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Haemonetics Reports Fourth Quarter and Fiscal 2023 Results

Provides Fiscal 2024 Guidance

Boston, MA, May 11, 2023 - Haemonetics Corporation (NYSE HAE) reported financial results for its fourth quarter and fiscal 2023, which ended April 1, 2023

Chris Simon, Haemonetics' CEO, stated "Our consistently strong results throughout our fiscal year reflect significant progress in accelerating our transformational growth. We are outperforming in a challenging economic environment and meeting the needs of our customers while positioning us for future growth and success."

Fourth quarter fiscal 2023 revenue was $304.4 million, up 14.9% compared with the fourth quarter of fiscal 2022. Business unit revenue and growth rates compared with the prior year period were as follows

Gross margin was 51.3% in the fourth quarter of fiscal 2023, and was essentially flat compared with 51.4% in the fourth quarter of fiscal 2022. The gross margin percentage was impacted by inflationary pressures in our global manufacturing and supply chain, increased depreciation expense and foreign exchange, partially offset by volume and price benefits as well as lower restructuring and restructuring related spend. Operating expenses were $121.0 million in the fourth quarter of fiscal 2023, compared with $117.1 million in the fourth quarter of fiscal 2022. The increase in operating expenses was primarily driven by performance-based compensation, investments in sales and marketing and research and development, partially offset by a decrease in amortization of acquired intangible assets, decreased freight costs and Operational Excellence Program savings. The Company had operating income of $35.3 million and a 11.6% operating margin in the fourth quarter of fiscal 2023, compared with operating income of $19.2 million and an operating margin of 7.2% in the fourth quarter of fiscal 2022. The income tax rates were 10% and 36% in the fourth quarters of fiscal 2023 and fiscal 2022, respectively. Fourth quarter fiscal 2023 net income and earnings per diluted share were $29.4 million and $0.57, respectively, compared with net income and earnings per diluted share of $9.7 million and $0.19, respectively, in the fourth quarter of fiscal 2022.

Organic revenue for the fourth quarter of fiscal 2023 was up 17.2% compared with the same period of fiscal 2022. Business unit organic revenue growth rates compared with the prior year period were as follows

Fourth quarter fiscal 2023 adjusted gross margin was 51.8%, down 180 basis points compared with the prior year period. The primary drivers of the decrease were inflationary pressures in our global manufacturing and supply chain, increased depreciation expense and foreign exchange, partially offset by volume and price benefits.

Adjusted operating expenses in the fourth quarter of fiscal 2023 were $103.6 million, up $8.3 million, or 8.7%, compared with the prior year period. The increase in adjusted operating expenses was primarily driven by performance-based compensation, investments in sales and marketing and research and development, partially offset by a decrease in freight costs and Operational Excellence Program savings. Adjusted operating income for the fourth quarter of fiscal 2023 was $53.9 million, up $7.3 million or 15.8%, and adjusted operating margin was 17.7%, up 10 basis points when compared with the same period of fiscal 2022. The adjusted income tax rates were 23% and 22% in the fourth quarter of fiscal 2023 and fiscal 2022, respectively.

Fourth quarter fiscal 2023 adjusted net income was $39.2 million, up $5.7 million or 17.0%, and adjusted earnings per diluted share was $0.77, up 18.5%, each when compared with the same period of fiscal 2022.

RESTRUCTURING AND RESTRUCTURING RELATED COSTS, AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS AND CERTAIN OTHER COSTS

The Company incurred restructuring and restructuring related costs of $3.2 million in the fourth quarter of fiscal 2023 compared with $8.6 million in the fourth quarter of fiscal 2022 and amortization of acquired intangible assets of $8.0 million in the fourth quarter of fiscal 2023 compared with $11.5 million in the fourth quarter of fiscal 2022. The Company also incurred $2.1 million of digital transformation costs related to the upgrade of our enterprise resource planning system.

In addition, during the fourth quarter of fiscal 2023, the Company incurred $1.7 million of costs related to compliance with the European Union Medical Device Regulation and In Vitro Diagnostic Regulation, as compared with $3.9 million of such costs in the fourth quarter of fiscal 2022.

BALANCE SHEET AND CASH FLOW

Cash on hand at April 1, 2023 was $284.5 million, an increase of $25.0 million since April 2, 2022.

Cash flow from operating activities was $273.1 million and free cash flow before restructuring and restructuring related costs was $190.4 million during fiscal 2023, compared with $172.3 million and $117.4 million, respectively, in fiscal 2022.

FISCAL 2024 GUIDANCE

The Company issued its fiscal 2024 GAAP total revenue and organic revenue growth guidance as follows

Additionally, the Company issued its adjusted operating margin, adjusted earnings per diluted share 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 fourth quarter and full year fiscal 2023 results on Thursday, May 11, 2023 at 8 00 a.m. ET. The call can be accessed via teleconference at https register.vevent.com register BI23e57bd41a0f40cc9ef2f258cb4ac3e7. 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 wm7hxoqy

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 c556d6b4-2a16-49c2-a7e1-357cb54fa404

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 inflationary pressures in our global manufacturing and supply chain 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, 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 inflationary pressures, rising interest rates and macroeconomic conditions 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, digital transformation costs, amortization of acquired intangible assets, 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.