Massachusetts
|
|
04-2882273
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
400 Wood Road,
Braintree, Massachusetts 02184-9114
(Address of principal executive offices)
|
|
(781) 848-7100
(Registrant’s telephone number)
|
(Title of Each Class)
|
|
(Name of Exchange on Which Registered)
|
Common stock, $.01 par value per share
|
|
New York Stock Exchange
|
|
|
Page
Number
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 4A.
|
||
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
Item 15.
|
•
|
Plasma
|
•
|
Hospital
|
•
|
Blood Center
|
•
|
Japan
|
•
|
EMEA
|
•
|
North America Plasma
|
•
|
All Other
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
|
March 28,
2015 |
||||||
Japan
|
$
|
91,346
|
|
|
$
|
129,551
|
|
|
$
|
146,765
|
|
EMEA
|
259,863
|
|
|
249,504
|
|
|
305,540
|
|
|||
North America Plasma
|
313,934
|
|
|
453,212
|
|
|
467,249
|
|
|||
All Other
|
573,566
|
|
|
486,861
|
|
|
565,863
|
|
|||
Total assets
|
$
|
1,238,709
|
|
|
$
|
1,319,128
|
|
|
$
|
1,485,417
|
|
•
|
Plasma
|
•
|
Hospital
|
•
|
Blood Center
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
||||||||
Fiscal year ended April 1, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Market price of Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
||||
High
|
$
|
35.67
|
|
|
$
|
38.06
|
|
|
$
|
41.41
|
|
|
$
|
41.65
|
|
Low
|
$
|
25.98
|
|
|
$
|
29.08
|
|
|
$
|
32.76
|
|
|
$
|
36.44
|
|
Fiscal year ended April 2, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Market price of Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
||||
High
|
$
|
45.32
|
|
|
$
|
42.24
|
|
|
$
|
34.63
|
|
|
$
|
35.67
|
|
Low
|
$
|
39.69
|
|
|
$
|
34.13
|
|
|
$
|
29.70
|
|
|
$
|
29.20
|
|
(In thousands, except per share and employee data)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Summary of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net revenues
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
|
$
|
938,509
|
|
|
$
|
891,990
|
|
Cost of goods sold
|
507,622
|
|
|
502,918
|
|
|
475,955
|
|
|
470,144
|
|
|
463,859
|
|
|||||
Gross profit
|
378,494
|
|
|
405,914
|
|
|
434,418
|
|
|
468,365
|
|
|
428,131
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Research and development
|
37,556
|
|
|
44,965
|
|
|
54,187
|
|
|
54,200
|
|
|
44,394
|
|
|||||
Selling, general and administrative
|
301,726
|
|
|
317,223
|
|
|
337,168
|
|
|
365,977
|
|
|
323,053
|
|
|||||
Impairment of assets
|
58,593
|
|
|
92,395
|
|
|
5,441
|
|
|
1,711
|
|
|
4,247
|
|
|||||
Contingent consideration (income) expense
|
—
|
|
|
(4,727
|
)
|
|
(2,918
|
)
|
|
45
|
|
|
—
|
|
|||||
Total operating expenses
|
397,875
|
|
|
449,856
|
|
|
393,878
|
|
|
421,933
|
|
|
371,694
|
|
|||||
Operating (loss) income
|
(19,381
|
)
|
|
(43,942
|
)
|
|
40,540
|
|
|
46,432
|
|
|
56,437
|
|
|||||
Other expense, net
|
(8,095
|
)
|
|
(9,474
|
)
|
|
(9,375
|
)
|
|
(10,031
|
)
|
|
(6,540
|
)
|
|||||
(Loss) income before (benefit) provision for income taxes
|
(27,476
|
)
|
|
(53,416
|
)
|
|
31,165
|
|
|
36,401
|
|
|
49,897
|
|
|||||
(Benefit) provision for income taxes
|
(1,208
|
)
|
|
2,163
|
|
|
14,268
|
|
|
1,253
|
|
|
11,097
|
|
|||||
Net (loss) income
|
$
|
(26,268
|
)
|
|
$
|
(55,579
|
)
|
|
$
|
16,897
|
|
|
$
|
35,148
|
|
|
$
|
38,800
|
|
(Loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.33
|
|
|
$
|
0.68
|
|
|
$
|
0.76
|
|
Diluted
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.32
|
|
|
$
|
0.67
|
|
|
$
|
0.74
|
|
Weighted average number of shares
|
51,524
|
|
|
50,910
|
|
|
51,533
|
|
|
51,611
|
|
|
51,349
|
|
|||||
Common stock equivalent shares
|
—
|
|
|
—
|
|
|
556
|
|
|
766
|
|
|
910
|
|
|||||
Weighted average number of shares and common stock equivalent shares
|
51,524
|
|
|
50,910
|
|
|
52,089
|
|
|
52,377
|
|
|
52,259
|
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Financial and Statistical Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Working capital
|
$
|
298,850
|
|
|
$
|
302,535
|
|
|
$
|
368,985
|
|
|
$
|
391,944
|
|
|
$
|
403,153
|
|
Current ratio
|
2.4
|
|
|
2.6
|
|
|
3.0
|
|
|
2.8
|
|
|
3.2
|
|
|||||
Property, plant and equipment, net
|
$
|
323,862
|
|
|
$
|
337,634
|
|
|
$
|
321,948
|
|
|
$
|
271,437
|
|
|
$
|
256,953
|
|
Capital expenditures
|
$
|
76,135
|
|
|
$
|
102,405
|
|
|
$
|
122,220
|
|
|
$
|
73,648
|
|
|
$
|
62,188
|
|
Depreciation and amortization
|
$
|
89,733
|
|
|
$
|
89,911
|
|
|
$
|
86,053
|
|
|
$
|
81,740
|
|
|
$
|
65,481
|
|
Total assets
|
$
|
1,238,709
|
|
|
$
|
1,319,128
|
|
|
$
|
1,485,417
|
|
|
$
|
1,514,178
|
|
|
$
|
1,461,917
|
|
Total debt
|
$
|
314,647
|
|
|
$
|
408,000
|
|
|
$
|
427,891
|
|
|
$
|
437,687
|
|
|
$
|
480,094
|
|
Stockholders’ equity
|
$
|
739,610
|
|
|
$
|
721,565
|
|
|
$
|
826,122
|
|
|
$
|
837,888
|
|
|
$
|
769,182
|
|
Debt as a % of stockholders’ equity
|
42.5
|
%
|
|
56.5
|
%
|
|
51.8
|
%
|
|
52.2
|
%
|
|
62.4
|
%
|
|||||
Employees
|
3,107
|
|
|
3,225
|
|
|
3,383
|
|
|
3,782
|
|
|
3,563
|
|
•
|
Biopharmaceutical companies are seeking more efficient production processes to meet growing demand for biopharmaceuticals without requiring an equivalent increase in plasma supply.
|
•
|
Newly approved indications for, and the growing understanding and thus diagnosis of auto-immune diseases treated with plasma-derived therapies increase the demand for plasma, as do longer lifespans and a growing aging patient population.
|
•
|
Several blood collectors supply additional plasma to fractionators, and thus plasma supply can rise overall but not directly impact our Plasma business unit.
|
•
|
Geographical expansion of biopharmaceuticals also increases demand for plasma.
|
(In thousands, except per share data)
|
2017
|
|
2016
|
|
2015
|
|
% Increase/(Decrease)
17 vs. 16 |
|
% Increase/(Decrease)
16 vs. 15 |
||||||||
Net revenues
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
|
(2.5
|
)%
|
|
(0.2
|
)%
|
Gross profit
|
$
|
378,494
|
|
|
$
|
405,914
|
|
|
$
|
434,418
|
|
|
(6.8
|
)%
|
|
(6.6
|
)%
|
% of net revenues
|
42.7
|
%
|
|
44.7
|
%
|
|
47.7
|
%
|
|
|
|
|
|
|
|||
Operating expenses
|
$
|
397,875
|
|
|
$
|
449,856
|
|
|
$
|
393,878
|
|
|
(11.6
|
)%
|
|
14.2
|
%
|
Operating (loss) income
|
$
|
(19,381
|
)
|
|
$
|
(43,942
|
)
|
|
$
|
40,540
|
|
|
(55.9
|
)%
|
|
n/m
|
|
% of net revenues
|
(2.2
|
)%
|
|
(4.8
|
)%
|
|
4.5
|
%
|
|
|
|
|
|
|
|||
Other expense, net
|
$
|
(8,095
|
)
|
|
$
|
(9,474
|
)
|
|
$
|
(9,375
|
)
|
|
(14.6
|
)%
|
|
1.1
|
%
|
(Loss) income before taxes
|
$
|
(27,476
|
)
|
|
$
|
(53,416
|
)
|
|
$
|
31,165
|
|
|
(48.6
|
)%
|
|
n/m
|
|
(Benefit) provision for income tax
|
$
|
(1,208
|
)
|
|
$
|
2,163
|
|
|
$
|
14,268
|
|
|
n/m
|
|
|
(84.8
|
)%
|
% of pre-tax income
|
4.4
|
%
|
|
(4.0
|
)%
|
|
45.8
|
%
|
|
|
|
|
|
|
|||
Net (loss) income
|
$
|
(26,268
|
)
|
|
$
|
(55,579
|
)
|
|
$
|
16,897
|
|
|
(52.7
|
)%
|
|
n/m
|
|
% of net revenues
|
(3.0
|
)%
|
|
(6.1
|
)%
|
|
1.9
|
%
|
|
|
|
|
|
||||
Net (loss) income per share - diluted
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.32
|
|
|
(53.2
|
)%
|
|
n/m
|
|
|
Fiscal Year
|
|
Fiscal 2017 versus 2016
|
|
Fiscal 2016 versus 2015
|
||||||||||||||||||||||||
(In thousands)
|
2017
|
|
2016
|
|
2015
|
|
% Increase/(decrease)
|
|
Currency impact
|
|
Constant currency growth
(1)
|
|
% Increase/(decrease)
|
|
Currency impact
|
|
Constant currency growth
(1)
|
||||||||||||
United States
|
$
|
522,686
|
|
|
$
|
519,440
|
|
|
$
|
494,788
|
|
|
0.6
|
%
|
|
—
|
%
|
|
0.6
|
%
|
|
5.0
|
%
|
|
—
|
%
|
|
5.0
|
%
|
International
|
363,430
|
|
|
389,392
|
|
|
415,585
|
|
|
(6.7
|
)%
|
|
(3.1
|
)%
|
|
(3.6
|
)%
|
|
(6.3
|
)%
|
|
(6.8
|
)%
|
|
0.5
|
%
|
|||
Net revenues
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
|
(2.5
|
)%
|
|
(1.3
|
)%
|
|
(1.2
|
)%
|
|
(0.2
|
)%
|
|
(3.1
|
)%
|
|
2.9
|
%
|
(1)
Constant currency growth, a non-GAAP financial measure, measures the change in sales between the current and prior year periods using a constant currency. See
"Management's Use of Non-GAAP Measures."
|
|
2017
|
|
2016
|
|
2015
|
|||
United States
|
59.0
|
%
|
|
57.2
|
%
|
|
54.4
|
%
|
Japan
|
9.0
|
%
|
|
9.0
|
%
|
|
9.7
|
%
|
Europe
|
18.7
|
%
|
|
20.7
|
%
|
|
23.7
|
%
|
Asia
|
12.4
|
%
|
|
12.3
|
%
|
|
11.2
|
%
|
Other
|
0.9
|
%
|
|
0.8
|
%
|
|
1.0
|
%
|
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
Fiscal Year
|
|
Fiscal 2017 versus 2016
|
|
Fiscal 2016 versus 2015
|
||||||||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
% Increase/(decrease)
|
|
Currency impact
|
|
Constant currency growth
(1)
|
|
% Increase/(decrease)
|
|
Currency impact
|
|
Constant currency growth
(1)
|
||||||
Plasma
|
|
$
|
410,727
|
|
|
$
|
381,776
|
|
|
$
|
352,911
|
|
|
7.6%
|
|
(1.0)%
|
|
8.6%
|
|
8.2%
|
|
(2.7)%
|
|
10.9%
|
Blood Center
|
|
303,890
|
|
|
355,108
|
|
|
386,147
|
|
|
(14.4)%
|
|
(0.9)%
|
|
(13.5)%
|
|
(8.0)%
|
|
(3.2)%
|
|
(4.8)%
|
|||
Cell Processing
|
|
105,376
|
|
|
112,483
|
|
|
120,434
|
|
|
(6.3)%
|
|
(2.5)%
|
|
(3.8)%
|
|
(6.6)%
|
|
(4.4)%
|
|
(2.2)%
|
|||
Hemostasis Management
|
|
66,123
|
|
|
59,465
|
|
|
50,881
|
|
|
11.2%
|
|
(2.6)%
|
|
13.8%
|
|
16.9%
|
|
(1.8)%
|
|
18.7%
|
|||
Net revenues
|
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
|
(2.5)%
|
|
(1.3)%
|
|
(1.2)%
|
|
(0.2)%
|
|
(3.1)%
|
|
2.9%
|
(1)
Constant currency growth, a non-GAAP financial measure, measures the change in sales between the current and prior year periods using a constant currency. See
"Management's Use of Non-GAAP Measures."
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
|
% Increase/(Decrease)
17 vs. 16 |
|
% Increase/(Decrease)
16 vs. 15 |
||||||||
Gross profit
|
$
|
378,494
|
|
|
$
|
405,914
|
|
|
$
|
434,418
|
|
|
(6.8
|
)%
|
|
(6.6
|
)%
|
% of net revenues
|
42.7
|
%
|
|
44.7
|
%
|
|
47.7
|
%
|
|
|
|
|
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
|
% Increase/(Decrease)
17 vs. 16 |
|
% Increase/(Decrease)
16 vs. 15 |
||||||||
Research and development
|
$
|
37,556
|
|
|
$
|
44,965
|
|
|
$
|
54,187
|
|
|
(16.5
|
)%
|
|
(17.0
|
)%
|
% of net revenues
|
4.2
|
%
|
|
4.9
|
%
|
|
6.0
|
%
|
|
|
|
|
|
|
|||
Selling, general and administrative
|
$
|
301,726
|
|
|
$
|
317,223
|
|
|
$
|
337,168
|
|
|
(4.9
|
)%
|
|
(5.9
|
)%
|
% of net revenues
|
34.1
|
%
|
|
34.9
|
%
|
|
37.0
|
%
|
|
|
|
|
|
|
|||
Impairment of assets
|
$
|
58,593
|
|
|
$
|
92,395
|
|
|
$
|
5,441
|
|
|
(36.6
|
)%
|
|
n/m
|
|
% of net revenues
|
6.6
|
%
|
|
10.2
|
%
|
|
0.6
|
%
|
|
|
|
|
|||||
Contingent consideration income
|
$
|
—
|
|
|
$
|
(4,727
|
)
|
|
$
|
(2,918
|
)
|
|
(100.0
|
)%
|
|
62.0
|
%
|
% of net revenues
|
—
|
%
|
|
(0.5
|
)%
|
|
(0.3
|
)%
|
|
|
|
|
|||||
Total operating expenses
|
$
|
397,875
|
|
|
$
|
449,856
|
|
|
$
|
393,878
|
|
|
(11.6
|
)%
|
|
14.2
|
%
|
% of net revenues
|
44.9
|
%
|
|
49.5
|
%
|
|
43.3
|
%
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
|
% Increase/(Decrease)
17 vs. 16 |
|
% Increase/(Decrease)
16 vs. 15 |
|||||
Reported income tax rate
|
4.4
|
%
|
|
(4.0
|
)%
|
|
45.8
|
%
|
|
8.4
|
%
|
|
(49.8
|
)%
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
|
Increase/(Decrease)
17 vs. 16 |
|
Increase/(Decrease)
16 vs. 15 |
||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating activities
|
$
|
159,738
|
|
|
$
|
121,865
|
|
|
$
|
127,178
|
|
|
$
|
37,873
|
|
|
$
|
(5,313
|
)
|
Investing activities
|
(73,313
|
)
|
|
(104,768
|
)
|
|
(121,768
|
)
|
|
(31,455
|
)
|
|
(17,000
|
)
|
|||||
Financing activities
|
(60,413
|
)
|
|
(62,624
|
)
|
|
(33,160
|
)
|
|
(2,211
|
)
|
|
29,464
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents
(1)
|
(1,571
|
)
|
|
(12
|
)
|
|
(4,057
|
)
|
|
(1,559
|
)
|
|
4,045
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
$
|
24,441
|
|
|
$
|
(45,539
|
)
|
|
$
|
(31,807
|
)
|
|
|
|
|
||||
(1)
The balance sheet is affected by spot exchange rates used to translate local currency amounts into U.S. dollars. In accordance with U.S. GAAP, we have eliminated the effect of foreign currency throughout our cash flow statement, except for its effect on our cash and cash equivalents.
|
|
Payments Due by Period
|
||||||||||||||||||
(In thousands)
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Debt
|
$
|
314,648
|
|
|
$
|
61,022
|
|
|
$
|
253,591
|
|
|
$
|
35
|
|
|
$
|
—
|
|
Operating leases
|
19,546
|
|
|
4,298
|
|
|
4,872
|
|
|
3,345
|
|
|
7,031
|
|
|||||
Purchase commitments
(1)
|
105,004
|
|
|
100,295
|
|
|
4,709
|
|
|
—
|
|
|
—
|
|
|||||
Expected retirement plan benefit payments
|
14,138
|
|
|
1,396
|
|
|
2,845
|
|
|
3,028
|
|
|
6,869
|
|
|||||
Total contractual obligations
|
$
|
453,336
|
|
|
$
|
167,011
|
|
|
$
|
266,017
|
|
|
$
|
6,408
|
|
|
$
|
13,900
|
|
(1)
Includes amounts we are committed to spend on purchase orders entered in the normal course of business for capital equipment and for the purpose of manufacturing our products including contract manufacturers, specifically JMS Co. Ltd., Kawasumi Laboratories and Sanmina Corporation for the manufacture of certain disposable products and equipment. The majority of our operating expense spending does not require any advance commitment.
|
|
Year Ended
|
||||||||||
|
April 1,
2017 |
|
April 2,
2016 |
|
March 28,
2015 |
||||||
|
|
|
|
|
|
||||||
Net revenues
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
Cost of goods sold
|
507,622
|
|
|
502,918
|
|
|
475,955
|
|
|||
Gross profit
|
378,494
|
|
|
405,914
|
|
|
434,418
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||
Research and development
|
37,556
|
|
|
44,965
|
|
|
54,187
|
|
|||
Selling, general and administrative
|
301,726
|
|
|
317,223
|
|
|
337,168
|
|
|||
Impairment of assets
|
58,593
|
|
|
92,395
|
|
|
5,441
|
|
|||
Contingent consideration income
|
—
|
|
|
(4,727
|
)
|
|
(2,918
|
)
|
|||
Total operating expenses
|
397,875
|
|
|
449,856
|
|
|
393,878
|
|
|||
Operating (loss) income
|
(19,381
|
)
|
|
(43,942
|
)
|
|
40,540
|
|
|||
Other expense, net
|
(8,095
|
)
|
|
(9,474
|
)
|
|
(9,375
|
)
|
|||
(Loss) income before (benefit) provision for income taxes
|
(27,476
|
)
|
|
(53,416
|
)
|
|
31,165
|
|
|||
(Benefit) provision for income taxes
|
(1,208
|
)
|
|
2,163
|
|
|
14,268
|
|
|||
Net (loss) income
|
$
|
(26,268
|
)
|
|
$
|
(55,579
|
)
|
|
$
|
16,897
|
|
|
|
|
|
|
|
|
|
|
|||
Net (loss) income per share - basic
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.33
|
|
Net (loss) income per share - diluted
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.32
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|||
Basic
|
51,524
|
|
|
50,910
|
|
|
51,533
|
|
|||
Diluted
|
51,524
|
|
|
50,910
|
|
|
52,089
|
|
|
Year Ended
|
||||||||||
|
April 1, 2017
|
|
April 2, 2016
|
|
March 28, 2015
|
||||||
|
|
|
|
|
|
||||||
Net (loss) income
|
$
|
(26,268
|
)
|
|
$
|
(55,579
|
)
|
|
$
|
16,897
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Impact of defined benefit plans, net of tax
|
5,220
|
|
|
1,431
|
|
|
(4,331
|
)
|
|||
Foreign currency translation adjustment
|
(7,336
|
)
|
|
(1,987
|
)
|
|
(23,710
|
)
|
|||
Unrealized (loss) gain on cash flow hedges, net of tax
|
(364
|
)
|
|
(3,938
|
)
|
|
11,371
|
|
|||
Reclassifications into earnings of cash flow hedge losses (gains), net of tax
|
4,647
|
|
|
(8,822
|
)
|
|
(6,464
|
)
|
|||
Other comprehensive income (loss)
|
2,167
|
|
|
(13,316
|
)
|
|
(23,134
|
)
|
|||
Comprehensive loss
|
$
|
(24,101
|
)
|
|
$
|
(68,895
|
)
|
|
$
|
(6,237
|
)
|
|
April 1,
2017 |
|
April 2,
2016 |
||||
|
|||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
139,564
|
|
|
$
|
115,123
|
|
Accounts receivable, less allowance of $2,184 at April 1, 2017 and $2,253 at April 2, 2016
|
152,683
|
|
|
157,093
|
|
||
Inventories, net
|
176,929
|
|
|
187,028
|
|
||
Prepaid expenses and other current assets
|
40,853
|
|
|
28,842
|
|
||
Total current assets
|
510,029
|
|
|
488,086
|
|
||
Property, plant and equipment, net
|
323,862
|
|
|
337,634
|
|
||
Intangible assets, less accumulated amortization of $215,772 at April 1, 2017 and $190,816 at April 2, 2016
|
177,540
|
|
|
204,458
|
|
||
Goodwill
|
210,841
|
|
|
267,840
|
|
||
Deferred tax asset, long term
|
3,988
|
|
|
7,055
|
|
||
Other long-term assets
|
12,449
|
|
|
14,055
|
|
||
Total assets
|
$
|
1,238,709
|
|
|
$
|
1,319,128
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|
||
Notes payable and current maturities of long-term debt
|
$
|
61,022
|
|
|
$
|
43,471
|
|
Accounts payable
|
42,973
|
|
|
39,674
|
|
||
Accrued payroll and related costs
|
43,534
|
|
|
35,798
|
|
||
Other current liabilities
|
63,650
|
|
|
66,608
|
|
||
Total current liabilities
|
211,179
|
|
|
185,551
|
|
||
Long-term debt, net of current maturities
|
253,625
|
|
|
364,529
|
|
||
Long-term deferred tax liability
|
12,114
|
|
|
21,377
|
|
||
Other long-term liabilities
|
22,181
|
|
|
26,106
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 52,255,495 shares at April 1, 2017 and 50,932,348 shares at April 2, 2016
|
523
|
|
|
509
|
|
||
Additional paid-in capital
|
482,044
|
|
|
439,912
|
|
||
Retained earnings
|
289,916
|
|
|
316,184
|
|
||
Accumulated other comprehensive loss
|
(32,873
|
)
|
|
(35,040
|
)
|
||
Total stockholders’ equity
|
739,610
|
|
|
721,565
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,238,709
|
|
|
$
|
1,319,128
|
|
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive Income/(Loss)
|
|
Total
Stockholders’ Equity
|
|||||||||||||
|
Shares
|
|
Par Value
|
|
|
|
|
|||||||||||||||
Balance, March 29, 2014
|
52,041
|
|
|
$
|
520
|
|
|
$
|
402,611
|
|
|
$
|
433,347
|
|
|
$
|
1,410
|
|
|
$
|
837,888
|
|
Employee stock purchase plan
|
183
|
|
|
2
|
|
|
4,761
|
|
|
—
|
|
|
—
|
|
|
4,763
|
|
|||||
Exercise of stock options and related tax benefit
|
500
|
|
|
5
|
|
|
14,640
|
|
|
—
|
|
|
—
|
|
|
14,645
|
|
|||||
Shares repurchased
|
(1,174
|
)
|
|
(11
|
)
|
|
(9,143
|
)
|
|
(29,879
|
)
|
|
—
|
|
|
(39,033
|
)
|
|||||
Issuance of restricted stock, net of cancellations
|
121
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
14,095
|
|
|
—
|
|
|
—
|
|
|
14,095
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
16,897
|
|
|
—
|
|
|
16,897
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,134
|
)
|
|
(23,134
|
)
|
|||||
Balance, March 28, 2015
|
51,671
|
|
|
$
|
517
|
|
|
$
|
426,964
|
|
|
$
|
420,365
|
|
|
$
|
(21,724
|
)
|
|
$
|
826,122
|
|
Employee stock purchase plan
|
145
|
|
|
1
|
|
|
4,340
|
|
|
—
|
|
|
—
|
|
|
4,341
|
|
|||||
Exercise of stock options
|
492
|
|
|
6
|
|
|
14,026
|
|
|
—
|
|
|
—
|
|
|
14,032
|
|
|||||
Shares repurchased
|
(1,488
|
)
|
|
(15
|
)
|
|
(12,367
|
)
|
|
(48,602
|
)
|
|
—
|
|
|
(60,984
|
)
|
|||||
Issuance of restricted stock, net of cancellations
|
112
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
6,949
|
|
|
—
|
|
|
—
|
|
|
6,949
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(55,579
|
)
|
|
—
|
|
|
(55,579
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,316
|
)
|
|
(13,316
|
)
|
|||||
Balance, April 2, 2016
|
50,932
|
|
|
$
|
509
|
|
|
$
|
439,912
|
|
|
$
|
316,184
|
|
|
$
|
(35,040
|
)
|
|
$
|
721,565
|
|
Employee stock purchase plan
|
141
|
|
|
2
|
|
|
3,557
|
|
|
—
|
|
|
—
|
|
|
3,559
|
|
|||||
Exercise of stock options
|
1,048
|
|
|
12
|
|
|
29,425
|
|
|
—
|
|
|
—
|
|
|
29,437
|
|
|||||
Issuance of restricted stock, net of cancellations
|
134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
9,150
|
|
|
—
|
|
|
—
|
|
|
9,150
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,268
|
)
|
|
—
|
|
|
(26,268
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,167
|
|
|
2,167
|
|
|||||
Balance, April 1, 2017
|
52,255
|
|
|
$
|
523
|
|
|
$
|
482,044
|
|
|
$
|
289,916
|
|
|
$
|
(32,873
|
)
|
|
$
|
739,610
|
|
|
Year Ended
|
||||||||||
|
April 1,
2017 |
|
April 2,
2016 |
|
March 28,
2015 |
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|||
Net (loss) income
|
$
|
(26,268
|
)
|
|
$
|
(55,579
|
)
|
|
$
|
16,897
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Non-cash items:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
89,733
|
|
|
89,911
|
|
|
86,053
|
|
|||
Impairment of assets
|
75,348
|
|
|
101,243
|
|
|
5,877
|
|
|||
Stock-based compensation expense
|
9,150
|
|
|
6,949
|
|
|
14,095
|
|
|||
Deferred tax (benefit) expense
|
(6,800
|
)
|
|
(1,038
|
)
|
|
4,230
|
|
|||
Unrealized loss (gain) from hedging activities
|
517
|
|
|
(2,645
|
)
|
|
1,558
|
|
|||
Changes in fair value of contingent consideration
|
—
|
|
|
(4,727
|
)
|
|
(2,918
|
)
|
|||
Provision for losses on accounts receivable and inventory
|
11,381
|
|
|
13,053
|
|
|
4,972
|
|
|||
Other non-cash operating activities
|
860
|
|
|
899
|
|
|
1,055
|
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Change in accounts receivable
|
3,155
|
|
|
(10,328
|
)
|
|
8,446
|
|
|||
Change in inventories
|
(1,552
|
)
|
|
11,896
|
|
|
(21,515
|
)
|
|||
Change in prepaid income taxes
|
1,395
|
|
|
(651
|
)
|
|
10,662
|
|
|||
Change in other assets and other liabilities
|
(18,253
|
)
|
|
3,121
|
|
|
(8,013
|
)
|
|||
Tax benefit of exercise of stock options
|
—
|
|
|
—
|
|
|
3,786
|
|
|||
Change in accounts payable and accrued expenses
|
21,072
|
|
|
(30,239
|
)
|
|
1,993
|
|
|||
Net cash provided by operating activities
|
159,738
|
|
|
121,865
|
|
|
127,178
|
|
|||
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(76,135
|
)
|
|
(102,405
|
)
|
|
(122,220
|
)
|
|||
Proceeds from sale of property, plant and equipment
|
2,822
|
|
|
637
|
|
|
452
|
|
|||
Other acquisitions and investments
|
—
|
|
|
(3,000
|
)
|
|
—
|
|
|||
Net cash used in investing activities
|
(73,313
|
)
|
|
(104,768
|
)
|
|
(121,768
|
)
|
|||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|||
Payments on long-term real estate mortgage
|
—
|
|
|
(943
|
)
|
|
(1,048
|
)
|
|||
Net (decrease) increase in short-term loans
|
(50,727
|
)
|
|
2,272
|
|
|
843
|
|
|||
Repayment of term loan borrowings
|
(42,683
|
)
|
|
(21,342
|
)
|
|
(8,531
|
)
|
|||
Proceeds from employee stock purchase plan
|
3,560
|
|
|
4,341
|
|
|
4,763
|
|
|||
Proceeds from exercise of stock options
|
29,437
|
|
|
14,032
|
|
|
9,290
|
|
|||
Share repurchases
|
—
|
|
|
(60,984
|
)
|
|
(39,033
|
)
|
|||
Other financing activities
|
—
|
|
|
—
|
|
|
556
|
|
|||
Net cash used in financing activities
|
(60,413
|
)
|
|
(62,624
|
)
|
|
(33,160
|
)
|
|||
Effect of exchange rates on cash and cash equivalents
|
(1,571
|
)
|
|
(12
|
)
|
|
(4,057
|
)
|
|||
Net Change in Cash and Cash Equivalents
|
24,441
|
|
|
(45,539
|
)
|
|
(31,807
|
)
|
|||
Cash and Cash Equivalents at Beginning of Year
|
115,123
|
|
|
160,662
|
|
|
192,469
|
|
|||
Cash and Cash Equivalents at End of Year
|
$
|
139,564
|
|
|
$
|
115,123
|
|
|
$
|
160,662
|
|
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
7,850
|
|
|
$
|
8,511
|
|
|
$
|
8,497
|
|
Income taxes paid
|
$
|
6,957
|
|
|
$
|
7,829
|
|
|
$
|
11,211
|
|
Transfers from inventory to fixed assets for placement of Haemonetics equipment
|
$
|
6,255
|
|
|
$
|
9,663
|
|
|
$
|
7,458
|
|
Asset Classification
|
|
Estimated
Useful Lives
|
Building
|
|
30-40 Years
|
Building improvements
|
|
5-20 Years
|
Plant equipment and machinery
|
|
3-15 Years
|
Office equipment and information technology
|
|
2-10 Years
|
Haemonetics equipment
|
|
3-7 Years
|
•
|
Purchase and consumption of a certain level of disposable products
|
•
|
Payment of monthly rental fees
|
•
|
An asset utilization performance metric, such as performing a minimum level of procedures per month per device
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
||||
VAT liabilities
|
$
|
4,051
|
|
|
$
|
1,289
|
|
Forward contracts
|
966
|
|
|
4,210
|
|
||
Deferred revenue
|
26,485
|
|
|
27,053
|
|
||
Accrued taxes
|
4,407
|
|
|
3,876
|
|
||
All other
|
27,741
|
|
|
30,180
|
|
||
Total
|
$
|
63,650
|
|
|
$
|
66,608
|
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
||||
Unfunded pension liability
|
14,060
|
|
|
18,067
|
|
||
Unrecognized tax benefit
|
1,627
|
|
|
2,283
|
|
||
All other
|
6,494
|
|
|
5,756
|
|
||
Total
|
$
|
22,181
|
|
|
$
|
26,106
|
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
||||
Warranty accrual as of the beginning of the year
|
$
|
420
|
|
|
$
|
531
|
|
Warranty provision
|
400
|
|
|
948
|
|
||
Warranty spending
|
(644
|
)
|
|
(1,059
|
)
|
||
Warranty accrual as of the end of the year
|
$
|
176
|
|
|
$
|
420
|
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
||||
Raw materials
|
$
|
52,052
|
|
|
$
|
62,062
|
|
Work-in-process
|
10,400
|
|
|
13,180
|
|
||
Finished goods
|
114,477
|
|
|
111,786
|
|
||
Total Inventories
|
$
|
176,929
|
|
|
$
|
187,028
|
|
(In thousands)
|
Japan
|
|
EMEA
|
|
North America Plasma
|
|
All Other
|
|
Total
|
||||||||||
Carrying amount as of March 28, 2015
|
$
|
24,899
|
|
|
$
|
72,695
|
|
|
$
|
26,415
|
|
|
$
|
210,301
|
|
|
$
|
334,310
|
|
Impairment charge
|
—
|
|
|
(66,305
|
)
|
|
—
|
|
|
—
|
|
|
(66,305
|
)
|
|||||
Transfer of goodwill between segments
|
—
|
|
|
(6,390
|
)
|
|
—
|
|
|
6,390
|
|
|
—
|
|
|||||
Currency translation
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
(149
|
)
|
|
(165
|
)
|
|||||
Carrying amount as of April 2, 2016
|
$
|
24,883
|
|
|
$
|
—
|
|
|
$
|
26,415
|
|
|
$
|
216,542
|
|
|
$
|
267,840
|
|
Impairment charge
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,989
|
)
|
|
(56,989
|
)
|
|||||
Transfer of goodwill between segments
|
—
|
|
|
20,545
|
|
|
—
|
|
|
(20,545
|
)
|
|
—
|
|
|||||
Currency translation
|
(3
|
)
|
|
(2
|
)
|
|
—
|
|
|
(5
|
)
|
|
(10
|
)
|
|||||
Carrying amount as of April 1, 2017
|
$
|
24,880
|
|
|
$
|
20,543
|
|
|
$
|
26,415
|
|
|
$
|
139,003
|
|
|
$
|
210,841
|
|
(In thousands)
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
(1)
|
|
Net
|
||||||
As of April 1, 2017
|
|
|
|
|
|
|
|
||||
Amortizable:
|
|
|
|
|
|
||||||
Patents
|
$
|
9,183
|
|
|
$
|
8,043
|
|
|
$
|
1,140
|
|
Capitalized software
|
49,948
|
|
|
21,563
|
|
|
28,385
|
|
|||
Other developed technology
|
117,712
|
|
|
72,594
|
|
|
45,118
|
|
|||
Customer contracts and related relationships
|
194,876
|
|
|
108,073
|
|
|
86,803
|
|
|||
Trade names
|
7,017
|
|
|
5,499
|
|
|
1,518
|
|
|||
Total
|
$
|
378,736
|
|
|
$
|
215,772
|
|
|
$
|
162,964
|
|
Non-amortizable:
|
|
|
|
|
|
||||||
In-process software development
|
$
|
12,743
|
|
|
|
|
|
||||
In-process patents
|
1,833
|
|
|
|
|
|
|||||
Total
|
$
|
14,576
|
|
|
|
|
|
(In thousands)
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
(1)
|
|
Net
|
||||||
As of April 2, 2016
|
|
|
|
|
|
|
|
||||
Amortizable:
|
|
|
|
|
|
||||||
Patents
|
$
|
8,545
|
|
|
$
|
7,542
|
|
|
$
|
1,003
|
|
Capitalized software
|
40,488
|
|
|
14,791
|
|
|
25,697
|
|
|||
Other developed technology
|
126,142
|
|
|
73,475
|
|
|
52,667
|
|
|||
Customer contracts and related relationships
|
196,085
|
|
|
89,804
|
|
|
106,281
|
|
|||
Trade names
|
7,083
|
|
|
5,204
|
|
|
1,879
|
|
|||
Total
|
$
|
378,343
|
|
|
$
|
190,816
|
|
|
$
|
187,527
|
|
Non-amortizable:
|
|
|
|
|
|
||||||
In-process software development
|
$
|
14,427
|
|
|
|
|
|
||||
In-process patents
|
2,504
|
|
|
|
|
|
|||||
Total
|
$
|
16,931
|
|
|
|
|
|
||||
(1)
Includes impairment of SOLX and other intangible assets, as discussed above.
|
(In thousands)
|
|
|
||
Fiscal 2018
|
|
$
|
31,495
|
|
Fiscal 2019
|
|
$
|
30,089
|
|
Fiscal 2020
|
|
$
|
28,091
|
|
Fiscal 2021
|
|
$
|
26,190
|
|
Fiscal 2022
|
|
$
|
25,485
|
|
(In thousands)
|
Location in
Balance Sheet
|
|
April 1, 2017
|
|
April 2, 2016
|
||||
Derivative Assets:
|
|
|
|
|
|
|
|
||
Designated foreign currency hedge contracts
|
Other current assets
|
|
$
|
1,645
|
|
|
$
|
335
|
|
Non-designated foreign currency hedge contracts
|
Other current assets
|
|
218
|
|
|
92
|
|
||
Designated interest rate swaps
|
Other current assets
|
|
64
|
|
|
—
|
|
||
|
|
|
$
|
1,927
|
|
|
$
|
427
|
|
Derivative Liabilities:
|
|
|
|
|
|
|
|
||
Designated foreign currency hedge contracts
|
Other current liabilities
|
|
$
|
894
|
|
|
$
|
3,910
|
|
Non-designated foreign currency hedge contracts
|
Other current liabilities
|
|
$
|
72
|
|
|
$
|
146
|
|
Designated interest rate swaps
|
Other current liabilities
|
|
—
|
|
|
154
|
|
||
|
|
|
$
|
966
|
|
|
$
|
4,210
|
|
•
|
Level 1 — Inputs to the valuation methodology are quoted market prices for identical assets or liabilities.
|
•
|
Level 2 — Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs.
|
•
|
Level 3 — Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk.
|
As of April 1, 2017
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
(In thousands)
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|||
Money market funds
|
$
|
80,676
|
|
|
$
|
—
|
|
|
$
|
80,676
|
|
Designated foreign currency hedge contracts
|
—
|
|
|
1,645
|
|
|
1,645
|
|
|||
Non-designated foreign currency hedge contracts
|
—
|
|
|
218
|
|
|
218
|
|
|||
Designated interest rate swaps
|
—
|
|
|
64
|
|
|
64
|
|
|||
|
$
|
80,676
|
|
|
$
|
1,927
|
|
|
$
|
82,603
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
Designated foreign currency hedge contracts
|
$
|
—
|
|
|
$
|
894
|
|
|
$
|
894
|
|
Non-designated foreign currency hedge contracts
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
966
|
|
|
$
|
966
|
|
As of April 2, 2016
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
(In thousands)
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|||
Money market funds
|
$
|
72,491
|
|
|
$
|
—
|
|
|
$
|
72,491
|
|
Designated foreign currency hedge contracts
|
—
|
|
|
335
|
|
|
335
|
|
|||
Non-designated foreign currency hedge contracts
|
—
|
|
|
92
|
|
|
92
|
|
|||
|
$
|
72,491
|
|
|
$
|
427
|
|
|
$
|
72,918
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|||
Designated foreign currency hedge contracts
|
$
|
—
|
|
|
$
|
3,910
|
|
|
$
|
3,910
|
|
Non-designated foreign currency hedge contracts
|
—
|
|
|
146
|
|
|
146
|
|
|||
Designated interest rate swaps
|
—
|
|
|
154
|
|
|
154
|
|
|||
|
$
|
—
|
|
|
$
|
4,210
|
|
|
$
|
4,210
|
|
(In thousands)
|
April 1, 2017
|
|
April 2, 2016
|
||||
Term loan, net of financing fees
|
$
|
314,218
|
|
|
$
|
406,175
|
|
Bank loans and other borrowings
|
429
|
|
|
1,825
|
|
||
Less current portion
|
(61,022
|
)
|
|
(43,471
|
)
|
||
Long-term debt
|
$
|
253,625
|
|
|
$
|
364,529
|
|
Fiscal year
(in thousands)
|
|
Credit Facilities
|
|
Bank loans and other borrowings
|
|
Total
|
||||||
2018
|
|
$
|
61,654
|
|
|
$
|
156
|
|
|
$
|
61,810
|
|
2019
|
|
194,445
|
|
|
138
|
|
|
194,583
|
|
|||
2020
|
|
59,282
|
|
|
100
|
|
|
59,382
|
|
|||
2021
|
|
—
|
|
|
28
|
|
|
28
|
|
|||
2022
|
|
—
|
|
|
2
|
|
|
2
|
|
|||
Thereafter
|
|
—
|
|
|
5
|
|
|
5
|
|
|||
|
|
$
|
315,381
|
|
|
$
|
429
|
|
|
$
|
315,810
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Domestic
|
$
|
(44,724
|
)
|
|
$
|
(18,526
|
)
|
|
$
|
(17,265
|
)
|
Foreign
|
17,248
|
|
|
(34,890
|
)
|
|
48,430
|
|
|||
Total
|
$
|
(27,476
|
)
|
|
$
|
(53,416
|
)
|
|
$
|
31,165
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Current
|
|
|
|
|
|
|
|
|
|||
Federal
|
$
|
(1,424
|
)
|
|
$
|
12
|
|
|
$
|
3,526
|
|
State
|
436
|
|
|
(660
|
)
|
|
898
|
|
|||
Foreign
|
6,580
|
|
|
3,842
|
|
|
5,614
|
|
|||
Total current
|
$
|
5,592
|
|
|
$
|
3,194
|
|
|
$
|
10,038
|
|
Deferred
|
|
|
|
|
|
|
|
|
|||
Federal
|
(8,711
|
)
|
|
3,532
|
|
|
1,227
|
|
|||
State
|
(953
|
)
|
|
319
|
|
|
3,215
|
|
|||
Foreign
|
2,864
|
|
|
(4,882
|
)
|
|
(212
|
)
|
|||
Total deferred
|
$
|
(6,800
|
)
|
|
$
|
(1,031
|
)
|
|
$
|
4,230
|
|
Total
|
$
|
(1,208
|
)
|
|
$
|
2,163
|
|
|
$
|
14,268
|
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
||||
Deferred tax assets:
|
|
|
|
||||
Depreciation
|
$
|
934
|
|
|
$
|
1,749
|
|
Amortization of intangibles
|
1,150
|
|
|
4,417
|
|
||
Inventory
|
7,419
|
|
|
7,607
|
|
||
Hedging
|
—
|
|
|
382
|
|
||
Accruals, reserves and other deferred tax assets
|
13,907
|
|
|
12,590
|
|
||
Net operating loss carry-forward
|
11,742
|
|
|
13,484
|
|
||
Stock based compensation
|
6,014
|
|
|
9,622
|
|
||
Tax credit carry-forward, net
|
17,852
|
|
|
16,191
|
|
||
Gross deferred tax assets
|
59,018
|
|
|
66,042
|
|
||
Less valuation allowance
|
(25,872
|
)
|
|
(24,297
|
)
|
||
Total deferred tax assets (after valuation allowance)
|
33,146
|
|
|
41,745
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Depreciation
|
(30,422
|
)
|
|
(28,972
|
)
|
||
Amortization of goodwill and intangibles
|
(7,732
|
)
|
|
(23,626
|
)
|
||
Unremitted earnings
|
(1,065
|
)
|
|
(700
|
)
|
||
Other deferred tax liabilities
|
(2,053
|
)
|
|
(2,769
|
)
|
||
Total deferred tax liabilities
|
(41,272
|
)
|
|
(56,067
|
)
|
||
Net deferred tax liabilities
|
$
|
(8,126
|
)
|
|
$
|
(14,322
|
)
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
Tax at federal statutory rate
|
$
|
(9,616
|
)
|
|
35.0
|
%
|
|
$
|
(18,695
|
)
|
|
35.0
|
%
|
|
$
|
10,907
|
|
|
35.0
|
%
|
Difference between U.S. and foreign tax
|
137
|
|
|
(0.5
|
)%
|
|
10,645
|
|
|
(19.9
|
)%
|
|
(6,929
|
)
|
|
(22.2
|
)%
|
|||
State income taxes net of federal benefit
|
(495
|
)
|
|
1.8
|
%
|
|
134
|
|
|
(0.3
|
)%
|
|
(818
|
)
|
|
(2.6
|
)%
|
|||
Change in uncertain tax positions
|
862
|
|
|
(3.1
|
)%
|
|
(1,820
|
)
|
|
3.4
|
%
|
|
(1,762
|
)
|
|
(5.7
|
)%
|
|||
Unremitted earnings
|
330
|
|
|
(1.2
|
)%
|
|
735
|
|
|
(1.4
|
)%
|
|
—
|
|
|
—
|
%
|
|||
Deferred statutory rate changes
|
(383
|
)
|
|
1.4
|
%
|
|
(2,653
|
)
|
|
5.0
|
%
|
|
—
|
|
|
—
|
%
|
|||
Non-deductible goodwill impairment
|
3,703
|
|
|
(13.5
|
)%
|
|
2,861
|
|
|
(5.4
|
)%
|
|
—
|
|
|
—
|
%
|
|||
Non-deductible expenses
|
896
|
|
|
(3.2
|
)%
|
|
1,491
|
|
|
(2.8
|
)%
|
|
1,237
|
|
|
4.0
|
%
|
|||
Research credits
|
(561
|
)
|
|
2.0
|
%
|
|
(672
|
)
|
|
1.3
|
%
|
|
(1,000
|
)
|
|
(3.2
|
)%
|
|||
Tax amortization of goodwill
|
(10,564
|
)
|
|
38.4
|
%
|
|
4,185
|
|
|
(7.8
|
)%
|
|
3,826
|
|
|
12.3
|
%
|
|||
Valuation allowance
|
13,505
|
|
|
(49.2
|
)%
|
|
5,194
|
|
|
(9.7
|
)%
|
|
8,524
|
|
|
27.4
|
%
|
|||
Other, net
|
978
|
|
|
(3.5
|
)%
|
|
758
|
|
|
(1.4
|
)%
|
|
283
|
|
|
0.8
|
%
|
|||
Income tax (benefit) provision
|
$
|
(1,208
|
)
|
|
4.4
|
%
|
|
$
|
2,163
|
|
|
(4.0
|
)%
|
|
$
|
14,268
|
|
|
45.8
|
%
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
|
March 28,
2015 |
||||||
Beginning Balance
|
$
|
2,523
|
|
|
$
|
7,070
|
|
|
$
|
5,604
|
|
Additions for tax positions of prior years
|
1,279
|
|
|
340
|
|
|
3,234
|
|
|||
Reductions of tax positions
|
(29
|
)
|
|
(4,158
|
)
|
|
—
|
|
|||
Settlements with taxing authorities
|
—
|
|
|
—
|
|
|
(338
|
)
|
|||
Closure of statute of limitations
|
(403
|
)
|
|
(729
|
)
|
|
(1,430
|
)
|
|||
Ending Balance
|
$
|
3,370
|
|
|
$
|
2,523
|
|
|
$
|
7,070
|
|
Fiscal Year
|
|
|
|
(In thousands)
|
|
||
2018
|
$
|
4,298
|
|
2019
|
2,966
|
|
|
2020
|
1,906
|
|
|
2021
|
1,722
|
|
|
2022
|
1,623
|
|
|
Thereafter
|
7,031
|
|
|
|
$
|
19,546
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
|||
Selling, general and administrative expenses
|
$6,894
|
|
$5,183
|
|
$11,251
|
|||
Research and development
|
1,549
|
|
|
1,060
|
|
|
1,706
|
|
Cost of goods sold
|
707
|
|
|
706
|
|
|
1,138
|
|
|
$9,150
|
|
$6,949
|
|
$14,095
|
|
Options
Outstanding
(shares)
|
|
Weighted
Average
Exercise Price
per Share
|
|
Weighted
Average
Remaining
Life (years)
|
|
Aggregate
Intrinsic
Value
($000’s)
|
|||||
Outstanding at April 2, 2016
|
2,951,183
|
|
|
$
|
33.59
|
|
|
3.34
|
|
$
|
9,684
|
|
Granted
|
501,127
|
|
|
32.47
|
|
|
|
|
|
|
||
Exercised
|
(1,083,824
|
)
|
|
28.79
|
|
|
|
|
|
|
||
Forfeited/Canceled
|
(329,691
|
)
|
|
35.95
|
|
|
|
|
|
|
||
Outstanding at April 1, 2017
|
2,038,795
|
|
|
$
|
35.51
|
|
|
3.88
|
|
$
|
10,963
|
|
|
|
|
|
|
|
|
|
|||||
Exercisable at April 1, 2017
|
1,284,592
|
|
|
$
|
37.04
|
|
|
2.66
|
|
$
|
5,129
|
|
|
|
|
|
|
|
|
|
|||||
Vested or expected to vest at April 1, 2017
|
1,906,548
|
|
|
$
|
35.69
|
|
|
4.24
|
|
$
|
9,937
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Volatility
|
24.0
|
%
|
|
22.8
|
%
|
|
22.5
|
%
|
|||
Expected life (years)
|
4.9
|
|
|
4.9
|
|
|
4.9
|
|
|||
Risk-free interest rate
|
1.2
|
%
|
|
1.4
|
%
|
|
1.5
|
%
|
|||
Dividend yield
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|||
Fair value per option
|
$
|
7.61
|
|
|
$
|
7.40
|
|
|
$
|
7.91
|
|
|
Shares
|
|
Weighted
Average
Grant Date Fair Value
|
|||
Unvested at April 2, 2016
|
380,871
|
|
|
$
|
34.33
|
|
Granted
|
212,105
|
|
|
32.61
|
|
|
Vested
|
(150,113
|
)
|
|
34.98
|
|
|
Forfeited
|
(101,222
|
)
|
|
33.70
|
|
|
Unvested at April 1, 2017
|
341,641
|
|
|
$
|
33.16
|
|
(In thousands, except per share data)
|
2017
|
|
2016
|
|
2015
|
||||||
Grant-date fair value per RSU
|
$
|
32.61
|
|
|
$
|
33.19
|
|
|
$
|
34.89
|
|
Fair value of RSUs vested
|
$
|
34.98
|
|
|
$
|
36.07
|
|
|
$
|
36.62
|
|
|
2017
|
|
2016
|
|
2015
|
|||
Expected stock price volatility
|
26.39
|
%
|
|
22.27
|
%
|
|
20.08
|
%
|
Peer group stock price volatility
|
33.86
|
%
|
|
31.95
|
%
|
|
31.52
|
%
|
Correlation of returns
|
51.17
|
%
|
|
26.27
|
%
|
|
30.52
|
%
|
|
Shares
|
|
Weighted
Average
Grant Date Fair Value
|
|||
Unvested at April 2, 2016
|
152,968
|
|
|
$
|
24.84
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
(116,550
|
)
|
|
—
|
|
|
Forfeited
|
(36,418
|
)
|
|
13.42
|
|
|
Unvested at April 1, 2017
|
—
|
|
|
$
|
—
|
|
|
2017
|
|
2016
|
|
2015
|
|||
Volatility
|
31.3
|
%
|
|
21.1
|
%
|
|
23.7
|
%
|
Expected life (months)
|
6
|
|
|
6
|
|
|
6
|
|
Risk-free interest rate
|
—
|
%
|
|
0.2
|
%
|
|
0.1
|
%
|
Dividend Yield
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
(In thousands, except per share amounts)
|
2017
|
|
2016
|
|
2015
|
||||||
Basic EPS
|
|
|
|
|
|
|
|
|
|||
Net (loss) income
|
$
|
(26,268
|
)
|
|
$
|
(55,579
|
)
|
|
$
|
16,897
|
|
Weighted average shares
|
51,524
|
|
|
50,910
|
|
|
51,533
|
|
|||
Basic (loss) income per share
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.33
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
|||
Net (loss) income
|
$
|
(26,268
|
)
|
|
$
|
(55,579
|
)
|
|
$
|
16,897
|
|
Basic weighted average shares
|
51,524
|
|
|
50,910
|
|
|
51,533
|
|
|||
Net effect of common stock equivalents
|
—
|
|
|
—
|
|
|
556
|
|
|||
Diluted weighted average shares
|
51,524
|
|
|
50,910
|
|
|
52,089
|
|
|||
Diluted (loss) income per share
|
$
|
(0.51
|
)
|
|
$
|
(1.09
|
)
|
|
$
|
0.32
|
|
(In thousands)
|
|
April 1, 2017
|
|
April 2, 2016
|
||||
Land
|
|
$
|
7,389
|
|
|
$
|
7,905
|
|
Building and building improvements
|
|
109,933
|
|
|
117,132
|
|
||
Plant equipment and machinery
|
|
253,693
|
|
|
238,549
|
|
||
Office equipment and information technology
|
|
129,753
|
|
|
127,019
|
|
||
Haemonetics equipment
|
|
306,714
|
|
|
295,853
|
|
||
Total
|
|
807,482
|
|
|
786,458
|
|
||
Less: accumulated depreciation and amortization
|
|
(483,620
|
)
|
|
(448,824
|
)
|
||
Property, plant and equipment, net
|
|
$
|
323,862
|
|
|
$
|
337,634
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Service cost
|
$
|
3,404
|
|
|
$
|
3,560
|
|
|
$
|
2,979
|
|
Interest cost on benefit obligation
|
287
|
|
|
371
|
|
|
686
|
|
|||
Expected return on plan assets
|
(308
|
)
|
|
(330
|
)
|
|
(449
|
)
|
|||
Actuarial loss
|
532
|
|
|
598
|
|
|
107
|
|
|||
Amortization of unrecognized prior service cost
|
(119
|
)
|
|
(38
|
)
|
|
(29
|
)
|
|||
Amortization of unrecognized transition obligation
|
37
|
|
|
42
|
|
|
45
|
|
|||
Settlement loss recognized
|
289
|
|
|
—
|
|
|
—
|
|
|||
Totals
|
$
|
4,122
|
|
|
$
|
4,203
|
|
|
$
|
3,339
|
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
||||
Change in Benefit Obligation:
|
|
|
|
|
|
||
Benefit Obligation, beginning of year
|
$
|
(37,919
|
)
|
|
$
|
(40,567
|
)
|
Service cost
|
(3,404
|
)
|
|
(3,560
|
)
|
||
Interest cost
|
(287
|
)
|
|
(371
|
)
|
||
Benefits paid
|
1,291
|
|
|
3,780
|
|
||
Actuarial gain
|
4,615
|
|
|
424
|
|
||
Employee and plan participants contribution
|
(2,463
|
)
|
|
(1,839
|
)
|
||
Plan amendments
|
—
|
|
|
833
|
|
||
Plan settlements
|
6,960
|
|
|
—
|
|
||
Foreign currency changes
|
(138
|
)
|
|
3,381
|
|
||
Benefit obligation, end of year
|
$
|
(31,345
|
)
|
|
$
|
(37,919
|
)
|
Change in Plan Assets:
|
|
|
|
|
|
||
Fair value of plan assets, beginning of year
|
$
|
19,852
|
|
|
$
|
23,165
|
|
Company contributions
|
1,788
|
|
|
1,987
|
|
||
Benefits paid
|
(1,192
|
)
|
|
(3,779
|
)
|
||
Gain on plan assets
|
414
|
|
|
446
|
|
||
Employee and plan participants contributions
|
2,424
|
|
|
1,861
|
|
||
Plan settlements
|
(6,850
|
)
|
|
—
|
|
||
Foreign currency changes
|
849
|
|
|
(3,828
|
)
|
||
Fair value of Plan Assets, end of year
|
$
|
17,285
|
|
|
$
|
19,852
|
|
Funded Status
*
|
$
|
(14,060
|
)
|
|
$
|
(18,067
|
)
|
Unrecognized net actuarial loss
|
4,319
|
|
|
10,168
|
|
||
Unrecognized initial obligation
|
—
|
|
|
37
|
|
||
Unrecognized prior service cost
|
(1,019
|
)
|
|
(1,186
|
)
|
||
Net amount recognized
|
$
|
(10,760
|
)
|
|
$
|
(9,048
|
)
|
*
The unfunded status is all non-current
|
Balance, March 29, 2014
|
$
|
(4,592
|
)
|
Obligation at transition
|
(19
|
)
|
|
Actuarial loss
|
(6,198
|
)
|
|
Prior service cost
|
1,886
|
|
|
Balance as of March 28, 2015
|
$
|
(8,923
|
)
|
Obligation at transition
|
33
|
|
|
Actuarial loss
|
681
|
|
|
Prior service cost
|
717
|
|
|
Balance as of April 2, 2016
|
$
|
(7,492
|
)
|
Obligation at transition
|
32
|
|
|
Actuarial loss
|
5,126
|
|
|
Prior service cost
|
63
|
|
|
Balance as of April 1, 2017
|
$
|
(2,271
|
)
|
(in thousands)
|
|
|
|
Fiscal 2018
|
$
|
1,396
|
|
Fiscal 2019
|
1,451
|
|
|
Fiscal 2020
|
1,394
|
|
|
Fiscal 2021
|
1,411
|
|
|
Fiscal 2022
|
1,617
|
|
|
Fiscal 2023-2027
|
6,869
|
|
|
|
$
|
14,138
|
|
•
|
Japan
|
•
|
EMEA
|
•
|
North America Plasma
|
•
|
All Other
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Net revenues
|
|
|
|
|
|
||||||
Japan
|
$
|
74,695
|
|
|
$
|
84,270
|
|
|
$
|
83,547
|
|
EMEA
|
198,396
|
|
|
204,192
|
|
|
219,153
|
|
|||
North America Plasma
|
309,718
|
|
|
279,803
|
|
|
240,705
|
|
|||
All Other
|
316,771
|
|
|
342,249
|
|
|
340,427
|
|
|||
Net revenues before foreign exchange impact
|
899,580
|
|
|
910,515
|
|
|
883,832
|
|
|||
Effect of exchange rates
|
(13,464
|
)
|
|
(1,683
|
)
|
|
26,541
|
|
|||
Net revenues
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Segment operating income
|
|
|
|
|
|
||||||
Japan
|
$
|
32,906
|
|
|
$
|
38,280
|
|
|
$
|
36,843
|
|
EMEA
|
49,105
|
|
|
47,168
|
|
|
60,101
|
|
|||
North America Plasma
|
105,253
|
|
|
109,220
|
|
|
89,092
|
|
|||
All Other
|
109,296
|
|
|
120,562
|
|
|
131,471
|
|
|||
Segment operating income
|
296,560
|
|
|
315,230
|
|
|
317,507
|
|
|||
Corporate operating expenses
|
176,372
|
|
|
199,072
|
|
|
193,910
|
|
|||
Effect of exchange rates
|
(4,772
|
)
|
|
3,546
|
|
|
13,906
|
|
|||
Restructuring and turnaround costs
|
34,337
|
|
|
42,185
|
|
|
69,697
|
|
|||
Deal amortization
|
27,107
|
|
|
28,958
|
|
|
30,184
|
|
|||
Impairment of assets
|
73,353
|
|
|
97,230
|
|
|
—
|
|
|||
Contingent consideration income
|
—
|
|
|
(4,727
|
)
|
|
(2,918
|
)
|
|||
Operating (loss) income
|
$
|
(19,381
|
)
|
|
$
|
(43,942
|
)
|
|
$
|
40,540
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Depreciation and amortization
|
|
|
|
|
|
||||||
Japan
|
$
|
827
|
|
|
$
|
774
|
|
|
$
|
767
|
|
EMEA
|
4,255
|
|
|
5,146
|
|
|
5,045
|
|
|||
North America Plasma
|
13,022
|
|
|
12,944
|
|
|
11,229
|
|
|||
All Other
|
71,629
|
|
|
71,047
|
|
|
69,012
|
|
|||
Total depreciation and amortization (excluding impairment charges)
|
$
|
89,733
|
|
|
$
|
89,911
|
|
|
$
|
86,053
|
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
|
March 28,
2015 |
||||||
Long-lived assets
(1)
|
|
|
|
|
|
||||||
Japan
|
$
|
21,412
|
|
|
$
|
33,159
|
|
|
$
|
31,810
|
|
EMEA
|
63,854
|
|
|
63,861
|
|
|
66,223
|
|
|||
North America Plasma
|
142,164
|
|
|
116,001
|
|
|
101,272
|
|
|||
All Other
|
96,432
|
|
|
124,613
|
|
|
122,643
|
|
|||
Total long-lived assets
|
$
|
323,862
|
|
|
$
|
337,634
|
|
|
$
|
321,948
|
|
(1)
Long-lived assets are comprised of property, plant and equipment.
|
(In thousands)
|
April 1,
2017 |
|
April 2,
2016 |
|
March 28,
2015 |
||||||
United States
|
$
|
241,610
|
|
|
$
|
231,744
|
|
|
$
|
208,439
|
|
Japan
|
1,691
|
|
|
2,022
|
|
|
1,618
|
|
|||
Europe
|
12,952
|
|
|
18,672
|
|
|
27,786
|
|
|||
Asia
|
34,174
|
|
|
40,235
|
|
|
39,032
|
|
|||
Other
|
33,435
|
|
|
44,961
|
|
|
45,073
|
|
|||
Total
|
$
|
323,862
|
|
|
$
|
337,634
|
|
|
$
|
321,948
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Plasma
|
410,727
|
|
|
381,776
|
|
|
352,911
|
|
|||
Blood Center
|
303,890
|
|
|
355,108
|
|
|
386,147
|
|
|||
Cell Processing
|
105,376
|
|
|
112,483
|
|
|
120,434
|
|
|||
Hemostasis Management
|
66,123
|
|
|
59,465
|
|
|
50,881
|
|
|||
Net revenues
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
(In thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
United States
|
$
|
522,686
|
|
|
$
|
519,440
|
|
|
$
|
494,788
|
|
Japan
|
79,266
|
|
|
81,411
|
|
|
88,298
|
|
|||
Europe
|
166,007
|
|
|
187,725
|
|
|
215,575
|
|
|||
Asia
|
109,858
|
|
|
111,758
|
|
|
102,095
|
|
|||
Other
|
8,299
|
|
|
8,498
|
|
|
9,617
|
|
|||
Total
|
$
|
886,116
|
|
|
$
|
908,832
|
|
|
$
|
910,373
|
|
(In thousands)
|
Severance and Other Employee Costs
|
|
Other Costs
|
|
Accelerated Depreciation
|
|
Asset
Write Down |
|
Total Restructuring
|
||||||||||
Balance at March 29, 2014
|
$
|
22,908
|
|
|
$
|
728
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,636
|
|
Costs incurred
|
19,879
|
|
|
15,362
|
|
|
1,326
|
|
|
296
|
|
|
36,863
|
|
|||||
Payments
|
(26,394
|
)
|
|
(15,871
|
)
|
|
—
|
|
|
—
|
|
|
(42,265
|
)
|
|||||
Non-cash adjustments
|
—
|
|
|
—
|
|
|
(1,326
|
)
|
|
(296
|
)
|
|
(1,622
|
)
|
|||||
Balance at March 28, 2015
|
$
|
16,393
|
|
|
$
|
219
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,612
|
|
Costs incurred
|
10,707
|
|
|
7,846
|
|
|
1,469
|
|
|
3,033
|
|
|
23,055
|
|
|||||
Payments
|
(18,348
|
)
|
|
(8,065
|
)
|
|
—
|
|
|
—
|
|
|
(26,413
|
)
|
|||||
Non-cash adjustments
|
—
|
|
|
—
|
|
|
(1,469
|
)
|
|
(3,033
|
)
|
|
(4,502
|
)
|
|||||
Balance at April 2, 2016
|
$
|
8,752
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,752
|
|
Costs incurred
|
19,521
|
|
|
1,512
|
|
|
—
|
|
|
800
|
|
|
21,833
|
|
|||||
Payments
|
(20,866
|
)
|
|
(1,451
|
)
|
|
—
|
|
|
—
|
|
|
(22,317
|
)
|
|||||
Non-cash adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
(800
|
)
|
|
(800
|
)
|
|||||
Balance at April 1, 2017
|
$
|
7,407
|
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,468
|
|
Restructuring costs
|
|
|
|
|
|
||||||
(in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Japan
|
$
|
819
|
|
|
$
|
9
|
|
|
$
|
258
|
|
EMEA
|
4,272
|
|
|
3,210
|
|
|
3,310
|
|
|||
North America Plasma
|
366
|
|
|
—
|
|
|
360
|
|
|||
All Other
|
16,376
|
|
|
19,836
|
|
|
32,935
|
|
|||
Total
|
$
|
21,833
|
|
|
$
|
23,055
|
|
|
$
|
36,863
|
|
|
|
|
|
|
|
||||||
Turnaround costs
|
|
|
|
|
|
||||||
(in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Japan
|
$
|
2
|
|
|
$
|
416
|
|
|
$
|
158
|
|
EMEA
|
94
|
|
|
961
|
|
|
838
|
|
|||
North America Plasma
|
972
|
|
|
—
|
|
|
28
|
|
|||
All Other
|
11,415
|
|
|
17,852
|
|
|
31,810
|
|
|||
Total
|
$
|
12,483
|
|
|
$
|
19,229
|
|
|
$
|
32,834
|
|
|
|
|
|
|
|
||||||
Total restructuring and turnaround
|
$
|
34,316
|
|
|
$
|
42,284
|
|
|
$
|
69,697
|
|
(In thousands)
|
|
Three months ended
|
||||||||||||||
Fiscal 2017
|
|
July 2,
2016 |
|
October 1,
2016 |
|
December 31,
2016 |
|
April 1,
2017 |
||||||||
Net revenues
|
|
$
|
209,956
|
|
|
$
|
220,253
|
|
|
$
|
227,841
|
|
|
$
|
228,066
|
|
Gross profit
|
|
$
|
91,056
|
|
|
$
|
104,248
|
|
|
$
|
101,079
|
|
|
$
|
82,111
|
|
Operating income (loss)
|
|
$
|
(7,881
|
)
|
|
$
|
24,794
|
|
|
$
|
21,212
|
|
|
$
|
(57,506
|
)
|
Net (loss) income
|
|
$
|
(10,346
|
)
|
|
$
|
19,825
|
|
|
$
|
15,393
|
|
|
$
|
(51,140
|
)
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
(0.20
|
)
|
|
$
|
0.39
|
|
|
$
|
0.30
|
|
|
$
|
(0.98
|
)
|
Diluted
|
|
$
|
(0.20
|
)
|
|
$
|
0.38
|
|
|
$
|
0.30
|
|
|
$
|
(0.98
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
|
Three months ended
|
||||||||||||||
Fiscal 2016
|
|
June 27,
2015 |
|
September 26,
2015 |
|
December 26,
2015 |
|
April 2,
2016 |
||||||||
Net revenues
|
|
$
|
213,413
|
|
|
$
|
219,693
|
|
|
$
|
233,384
|
|
|
$
|
242,342
|
|
Gross profit
|
|
$
|
102,539
|
|
|
$
|
105,297
|
|
|
$
|
108,855
|
|
|
$
|
89,223
|
|
Operating (loss) income
|
|
$
|
3,606
|
|
|
$
|
19,179
|
|
|
$
|
(61,177
|
)
|
|
$
|
(5,550
|
)
|
Net (loss) income
|
|
$
|
(267
|
)
|
|
$
|
12,863
|
|
|
$
|
(59,440
|
)
|
|
$
|
(8,735
|
)
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
$
|
(0.01
|
)
|
|
$
|
0.25
|
|
|
$
|
(1.17
|
)
|
|
$
|
(0.17
|
)
|
Diluted
|
|
$
|
(0.01
|
)
|
|
$
|
0.25
|
|
|
$
|
(1.17
|
)
|
|
$
|
(0.17
|
)
|
(In thousands)
|
|
Foreign currency
|
|
Defined benefit plans
|
|
Net Unrealized Gain/loss on Derivatives
|
|
Total
|
||||||||
Balance as of March 28, 2015
|
|
$
|
(20,512
|
)
|
|
$
|
(8,923
|
)
|
|
$
|
7,711
|
|
|
$
|
(21,724
|
)
|
Other comprehensive (loss) income before reclassifications
|
|
(1,987
|
)
|
|
884
|
|
|
(3,938
|
)
|
|
(5,041
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
547
|
|
|
(8,822
|
)
|
|
(8,275
|
)
|
||||
Net current period other comprehensive (loss) income
|
|
(1,987
|
)
|
|
1,431
|
|
|
(12,760
|
)
|
|
(13,316
|
)
|
||||
Balance as of April 2, 2016
|
|
$
|
(22,499
|
)
|
|
$
|
(7,492
|
)
|
|
$
|
(5,049
|
)
|
|
$
|
(35,040
|
)
|
Other comprehensive (loss) income before reclassifications
|
|
(7,336
|
)
|
|
4,851
|
|
|
(364
|
)
|
|
(2,849
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
|
—
|
|
|
369
|
|
|
4,647
|
|
|
5,016
|
|
||||
Net current period other comprehensive (loss) income
|
|
(7,336
|
)
|
|
5,220
|
|
|
4,283
|
|
|
2,167
|
|
||||
Balance as of April 1, 2017
|
|
$
|
(29,835
|
)
|
|
$
|
(2,272
|
)
|
|
$
|
(766
|
)
|
|
$
|
(32,873
|
)
|
(In thousands)
|
|
Amounts Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line in the
Statement of (Loss) Income
|
||||||
Derivative instruments reclassified to income statement
|
|
Year ended April 1, 2017
|
|
Year ended April 2, 2016
|
|
|
||||
Realized net (loss) gain on derivatives
|
|
$
|
(5,227
|
)
|
|
$
|
8,654
|
|
|
Net revenues, cost of goods sold, other expense, net
|
Income tax effect
|
|
580
|
|
|
168
|
|
|
Provision (benefit) for income taxes
|
||
Net of taxes
|
|
$
|
(4,647
|
)
|
|
$
|
8,822
|
|
|
|
|
|
|
|
|
|
|
||||
Pension items reclassified to income statement
|
|
|
|
|
|
|
||||
Realized net loss on pension assets
|
|
$
|
450
|
|
|
$
|
602
|
|
|
Other expense, net
|
Income tax effect
|
|
(81
|
)
|
|
(55
|
)
|
|
Provision (benefit) for income taxes
|
||
Net of taxes
|
|
$
|
369
|
|
|
$
|
547
|
|
|
|
•
|
Increasing oversight by our management in the calculation and reporting of certain inventory balances;
|
•
|
Enhancing policies and procedures relating to account reconciliation and analysis;
|
•
|
Strengthening communication and information flows between the inventory operations department and the corporate controller's group.
|
•
|
We enhanced our processes for analyzing our deferred tax assets and liabilities;
|
•
|
We enhanced our policies and procedures related to both U.S. and non-U.S. tax account reconciliation and analysis, including, but not limited to, increased management oversight in the calculation of certain non-U.S. tax balances, increased automation in the calculation of our tax expense, and increased communication and direction to non-U.S. information providers;
|
•
|
We hired additional, experienced personnel to augment our existing tax accounting resources and provided extensive training to information providers, particularly those outside of the U.S.; and
|
•
|
We increased the level of communication and information flows on significant tax matters between our tax department and the corporate controller’s group.
|
|
HAEMONETICS CORPORATION
|
|
|
|
|
|
By:
|
/s/ Christopher Simon
|
|
|
Christopher Simon
|
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Christopher Simon
|
|
President and Chief Executive Officer
|
|
May 24, 2017
|
Christopher Simon
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ William Burke
|
|
Chief Financial Officer
|
|
May 24, 2017
|
William Burke
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Dan Goldstein
|
|
Vice President, Corporate Controller
|
|
May 24, 2017
|
Dan Goldstein
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Catherine Burzik
|
|
Director
|
|
May 24, 2017
|
Catherine Burzik
|
|
|
|
|
|
|
|
|
|
/s/ Charles Dockendorff
|
|
Director
|
|
May 24, 2017
|
Charles Dockendorff
|
|
|
|
|
|
|
|
|
|
/s/ Susan Bartlett Foote
|
|
Director
|
|
May 24, 2017
|
Susan Bartlett Foote
|
|
|
|
|
|
|
|
|
|
/s/ Ronald Gelbman
|
|
Director
|
|
May 24, 2017
|
Ronald Gelbman
|
|
|
|
|
|
|
|
|
|
/s/ Pedro Granadillo
|
|
Director
|
|
May 24, 2017
|
Pedro Granadillo
|
|
|
|
|
|
|
|
|
|
/s/ Mark Kroll
|
|
Director
|
|
May 24, 2017
|
Mark Kroll
|
|
|
|
|
|
|
|
|
|
/s/ Richard Meelia
|
|
Director
|
|
May 24, 2017
|
Richard Meelia
|
|
|
|
|
|
|
|
|
|
/s/ Ronald Merriman
|
|
Director
|
|
May 24, 2017
|
Ronald Merriman
|
|
|
|
|
1. Articles of Organization
|
||
3A*
|
|
Amended and Restated Articles of Organization of the Company reflecting Articles of Amendment dated August 23, 1993 and August 21, 2006 (filed as Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the Quarter ended December 29, 2012 and incorporated herein by reference).
|
3B*
|
|
By-Laws of the Company, as amended through January 21, 2015 (filed as Exhibit 99.1 to the Company's Form 8-K dated January 27, 2015).
|
|
|
|
2. Instruments Defining the Rights of Security Holders
|
||
4A*
|
|
Specimen certificate for shares of common stock (filed as Exhibit 4B to the Company's Amendment No. 1 to Form S-1 No. 33-39490 and incorporated herein by reference).
|
|
|
|
3. Material Contracts
|
||
10A*
|
|
Lease dated July 17, 1990 between the Buncher Company and the Company of property in Pittsburgh, Pennsylvania (filed as Exhibit 10-K to the Company's Form S-1 No. 33-39490 and incorporated herein by reference).
|
10B*
|
|
First Amendment to lease dated July 17, 1990, made as of July 17, 1996 between Buncher Company and the Company of property in Pittsburgh, Pennsylvania (filed as Exhibit 10AI to the Company's Form 10-Q for the quarter ended December 28, 1996 and incorporated herein by reference).
|
10C*
|
|
Second Amendment to lease dated July 17, 1990, made as of October 18, 2000 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10AG to the Company's Form 10-K for the year ended March 29, 2003 and incorporated herein by reference).
|
10D*
|
|
Third Amendment to lease dated July 17, 1990, made as of March 23, 2004 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10D to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10E*
|
|
Fourth Amendment to lease dated July 17, 1990, made as of March 12, 2008 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10E to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10F*
|
|
Fifth Amendment to lease dated July 17, 1990, made as of October 1, 2008 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10F to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10G*
|
|
Sixth Amendment to lease dated July 17, 1990 made as of January 8, 2010 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10G to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10H*
|
|
Seventh Amendment to lease dated July 17, 1990, made as of March 31, 2011 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10H to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10I*
|
|
Eighth Amendment to lease dated July 17, 1990, made as of February 26, 2013 between Buncher Company and the Company for the property in Pittsburgh, Pennsylvania (filed as Exhibit 10I to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10J*
|
|
Lease dated February 21, 2000 between BBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V. with authorization of El Florido California, S.A. de C.V., for property located in Tijuana, Mexico (filed as Exhibit 10J to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10K*
|
|
Amendment to Lease dated February 21, 2000 made as of July 25, 2008 between BBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V., for property located in Tijuana, Mexico (filed as Exhibit 10K to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10L*
|
|
Extension to Lease dated February 21, 2000, made as of August 14, 2011 between PROCADEF 1, S.A.P.I. de C.V. and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V., for property located in Tijuana, Mexico (Spanish to English translation filed as Exhibit 10L to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10M*
|
|
Amendment Letter to Lease dated February 21, 2000, made as of August 14, 2011 between BBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V., for property located in Tijuana, Mexico (filed as Exhibit 10M to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10N*
|
|
Notice of Assignment to Lease dated February 21, 2000, made as of February 23, 2012 between BBVA Bancomer Servicios, S.A., as Trustee of the “Submetropoli de Tijuana” Trust and Haemonetics Mexico Manufacturing, S. de R.L. de C.V., as successor in interest to Ensatec, S.A. de C.V. for property located in Tijuana, Mexico (Spanish to English translation filed as Exhibit 10N to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10O*
|
|
Lease Agreement effective December 3, 2007 between Mrs. Blanca Estela Colunga Santelices, by her own right, and Pall Life Sciences Mexico, S.de R.L. de C.V., for the property located in Tijuana, Mexico (Spanish to English translation filed as Exhibit 10W to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10P*
|
|
Assignment to Lease Agreement effective December 3, 2007, made as of December 2, 2011 between Mrs. Blanca Estela Colunga Santelices, by her own right, Pall Life Sciences Mexico, S.de R.L. de C.V., (“Assignor”) and Haemonetics Mexico Manufacturing, S. de R.L. de C.V.as successor in interest to Pall Mexico Manufacturing S. de R.L. de C.V., (“Assignee”) assigned in favor of the property located in Tijuana, Mexico (filed as Exhibit 10X to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10Q*
|
|
Sublease Contract to Lease Agreement effective December 3, 2007, made as of December 3, 2011 between Haemonetics Mexico Manufacturing, S. de R.L. de C.V. as successor in interest to Pall Mexico Manufacturing, S.de R.L. de C.V., and Pall Life Sciences Mexico, S. de R.L. de C.V., for the property located in Tijuana, Mexico (filed as Exhibit 10Y to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10R*
|
|
Sublease Contract to Lease Agreement effective December 3, 2007, made as of February 23, 2012 between Haemonetics Mexico Manufacturing, S. de R.L. de C.V. as successor in interest to Pall Mexico Manufacturing S. de R.L. de C.V. and Ensatec, S.A. de C.V., for the property located in Tijuana, Mexico (filed as Exhibit 10Z to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10S*
|
|
Lease dated August 20, 2009 between Price Logistics Center Draper One, LLC and the Company for property located in Draper, Utah. (filed as Exhibit 10AA to the Company's Form 10-K for the year ended March 30, 2013 and incorporated herein by reference).
|
10T*
|
|
Lease dated September 19, 2013 between the Penang Development Corporation ("Lessor") and Haemonetics Malaysia Sdn Bhd ("Lessee") of the property located in Penang, Malaysia (filed as Exhibit 10D to the Company's 10-Q for the quarter ended June 28, 2014 and incorporated herein by reference).
|
10U*†
|
|
Haemonetics Corporation 2005 Long-Term Incentive Compensation Plan, reflecting amendments dated July 31, 2008, July 29, 2009, July 21, 2011, November 30, 2012, July 24, 2013, January 21, 2014, and July 23, 2014 (filed as Exhibit 10.1 to the Company's Form 8-K dated July 25, 2014 and incorporated herein by reference).
|
10V*†
|
|
Form of Option Agreement for Non-Qualified stock options for the 2005 Long Term-Incentive Compensation Plan for Non-employee Directors (filed as Exhibit 10.1 to the Company's Form 10-Q for the quarter ended October 1, 2005 and incorporated herein by reference).
|
10W*†
|
|
Form of Option Agreement for Non-Qualified stock options for the 2005 Long-Term Incentive Compensation Plan for Employees. (filed as Exhibit 10S to the Company's Form 10-K for the fiscal year ended March 30, 2010 and incorporated herein by reference).
|
10X*†
|
|
Form of Restricted Stock Agreement with Employees under 2005 Long-Term Incentive Compensation Plan (filed as Exhibit 10U to the Company's Form 10-K for the year ended April 3, 2010 and incorporated herein by reference).
|
10Y*†
|
|
Form of Change in Control Agreement (filed as Exhibit 10AK to the Company's Form 10-K, for the year-ended March 31, 2013 and incorporated herein by reference).
|
10Z*†
|
|
Amended and Restated 2007 Employee Stock Purchase Plan (as amended and restated on July 21, 2016 incorporated as Exhibit 10.2 to the Company’s Form 10-Q, for the quarter ended July 2, 2016 and incorporated herein by reference).
|
10AA*†
|
|
Amended and Restated Non-Qualified Deferred Compensation Plan as amended and restated on July 24, 2013 (filed as Exhibit 10.2 to the Company's Form 8-K dated July 26, 2013 and incorporated herein by reference).
|
10AB*†
|
|
Form of Executive Severance Agreement (filed as Exhibit 10.2 to the Company’s Form 8-K dated January 19, 2016 and incorporated herein by reference).
|
10AC*†
|
|
Employment Agreement effective as of May 16, 2016 between the Company and Christopher Simon (filed as Exhibit 10.1 to the Company’s Form 8-K dated May 10, 2016 and incorporated herein by reference).
|
10AD*†
|
|
Executive Severance Agreement effective as of May 16, 2016 between the Company and Christopher Simon (filed as Exhibit 10.2 to the Company’s Form 8-K dated May 10, 2016 and incorporated herein by reference).
|
10AE*†
|
|
Change in Control Agreement effective as of May 16, 2016 between the Company and Christopher Simon (filed as Exhibit 10.3 to the Company’s Form 8-K dated May 10, 2016 and incorporated herein by reference).
|
10AF*†
|
|
Haemonetics Corporation Worldwide Executive Bonus Plan with an Effective Date of April 3, 2016 (filed as Exhibit 10.3 to the Company’s Form 10-Q for the quarter ended July 2, 2016 and incorporated herein by reference).
|
10AG*†
|
|
Performance Share Unit Agreement between Haemonetics Corporation and Christopher Simon dated as of June 29, 2016 (filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended July 2, 2016 and incorporated herein by reference).
|
10AH†
|
|
Agreement and General Release between Haemonetics Corporation and Byron Selman dated May 1, 2017.
|
10AI*
|
|
Asset Purchase Agreement, dated as of April 28, 2012, by and between Haemonetics Corporation and Pall Corporation (filed as Exhibit 10Z to the Company's Form 10-K for the fiscal year ended March 31, 2012 and incorporated herein by reference).
|
10AJ*
|
|
Credit Agreement dated as of June 30, 2014 among Haemonetics Corporation and the Lenders listed therein and JPMorgan Chase Bank, N.A. as Administrative Agent (filed as Exhibit 10.1 to the Company’s Form 8-K dated July 7, 2014 and incorporated herein by reference).
|
|
|
|
4. Subsidiary Certifications and Consents
|
||
21.1
|
|
Subsidiaries of the Company.
|
23.1
|
|
Consent of the Independent Registered Public Accounting Firm.
|
31.1
|
|
Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002, of Christopher Simon, President and Chief Executive Officer of the Company.
|
31.2
|
|
Certification pursuant to Section 302 of Sarbanes-Oxley of 2002 of William Burke, Executive Vice President, Chief Financial Officer of the Company.
|
32.1
|
|
Certification Pursuant to 18 United States Code Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Christopher Simon, President and Chief Executive Officer of the Company.
|
32.2
|
|
Certification Pursuant to 18 United States Code Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of William Burke, Executive Vice President, Chief Financial Officer of the Company.
|
101ˆ
|
|
The following materials from Haemonetics Corporation on Form 10-K for the year ended April 1, 2017, formatted in Extensive Business Reporting Language (XBRL): (i) Consolidated Statements of (Loss) Income, (ii) Consolidated Statements of Comprehensive (Loss) Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statement of Stockholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text.
|
*
|
Incorporated by reference
|
|
†
|
Agreement, plan, or arrangement related to the compensation of officers or directors
|
|
‡
|
Subject to a confidential treatment request
|
|
ˆ
|
In accordance with Rule 406T of Regulation S-T, the XBRL-related information in Exhibit 101 to this Form 10-K is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act, is deemed not filed for purposes of section 18 of the Exchange Act, and otherwise is not subject to liability under these sections.
|
(In thousands)
|
Balance at
Beginning of Fiscal Year |
|
Charged to
Costs and Expenses |
|
Write-Offs
(Net of Recoveries) |
|
Balance at End
of Fiscal Year |
||||||||
For Year Ended April 1, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for Doubtful Accounts
|
$
|
2,253
|
|
|
$
|
103
|
|
|
$
|
172
|
|
|
$
|
2,184
|
|
For Year Ended April 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for Doubtful Accounts
|
$
|
1,749
|
|
|
$
|
728
|
|
|
$
|
(224
|
)
|
|
$
|
2,253
|
|
For Year Ended March 28, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for Doubtful Accounts
|
$
|
1,676
|
|
|
$
|
399
|
|
|
$
|
(326
|
)
|
|
$
|
1,749
|
|
▪
|
Title VII of the Civil Rights Act of 1964;
|
▪
|
Sections 1981 through 1988 of Title 42 of the United States Code;
|
▪
|
The Employee Retirement Income Security Act of 1974 (as modified below in Section 5b. and Section 6 with respect to the Company’s 401(k) plan);
|
▪
|
The Immigration Reform and Control Act;
|
▪
|
The Americans with Disabilities Act of 1990;
|
▪
|
The Age Discrimination in Employment Act of 1967;
|
▪
|
The Worker Adjustment and Retraining Notification Act;
|
▪
|
The Fair Credit Reporting Act;
|
▪
|
The Family and Medical Leave Act;
|
▪
|
The Equal Pay Act;
|
▪
|
The Genetic Information Nondiscrimination Act of 2008;
|
▪
|
The Massachusetts Plant Closing Laws, M.G.L. c. 151A, § 71A, as amended;
|
▪
|
The Massachusetts Fair Employment Practices Act, M.G.L c. 151B, as amended;
|
▪
|
The Massachusetts Occupational Safety and Health Laws;
|
▪
|
The Massachusetts Equal Rights Act, M.G.L. c. 93, § 102, as amended;
|
▪
|
The Massachusetts Equal Pay Act, M.G.L. c. 149, § 105A-C, as amended;
|
▪
|
The Massachusetts Maternity Leave Act, M.G.L. c. 149, § 105D, as amended;
|
▪
|
Laws relating to unpaid wages or other compensation, including but not limited to those under The Massachusetts Payment of Wages Law, M.G.L. c. 149, § 148 et seq., as amended;
|
▪
|
The Massachusetts Equal Rights for the Elderly and Disabled Law, M.G.L. c. 93, § 103, as amended;
|
▪
|
The Massachusetts AIDS Testing Law, M.G.L. c. 111, § 70F, as amended;
|
▪
|
The Massachusetts Civil Rights Act, M.G.L. c. 12, 11H & I, as amended;
|
▪
|
The Massachusetts Privacy Law, M.G.L. c. 214, § 1B, as amended;
|
▪
|
The Massachusetts Sexual Harassment Statute, M.G.L. c. 214, § 1C, as amended;
|
▪
|
The Massachusetts Consumer Protection Act, M.G.L. c. 93A, as amended;
|
▪
|
The Massachusetts Small Necessities Leave Act, M.G.L. c. 149, § 52D, as amended;
|
▪
|
Any other federal, state or local law, rule, regulation, or ordinance;
|
▪
|
Any public policy, contract, tort, or common law; or
|
▪
|
Any claim for costs, fees, or other expenses including attorneys' fees incurred in these matters.
|
▪
|
Executive should consult with an attorney before signing this Agreement;
|
▪
|
Executive has up to 21 calendar days to consider whether to sign this Agreement, starting from the date Executive receives this Agreement;
|
▪
|
Executive has 7 days after signing this Agreement to revoke it;
|
▪
|
If Executive revokes this Agreement Executive will not receive the Severance Pay or the other amounts or benefits described in Section 2; and
|
▪
|
This Agreement does not prevent Executive from later challenging the validity of the Agreement or from filing a charge with any government agency.
|
|
|
|
|
|
|
|
|
|
|
|
Stock Option Inventory
|
|
|
|
|
|
|
|
||||||||
Grant Date
|
Options Granted (#)
|
Outstanding Options Vested
(#)
|
Outstanding Options Unvested
(#)
|
Outstanding Options
|
Strike Price
|
Vested Value (D)
|
Unvested Value (E)
|
Outstanding Value
|
Expiration Date of Option
|
||||||
10/25/2016
|
16,551
|
|
—
|
|
16,551
|
|
16,511
|
|
$34.21
|
$0.00
|
|
$90,085.71
|
|
$90,085.71
|
10/25/2023
|
10/20/2015
|
17,186
|
|
4,296
|
|
12,890
|
|
17,186
|
|
$31.97
|
$33,005.81
|
|
$99,032.80
|
|
$132,038.61
|
10/20/2022
|
10/22/2014
|
10,376
|
|
5,188
|
|
5,188
|
|
10,376
|
|
$34.75
|
$25,462.27
|
|
$25,462.27
|
|
$50,924.54
|
10/22/2021
|
10/23/2013
|
16,778
|
|
12,583
|
|
4,195
|
|
16,778
|
|
$41.66
|
$0.00
|
|
$0.00
|
|
$0.00
|
10/23/2020
|
10/24/2012
|
22,676
|
|
22,676
|
|
—
|
|
22,676
|
|
$39.06
|
$13,558.36
|
|
$0.00
|
|
$13,558.36
|
10/24/2019
|
Total
|
83,567
|
|
44,743
|
|
38,824
|
|
83,527
|
|
|
$72,026.44
|
|
$214,580.78
|
|
$286,607.22
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Entity Name
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Jurisdiction of Incorporation
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5D Information Management, Inc.
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Delaware
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Arryx, Inc.
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Nevada
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Global Med Technologies, Inc.
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Colorado
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Haemonetics (Hong Kong) Limited
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Hong Kong
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Haemonetics (UK) Limited
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United Kingdom
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Haemonetics Asia Incorporated
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Delaware
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Haemonetics Asia UK Ltd.
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United Kingdom
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Haemonetics Australia PTY Ltd.
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Victoria
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Haemonetics Belgium NV
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Belgium
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Haemonetics BV
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Netherlands
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Haemonetics Canada Ltd.
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British Columbia
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Haemonetics CZ, spol. s.r.o.
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Czech Republic
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Haemonetics France S.a.r.l
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France
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Haemonetics GmbH
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Germany
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Haemonetics Handelsgesellschaft m.b.H.
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Austria
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Haemonetics Healthcare India Private Limited
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India
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Haemonetics Hospitalar Ltda.
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Brazil
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Haemonetics International Finance S.a.r.l.
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Luxembourg
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Haemonetics International Holdings GmbH
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Switzerland
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Haemonetics IP HC Sarl
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Switzerland
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Haemonetics Italia s.r.l.
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Italy
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Haemonetics Japan GK
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Japan
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Haemonetics Korea, Inc.
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Seoul, Korea
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Haemonetics Limited
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United Kingdom
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Haemonetics Malaysia Sdn. Bhd.
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Malaysia
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Haemonetics Manufacturing, Inc.
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Delaware
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Haemonetics (Shanghai) Management Co. Ltd. (formerly known as: Haemonetics Medical Devices (Shanghai) International Trading Co., Ltd.)
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Shanghai,China
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Haemonetics Mexico Manufacturing, S.de R.L. de C.V.
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Mexico
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Haemonetics New Zealand Limited
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New Zealand
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Haemonetics Produzione Italia S.r.l.
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Italy
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Haemonetics Puerto Rico LLC
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Puerto Rico
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Haemonetics S.A.
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Switzerland
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Haemonetics Scandinavia AB
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Sweden
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Haemonetics Singapore Pte. Ltd.
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Singapore
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Haemoscope Corporation
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Massachusetts
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Inlog SAS
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France
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Inlog Holdings France SAS
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France
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1.
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I have reviewed this Annual Report on Form 10-K of Haemonetics Corporation;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ Christopher Simon
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Christopher Simon, President and Chief
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Executive Officer (Principal Executive Officer)
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1.
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I have reviewed this Annual Report on Form 10-K of Haemonetics Corporation;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ William Burke
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William Burke, Executive Vice President, Chief
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Financial Officer
(Principal Financial Officer)
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/s/ Christopher Simon
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Christopher Simon,
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President and Chief Executive Officer
(Principal Executive Officer)
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/s/ William Burke
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William Burke, Executive Vice President, Chief
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Financial Officer
(Principal Financial Officer) |
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