Haemonetics (HAE) FY2024 results: revenue $1.3 billion, up 12.0% on the year

Haemonetics Corp. (HAE) reported revenue of $1.3 billion for fiscal 2024, the year ended 30 March 2024, up 12.0% on the year before. Net income was $118 million, up 1.9%, and diluted earnings per share $2.29. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2024.

Revenue

$1.3 billion

+12.0% on the year

FY2017FY2024

Operating margin

12.6%

13.4% a year earlier

FY2017FY2024

Net income

$118 million

+1.9% on the year

FY2017FY2024

Diluted EPS

$2.29

+2.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,309	1,169	993	+12.0%
Cost of revenue	618	554	488	+11.6%
Gross profit	692	615	506	+12.4%
Gross margin	52.8%	52.6%	50.9%
Research and development	54.4	50.1	46.8	+8.6%
Selling, general and administrative	430	377	340	+14.1%
Operating income	165	156	80.8	+5.7%
Operating margin	12.6%	13.4%	8.1%
Interest expense	19.5	13.0	5.8	+50.0%
Pre-tax income	152	141	63.6	+7.4%
Income tax	34.3	26.0	20.3	+31.9%
Effective tax rate	22.6%	18.4%	31.8%
Net income	118	115	43.4	+1.9%
Net margin	9.0%	9.9%	4.4%
Diluted EPS	$2.29	$2.24	$0.84	+2.2%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	182	273	172	-33.4%
Capital expenditure	38.1	191	96.5	-80.1%
Free cash flow	144	81.7	75.8	+75.7%
Free cash flow margin	11.0%	7.0%	7.6%
Cash from investing	-322	-144	-86.3
Cash from financing	38.2	-100	-15.7
Depreciation and amortisation	97.2	93.3	97.7	+4.2%
Share-based compensation	28.3	25.6	24.4	+10.7%
Buybacks	0.0	75.0	0.0
Diluted shares, weighted	51m	51m	51m	-0.0%
Shares outstanding at period end	51m	50m	51m	+0.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	960	818	749	+17.4%
Debt	808	766	774	+5.5%
Operating lease liabilities	58.0	55.9	55.7	+3.7%
Other liabilities	370	295	281	+25.4%
Total liabilities and equity	2,196	1,935	1,860	+13.5%
Fixed assets	311	311	258	+0.2%
Goodwill	565	466	467	+21.2%
Intangible assets	406	276	310	+47.3%
Cash and equivalents	179	284	259	-37.1%
Receivables	207	179	159	+15.3%
Inventory	317	259	293	+22.3%
Other assets	210	159	112	+32.4%
Total assets	2,196	1,935	1,860	+13.5%

10-K for the year ended 30 March 2024, filed 20 May 2024: the filing.