Vitro Diagnostic Regulation, integration and transaction costs, gains and losses on dispositions, 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 restructuring related costs 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 restructuring related costs 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.