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Haemonetics Reports Second Quarter and First Half Fiscal 2025 Results Updates Fiscal 2025 Guidance

Boston, MA, November 7, 2024 - Haemonetics Corporation (NYSE HAE) reported financial results for its second quarter and first half of fiscal 2025, which ended September 28, 2024

Chris Simon, Haemonetics' CEO, stated Strong second-quarter performance reflects progress executing our long-range plan and responding to market trends. We have evolved our portfolio to attractive products with meaningful demand to drive growth and margin expansion. We are advancing our leading positions to accelerate profitable growth in the second half of our fiscal year and beyond.

Second quarter fiscal 2025 revenue was $345.5 million, up 8.6% compared with the second quarter of fiscal 2024. Business unit revenue and growth rates compared with the prior year period were as follows

Gross margin was 54.2% in the second quarter of fiscal 2025 compared with 53.6% in the second quarter of fiscal 2024. The primary drivers of the increase in the gross margin

percentage were volume, mix and price, partially offset by restructuring costs related to portfolio rationalization initiatives, foreign exchange and amortization of fair value inventory step-up. Operating expenses as a percentage of revenue were 39.3% in the second quarter of fiscal 2025 compared with 42.5% in the second quarter of fiscal 2024. The decrease in operating expenses as a percentage of revenue was primarily driven by operating leverage, decreased performance-based compensation, as well as decreases in impairment of intangible assets and litigation-related charges compared to the prior year period, partially offset by costs associated with the operations of recent acquisitions, increased headcount and increased amortization of acquired intangible assets. The Company had operating income of $51.7 million and a 15.0% operating margin in the second quarter of fiscal 2025, compared with operating income of $35.3 million and an 11.1% operating margin in the second quarter of fiscal 2024. The income tax rates were 24% in the second quarters of both fiscal 2025 and fiscal 2024. Second quarter fiscal 2025 net income and earnings per diluted share were $33.8 million and $0.66, respectively, compared with $24.9 million and $0.48, respectively, in the second quarter of fiscal 2024.

Organic revenue for the second quarter of fiscal 2025 was up 3.7% compared with the same period of fiscal 2024. Business unit organic revenue growth rates compared with the prior year period were as follows

Second quarter fiscal 2025 adjusted gross margin was 56.7%, up 270 basis points compared with the prior year period. The primary drivers of the increase in the adjusted gross margin percentage were volume, mix and price, partially offset by foreign exchange.

Adjusted operating expenses as a percentage of revenue were 32.5% in the second quarter of fiscal 2025, compared with 32.6% in the second quarter of fiscal 2024. The decrease in adjusted operating expenses as a percentage of revenue was primarily driven by operating leverage and decreased performance-based compensation, partially offset by costs associated with the operations of recent acquisitions and increased headcount. Adjusted operating income for the second quarter of fiscal 2025 was $83.5 million, up $15.2 million, or 22.2%, compared with the second quarter of fiscal 2024. Adjusted operating margin was 24.2%, up 270 basis points when compared with the same period of fiscal 2024. The adjusted income tax rates were 25% and 23% in the second quarters of fiscal 2025 and fiscal 2024, respectively.

Second quarter fiscal 2025 adjusted net income was $57.3 million, up $6.6 million, or 13.0%, and adjusted earnings per diluted share was $1.12, up 13.1%, each when compared with the same period of fiscal 2024.

BALANCE SHEET AND CASH FLOW

Cash on hand at September 28, 2024 was $299.3 million, an increase of $120.5 million since the end of fiscal 2024, primarily driven by debt financing activities, partially offset by the Company's acquisition of Advanced Cooling Therapy, Inc. (d b a Attune Medical) in early fiscal 2025 and share repurchases.

Cash flow from operating activities was $48.8 million and free cash flow was $37.0 million during the second quarter of fiscal 2025, compared with operating cash flow of $99.1 million and free cash flow of $75.0 million, respectively, in the same period of fiscal 2024. The drivers of decreased operating cash flow and free cash flow were increased inventory balances and timing of accounts receivable, partially offset by increased net income.

SHARE REPURCHASE PROGRAM

As part of its previously announced $300 million share repurchase program, the Company repurchased 1,008,642 shares of its common shares for $75.0 million pursuant to an accelerated share repurchase agreement entered into with Citibank, N.A. The initial delivery of 799,148 shares occurred during the second quarter, with a final delivery of 209,494 shares completed on October 31, 2024.

FISCAL 2025 GUIDANCE

The Company updated its fiscal 2025 GAAP total revenue and organic revenue growth guidance as follows

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

WEBCAST CONFERENCE CALL AND RESULTS ANALYSIS

The Company will host a conference call with investors and analysts to discuss second quarter fiscal 2025 results on Thursday, November 7, 2024 at 8 00 a.m. ET. The call can be accessed via teleconference at https register.vevent.com register BI3c9f473811f94c489025845778f9dabc. 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 rcm5foqd

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 Company's strategy for growth product development, commercialization and anticipated benefits regulatory approvals the impact of acquisitions market position and expenditures and the Company's Operational Excellence Program and portfolio rationalization initiatives (ii) estimates or projections of future financial results, financial condition, capital expenditures, capital structure or other financial items, including with respect to the share repurchase program and (iii) the assumptions underlying or relating to any statement described in points (i) and (ii) 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 successfully develop and market new products and technologies the impact of competitive products and pricing product quality disruptions caused by cybersecurity events the closing and integration of acquisitions, including any failure to realize the anticipated strategic benefits and opportunities of such transactions pricing pressures resulting from trends toward healthcare cost containment and the effect of industry consolidation manufacturing, distribution and supply chain disruptions and cost increases the Company's ability to implement as planned and realize estimated cost savings from the Operational Excellence Program and portfolio rationalization initiatives the effects of global economic and political conditions, including inflationary pressures regulatory uncertainties, including in the receipt or timing of regulatory approvals, and the impact of changes in global regulatory conditions indebtedness incurred by the Company, including the conditional conversion feature of its convertible notes intellectual property litigation and 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. 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 acquisitions. Adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted interest and other income expense, adjusted provision for income taxes, adjusted net income and adjusted earnings per diluted share exclude restructuring costs, restructuring related costs, digital transformation costs, amortization of acquired intangible assets, asset impairments and write downs, amortization of fair value inventory step-up, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation ( MDR ) and In Vitro Diagnostic Regulation ( IVDR ), integration and transaction costs, net gains on the repurchase of convertible notes, gains on sales of property, plant and equipment, 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. The adjustments to provision for

income taxes are calculated based on the jurisdictions in which pre-tax adjustments occurred. Free cash flow is defined as cash provided by operating activities less capital expenditures and additions to Haemonetics equipment, 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 attempt to provide reconciliations of forward-looking adjusted operating margin guidance, adjusted earnings per diluted share guidance or free cash flow guidance to the comparable GAAP measures because the combined impact and timing of recognition of certain potential charges or gains, such as restructuring costs, impairment charges and capital expenditures, 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.