Document


	4th Quarter 2025	Fiscal 2025
■Revenue, (decrease) / increase	$331 million, (4)%	$1.361 billion, 4%
■Organic1 revenue increase	—%	1%
■Earnings per diluted share	$1.17	$3.31
■Adjusted earnings per diluted share	$1.24	$4.57
■Cash flow from operating activities	$117 million	$182 million
■Free cash flow	$95 million	$145 million
1 Excludes the impacts of currency fluctuation, the divestiture of the Whole Blood product line as of its completion in January 2025 and the acquisitions of the Esophageal Protection product line in April 2024 and of the Sensor Guided Technologies product line through the first anniversary of its acquisition in December 2023.

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, coupled with decreased restructuring costs related to portfolio rationalization initiatives and lower amortization of fair value inventory step-up, partially offset by higher acquisition, integration and divestiture related costs. Operating expenses in the fourth quarter were $121.7 million, a decrease of $24.2 million, or 16.6%, when compared with the prior year period. The decrease in operating expenses was primarily driven by the remeasurement of contingent consideration, lower performance-based compensation and restructuring costs, partially offset by higher acquisition, integration and divestiture-related costs and increased amortization of acquired intangible assets. The Company had operating income of $71.3 million and a 21.6% operating margin in the fourth quarter of fiscal 2025, compared with operating income of $29.9 million and an operating margin of 8.7% in the fourth quarter of fiscal 2024. The income tax rates were 18% and 13% in the fourth quarters of fiscal 2025 and fiscal 2024, respectively. Fourth quarter fiscal 2025 net income and earnings per diluted share were $58.0 million and $1.17, respectively, compared with net income and earnings per diluted share of $20.4 million and $0.40, respectively, in the fourth quarter of fiscal 2024.

Adjusted operating expenses in the fourth quarter were $116.7 million, a decrease of $4.2 million or 3.4%, when compared with the prior year period. The decrease in adjusted operating expenses was primarily due to lower performance-based compensation and freight costs, partially offset by growth investments. Adjusted operating income for the fourth quarter of fiscal 2025 was $82.3 million, up $17.7 million or 27.5%, and adjusted operating margin was 24.9%, up 610 basis points, compared with the same period of fiscal 2024. The adjusted income tax rates were 22% and 21% in the fourth quarters of fiscal 2025 and fiscal 2024, respectively.

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.

Plasma

Blood Center

Hospital

Total Company

Reported

(7 – 10%)

(23 – 26%)

8 – 11%

(3 – 6%)

Currency impact

–

(1) – 0%

–

(1) – 0%

Acquisitions & Divestitures(1)

–

(19%)

–

(4%)

Organic

(7 – 10%)

(4 – 6%)

8 – 11%

(2) – 1%

CSL 2025 US disposables revenue(2)

21%

–

Organic, ex-CSL

11 – 14%

(4 – 6%)

8 – 11%

6 – 9%

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.

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 market and regional alignment 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 market and regional alignment and portfolio rationalization initiatives; the effects of global economic and political conditions, including changing trade and tariff policies and 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; the Company's ability to protect its 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.

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"), acquisition, integration and divestiture related costs, divestitures and sale of assets, 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. 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.


Haemonetics Corporation Financial Summary
Condensed Consolidated Statements of Income
(Data in thousands, except per share data)

		Three Months Ended							Year Ended
		3/29/2025			3/30/2024			Inc/(Dec) %	3/29/2025			3/30/2024			Inc/(Dec) %
		(unaudited)							(unaudited)
Net revenues		$	330,599		$	343,290		(3.7)%	$	1,360,824		$	1,309,055		4.0%
	Cost of goods sold	137,549			167,384			(17.8)%	611,866			617,507			(0.9)%
Gross profit		193,050			175,906			9.7%	748,958			691,548			8.3%

	Research and development	15,914			15,857			0.4%	62,722			54,435			15.2%
	Selling, general and administrative	115,360			121,681			(5.2)%	436,789			431,780			1.2%
	Amortization of acquired intangible assets	11,296			10,425			8.4%	48,261			32,031			50.7%
	Remeasurement of contingent consideration	(20,855)			—			n/m	(23,022)			—			n/m
	Gain on divestiture and sale of assets	—			(2,000)			n/m	—			(2,000)			n/m
	Impairment of intangible assets	—			—			n/m	2,391			10,419			n/m
Operating expenses		121,715			145,963			(16.6)%	527,141			526,665			0.1%

Operating income		71,335			29,943			138.2%	221,817			164,883			34.5%

Interest and other expense, net		(598)			(6,529)			(90.8)%	(9,746)			(13,018)			(25.1)%

Income before taxes		70,737			23,414			202.1%	212,071			151,865			39.6%

Provision for income taxes		12,756			3,047			318.6%	44,392			34,307			29.4%

Net income		$	57,981		$	20,367		184.7%	$	167,679		$	117,558		42.6%


Net income per common share assuming dilution		$	1.17		$	0.40		192.5%	$	3.31		$	2.29		44.5%

Weighted average number of shares:
	Basic	49,193			50,787				50,330			50,706
	Diluted	49,476			51,408				50,730			51,397

Profit Margins:								Inc/(Dec) %							Inc/(Dec) %
Gross profit		58.4		%	51.2		%	7.2%	55.0		%	52.8		%	2.2%
Research and development		4.8		%	4.6		%	0.2%	4.6		%	4.2		%	0.4%
Selling, general and administrative		34.9		%	35.4		%	(0.5)%	32.1		%	33.0		%	(0.9)%
Operating income		21.6		%	8.7		%	12.9%	16.3		%	12.6		%	3.7%
Income before taxes		21.4		%	6.8		%	14.6%	15.6		%	11.6		%	4.0%
Net income		17.5		%	5.9		%	11.6%	12.3		%	9.0		%	3.3%


Revenue Analysis by Business Unit
(Data in thousands)

		Three Months Ended
		3/29/2025		3/30/2024		Reported growth		Currency impact		Acquisitions & Divestitures(1)		Organic growth
Revenues by business unit(2)		(unaudited)
	Plasma(5)	$	126,736	$	139,479	(9.1)	%	(0.2)	%	—	%	(8.9)	%

	Apheresis	54,320		54,469		(0.3)	%	(1.9)	%	—	%	1.6	%
	Whole Blood	1,686		17,521		(90.4)	%	(0.2)	%	(53.8)	%	(36.4)	%
	Blood Center	56,006		71,990		(22.2)	%	(1.4)	%	(20.6)	%	(0.2)	%


	Interventional Technologies(3)	66,799		55,117		21.2	%	(1.0)	%	9.8	%	12.4	%


	Blood Management Technologies(4)	81,058		76,704		5.7	%	(0.7)	%	—	%	6.4	%

	Hospital	147,857		131,821		12.2	%	(0.8)	%	4.1	%	8.9	%



Total net revenues		$	330,599	$	343,290	(3.7)	%	(0.7)	%	(2.8)	%	(0.2)	%

		Year Ended
		3/29/2025		3/30/2024		Reported growth		Currency impact		Acquisitions & Divestitures(1)		Organic growth
Revenues by business unit(2)		(unaudited)
	Plasma(5)	$	535,431	$	569,535	(6.0)	%	(0.1)	%	—	%	(5.9)	%

	Apheresis	213,134		211,173		0.9	%	(1.5)	%	—	%	2.4	%
	Whole Blood	47,990		72,058		(33.4)	%	(0.1)	%	(17.3)	%	(16.0)	%
	Blood Center	261,124		283,231		(7.8)	%	(1.1)	%	(5.2)	%	(1.5)	%

	Interventional Technologies(3)	255,019		174,285		46.3	%	(0.6)	%	30.4	%	16.5	%
	Blood Management Technologies(4)	309,250		282,004		9.7	%	(0.2)	%	—	%	9.9	%


	Hospital	564,269		456,289		23.7	%	(0.3)	%	11.6	%	12.4	%



Total net revenues		$	1,360,824	$	1,309,055	4.0	%	(0.3)	%	2.9	%	1.4	%
(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 Hospital of the Esophageal Protection product line acquired as part of the Attune Medical transaction in April 2024 and the Sensor-Guided Technologies product line acquired as part of the OpSens Inc. transaction through the first anniversary of the acquisition in December 2023.
(2) Beginning in fiscal 2025, the Company integrated service revenue within its three business units. Prior periods were conformed to current presentation.
(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.
(5) Plasma revenue includes CSL U.S. disposables revenue of $12.3 million and $99.8 million in the fourth quarter and full year of fiscal year 2025, respectively, as compared to $36.3 million and $154.53 million in the fourth quarter and full year of fiscal 2024, respectively.


Condensed Consolidated Balance Sheets
(Data in thousands)

			As of
			3/29/2025		3/30/2024
			(unaudited)
Assets
Cash and cash equivalents			$	306,763	$	178,800
Accounts receivable, net			202,657		206,562
Inventories, net			365,141		317,202
Other current assets			60,414		66,339
		Total current assets	934,975		768,903
Property, plant & equipment, net			284,052		311,362
Intangible assets, net			455,743		406,117
Goodwill			604,269		565,082
Other assets			171,909		144,127
	Total assets		$	2,450,948	$	2,195,591

Liabilities & Stockholders' Equity
Short-term debt & current maturities			$	303,558	$	10,229
Other current liabilities			274,555		290,154
		Total current liabilities	578,113		300,383
Long-term debt			921,230		797,564
Other long-term liabilities			130,769		137,685
Stockholders' equity			820,836		959,959
	Total liabilities & stockholders' equity		$	2,450,948	$	2,195,591


Condensed Consolidated Statements of Cash Flows
(Data in thousands)

	Year Ended
	3/29/2025		3/30/2024
	(unaudited)
Cash Flows from Operating Activities:
Net income	$	167,679	$	117,558
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	115,586		97,215
Amortization of fair value inventory step-up	14,956		3,347
Share-based compensation expense	29,636		28,332
Impairment of intangible assets	2,391		10,419
Gain on repurchase of convertible senior notes, net	(12,600)		—

Gains on sales of property, plant and equipment	(15,698)		(1,013)
Deferred income taxes	(5,219)		(11,039)

Remeasurement of contingent consideration	(23,022)		—
Change in other non-cash operating activities	9,978		11,633
Change in accounts receivable, net	6,956		(24,193)
Change in inventories, net	(64,704)		(60,061)
Change in prepaid income taxes	226		(983)
Change in other assets and other liabilities	(25,232)		(34,046)
Change in accounts payable and accrued expenses	(19,208)		44,582
Net cash provided by operating activities	181,725		181,751
Cash Flows from Investing Activities:
Capital expenditures	(39,278)		(38,125)
Non-cash transfers from inventory to property, plant and equipment for Haemonetics equipment	(21,112)		(28,171)
Proceeds from divestiture and sale of assets	43,291		1,500
Proceeds from sale of property, plant and equipment	23,253		1,810
Acquisition	(150,906)		(243,852)
Other investments	(17,143)		(15,551)
Net cash used in investing activities	(161,895)		(322,389)
Cash Flows from Financing Activities:
Repayments, net of borrowings	447,312		37,750
Purchase of capped call related to convertible notes	(88,200)		—
Debt issuance costs	(23,135)		—
Share repurchase	(225,000)		—
Contingent consideration payments	—		(849)
Proceeds from employee stock programs	8,333		7,214
Cash used to net share settle employee equity awards	(10,243)		(5,885)
Other financing activities	(249)		(73)
Net cash provided by (used in) financing activities	108,818		38,157
Effect of exchange rates on cash and cash equivalents	(685)		(3,185)
Net Change in Cash and Cash Equivalents	127,963		(105,666)
Cash and Cash Equivalents at Beginning of the Period	178,800		284,466
Cash and Cash Equivalents at End of Period	$	306,763	$	178,800

Free Cash Flow Reconciliation:
Cash provided by operating activities	$	181,725	$	181,751
Capital expenditures	(39,278)		(38,125)
Additions to Haemonetics equipment	(21,112)		(28,171)
Proceeds from sale of property, plant and equipment	23,253		1,810
Free cash flow	$	144,588	$	117,265


Reconciliation of Adjusted Measures for Fourth Quarter of FY25 and FY24
(Data in thousands, except per share data)

Three Months Ended March 29, 2025:	Gross profit			Operating expenses			Operating income			Interest and other income (expense)		Provision for income taxes		Net income			Earnings per diluted share
Reported	$	193,050		$	121,715		$	71,335		$	(598)	$	12,756	$	57,981		$	1.17
Amortization of acquired intangible assets	—			(11,296)			11,296			—		2,805		8,491			0.17
Amortization of fair value inventory step-up	2,637			—			2,637			—		641		1,996			0.04
Acquisition, integration and divestiture related costs	2,407			(4,882)			7,289			(2,559)		1,278		3,452			0.06
Restructuring costs	170			(814)			984			—		321		663			0.01
Restructuring related costs	790			(898)			1,688			—		386		1,302			0.03
Digital transformation costs	—			(4,450)			4,450			—		1,045		3,405			0.07

MDR and IVDR costs	13			(1,686)			1,699			—		404		1,295			0.03
Litigation-related charges	—			(1,820)			1,820			—		442		1,378			0.03




Remeasurement of contingent consideration	—			20,855			(20,855)			—		(70)		(20,785)			(0.42)
Discrete tax items	—			—			—			—		(2,396)		2,396			0.05
Adjusted	$	199,067		$	116,724		$	82,343		$	(3,157)	$	17,612	$	61,574		$	1.24
Adjusted, as a percentage of net revenues	60.2		%	35.3		%	24.9		%					18.6		%

Three Months Ended March 30, 2024:	Gross profit			Operating expenses			Operating income			Interest and other income (expense)		Provision for income taxes		Net income			Earnings per diluted share
Reported	$	175,906		$	145,963		$	29,943		$	(6,529)	$	3,047	$	20,367		$	0.40
Amortization of acquired intangible assets	—			(10,425)			10,425			—		2,759		7,666			0.15
Amortization of fair value inventory step-up	3,347			—			3,347			—		887		2,460			0.05
Acquisition, integration and divestiture related costs	31			(3,450)			3,481			—		1,056		2,425			0.05
Restructuring costs	3,958			(2,088)			6,046			—		1,419		4,627			0.09
Restructuring related costs	2,129			(816)			2,945			—		751		2,194			0.05
Digital transformation costs	—			(4,955)			4,955			—		1,244		3,711			0.07
Write downs of certain in-process intangible assets and PCS2 related charges	112			(4,362)			4,474			—		1,143		3,331			0.06
MDR and IVDR costs	—			(1,001)			1,001			—		245		756			0.01
Litigation-related charges	—			14			(14)			—		17		(31)			—

Gain on divestiture	—			2,000			(2,000)			—		(510)		(1,490)			(0.03)


Adjusted	$	185,483		$	120,880		$	64,603		$	(6,529)	$	12,058	$	46,016		$	0.90
Adjusted, as a percentage of net revenues	54.0		%	35.2		%	18.8		%					13.4		%


Reconciliation of Adjusted Measures for Year-to-Date FY25 and FY24
(Data in thousands, except per share data)

Year Ended March 29, 2025:	Gross profit			Operating expenses			Operating income			Interest and other income (expense)		Provision for income taxes		Net income			Earnings per diluted share
Reported	$	748,958		$	527,141		$	221,817		$	(9,746)	$	44,392	$	167,679		$	3.31
Amortization of acquired intangible assets	—			(48,261)			48,261			—		11,986		36,275			0.72
Amortization of fair value inventory step-up	14,956			—			14,956			—		3,646		11,310			0.22
Acquisition, integration and divestiture related costs	3,204			(19,700)			22,904			(2,484)		2,415		18,005			0.35
Restructuring costs	11,328			(2,585)			13,913			—		3,477		10,436			0.21
Restructuring related costs	3,304			(3,941)			7,245			—		1,690		5,555			0.11
Digital transformation costs	—			(20,273)			20,273			—		4,818		15,455			0.30
Write downs of certain assets	—			(4,000)			4,000			—		971		3,029			0.06
MDR and IVDR costs	13			(4,810)			4,823			—		1,144		3,679			0.07
Litigation-related charges	—			(2,877)			2,877			—		699		2,178			0.04
Gain on repurchase of convertible notes, net	—			—			—			(12,600)		(3,059)		(9,541)			(0.19)
Gain on sale of property, plant and equipment	—			14,134			(14,134)			—		(3,432)		(10,702)			(0.21)
Impairment of intangible assets	—			(2,391)			2,391			—		581		1,810			0.04

Remeasurement of contingent consideration	—			23,022			(23,022)			—		(70)		(22,952)			(0.45)
Discrete tax items	—			—			—			—		707		(707)			(0.01)
Adjusted	$	781,763		$	455,459		$	326,304		$	(24,830)	$	69,965	$	231,509		$	4.57
Adjusted, as a percentage of net revenues	57.4		%	33.5		%	24.0		%					17.0		%

Year Ended March 30, 2024:	Gross profit			Operating expenses			Operating income			Interest and other income (expense)		Provision for income taxes		Net income			Earnings per diluted share
Reported	$	691,548		$	526,665		$	164,883		$	(13,018)	$	34,307	$	117,558		$	2.29
Amortization of acquired intangible assets	—			(32,031)			32,031			—		8,241		23,790			0.46
Amortization of fair value inventory step-up	3,347			—			3,347			—		887		2,460			0.05
Acquisition, integration and divestiture related costs	31			(11,218)			11,249			—		1,340		9,909			0.19
Restructuring costs	11,287			(2,802)			14,089			—		3,180		10,909			0.21
Restructuring related costs	5,733			(3,766)			9,499			—		2,355		7,144			0.14
Digital transformation costs	—			(15,667)			15,667			—		3,853		11,814			0.23
PCS2 related charges	331			(4,764)			5,095			—		1,300		3,795			0.07
MDR and IVDR costs	—			(5,588)			5,588			—		1,322		4,266			0.08
Litigation-related charges	—			(6,670)			6,670			—		1,701		4,969			0.10
Impairment of intangible assets	—			(10,419)			10,419			—		3,376		7,043			0.14
Gain on divestiture	—			2,000			(2,000)			—		(510)		(1,490)			(0.03)

Discrete tax items	—			—			—			—		(1,466)		1,466			0.03
Adjusted	$	712,277		$	435,740		$	276,537		$	(13,018)	$	59,886	$	203,633		$	3.96
Adjusted, as a percentage of net revenues	54.4		%	33.3		%	21.1		%					15.6		%


		Exhibit 99.1

Investor Contacts	Media Contact
	Olga Guyette, Vice President-Investor Relations & Treasury	Josh Gitelson, Sr. Director-Global Communications
	(781) 356-9763	(781) 356-9776
	olga.guyette@haemonetics.com	josh.gitelson@haemonetics.com

	David Trenk, Manager-Investor Relations
	(203) 733-4987
	david.trenk@haemonetics.com


($ millions)	4th Quarter 2025 Reported
Plasma	$126.7	(9.1)%
Blood Center	$56.0	(22.2)%
Hospital	$147.9	12.2%


Total net revenue	$330.6	(3.7)%


			4th Quarter 2025 Organic
Plasma			(8.9)%
Blood Center			(0.2)%
Hospital			8.9%


Total net revenue			(0.2)%


Adjusted operating margin			26 – 27%
Adjusted earnings per diluted share			$4.70 – $5.00
Free cash flow			$160M – $200M