EARNINGS PER SHARE

12 Months Ended

Mar. 29, 2025

The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.


(In thousands, except per share amounts)	2025		2024		2023
Basic EPS
Net income	$	167,679	$	117,558	$	115,401
Weighted average shares	50,330		50,706		50,783
Basic income per share	$	3.33	$	2.32	$	2.27
Diluted EPS
Net income	$	167,679	$	117,558	$	115,401
Basic weighted average shares	50,330		50,706		50,783
Net effect of common stock equivalents	400		691		637
Diluted weighted average shares	50,730		51,397		51,420
Diluted income per share	$	3.31	$	2.29	$	2.24

Basic earnings per share is calculated using the Company’s weighted-average outstanding common shares. Diluted earnings per share is calculated using its weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method and the outstanding convertible senior notes as determined under the net share settlement method. From the time of the issuance of the convertible senior notes, the average market price of the Company’s common shares has been less than the applicable initial conversion price, and consequently no shares have been included in diluted earnings per share for the conversion values of both the convertible senior notes. For fiscal 2025, 2024 and 2023, weighted average shares outstanding, assuming dilution, excludes the impact of 0.8 million, 0.6 million and 0.6 million anti-dilutive shares, respectively.

Share Repurchase Program

In August 2022, the Company announced that its Board of Directors had approved a three-year share repurchase program authorizing the repurchase of up to $300.0 million of Haemonetics common stock (the “Share Repurchase Authorization”), based on market conditions, through August 2025. Under the Share Repurchase Authorization, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions. The actual timing, number and value of shares repurchased will be determined by the Company at its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and compliance with the terms of loan covenants. The Share Repurchase Authorization may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

In fiscal 2023, the Company completed a $75.0 million repurchase of its common stock pursuant to an accelerated share repurchase agreement (“ASR”) entered into with Citibank N.A. (“Citibank”) in August 2022. The total number of shares repurchased under the ASR was 1.0 million at an average price per share upon final settlement of $75.20.

In October 2024, the Company completed a $75.0 million repurchase of its common stock pursuant to an ASR entered into with Citibank in August 2024. The total number of shares repurchased under the ASR was 1.0 million at an average price per share upon final settlement of $74.36.

In February 2025, the Company entered into an ASR with Goldman Sachs & Co. (“Goldman Sachs”) to repurchase $150.0 million of the Company’s common stock. Pursuant to the ASR, in February 2025, the Company paid Citibank $150.0 million and received an additional delivery of 2.0 million shares of the Company’s common stock based on a closing market price on the New York Stock Exchange on February 7, 2025 of $59.34, which represented 80% of the total contract. The ASR was completed in April 2025, subsequent to the end of the fourth quarter of fiscal 2025, and 0.4 million additional shares were delivered upon settlement. As of March 29, 2025, we have fully funded the $300.0 million Share Repurchase Authorization.

Share Repurchase Authorization

In April 2025 the Company’s Board of Directors approved a new share repurchase authorization of up to $500 million of Haemonetics common stock over the next three years. This new share repurchase program will help to offset the dilutive impact of recent and future employee equity grants. In addition to this share repurchase activity, the Company’s capital allocation strategy continues to prioritize funding of planned internal investments to support the business as well as inorganic opportunities to accelerate its long-term growth plans. Under the share repurchase program, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions. The actual timing, number and value of shares repurchased will be determined by the Company at its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and compliance with the terms of loan covenants. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.