Haemonetics (HAE) FY2023 results: revenue $1.2 billion, up 17.7% on the year

Haemonetics Corp. (HAE) reported revenue of $1.2 billion for fiscal 2023, the year ended 1 April 2023, up 17.7% on the year before. Net income was $115 million, up 166.1%, and diluted earnings per share $2.24. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2024.

Revenue

$1.2 billion

+17.7% on the year

FY2016FY2023

Operating margin

13.4%

8.1% a year earlier

FY2016FY2023

Net income

$115 million

+166.1% on the year

FY2016FY2023

Diluted EPS

$2.24

+166.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,169	993	870	+17.7%
Cost of revenue	554	488	473	+13.5%
Gross profit	615	506	398	+21.7%
Gross margin	52.6%	50.9%	45.7%
Research and development	50.1	46.8	32.9	+7.1%
Selling, general and administrative	377	340	275	+10.9%
Operating income	156	80.8	89.7	+93.2%
Operating margin	13.4%	8.1%	10.3%
Interest expense	13.0	5.8	9.4	+124.1%
Pre-tax income	141	63.6	72.9	+122.2%
Income tax	26.0	20.3	-6.6	+28.4%
Effective tax rate	18.4%	31.8%	-9.0%
Net income	115	43.4	79.5	+166.1%
Net margin	9.9%	4.4%	9.1%
Diluted EPS	$2.24	$0.84	$1.55	+166.7%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	273	172	109	+58.5%
Capital expenditure	191	96.5	37.0	+98.2%
Free cash flow	81.7	75.8	71.8	+7.9%
Free cash flow margin	7.0%	7.6%	8.2%
Cash from investing	-144	-86.3	-425
Cash from financing	-100	-15.7	367
Depreciation and amortisation	93.3	97.7	84.3	-4.5%
Share-based compensation	25.6	24.4	25.5	+5.0%
Buybacks	75.0	0.0	0.0
Diluted shares, weighted	51m	51m	51m	+0.1%
Shares outstanding at period end	50m	51m	51m	-1.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	818	749	732	+9.2%
Debt	766	774	708	-1.0%
Operating lease liabilities	55.9	55.7	63.0	+0.4%
Other liabilities	295	281	318	+5.0%
Total liabilities and equity	1,935	1,860	1,820	+4.0%
Fixed assets	311	258	218	+20.3%
Goodwill	466	467	466	-0.2%
Intangible assets	276	310	365	-11.1%
Cash and equivalents	284	259	192	+9.6%
Receivables	179	159	128	+12.4%
Inventory	259	293	323	-11.5%
Other assets	159	112	128	+42.2%
Total assets	1,935	1,860	1,820	+4.0%

10-K for the year ended 1 April 2023, filed 20 May 2024: the filing.