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Haemonetics Reports Third Quarter and Year-to-Date Fiscal 2025 Results Updates Fiscal 2025 Guidance

Boston, MA, February 6, 2025 - Haemonetics Corporation (NYSE HAE) reported financial results for its third quarter and year-to-date of fiscal 2025, which ended December 28, 2024

Chris Simon, Haemonetics' CEO, stated Our record third-quarter margins demonstrate our long-range plan is successfully driving profitable growth. We are gaining share, driving meaningful value through our differentiated technologies and strengthening our leadership as we navigate external market challenges, while accelerating portfolio evolution for further margin expansion. We are confident in the foundation we are building for sustained long-term growth across our business.

Third quarter fiscal 2025 revenue was $348.5 million, up 3.7% compared with the third quarter of fiscal 2024. Business unit revenue and growth rates compared with the prior year period were as follows

Gross margin was 55.5% in the third quarter of fiscal 2025 compared with 52.9% in the third quarter of fiscal 2024. The primary drivers of the increase in the gross margin percentage were volume growth in Hospital on higher margin products as well as pricing benefits in all business units and decreased restructuring costs related to portfolio rationalization initiatives, partially offset by amortization of fair value inventory step-up. Operating expenses as a percentage of revenue were 38.6% in the third quarter of fiscal 2025 compared with 39.2% in the third quarter of fiscal 2024. The decrease in operating expenses as a percentage of revenue was primarily driven by operating leverage, decreased performance-based compensation and lower integration and transaction costs, partially offset by increased amortization of acquired intangible assets, write downs of certain assets and growth investments. The Company had operating income of $59.0 million and a 16.9% operating margin in the third quarter of fiscal 2025, compared with operating income of $46.0 million and a 13.7% operating margin in the third quarter of fiscal 2024. The income tax rates were 25% and 29% in the third quarters of fiscal 2025 and fiscal 2024, respectively. Third quarter fiscal 2025 net income and earnings per diluted share were $37.5 million and $0.74, respectively, compared with $31.2 million and $0.61, respectively, in the third quarter of fiscal 2024.

Organic revenue for the third quarter of fiscal 2025 decreased 0.3% compared with the same period of fiscal 2024. Business unit organic revenue growth rates compared with the prior year period were as follows

Third quarter fiscal 2025 adjusted gross margin was 57.7%, up 240 basis points compared with the prior year period. The primary drivers of the increase in the adjusted gross margin percentage were volume growth in Hospital on higher margin products as well as pricing benefits in all business units.

Adjusted operating expenses as a percentage of revenue were 32.0% in the third quarter of fiscal 2025, compared with 33.5% in the third 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 with growth investments. Adjusted operating income for the third quarter of fiscal 2025 was $89.4 million, up $16.1 million, or 21.9%, compared with the third quarter of fiscal 2024. Adjusted operating margin was 25.7%, up 390 basis points when compared with the same period of fiscal 2024. The adjusted income tax rates were 25% in the third quarters of both fiscal 2025 and fiscal 2024.

Third quarter fiscal 2025 adjusted net income was $60.3 million, up $7.0 million, or 13.2%, and adjusted earnings per diluted share was $1.19, up 14.4%, each when compared with the same period of fiscal 2024.

BALANCE SHEET AND CASH FLOW

Cash on hand at December 28, 2024 was $320.8 million, an increase of $142.0 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 $43.8 million and free cash flow was $29.6 million during the third quarter of fiscal 2025, compared with operating cash outflow of $0.5 million and free cash outflow of $22.5 million, respectively, in the same period of fiscal 2024. The primary drivers of increased operating cash flow were higher collections of accounts receivable, timing of accounts payable and increased net income, partially offset by decreased performance-based compensation accruals. Free cash flow was also impacted by lower capital expenditures and additions to Haemonetics equipment.

FISCAL 2025 GUIDANCE

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

Additionally, the Company updated 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 third quarter fiscal 2025 results on Thursday, February 6, 2025 at 8 00 a.m. ET. The call can be accessed via teleconference at https register.vevent.com register BIda08929a4d56464eb33eccb945ef985e. 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 63jte4ra

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 and divestitures 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 any failure to realize the anticipated strategic benefits and opportunities from acquisitions and divestitures 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, acquisitions and divestitures. 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.