Haemonetics (HAE) FY2022 results: revenue $993 million, up 14.1% on the year

Haemonetics Corp. (HAE) reported revenue of $993 million for fiscal 2022, the year ended 2 April 2022, up 14.1% on the year before. Net income was $43 million, down 45.4%, and diluted earnings per share $0.84. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2024.

Revenue

$993 million

+14.1% on the year

FY2015FY2022

Operating margin

8.1%

10.3% a year earlier

FY2015FY2022

Net income

$43 million

-45.4% on the year

FY2015FY2022

Diluted EPS

$0.84

-45.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	993	870	988	+14.1%
Cost of revenue	488	473	504	+3.2%
Gross profit	506	398	485	+27.1%
Gross margin	50.9%	45.7%	49.0%
Research and development	46.8	32.9	30.9	+42.4%
Selling, general and administrative	340	275	282	+23.4%
Operating income	80.8	89.7	103	-10.0%
Operating margin	8.1%	10.3%	10.5%
Interest expense	5.8	9.4	13.5	-38.3%
Pre-tax income	63.6	72.9	87.2	-12.7%
Income tax	20.3	-6.6	10.6
Effective tax rate	31.8%	-9.0%	12.2%
Net income	43.4	79.5	76.5	-45.4%
Net margin	4.4%	9.1%	7.7%
Diluted EPS	$0.84	$1.55	$1.48	-45.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	172	109	158	+58.3%
Capital expenditure	96.5	37.0	48.8	+160.6%
Free cash flow	75.8	71.8	109	+5.6%
Free cash flow margin	7.6%	8.2%	11.1%
Cash from investing	-86.3	-425	-57.2
Cash from financing	-15.7	367	-131
Depreciation and amortisation	97.7	84.3	110	+16.0%
Share-based compensation	24.4	25.5	20.5	-4.5%
Buybacks	0.0	0.0	175
Diluted shares, weighted	51m	51m	52m	+0.1%
Shares outstanding at period end	51m	51m	50m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	749	732	587	+2.4%
Debt	774	708	382	+9.3%
Operating lease liabilities	55.7	63.0	52.0	-11.5%
Other liabilities	281	318	245	-11.5%
Total liabilities and equity	1,860	1,820	1,267	+2.2%
Fixed assets	258	218	253	+18.8%
Goodwill	467	466	211	+0.2%
Intangible assets	310	365	133	-15.1%
Cash and equivalents	259	192	137	+34.9%
Receivables	159	128	165	+24.9%
Inventory	293	323	270	-9.2%
Other assets	112	128	97.2	-12.6%
Total assets	1,860	1,820	1,267	+2.2%

10-K for the year ended 2 April 2022, filed 20 May 2024: the filing.