Slides
Page 1
© 2025 Haemonetics Corporation Second Quarter Fiscal 2026 Results November 6, 2025
Page 2
© 2025 Haemonetics Corporation Q2 Fiscal 2026 Conference Call Detail 2 Conference call speakers: Chris Simon President & CEO James D’Arecca EVP, Chief Financial Officer Olga Guyette VP, Investor Relations & Treasury Conference call will take place at 8:00 a.m. ET on November 6, 2025, and can be accessed via live webcast: Link or teleconference: Link The financial release, accompanying slides, and a replay of the conference call (beginning at 11:00 AM ET) are available online at www.haemonetics.com.
Page 3
© 2025 Haemonetics Corporation3 Important Information Safe Harbor for Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements do not relate strictly to historical or current facts and may be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “forecasts,” “foresees,” “potential” and other words of similar meaning in conjunction with statements regarding, among other things, (i) plans and objectives of management for operations of Haemonetics Corporation (“Haemonetics” or 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 market and regional alignment initiative; (ii) estimates or projections of future financial results, financial condition, capital expenditures, capital structure or other financial items, including with respect to the Company’s 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 can be found in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed or to be filed with the U.S. Securities Exchange Commission (the “SEC”) under the headings “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Information” and in the Company’s other periodic filings with the SEC. The Company does not undertake to update these forward-looking statements. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures as defined under applicable SEC rules and regulations. 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. 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. 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. To the extent available without unreasonable effort, we have provided reconciliations of these non-GAAP measures to their most comparable GAAP measure in the appendix to this presentation, which is available on our website at www.haemonetics.com. With the exception of fiscal 2026 revenue guidance, the Company does not provide a reconciliation of forward-looking non-GAAP measures because certain significant information necessary for such reconciliations are unavailable, dependent on future events outside of our control and cannot be predicted without unreasonable efforts. When used in this presentation, organic revenue growth excludes the impact of currency fluctuation, acquisitions and divestitures. Organic ex-CSL revenue growth further excludes the impact of fiscal 2025 disposable sales to CSL Plasma under its transitional U.S. supply agreement with the Company. Adjusted gross profit, adjusted operating income, 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, costs related to compliance with the European Union Medical Device Regulation and In Vitro Diagnostic Regulation, acquisition, integration and divestiture related costs, net gains on the repurchase of convertible notes, gains on sales of property, plant and equipment, certain tax settlements, unusual or infrequent and material litigation-related charges, and remeasurement of contingent consideration liability. 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. Use of Document This presentation contains certain highlights with respect to our second quarter of fiscal 2026 performance and developments and does not purport to be a complete summary thereof. Accordingly, we encourage you to read our earnings release for the second quarter ended September 27, 2025 located in the investor relations section of our website at www.Haemonetics.com and our Quarterly Report on Form 10-Q for the quarter ended September 27, 2025 filed with the SEC.
Page 4
© 2025 Haemonetics Corporation Q2 Fiscal 2026 Highlights 4 • (5%) reported revenue decline; (2%) organic1 revenue decline; 9% organic ex-CSL2 revenue growth. • Gross margin up 530bps Y/Y to 59.5%; Adjusted gross margin up 380bps to 60.5%. • Operating margin of 17.9%, up 290bps Y/Y; Adjusted operating margin of 26.7% (+250bps Y/Y) with all segments contributing to margin expansion. • EPS of $0.81, up 23% Y/Y; Adjusted EPS of $1.27 up 13% Y/Y . • Cash flow from operating activities increased 128% and free cash flow increased 140%. • Free cash flow to adjusted net income conversion ratio reached 147% in Q2; 80% YTD and 92% TTM3 • Launched Global HN-cartridge for TEG®6s in EMEA and Japan in October 2025. • Repurchased 1.4 million shares of HAE common stock for $75M pursuant to an ASR4 Delivering earnings growth and margin expansion despite last year’s portfolio transitions 1) Excludes the impacts of currency fluctuation, the divestiture of the Whole Blood product line as of its completion in January 2025 and the exit of certain liquid solution products. 2) In addition to the adjustments for organic revenue, further excludes the impact of fiscal 2025 disposable sales to CSL Plasma under its transitional U.S. supply agreement with the Company. 3) Trailing twelve months. 4) Accelerated share repurchase agreement. Translating earnings into cash Creating additional avenues for value creation
Page 5
© 2025 Haemonetics Corporation Q2 Fiscal 2026 Revenue by Business Unit Q2 FY'25 Q2 2026 Plasma Blood center Hospital Portfolio transitions 1 (in millions) Q2 2026 Q2 2025 Reported growth Organic growth Organic growth, ex-CSL Plasma $125.4 $138.6 (9.5%) (10.1%) 18.6% Apheresis $56.1 $54.3 3.2% 3.9% 3.9% Whole Blood $0.4 $14.2 (97.3%) - - Blood Center $56.5 $68.5 (17.6%) 3.9% 3.9% IVT2 $59.1 $61.9 (4.6%) (5.0%) (5.0%) BMT3 $86.4 $76.5 13.0% 12.2% 12.2% Hospital $145.5 $138.4 5.1% 4.5% 4.5% Total Net Revenues $327.3 $345.5 (5.3%) (1.8%) 9.4% Revenue (in millions) $346 $327 1) Portfolio transitions include the divestiture of the Whole Blood product line, the exit of certain liquid solution products and fiscal 2025 disposable sales to CSL Plasma under its transitional U.S. supply agreement with the Company. 2) Interventional Technologies. 3) Blood Management Technologies. 5
Page 6
© 2025 Haemonetics Corporation6 Q2 Fiscal 2026 Financial Review Q2 2026 Q2 2025 Y/Y Gross Margin % 59.5% 54.2% +530bps Operating Margin % 17.9% 15.0% +290bps Net Income Margin % 11.8% 9.8% +200bps Income Tax Rate 24.6% 24.3% +30bps Earnings Per Share $0.81 $0.66 23% GAAP Results: Q2 2026 Q2 2025 Y/Y Adjusted Gross Margin % 60.5% 56.7% +380bps Adjusted Operating Margin % 26.7% 24.2% +250bps Adjusted Net Income Margin % 18.4% 16.6% +180bps Adjusted Income Tax Rate 24.7% 25.1% -40bps Adjusted Earnings Per Share $1.27 $1.12 13% Non-GAAP Results:
Page 7
© 2025 Haemonetics Corporation7 Q2 Fiscal 2026 Segment Performance Performance Highlights: Plasma Q2 2026 Q2 2025 Y/Y Revenue $125.4M $138.6M (9.5%) reported; 18.6% organic ex-CSL Adjusted Operating Margin %1 34.0% 32.1% +190bps 1) Operating income by reportable segment excludes corporate and unallocated expenses for amortization of acquired intangible assets, acquisitions, integration and divestiture related costs, restructuring and restructuring related costs, digital transformation costs, remeasurement of contingent considerations and certain other litigation-related charges, MDR & IVDR costs and gains on sale of property, plant and equipment. Total corporate and unallocated expenses were $28.8M in Q2 FY’26 and $31.8M in Q2 FY’25. Please refer to the reconciliation table in Appendix F of this presentation for more information. Blood Center Q2 2026 Q2 2025 Y/Y Revenue $56.5M $68.5M (17.6%) reported; 3.9% organic Adjusted Operating Margin %1 26.3% 23.1%% +320bps Hospital Q2 2026 Q2 2025 Y/Y Revenue $145.5M $138.4M 5.1% reported; 4.5% organic Adjusted Operating Margin %1 20.5% 16.8% +370bps
Page 8
© 2025 Haemonetics Corporation8 Balance Sheet and Cash Flow Metrics $89 $37 $91 $20 $216 $53 $23 $12 $38 $1 $73 $32 Q2 FY26 Q2 FY'25 YTD FY'26 YTD FY'25 Q2 FY'26 TTM Q2 FY'25 TTM FCF CapEx (in millions) 9/27/25 3/29/25 Cash & cash equivalents $296 $307 Working capital $351 $357 Total debt $1,225 $1,225 Net debt1 $928 $918 Available credit2 $749 $749 Gross leverage ratio3 2.85 2.93 Net leverage ratio3 2.51 2.53 Cash from operations (in millions) $111 $49 $129 $21 $289 $85 1) Net debt is calculated as total debt minus cash & cash equivalents. 2) Available borrowing capacity under the existing revolving credit facility minus any eligible letters of credit. 3) Gross and net leverage ratios per the terms set forth in the Company’s existing credit agreement.4) CapEx includes capital expenditures and non-cash inventory transfers of Haemonetics equipment. 147% 65% 80% 18% 92% 25% Free cash flow to adjusted net income ratio 4
Page 9
© 2025 Haemonetics Corporation9 Full Year Fiscal 2026 Guidance Previous November 2025 Revenue (Reported) (3 – 6%) (1 – 4%) Organic growth1 (2) – 1% (1) – 2% Organic growth, ex-CSL2 6 – 9% 7 – 10% Adjusted Operating Margin % 26 – 27% 26 – 27% Adjusted EPS $4.70 - $5.00 $4.80 - $5.00 Free cash flow $160M - $200M $170M - $210M Revenue guidance by segment: • Plasma: (4 – 7%) reported; 14 -17% organic growth, ex-CSL. • Blood Center: (17 – 19%) reported; (1) -1% organic growth. • Hospital: 4 – 7% reported; 4 – 7% organic growth. • Free cash flow to adjusted net income conversion ratio is expected to be in excess of 70% for the full year fiscal 2026. • $300M in convertible notes due in March 2026 are expected to be settled at maturity via cash on hand and existing revolving credit facility. 1) Excludes the impacts of currency fluctuation, the divestiture of the Whole Blood product line as of its completion in January 2025 and the exit of certain liquid solution products. 2) In addition to the adjustments for organic revenue, further excludes the impact of fiscal 2025 disposable sales to CSL Plasma under its transitional U.S. supply agreement with the Company.
Page 10
© 2025 Haemonetics Corporation Appendices
Page 11
© 2025 Haemonetics Corporation11 Appendix A: Reconciliation of GAAP to Organic and Organic ex-CSL Revenue Growth Rates ($ millions) Q2 2026 Q2 2025 Reported growth Currency impact Acquisitions & Divestitures1 Organic growth 2025 CSL US Disposable Revenue2 Organic growth, ex-CSL Plasma $125.4 $138.6 (9.5%) 0.6% - (10.1%) (28.7%) 18.6% Apheresis $56.1 $54.3 3.2% 1.7% 2.4% 3.9% - 3.9% Whole Blood $0.4 $14.2 (97.3%) - (97.3%) - - - Blood Center $56.5 $68.5 (17.6%) 1.5% (23.0%) 3.9% - 3.9% IVT3 $59.1 $61.9 (4.6%) 0.4% - (5.0%) - (5.0%) BMT4 $86.4 $76.5 13.0% 0.8% - 12.2% - 12.2% Hospital $145.5 $138.4 5.1% 0.6% - 4.5% - 4.5% Total Net Revenues $327.3 $345.5 (5.3%) 0.7% (4.2%) (1.8%) (11.2%) 9.4% 1) Reflects the impact in Blood Center of the divestiture of the Whole Blood product line as of its completion in January 2025 as well as the impact in Plasma of the exit of certain liquid solution products. 2) Reflects the impact in Plasma of fiscal 2025 disposable sales to CSL Plasma under its transitional U.S. supply agreement with the Company. 3) Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the Hospital business unit. 4) Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the Hospital business unit.
Page 12
© 2025 Haemonetics Corporation12 Appendix B: Reconciliation of GAAP to Non-GAAP Fiscal 2026 Revenue Guidance Plasma Blood Center Hospital Total Company Reported (4 - 7%) (17 – 19%) 4 – 7% (1 – 4%) Currency impact - 1% - 1% Acquisitions & Divestitures1 - (19%) - (4%) Organic (4 – 7%) (1) – 1% 4 – 7% (1) – 2% CSL 2025 US Disposables revenue2 (21%) - - 8% Organic, ex-CSL 14 – 17% (1) – 1% 4 – 7% 7 – 10% 1) Reflects adjustment in Blood Center to exclude the impact of the Company’s divestiture of its Whole Blood product line in January 2025 and exit of certain liquid solution products. 2) Reflects adjustment to exclude the impact of fiscal 2025 disposable sales to CSL Plasma under its transitional U.S. supply agreement with the Company.
Page 13
© 2025 Haemonetics Corporation13 Appendix C: Reconciliation of GAAP to Non-GAAP Q2 Fiscal 2026 Financial Results ($ millions) Gross profit Operating expenses Operating income Interest and other expense Provision for income taxes Net income Earnings per diluted share Reported $194.7 $136.3 $58.5 ($7.2) $12.6 $38.7 $0.81 Amortization of acquired intangible assets - ($11.2) $11.2 - $2.8 $8.4 $0.19 Amortization of fair value inventory step up $2.1 - $2.1 - $0.5 $1.6 $0.03 Integration and transaction costs $1.3 ($0.2) $1.5 - $0.4 $1.1 $0.02 Restructuring costs ($0.1) ($0.3) $0.2 - $0.1 $0.1 - Restructuring related costs - - $0.1 - - - - Digital transformation costs - ($5.1) $5.1 - $1.2 $3.8 $0.08 Litigation-related charges - ($0.2) $0.2 - $0.1 $0.2 - Impairment of intangible assets - ($8.6) $8.6 - $2.1 $6.4 $0.14 Remeasurement of contingent consideration - $0.1 ($0.1) - ($0.1) - - Adjusted $198.0 $110.8 $87.3 ($7.2) $19.8 $60.3 $1.27 Adjusted, as a percentage of net revenues 60.5% 33.8% 26.7% 18.4%
Page 14
© 2025 Haemonetics Corporation14 Appendix C: Reconciliation of GAAP to Non-GAAP Q2 Fiscal 2025 Financial Results ($ millions) Gross profit Operating expenses Operating income Interest and other expense Provision for income taxes Net income Earnings per diluted share Reported $187.4 $135.7 $51.7 ($7.0) $10.9 $33.8 $0.66 Amortization of acquired intangible assets - ($12.3) $12.3 - $3.1 $9.2 $0.18 Amortization of fair value inventory step up $3.7 - $3.7 - $0.9 $2.8 $0.06 Integration and transaction costs $0.2 ($0.7) $0.9 - $0.2 $0.7 $0.01 Restructuring costs $3.8 ($1.0) $4.8 - $1.1 $3.7 $0.07 Restructuring related costs $0.6 ($1.0) $1.6 - $0.4 $1.2 $0.03 Digital transformation costs - ($4.9) $4.9 - $1.1 $3.7 $0.07 MDR and IVDR costs - ($1.0) $1.0 - $0.2 $0.8 $0.01 Litigation-related charges - ($0.3) $0.3 - $0.1 $0.2 - Impairment of intangible assets - ($2.4) $2.4 - $0.6 $1.8 $0.04 Discrete tax items - - - - $0.7 ($0.7) ($0.01) Adjusted $195.8 $112.3 $83.5 ($7.0) $19.2 $57.3 $1.12 Adjusted, as a percentage of net revenues 56.7% 32.5% 24.2% 16.6%
Page 15
© 2025 Haemonetics Corporation15 Appendix C: Reconciliation of GAAP to Non-GAAP Q2 Year-to-Date Fiscal 2026 Financial Results ($ millions) Gross profit Operating expenses Operating income Interest and other expense Provision for income taxes Net income Earnings per diluted share Reported $387.0 $274.6 $112.4 ($15.9) $23.7 $72.7 $1.51 Amortization of acquired intangible assets - ($22.6) $22.6 - $5.7 $16.8 $0.36 Amortization of fair value inventory step up $4.5 - $4.5 - $1.1 $3.4 $0.07 Integration and transaction costs $2.4 ($1.8) $4.2 $2.0 $1.6 $4.6 $0.10 Restructuring costs ($0.5) ($2.0) $1.5 - $0.4 $1.1 $0.02 Restructuring related costs - ($0.1) $0.1 - - $0.1 - Digital transformation costs - ($10.4) $10.4 - $2.6 $7.8 $0.16 Litigation-related charges - ($0.8) $0.8 - $0.2 $0.6 $0.01 Impairment of intangible assets - ($8.6) $8.6 - $2.1 $6.4 $0.13 Remeasurement of contingent consideration - $0.2 ($0.2) - ($0.1) ($0.1) - Adjusted $393.3 $228.5 $164.8 ($13.9) $37.4 $113.5 $2.36 Adjusted, as a percentage of net revenues 60.6% 35.2% 25.4% 17.5%
Page 16
© 2025 Haemonetics Corporation16 Appendix C: Reconciliation of GAAP to Non-GAAP Q2 Year-to-Date Fiscal 2025 Financial Results ($ millions) Gross profit Operating expenses Operating income Interest and other expense Provision for income taxes Net income Earnings per diluted share Reported $362.4 $270.9 $91.5 - $19.2 $72.2 $1.40 Amortization of acquired intangible assets - ($24.7) $24.7 - $6.1 $18.6 $0.36 Amortization of fair value inventory step up $9.0 - $9.0 - $2.2 $6.8 $0.13 Integration and transaction costs $0.4 ($12.8) $13.2 - $0.9 $12.3 $0.24 Restructuring costs $8.1 ($1.3) $9.4 - $2.2 $7.2 $0.14 Restructuring related costs $1.9 ($2.2) $4.1 - $1.0 $3.1 $0.06 Digital transformation costs - ($11.2) $11.2 - $2.7 $8.5 $0.17 MDR and IVDR costs - ($2.1) $2.1 - $0.5 $1.6 $0.03 Litigation-related charges - ($1.1) $1.1 - $0.3 $0.8 $0.02 Gain on repurchase of convertible notes, net - - - ($12.6) ($3.1) ($9.5) ($0.19) Gains on sales of property, plant and equipment - $14.1 ($14.1) - ($3.4) ($10.7) ($0.21) Impairment of intangible assets - ($2.4) $2.4 - $0.6 $1.8 $0.04 Discrete tax items - - - - $3.1 ($3.1) ($0.06) Adjusted $381.7 $227.2 $154.5 ($12.6) $32.2 $109.6 $2.13 Adjusted, as a percentage of net revenues 56.0% 33.3% 22.7% 16.1%
Page 17
© 2025 Haemonetics Corporation17 Appendix D: Reconciliation of Cash Flows ($ millions) Q2 2026 Q2 2025 FY 2026 FY 2025 Free Cash Flow Reconciliation Cash provided by operating activities $111.3 $48.8 $128.7 $21.4 Capital expenditures ($5.0) ($9.4) ($8.8) ($15.1) Additions to Haemonetics’ equipment ($17.7) ($2.5) ($29.1) ($6.8) Proceeds from sale of property, plant and equipment $0.1 $0.2 $0.4 $20.6 Free cash flow $88.7 $37.0 $91.2 $20.1
Page 18
© 2025 Haemonetics Corporation18 Appendix E: Reconciliation of GAAP to Non-GAAP of TTM Financial Results1 ($ millions) TTM 2026 Net income TTM 2025 Net income Reported $168.2 $123.8 Amortization of acquired intangible assets $34.5 $31.3 Amortization of fair value inventory step up $7.9 $9.2 Acquisition, Integration, transaction and divestiture costs $8.2 $20.0 Restructuring costs $4.3 $18.1 Restructuring related costs $2.5 $7.1 Digital transformation costs $14.8 $14.7 Write downs of certain in-process intangible assets and PCS2 related charges $3.0 $3.5 MDR and IVDR costs $2.1 $3.4 Litigation-related charges $2.0 $0.8 Gain on repurchase of convertible notes, net - ($9.5) Gains on sales of property, plant and equipment - ($10.7) Impairment of intangible assets $6.4 $1.8 Remeasurement of contingent consideration ($20.9) - Gain on Divestiture - ($1.5) Discrete tax items $2.4 ($3.1) Adjusted $235.4 $208.9 Adjusted, as a percentage of net revenues 17.7% 15.3% ($ millions) TTM 2026 TTM 2025 Free Cash Flow Reconciliation Cash provided by operating activities $289.0 $84.9 Capital expenditures ($33.0) ($35.8) Additions to Haemonetics’ equipment ($43.5) ($18.0) Proceeds from sale of property, plant and equipment $3.1 $21.4 Free cash flow $215.7 $52.6 1) Reflects non-GAAP adjustments for each of the four subsequent quarters ending September 27, 2025 and September 28, 2024, respectively.
Page 19
© 2025 Haemonetics Corporation19 Appendix F: Reconciliation of Segment Operating Income to the Total Company Net Income (1 of 2) Q2 2026 Q2 2025 Net revenues: Plasma $125.4 $138.6 Blood Center $56.5 $68.5 Hospital $145.5 $138.4 Total net revenues $327.3 $345.5 Significant segment expenses and operating performance: Plasma Cost of goods sold $53.0 $65.7 Selling, general and administrative $24.8 $25.3 Research and development $5.0 $3.1 Plasma operating income $42.6 $44.4 Blood Center Cost of goods sold $26.9 $36.3 Selling, general and administrative $13.5 $15.2 Research and development $1.2 $1.2 Blood Center operating income $14.8 $15.8 Hospital Cost of goods sold $49.3 $47.7 Selling, general and administrative $58.0 $58.8 Research and development $8.4 $8.6 Hospital operating income $29.9 $23.3
Page 20
© 2025 Haemonetics Corporation20 Q2 2026 Q2 2025 Corporate and unallocated expenses Amortization of acquired intangible assets ($13.2) ($16.0) Acquisition, integration and divestiture related costs ($1.5) ($0.9) Restructuring and restructuring related costs ($0.3) ($6.4) Digital transformation costs ($5.1) ($4.9) Other1 ($8.7) ($3.7) Operating income $58.5 $51.7 Interest and other expense, net ($7.2) ($7.0) Income before provision for income taxes $51.3 $44.7 1) Comprised of litigation-related charges and impairment of intangible assets for the three months ended September 27, 2025. Comprised of MDR and IVDR costs, litigation-related charges, gains on sale of property, plant and equipment, and impairment of intangible assets for the three months ended September 28, 2024. Appendix F: Reconciliation of Segment Operating Income to the Total Company Net Income (2 of 2)