BRAINTREE, Mass., April 27, 2015 /PRNewswire/ -- Haemonetics
Corporation (NYSE: HAE) today reported revenue for the fourth
quarter fiscal 2015 of $226.5
million, down 6%. Excluding currency impact, revenue
was down 4% in the quarter. The Company reported a fourth quarter
GAAP net loss of $2.9 million or
$0.06 per share. Adjusted net
income, exclusive of transformation, restructuring and deal
amortization expenses detailed below, was $24.5 million, up 1%, and adjusted earnings per
share were $0.47, up 2%. In constant
currency adjusted earnings grew 10% in the
quarter.1
For the fiscal year ended March 28,
2015, revenue was $910.4
million, down 3% as reported and 1% in constant
currency. Fiscal year 2015 GAAP net income was
$16.9 million and earnings per share
were $0.32. Adjusted net
income, exclusive of transformation, restructuring and deal
amortization expenses detailed below, was $96.2 million, down 16%, and adjusted earnings
per share were $1.85, down
15%.1
FISCAL 2015 STRATEGIC AND PRODUCT GROWTH HIGHLIGHTS
- Solid constant currency revenue increases in growth drivers
including:
- 11% growth in plasma disposables revenue
- 24% growth in TEG® diagnostics disposables
revenue
- 13% growth in China
disposables revenue
- Key new product advances
- Next generation Plasma software received 510(k) clearance; long
term contracts signed with CSL Plasma and KEDPlasma
- TEG 6s diagnostics device received 2 of 3 key 510(k)
clearances
- BloodTrack® software received 510(k) clearance for use with
BloodTrack HaemoBank™ blood storage device
- SOLX® clinical trial data submitted to the FDA
- First DonorSpace™ donor recruitment software installation
- Comprehensive Blood Management Solutions (CBMS) gaining
commercial traction
- Long term saline and sodium citrate supply contracts signed
with CSL Plasma
- Value Creation and Capture ("VCC") initiatives on schedule with
production in Penang, Malaysia and
Tijuana, Mexico
Brian Concannon, Haemonetics'
President and CEO, stated: "Fiscal 2015 was a year of
transition, as we absorbed the negative impact of the U.S. market
share shift that affected our blood center business, an uncertain
Russian market and currency headwinds. At the same time, we
brought several new products to market, began to deploy the full
capabilities of our CBMS offering and transitioned our
manufacturing and distribution footprints. Fiscal 2015 was a
productive transition year, one that leaves us well-positioned for
a return to growth in FY16 and beyond."
GROWTH DRIVERS UPDATE
Disposables revenue increase for the Company's growth drivers of
Plasma, TEG and Emerging Markets was 8% on a constant currency
basis in the fourth quarter. For the full year, disposables
revenue growth for the growth drivers was 9% on a constant currency
basis. Orders in emerging markets continued to be impacted by
economic weakness in Russia,
adversely affecting the full year disposables revenue growth rate
for the combined growth drivers by 2%.
The Company's next generation diagnostics device, the TEG 6s,
has CE marking, clearing it for sale in Europe and Australia and was previously registered for
sale in Japan. Upon receipt
of final 510(k) clearance, the launch will begin in the U.S.
The Company recently announced a contract with CSL Plasma for
Haemonetics' next generation plasma donor management software and
the Company indicated that KEDPlasma USA has gone live with this software, which
received 510(k) approval earlier in fiscal 2015.
The BloodTrack HaemoBank integrated blood storage and management
solution received required 510(k), CE and multi-regional
clearances. Its market release began in the fourth quarter of
fiscal 2015 and 9 units have been shipped.
Version 6.5, a software upgrade for the Cell Saver
Elite®, was released providing enhanced performance for
customers. Its global rollout has begun.
The Company previously announced it had completed the planned
clinical testing of its SOLX storage solution, submitted final data
to the FDA and filed for Canadian registration. Plans are in
place to introduce SOLX, together with the Company's whole blood
filter, in a North American limited market release with key opinion
leaders, upon receipt of required clearances.
FOURTH QUARTER AND FULL YEAR 2015 REVENUE ELEMENTS
Plasma
Plasma disposables revenue was $76.4
million in the fourth quarter, up $2.3 million, or 3% on a reported basis and 5% in
constant currency. Revenue was impacted by softness in
Russia. North America Plasma disposables revenue was up 10%,
as collection volumes continued to benefit from a robust end user
market for plasma-derived biopharmaceuticals. For the full
year fiscal 2015, Plasma disposables revenue was $319.2 million, up $27
million or 9% as reported and up 11% in constant
currency.
Blood Center
Platelet disposables revenue was $36.6
million in the fourth quarter, down $2.2 million or 6% on a reported basis but up 1%
on a constant currency basis. Full fiscal year platelet
disposables revenue was $152.6
million, down $4.1 million or
3%, as reported but up 3% in constant currency. The impact of
currency on reported growth rates reflects the concentration of the
Company's platelet business outside of the United States.
Red cell disposables revenue was $11.4
million in the fourth quarter, down $0.9 million or 7% on a reported basis and in
constant currency. Full fiscal year red cell disposables
revenue was $42.7 million up
$0.3 million or 1% on a reported
basis and up 1% in constant currency. Full year growth was
realized in North America due to
changes in red cell collection practices and favorable comparisons
with the prior year, but was offset by declines in Europe and Latin
America.
Whole blood disposables revenue was $38.0
million in the fourth quarter, down $6.8 million or 15% on a reported basis and down
14% in constant currency. Full year 2015 whole blood
disposables revenue was $143.9
million, down $47.0 million or
25% on a reported basis and down 24% in constant currency.
Previously disclosed market share losses, pricing and the
termination of an OEM supply contract negotiated at the time of the
whole blood acquisition contributed to the declines. These
headwinds will anniversary by mid fiscal 2016. Declines in
North American transfusion rates of roughly 10% contributed
approximately $8 million of the full
year decline. The impact of these trends is expected to lessen in
fiscal 2016.
Hospital
Diagnostics disposables revenue was $11.7
million in the fourth quarter, up $2.5 million or 27% on a reported basis and up
26% in constant currency. For the full fiscal year 2015,
diagnostics disposables revenue was $42.2
million, up $8.9 million or
27% on a reported basis and up 24% in constant currency. The
TEG Hemostasis Analyzer installed base increased 13% in fiscal
2015, positioning the TEG business for continued double-digit
disposables revenue growth. With the introduction of the TEG
6s, diagnostics disposables revenue growth is expected to
accelerate in fiscal 2016.
Surgical disposables revenue was $15.7
million in the fourth quarter, down $2.0 million or 11% as reported and down 8% on a
constant currency basis. Full fiscal year 2015 surgical
disposals revenue was $62.5 million,
down $4.3 million or 6% as reported
and down 4% in constant currency. Strength in the emerging
markets was offset by declines in the developed markets in the
fourth quarter and fiscal year.
Disposables revenue from the OrthoPAT® orthopedic
perioperative autotransfusion system was $5.0 million in the fourth quarter, down
$1.1 million or 17% on a reported
basis and down 14% in constant currency. In the full fiscal
year, OrthoPAT disposables revenue was $20.3
million, down $4.7 million or
19% as reported and down 18% in constant currency. Market
trends toward the adoption of tranexamic acid to prevent
post-operative blood loss have impacted hospital use of OrthoPAT
disposables.
Software and Equipment
Software Solutions revenue was $18.1
million in the fourth quarter, down $0.9 million or 5% on a reported basis and down
2% in constant currency, due principally to a large order in the
prior year's fourth quarter. For the fiscal year 2015,
Software Solutions revenue was $72.2
million, up $1.7 million or 2%
on a reported basis and up 3% in constant currency.
BloodTrack, a key enabler of the CBMS growth strategy, drove
much of this growth and the pipeline for blood management software
opportunities remains strong.
Equipment and other revenue was $13.6
million, down $5.6 million or
29% on a reported basis and down 26% in constant currency,
primarily due to economic weakness in Russia. Full fiscal
year 2015 equipment and other revenue was $54.8 million, down $6.5
million or 11% on a reported basis and down 9% in constant
currency. Equipment revenue is influenced by timing of
tenders and capital budgets. The installed base of equipment,
including devices sold and placed for use with customers, increased
7% in fiscal 2015.
Geographic
In the fourth quarter of fiscal 2015, Haemonetics announced
revenue growth of 3% in Asia
Pacific, flat revenue in North
America, and declines of 13% in Europe and 25% in Japan on a reported basis. On a constant
currency basis, the Company had revenue growth of 5% in
Asia Pacific, flat revenue in
North America and declines of 9%
in Europe and 15% in Japan.
Growth in Asia Pacific reflects
continued strength in China. In North America, growth in
Plasma and TEG diagnostics offset the expected declines in the
Blood Center business. Weakness in Russia contributed to declines in
Europe. Weakness in Japan
was attributable to the Yen exchange rate and shifts between whole
blood and blood component collections.
Mr. Concannon said: "Our growth drivers – Plasma, TEG and
emerging markets – represent approximately 60% of our disposables
revenue and grew 9% in fiscal 2015, despite the impact of the
economic challenges in the Russian market. This growth was
offset by the impact of customer transfusion protocol changes on
our U.S. whole blood business and currency headwinds. We
expect our growth drivers to continue to deliver double-digit
growth in fiscal 2016, bolstered by recent Plasma contract wins and
the introduction of our new TEG 6s diagnostic and BloodTrack
HaemoBank™ blood storage devices, while the headwinds to growth
attributable to changing North American transfusion practices begin
to moderate as expected."
OPERATING RESULTS
Adjusted gross profit was $110.4
million, down $7.3 million
from the prior year fourth quarter and included a $3.5 million unfavorable currency impact.
Adjusted gross margin was 48.7% in the fourth quarter and 48.8% in
the full fiscal year 2015, down 10 basis points from the prior
year's fourth quarter and down 220 basis points versus full fiscal
year 2014. Lower U.S. whole blood disposables pricing, lower
volume in certain manufacturing facilities and product mix
contributed to the year over year decline.
Adjusted operating expenses were $75.2
million in the quarter, down $8.2
million or 10% below the prior year fourth quarter.
Fiscal 2015 adjusted operating expenses were $306.7 million, a 4% reduction from the prior
year. Critical investments continued and were more than
offset by organizational and corporate administrative cost
reductions.
In the fourth quarter, adjusted operating income was
$35.2 million, up $1.0 million or 3%, and adjusted operating margin
was 15.5%, up 130 basis points. In the full fiscal year 2015,
adjusted operating income was $137.5
million, down $21.7 million or
14%, and down 11% in constant currency and adjusted operating
margin was 15.1% down 190 basis points.
In the fourth quarter, adjusted interest expense on loans was
$2.1 million. The adjusted income tax
rate was 25.0% compared with 23.5% in the prior year fourth
quarter. The fiscal 2015 tax rate was 24.9% compared with
23.3% in fiscal 2014, as the prior year benefited from the
expiration of certain tax statutes.
BALANCE SHEET AND CASH FLOW
Cash on hand was $161 million, a
decrease of $32 million during fiscal
2015. The Company's reported fiscal 2015 free cash flow,
before transformation and restructuring costs, was $97 million, a decrease of $26 million compared with fiscal year
2014.
During fiscal 2015, the Company utilized $92 million, net of cash tax benefits, to fund
VCC and other restructuring initiatives, $39
million to repurchase shares in the open market and
$10 million to repay debt.
FISCAL 2015 SHARE REPURCHASE PROGRAM
The Company repurchased 1,174,100 shares in the open market at
an average price of $33.25, for a
total spend of $39 million in fiscal
2015. As previously announced, the Board of Directors
approved the repurchase of up to $100
million of shares in the open market and the Company expects
to complete the remaining $61 million
of repurchase activity in fiscal 2016.
VALUE CREATION & CAPTURE ACTIVITIES
The pursuit of identified Value Creation & Capture ("VCC")
opportunities, designed principally to transform the Company's
manufacturing and distribution operations and to support its
productivity and commercial excellence initiatives, continues to
progress according to schedule. The recent completion of the
Company's Tijuana, Mexico plant
expansion followed the Penang,
Malaysia facility opening. These represent major
accomplishments related to the three year VCC program.
Once completed in fiscal 2016, VCC investments are expected to
approximate $175 million in total and
to generate approximately $65 million
of annual cost savings by fiscal 2018. The planned
investments and expected benefits are summarized in a schedule
posted to the Company's Investor Relations website at
http://phx.corporate-ir.net/phoenix.zhtml?c=72118&p=irol-guidance.
FISCAL 2016 GUIDANCE
Overall fiscal 2016 revenue is expected to grow 4-6% on a
reported basis and 7-9% in constant currency. The Company
expects strong revenue growth from its identified growth drivers of
Plasma, TEG and Emerging Markets, double digit increase in
Software, an emerging growth driver, and the benefit of a
53rd week in fiscal 16, partially offset by a moderating
revenue headwind in the U.S. blood center business and currency
weakness.
Plasma collections remain strong and the Company expects 10-12%
growth in Plasma disposables on a reported basis and 12-14% growth
on a constant currency basis, including saline and citrate
solutions. Blood center revenue in the U.S. will continue to
be pressured by lower volumes, but at a lesser rate; the Company
expects blood center revenue to decline 4-6% on a reported basis
but to decline only 0-2% in constant currency. Hospital
disposables are expected to grow 4-6% on a reported basis and 9-11%
in constant currency, with the anticipated launch of the new TEG 6s
device. Software Solutions is expected to grow 10-15% on a
reported basis and 11-16% in constant currency on the strength of
Blood Track HaemoBank installations.
Income taxes are expected to approximate 24% of pre-tax adjusted
income.
Adjusted earnings per share, excluding remaining VCC
transformation expenses and deal amortization, are expected in the
range of $1.98 to $2.08, an increase
of 7-12% over fiscal 15. In constant currency, fiscal 2016
earnings growth is expected to be in the range of 15-20%.
Acquisition related amortization is expected to approximate
$30 million or $0.40 per share, and is excluded from adjusted
operating income and adjusted earnings per share.
Fiscal 2016 free cash flow is expected to approximate
$105-$110 million before funding
restructuring and capital investment for transformation
activities. The Company anticipates investing $27 million of free cash flow to fund the
remaining capital expenditures and cash transformation expenditures
to complete the VCC initiatives in fiscal 2016.
Mr. Concannon concluded: "Our Company has entered fiscal 2016
well positioned to return to growth. Recent contract wins,
new product innovations and launches, and our CBMS offering gaining
traction with hospital customers will bolster the ongoing
performance of our identified growth drivers. We expect a
mid-single digit revenue growth rate in fiscal 2016 despite
prevailing currency headwinds.
"Fiscal 2016 will see the conclusion of our VCC initiative. This
bold transformation of our manufacturing and supply chain footprint
positions us well to compete in our global markets and leverage
increased profitability as we drive top line growth."
More information on fiscal 2016 guidance, including income
statement scenarios underlying the lower and upper ends of the
adjusted earnings per share guidance range, can be found in the
Investor Relations section of our web site at
http://www.haemonetics.com.1
ADJUSTMENTS TO REPORTED EARNINGS
In total, $16 million of pre-tax
charges comprised of $13 million of
VCC transformation and $3 million of
other restructuring activities were excluded from adjusted earnings
in the fourth quarter of fiscal 2015. The Company excluded
$15 million of pre-tax integration,
restructuring, transformation and transaction costs from adjusted
earnings in the fourth quarter of fiscal 2014.
The Company excluded $67 million
of pre-tax charges comprised of $57
million of VCC transformation and $10
million of other restructuring activities from adjusted
earnings in fiscal 2015. The Company excluded $85 million of pre-tax integration,
restructuring, transformation and transaction costs from adjusted
earnings in fiscal 2014.
The Company also excluded a $13
million non-cash valuation allowance for deferred tax assets
established in the fourth quarter of fiscal 2015, resulting from
cumulative losses recorded in connection with VCC transformation
and restructuring costs.
The Company also excluded acquisition related amortization
expenses from its adjusted operating income and earnings per
share. Excluded from fourth quarter adjusted earnings was
acquisition related amortization of $7
million or $0.10 in fiscal
2015 and fiscal 2014.
Excluded from full year adjusted earnings was acquisition
related amortization of $30 million
in fiscal 2015 and $28 million in
fiscal 2014, or $0.40 and
$0.38 per share, respectively.
For the full fiscal year 2016, acquisition related amortization is
expected to approximate $30 million
or $0.40 per share.
CONFERENCE CALL
Haemonetics will host a webcast to discuss the fourth quarter
and fiscal 2015 results on Monday, April 27,
2015 at 8:00 am Eastern
time. Interested parties can participate at:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=72118&eventID=5188004.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements that involve
risks and uncertainties, including the effects of disruption from
the manufacturing transformation making it more difficult to
maintain relationships with employees and timely deliver high
quality products, unexpected expenses incurred during our Value
Creation and Capture program, technological advances in the medical
field and standards for transfusion medicine and our ability to
successfully implement products that incorporate such advances and
standards, demand for whole blood and blood components, 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, foreign currency exchange rates, changes in customers'
ordering patterns including single-source tenders, the effect of
industry consolidation as seen in the plasma and blood center
markets, the effect of communicable diseases and the effect of
uncertainties in markets outside the U.S. (including Europe and Asia) in which we operate and other risks
detailed in the Company's filings with the Securities and Exchange
Commission.
The foregoing list should not be construed as
exhaustive.
Forward-looking statements are based on estimates and
assumptions made by management of the Company and are believed to
be reasonable, though inherently uncertain and difficult to
predict. Actual results and experience could differ
materially from the forward-looking statements. Information
set forth in this press release is current as of today and the
Company undertakes no duty or obligation to update this
information.
1 A reconciliation of GAAP to adjusted financial
results is included at the end of the financial sections of this
press release as well as on the web at
http://www.haemonetics.com.
CONTACT:
Gerry Gould,
VP-Investor Relations
Tel. (781) 356-9402
gerry.gould@haemonetics.com
Alt. (781) 356-9613
Haemonetics
Corporation Financial Summary
|
(Data in
thousands, except per share data)
|
Consolidated
Statements of Income for the Fourth Quarter of FY15 and
FY14
|
|
|
|
|
|
|
|
|
|
|
|
3/28/2015
|
|
3/29/2014
|
|
%
Inc/(Dec)
|
|
|
|
As
Reported
|
|
As
Reported
|
|
vs Prior
Year
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
226,478
|
|
|
$
|
241,091
|
|
|
(6.1)%
|
|
Gross
profit
|
|
108,365
|
|
|
115,441
|
|
|
(6.1)%
|
|
|
|
|
|
|
|
|
|
R&D
|
|
|
17,225
|
|
|
13,836
|
|
|
24.5%
|
|
S,G&A
|
|
|
79,602
|
|
|
89,238
|
|
|
(10.8)%
|
|
Operating
expenses
|
|
96,827
|
|
|
103,074
|
|
|
(6.1)%
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
11,538
|
|
|
12,367
|
|
|
(6.7)%
|
|
|
|
|
|
|
|
|
|
Interest and other
expense, net
|
|
(1,879)
|
|
|
(2,612)
|
|
|
(28.1)%
|
|
|
|
|
|
|
|
|
|
Income before
taxes
|
|
9,659
|
|
|
9,755
|
|
|
(1.0)%
|
|
|
|
|
|
|
|
|
|
Tax
expense/(benefit)
|
|
12,589
|
|
|
(429)
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
$
|
(2,930)
|
|
|
$
|
10,184
|
|
|
(128.8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
per common share assuming
dilution
|
|
$
|
(0.06)
|
|
|
$
|
0.19
|
|
|
(131.6)%
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
Basic
|
|
|
51,565
|
|
|
51,985
|
|
|
|
Diluted
|
|
|
51,565
|
|
|
52,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
Margins:
|
|
|
|
|
|
Inc/(Dec) vs
prior
year profit margin %
|
Gross
profit
|
|
47.8%
|
|
|
47.9
|
%
|
|
(0.1)%
|
|
R&D
|
|
7.6%
|
|
|
5.7
|
%
|
|
1.9%
|
|
S,G&A
|
|
35.1%
|
|
|
37.0
|
%
|
|
(1.9)%
|
|
Operating
income
|
|
5.1%
|
|
|
5.1
|
%
|
|
—%
|
|
Income before
taxes
|
|
4.3%
|
|
|
4.0
|
%
|
|
0.3%
|
|
Net
(loss)/income
|
|
(1.3)%
|
|
|
4.2
|
%
|
|
(5.5)%
|
|
Haemonetics
Corporation Financial Summary
|
(Data in
thousands, except per share data)
|
Consolidated
Statements of Income for FY15 and FY14
|
|
|
|
|
|
|
|
|
|
|
|
3/28/2015
|
|
3/29/2014
|
|
%
Inc/(Dec)
|
|
|
|
As
Reported
|
|
As
Reported
|
|
vs Prior
Year
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
910,373
|
|
|
$
|
938,509
|
|
|
(3.0)%
|
|
Gross
profit
|
|
434,418
|
|
|
468,365
|
|
|
(7.2)%
|
|
|
|
|
|
|
|
|
|
R&D
|
|
|
54,187
|
|
|
54,200
|
|
|
—%
|
|
S,G&A
|
|
|
339,691
|
|
|
367,733
|
|
|
(7.6)%
|
|
Operating
expenses
|
|
393,878
|
|
|
421,933
|
|
|
(6.6)%
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
40,540
|
|
|
46,432
|
|
|
(12.7)%
|
|
|
|
|
|
|
|
|
|
Interest and other
expense, net
|
|
(9,375)
|
|
|
(10,031)
|
|
|
(6.5)%
|
|
|
|
|
|
|
|
|
|
Income before
taxes
|
|
31,165
|
|
|
36,401
|
|
|
(14.4)%
|
|
|
|
|
|
|
|
|
|
Tax
expense
|
|
14,268
|
|
|
1,253
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
16,897
|
|
|
$
|
35,148
|
|
|
(51.9)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share assuming dilution
|
|
$
|
0.32
|
|
|
$
|
0.67
|
|
|
(52.2)%
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares:
|
|
|
|
|
|
|
Basic
|
|
|
51,533
|
|
|
51,611
|
|
|
|
Diluted
|
|
|
52,089
|
|
|
52,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
Margins:
|
|
|
|
|
|
Inc/(Dec) vs
prior
year profit margin %
|
Gross
profit
|
|
47.7%
|
|
|
49.9%
|
|
|
(2.2)%
|
|
R&D
|
|
6.0%
|
|
|
5.8%
|
|
|
0.2%
|
|
S,G&A
|
|
37.3%
|
|
|
39.2%
|
|
|
(1.9)%
|
|
Operating
income
|
|
4.5%
|
|
|
4.9%
|
|
|
(0.4)%
|
|
Income before
taxes
|
|
3.4%
|
|
|
3.9%
|
|
|
(0.5)%
|
|
Net income
|
|
1.9%
|
|
|
3.7%
|
|
|
(1.8)%
|
|
Revenue Analysis
for the Fourth Quarter and FY15 and FY14
|
(Data in
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
|
%
Inc/(Dec)
|
|
|
As
Reported
|
|
As
Reported
|
|
vs Prior
Year
|
|
|
(unaudited)
|
|
|
Revenues by
geography
|
|
|
|
|
|
|
United
States
|
$
|
124,868
|
|
|
$
|
126,160
|
|
|
(1.0)%
|
|
|
International
|
101,610
|
|
|
114,931
|
|
|
(11.6)%
|
|
Net
revenues
|
$
|
226,478
|
|
|
$
|
241,091
|
|
|
(6.1)%
|
|
|
|
|
|
|
|
|
Disposable
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plasma
disposables
|
$
|
76,430
|
|
|
$
|
74,127
|
|
|
3.1%
|
|
|
|
|
|
|
|
|
|
Blood center
disposables
|
|
|
|
|
|
|
Platelet
|
36,647
|
|
|
38,865
|
|
|
(5.7)%
|
|
|
Red cell
|
11,404
|
|
|
12,279
|
|
|
(7.1)%
|
|
|
Whole
blood
|
38,035
|
|
|
44,819
|
|
|
(15.1)%
|
|
|
|
86,086
|
|
|
95,963
|
|
|
(10.3)%
|
|
|
Hospital
disposables
|
|
|
|
|
|
|
Surgical
|
15,652
|
|
|
17,629
|
|
|
(11.2)%
|
|
|
OrthoPAT
|
5,013
|
|
|
6,069
|
|
|
(17.4)%
|
|
|
Diagnostics
|
11,651
|
|
|
9,159
|
|
|
27.2%
|
|
|
|
32,316
|
|
|
32,857
|
|
|
(1.6)%
|
|
|
|
|
|
|
|
|
|
Total disposables
revenues
|
194,832
|
|
|
202,947
|
|
|
(4.0)%
|
|
|
|
|
|
|
|
|
Software
solutions
|
18,091
|
|
|
18,971
|
|
|
(4.6)%
|
|
Equipment &
other
|
13,555
|
|
|
19,173
|
|
|
(29.3)%
|
|
Net
revenues
|
$
|
226,478
|
|
|
$
|
241,091
|
|
|
(6.1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
|
%
Inc/(Dec)
|
|
|
As
Reported
|
|
As
Reported
|
|
vs Prior
Year
|
|
|
(unaudited)
|
|
|
|
|
Revenues by
geography
|
|
|
|
|
|
|
United
States
|
$
|
494,788
|
|
|
$
|
500,719
|
|
|
(1.2)%
|
|
|
International
|
415,585
|
|
|
437,790
|
|
|
(5.1)%
|
|
Net
revenues
|
$
|
910,373
|
|
|
$
|
938,509
|
|
|
(3.0)%
|
|
|
|
|
|
|
|
|
Disposable
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plasma
disposables
|
$
|
319,190
|
|
|
$
|
291,895
|
|
|
9.4%
|
|
|
|
|
|
|
|
|
|
Blood center
disposables
|
|
|
|
|
|
|
Platelet
|
152,588
|
|
|
156,643
|
|
|
(2.6)%
|
|
|
Red cell
|
42,700
|
|
|
42,378
|
|
|
0.8%
|
|
|
Whole
blood
|
143,905
|
|
|
190,698
|
|
|
(24.5)%
|
|
|
|
339,193
|
|
|
389,719
|
|
|
(13.0)%
|
|
|
Hospital
disposables
|
|
|
|
|
|
|
Surgical
|
62,540
|
|
|
66,876
|
|
|
(6.5)%
|
|
|
OrthoPAT
|
20,316
|
|
|
25,042
|
|
|
(18.9)%
|
|
|
Diagnostics
|
42,187
|
|
|
33,302
|
|
|
26.7%
|
|
|
|
125,043
|
|
|
125,220
|
|
|
(0.1)%
|
|
|
|
|
|
|
|
|
|
Total disposables
revenues
|
783,426
|
|
|
806,834
|
|
|
(2.9)%
|
|
|
|
|
|
|
|
|
Software
solutions
|
72,185
|
|
|
70,441
|
|
|
2.5%
|
|
Equipment &
other
|
54,762
|
|
|
61,234
|
|
|
(10.6)%
|
|
Net
revenues
|
$
|
910,373
|
|
|
$
|
938,509
|
|
|
(3.0)%
|
|
Consolidated
Balance Sheets
|
(Data in
thousands)
|
|
|
|
As
of
|
|
|
|
3/28/2015
|
|
3/29/2014
|
|
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
160,662
|
|
|
$
|
192,469
|
|
Accounts receivable,
net
|
145,827
|
|
|
164,603
|
|
Inventories,
net
|
211,077
|
|
|
197,661
|
|
Other current
assets
|
50,413
|
|
|
68,243
|
|
|
Total current
assets
|
567,979
|
|
|
622,976
|
|
Property, plant &
equipment, net
|
321,948
|
|
|
271,437
|
|
Other
assets
|
593,192
|
|
|
619,765
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
1,483,119
|
|
|
$
|
1,514,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
& Stockholders' Equity
|
|
|
|
Short term debt &
current maturities
|
$
|
21,522
|
|
|
$
|
45,630
|
|
Other current
liabilities
|
167,570
|
|
|
171,298
|
|
|
Total current
liabilities
|
189,092
|
|
|
216,928
|
|
Long-term
debt
|
406,369
|
|
|
392,057
|
|
Other long-term
liabilities
|
61,536
|
|
|
67,305
|
|
Stockholders'
equity
|
826,122
|
|
|
837,888
|
|
|
|
|
|
|
|
|
Total liabilities
& stockholders' equity
|
$
|
1,483,119
|
|
|
$
|
1,514,178
|
|
Free Cash Flow
Reconciliation
|
(Unaudited data in
thousands)
|
|
|
|
Three Months
Ended
|
|
3/28/2015
|
|
3/29/2014
|
|
|
|
|
GAAP cash flow
from operations
|
$
|
55,599
|
|
|
$
|
51,471
|
|
|
|
|
|
Capital
expenditures
|
(21,942)
|
|
|
(29,927)
|
|
Proceeds from sale of
property, plant & equipment
|
65
|
|
|
291
|
|
Net investment in
property, plant & equipment
|
(21,877)
|
|
|
(29,636)
|
|
|
|
|
|
Free cash flow after
restructuring and transformation costs
|
33,722
|
|
|
21,835
|
|
|
|
|
|
Restructuring and
transformation costs
|
14,568
|
|
|
10,187
|
|
Tax benefit on
restructuring and transformation costs
|
(4,469)
|
|
|
(16,305)
|
|
Capital expenditure
on VCC initiatives
|
198
|
|
|
12,124
|
|
|
|
|
|
Free cash flow
before restructuring, transformation costs and VCC
capital expenditures
|
$
|
44,019
|
|
|
$
|
27,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
3/28/2015
|
|
3/29/2014
|
|
|
|
|
GAAP cash flow
from operations
|
$
|
127,430
|
|
|
$
|
139,524
|
|
|
|
|
|
Capital
expenditures
|
(122,472)
|
|
|
(73,648)
|
|
Proceeds from sale of
property, plant & equipment
|
452
|
|
|
488
|
|
Net investment in
property, plant & equipment
|
(122,020)
|
|
|
(73,160)
|
|
|
|
|
|
Free cash flow after
restructuring and transformation costs
|
5,410
|
|
|
66,364
|
|
|
|
|
|
Restructuring and
transformation costs
|
69,387
|
|
|
54,816
|
|
Tax benefit on
restructuring and transformation costs
|
(22,548)
|
|
|
(16,305)
|
|
Capital expenditure
on VCC initiatives
|
44,923
|
|
|
18,044
|
|
|
|
|
|
Free cash flow
before restructuring, transformation costs and VCC
capital expenditures
|
$
|
97,172
|
|
|
$
|
122,919
|
|
Haemonetics
Corporation Financial Summary
|
Reconciliation of
Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
Haemonetics has
presented supplemental non-GAAP financial measures as part of this
earnings release. A reconciliation is provided below that
reconciles each non-GAAP financial measure with the most comparable
GAAP measure. The presentation of non-GAAP financial measures
should not be considered in isolation from, or as a substitute for,
the most directly comparable GAAP measures. There are material
limitations to the usefulness of non-GAAP measures on a standalone
basis, including the lack of comparability to the GAAP financial
results of other companies.
|
|
|
|
|
|
These measures are
used by management to monitor the financial performance of the
business, make informed business decisions, establish budgets and
forecast future results. Performance targets for management are
established based upon these non-GAAP measures. In the
reconciliations below we have removed restructuring, transformation
and other costs from our GAAP expenses. Our restructuring and
transformation costs for the periods reported are principally
related to:
|
|
|
|
|
|
- Value Creation
& Capture (VCC): employee severance and retention, product line
transfer costs, accelerated depreciation and other costs associated
with these initiatives, principally our manufacturing network
optimization, but also including commercial excellence,
productivity and other operating initiatives. The Company also
excluded a valuation allowance for deferred tax assets established
in the fourth quarter of fiscal 2015, resulting from cumulative
losses recorded in connection with VCC transformation and
restructuring costs.
- Whole Blood
Acquisition: restructuring, integration and other transformation
costs, certain cost of goods sold adjustments and transaction costs
related to the August 1, 2012 acquisition of Pall's Transfusion
Medicine Business.
- In Process
Research and Development: charges relate to the acquisition of
certain technology and manufacturing rights to be used in a next
generation device and related costs.
- Contingent
consideration income or expense described in Note 7 to our
consolidated financial statements in our Form 10-K.
|
|
|
|
|
|
In fiscal 2014, we
began reporting adjusted earnings before deal amortization, in
addition to restructuring and transformation costs.
|
|
|
|
|
|
We believe this
information is useful to investors because it allows for an
evaluation of the Company with a focus on the performance of our
core operations.
|
|
|
|
|
|
Reconciliation of
Non-GAAP Measures for the Fourth Quarter of FY15 and
FY14
|
(Unaudited data in
thousands)
|
|
|
Three Months
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
Non-GAAP gross
profit
|
|
|
|
|
GAAP gross
profit
|
|
$
|
108,365
|
|
|
$
|
115,441
|
|
Restructuring and
transformation costs
|
|
1,991
|
|
|
2,183
|
|
Non-GAAP gross
profit
|
|
$
|
110,356
|
|
|
$
|
117,624
|
|
|
|
|
|
|
Non-GAAP
R&D
|
|
|
|
|
GAAP
R&D
|
|
$
|
17,225
|
|
|
$
|
13,836
|
|
Restructuring and
transformation costs
|
|
(6,480)
|
|
|
(1,548)
|
|
Non-GAAP
R&D
|
|
$
|
10,745
|
|
|
$
|
12,288
|
|
|
|
|
|
|
Non-GAAP
S,G&A
|
|
|
|
|
GAAP
S,G&A
|
|
$
|
79,602
|
|
|
$
|
89,238
|
|
Restructuring and
transformation costs
|
|
(7,767)
|
|
|
(11,130)
|
|
Deal
amortization
|
|
(7,415)
|
|
|
(7,008)
|
|
Non-GAAP
S,G&A
|
|
$
|
64,420
|
|
|
$
|
71,100
|
|
|
|
|
|
|
Non-GAAP operating
expenses
|
|
|
|
|
GAAP operating
expenses
|
|
$
|
96,827
|
|
|
$
|
103,074
|
|
Restructuring and
transformation costs
|
|
(14,247)
|
|
|
(12,678)
|
|
Deal
amortization
|
|
(7,415)
|
|
|
(7,008)
|
|
Non-GAAP operating
expenses
|
|
$
|
75,165
|
|
|
$
|
83,388
|
|
|
|
|
|
|
Non-GAAP operating
income
|
|
|
|
|
GAAP operating
income
|
|
$
|
11,538
|
|
|
$
|
12,367
|
|
Restructuring and
transformation costs
|
|
16,238
|
|
|
14,861
|
|
Deal
amortization
|
|
7,415
|
|
|
7,008
|
|
Non-GAAP operating
income
|
|
$
|
35,191
|
|
|
$
|
34,236
|
|
|
|
|
|
|
Non-GAAP interest
and other expense, net
|
|
|
|
|
GAAP interest and
other expense, net
|
|
$
|
(1,879)
|
|
|
$
|
(2,612)
|
|
Restructuring and
transformation costs
|
|
(706)
|
|
|
—
|
|
Non-GAAP interest
and other expense, net
|
|
$
|
(2,585)
|
|
|
$
|
(2,612)
|
|
|
|
|
|
|
Non-GAAP income
before taxes
|
|
|
|
|
GAAP income before
taxes
|
|
$
|
9,659
|
|
|
$
|
9,755
|
|
Restructuring and
transformation costs
|
|
15,532
|
|
|
14,861
|
|
Deal
amortization
|
|
7,415
|
|
|
7,008
|
|
Non-GAAP income
before taxes
|
|
$
|
32,606
|
|
|
$
|
31,624
|
|
|
|
|
|
|
Non-GAAP net
income
|
|
|
|
|
GAAP net
(loss)/income
|
|
$
|
(2,930)
|
|
|
$
|
10,184
|
|
Restructuring and
transformation costs
|
|
15,532
|
|
|
14,861
|
|
Deal
amortization
|
|
7,415
|
|
|
7,008
|
|
Tax valuation
allowance
|
|
12,871
|
|
|
—
|
|
Tax benefit
associated with non-GAAP adjustments
|
|
(8,435)
|
|
|
(7,860)
|
|
Non-GAAP net
income
|
|
$
|
24,453
|
|
|
$
|
24,193
|
|
|
|
|
|
|
Non-GAAP net
income per common share assuming dilution
|
|
|
|
|
GAAP net
(loss)/income per common share assuming dilution
|
|
$
|
(0.06)
|
|
|
$
|
0.19
|
|
Non-GAAP items after
tax per common share assuming dilution
|
|
0.53
|
|
|
0.27
|
|
Non-GAAP net
income per common share assuming dilution
|
|
$
|
0.47
|
|
|
$
|
0.46
|
|
Presented below are
additional Constant Currency performance measures. We measure
different components of our business at constant currency. We
believe this information is useful for investors because it allows
for an evaluation of the Company without the effect of changes in
foreign exchange rates. These results convert our local
foreign currency operating results to the US Dollar at constant
exchange rates of 0.833 Euro to 1.00 US Dollar and 110 Yen to 1.00
US Dollar. They also exclude the results of our foreign
currency hedging program described in Note 7 to our consolidated
financial statements in our Form 10-K.
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
Non-GAAP
revenue
|
|
|
|
|
GAAP
revenue
|
|
$
|
226,478
|
|
|
$
|
241,091
|
|
Foreign currency
effects
|
|
(3,324)
|
|
|
(9,773)
|
|
Non-GAAP revenue -
constant currency
|
|
$
|
223,154
|
|
|
$
|
231,318
|
|
|
|
|
|
|
Non-GAAP net
income
|
|
|
|
|
Non-GAAP net income,
adjusted for restructuring and transformation costs and deal
amortization
|
|
$
|
24,453
|
|
|
$
|
24,193
|
|
Foreign currency
effects
|
|
(3,458)
|
|
|
(5,349)
|
|
Income tax associated
with foreign currency effects
|
|
865
|
|
|
1,256
|
|
Non-GAAP net
income - constant currency
|
|
$
|
21,860
|
|
|
$
|
20,100
|
|
|
|
|
|
|
Non-GAAP net
income per common share assuming dilution
|
|
|
|
|
Non-GAAP net income
per common share assuming dilution, adjusted for restructuring and
transformation costs and deal amortization
|
|
$
|
0.47
|
|
|
$
|
0.46
|
|
Foreign currency
effects after tax per common share assuming dilution
|
|
(0.05)
|
|
|
(0.08)
|
|
Non-GAAP net
income per common share assuming dilution - constant
currency
|
|
$
|
0.42
|
|
|
$
|
0.38
|
|
Reconciliation of
Non-GAAP Measures for FY15 and FY14
|
(Unaudited data in
thousands)
|
|
|
Year
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
Non-GAAP gross
profit
|
|
|
|
|
GAAP gross
profit
|
|
$
|
434,418
|
|
|
$
|
468,365
|
|
Restructuring and
transformation costs
|
|
9,737
|
|
|
10,376
|
|
Non-GAAP gross
profit
|
|
$
|
444,155
|
|
|
$
|
478,741
|
|
|
|
|
|
|
Non-GAAP
R&D
|
|
|
|
|
GAAP
R&D
|
|
$
|
54,187
|
|
|
$
|
54,200
|
|
Restructuring and
transformation costs
|
|
(11,688)
|
|
|
(8,855)
|
|
Non-GAAP
R&D
|
|
$
|
42,499
|
|
|
$
|
45,345
|
|
|
|
|
|
|
Non-GAAP
S,G&A
|
|
|
|
|
GAAP
S,G&A
|
|
$
|
339,691
|
|
|
$
|
367,733
|
|
Restructuring and
transformation costs
|
|
(45,354)
|
|
|
(65,520)
|
|
Deal
amortization
|
|
(30,184)
|
|
|
(28,056)
|
|
Non-GAAP
S,G&A
|
|
$
|
264,153
|
|
|
$
|
274,157
|
|
|
|
|
|
|
Non-GAAP operating
expenses
|
|
|
|
|
GAAP operating
expenses
|
|
$
|
393,878
|
|
|
$
|
421,933
|
|
Restructuring and
transformation costs
|
|
(57,042)
|
|
|
(74,375)
|
|
Deal
amortization
|
|
(30,184)
|
|
|
(28,056)
|
|
Non-GAAP operating
expenses
|
|
$
|
306,652
|
|
|
$
|
319,502
|
|
|
|
|
|
|
Non-GAAP operating
income
|
|
|
|
|
GAAP operating
income
|
|
$
|
40,540
|
|
|
$
|
46,432
|
|
Restructuring and
transformation costs
|
|
66,779
|
|
|
84,751
|
|
Deal
amortization
|
|
30,184
|
|
|
28,056
|
|
Non-GAAP operating
income
|
|
$
|
137,503
|
|
|
$
|
159,239
|
|
|
|
|
|
|
Non-GAAP interest
and other expense, net
|
|
|
|
|
GAAP interest and
other expense, net
|
|
$
|
(9,375)
|
|
|
$
|
(10,031)
|
|
Restructuring and
transformation costs
|
|
—
|
|
|
—
|
|
Non-GAAP interest
and other expense, net
|
|
$
|
(9,375)
|
|
|
$
|
(10,031)
|
|
|
|
|
|
|
Non-GAAP income
before taxes
|
|
|
|
|
GAAP income before
taxes
|
|
$
|
31,165
|
|
|
$
|
36,401
|
|
Restructuring and
transformation costs
|
|
66,779
|
|
|
84,751
|
|
Deal
amortization
|
|
30,184
|
|
|
28,056
|
|
Non-GAAP income
before taxes
|
|
$
|
128,128
|
|
|
$
|
149,208
|
|
|
|
|
|
|
Non-GAAP net
income
|
|
|
|
|
GAAP net
income
|
|
$
|
16,897
|
|
|
$
|
35,148
|
|
Restructuring and
transformation costs
|
|
66,779
|
|
|
84,751
|
|
Deal
amortization
|
|
30,184
|
|
|
28,056
|
|
Tax valuation
allowance
|
|
12,871
|
|
|
-
|
|
Tax benefit
associated with non-GAAP adjustments
|
|
(30,509)
|
|
|
(33,512)
|
|
Non-GAAP net
income
|
|
$
|
96,222
|
|
|
$
|
114,443
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per common share assuming dilution
|
|
|
|
|
GAAP net income per
common share assuming dilution
|
|
$
|
0.32
|
|
|
$
|
0.67
|
|
Non-GAAP items after
tax per common share assuming dilution
|
|
1.53
|
|
|
1.52
|
|
Non-GAAP net
income per common share assuming dilution
|
|
$
|
1.85
|
|
|
$
|
2.19
|
|
Presented below are
additional Constant Currency performance measures. We measure
different components of our business at constant currency. We
believe this information is useful for investors because it allows
for an evaluation of the Company without the effect of changes in
foreign exchange rates. These results convert our local
foreign currency operating results to the US Dollar at constant
exchange rates of 0.833 Euro to 1.00 US Dollar and 110 Yen to 1.00
US Dollar. They also exclude the results of our foreign
currency hedging program described in Note 7 to our consolidated
financial statements in our Form 10-K.
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
Non-GAAP
revenue
|
|
|
|
|
GAAP
revenue
|
|
$
|
910,373
|
|
|
$
|
938,509
|
|
Foreign currency
effects
|
|
(26,541)
|
|
|
(42,429)
|
|
Non-GAAP revenue -
constant currency
|
|
$
|
883,832
|
|
|
$
|
896,080
|
|
|
|
|
|
|
Non-GAAP net
income
|
|
|
|
|
Non-GAAP net income,
adjusted for restructuring and transformation costs and deal
amortization
|
|
$
|
96,222
|
|
|
$
|
114,443
|
|
Foreign currency
effects
|
|
(13,848)
|
|
|
(21,105)
|
|
Income tax associated
with foreign currency effects
|
|
3,449
|
|
|
4,918
|
|
Non-GAAP net
income - constant currency
|
|
$
|
85,823
|
|
|
$
|
98,256
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per common share assuming dilution
|
|
|
|
|
Non-GAAP net income
per common share assuming dilution, adjusted for
restructuring and transformation costs and deal
amortization
|
|
$
|
1.85
|
|
|
$
|
2.19
|
|
Foreign currency
effects after tax per common share assuming dilution
|
|
(0.20)
|
|
|
(0.31)
|
|
Non-GAAP net
income per common share assuming dilution - constant
currency
|
|
$
|
1.65
|
|
|
$
|
1.88
|
|
|
Restructuring,
Transformation and Other Costs
|
(Unaudited data in
thousands)
|
|
|
|
|
|
GAAP results include
the following items which are excluded from adjusted
results.
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
|
|
|
|
|
Manufacturing and
network optimization
|
|
$
|
7,743
|
|
|
$
|
6,328
|
|
Commercial excellence
initiatives
|
|
1,486
|
|
|
2,494
|
|
Productivity and
operational initiatives
|
|
3,938
|
|
|
1,196
|
|
Accelerated
depreciation, asset write-down and other non-cash items
|
|
1,160
|
|
|
1,766
|
|
Whole blood
acquisition and integration
|
|
—
|
|
|
1,266
|
|
In process research
and development and related costs
|
|
440
|
|
|
1,217
|
|
Market-based stock
compensation
|
|
765
|
|
|
594
|
|
Total
restructuring, transformation and other costs
|
|
$
|
15,532
|
|
|
$
|
14,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
|
|
|
|
|
Manufacturing and
network optimization
|
|
$
|
37,661
|
|
|
$
|
45,554
|
|
Commercial excellence
initiatives
|
|
8,667
|
|
|
7,939
|
|
Productivity and
operational initiatives
|
|
10,530
|
|
|
2,529
|
|
Accelerated
depreciation, asset write-down and other non-cash items
|
|
4,560
|
|
|
8,355
|
|
Whole blood
acquisition and integration
|
|
—
|
|
|
12,233
|
|
In process research
and development and related costs
|
|
2,562
|
|
|
6,346
|
|
Market-based stock
compensation
|
|
2,799
|
|
|
1,795
|
|
Total
restructuring, transformation and other costs
|
|
$
|
66,779
|
|
|
$
|
84,751
|
|
|
|
|
|
|
|
|
|
|
|
Deal
Amortization
|
|
|
|
|
(Unaudited data in
thousands)
|
|
|
|
|
GAAP results include
the following items which are excluded from adjusted
results.
|
|
|
Three Months
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
Deal
amortization
|
|
$
|
7,415
|
|
|
$
|
7,008
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
3/28/2015
|
|
3/29/2014
|
Deal
amortization
|
|
$
|
30,184
|
|
|
$
|
28,056
|
|
|
|
|
|
|
In fiscal 2014, we
began reporting adjusted earnings before deal
amortization.
|
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SOURCE Haemonetics Corporation