This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with both our interim condensed consolidated financial statements and notes thereto which appear elsewhere in this Quarterly Report on Form 10-Q and our annual consolidated financial statements, notes thereto and the MD&A contained in our Annual Report on Form 10-K for the fiscal year ended March 28, 2026. The following discussion may contain forward-looking statements and should be read in conjunction with the “Cautionary Statement Regarding Forward-Looking Information” in this discussion. When used in this report, the terms “we,” “us,” “our,” “Haemonetics” and the “Company” mean Haemonetics Corporation. Introduction Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Our innovative solutions addressing critical medical needs include a suite of hospital technologies designed to advance standards of care and help enhance outcomes for patients; end-to-end plasma collection technologies to optimize operations for plasma centers; and products to enable blood centers to collect in-demand blood components. We view our operations and manage our business in two reporting segments: Apheresis and MedSurg. For that purpose, “Apheresis” includes plasma collection devices and disposables for plasma, red cells and platelets, donor management software and supporting software solutions sold to plasma customers, blood collection and processing devices. “MedSurg” is comprised of Interventional Technologies, which includes Vascular Closure, Sensor-Guided Technologies and Esophageal Protection product lines, and Blood Management Technologies, which includes Hemostasis Management, Cell Salvage and Transfusion Management product lines. Recent Developments Segment Organization Realignment On June 5, 2026, we implemented an organizational realignment designed to align our commercial operations into two global reportable segments by combining the previously reported Plasma and Blood Center reportable segments into Apheresis and renaming the Hospital reportable segment to MedSurg. This organizational structure reflects how the Company is organized to manage operations, allocate resources and evaluate performance. Revolving Credit Facility Repayment In connection with the settlement of the convertible senior notes due in 2026, we borrowed $300.0 million under our revolving credit facility pursuant to our second amended and restated credit agreement. During the first quarter of fiscal 2027, we repaid $50.0 million of the outstanding amount under the revolving credit facility. As of June 27, 2026, $250.0 million remained outstanding under the revolving credit facility. During the second quarter of fiscal 2027, we repaid an additional $50.0 million on the revolving credit facility. 28 Table of Contents Financial Summary Three Months Ended June 27, 2026 June 28, 2025 Reported change (Dollars in Thousands, Except Per Share Data) Net revenues $ 339,380 $ 321,394 5.6 % Gross profit $ 202,803 $ 192,244 5.5 % % of net revenues 59.8 % 59.8 % Operating expenses $ 145,345 $ 138,372 5.0 % Operating income $ 57,458 $ 53,872 6.7 % % of net revenues 16.9 % 16.8 % Interest and other expense, net $ (9,884) $ (8,703) 13.6 % Income before provision for income taxes $ 47,574 $ 45,169 5.3 % Provision for income taxes $ 14,564 $ 11,138 30.8 % % of pre-tax income 30.6 % 24.7 % Net income $ 33,010 $ 34,031 (3.0) % % of net revenues 9.7 % 10.6 % Net income per share – basic $ 0.73 $ 0.71 2.8 % Net income per share – diluted $ 0.72 $ 0.70 2.9 % Net revenues increased 5.6% during the three months ended June 27, 2026 as compared with the same period of fiscal 2026. This was primarily attributable to revenue increases in Apheresis, driven by volume growth and share gains within the Plasma franchise, and revenue increases in MedSurg, driven by share gains in the Hemostasis Management and Transfusion Management product lines within the Blood Management Technologies franchise. Operating income increased 6.7% during the three months ended June 27, 2026 as compared with the same period of fiscal 2026. The increase during the three months ended June 27, 2026 was primarily due to favorable product mix across all business units, as well as decreased amortization of fair value inventory step-up related to the acquisition of Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”). Management’s Use of Non-GAAP Measures Management uses non-GAAP financial measures, in addition to financial measures in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), to monitor the financial performance of the business, make informed business decisions, establish budgets and forecast future results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with U.S. GAAP. Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency conversion rate. We have provided this non-GAAP financial measure because we believe it provides meaningful information regarding our results on a consistent and comparable basis for the periods presented. 29 Table of Contents Results of Operations Net Revenues by Geography Three Months Ended June 27, 2026 June 28, 2025 Reported change Currency impact Constant currency change (1) (Dollars in Thousands) United States $ 257,844 $ 242,404 6.4 % — % 6.4 % International 81,536 78,990 3.2 % 0.7 % 2.5 % Net revenues $ 339,380 $ 321,394 5.6 % 0.2 % 5.4 % __________ (1) Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.” Our principal operations are in the United States, Europe, Japan and other parts of Asia. We market and sell our products in approximately 90 countries through a combination of our direct sales force and independent distributors. During the three months ended June 27, 2026, our revenue generated outside the U.S. was 24.0% of total net revenues, as compared with 24.6% during the three months ended June 28, 2025. International sales are generally conducted in local currencies, primarily Japanese Yen, Euro and Chinese Yuan. Our results of operations are impacted by changes in foreign exchange rates, particularly in the value of the Yen, Euro and Yuan, relative to the U.S. Dollar. We have placed foreign currency hedges on certain foreign currencies to mitigate our exposure to foreign currency fluctuations. Please see the section entitled “Foreign Exchange” in this discussion for a more complete explanation of how foreign currency affects our business and our strategy for managing this exposure. Net Revenues by Business Unit Three Months Ended June 27, 2026 June 28, 2025 Reported change Currency impact Constant currency change(1) (Dollars in Thousands) Apheresis Plasma $ 155,524 $ 145,074 7.2 % 0.1 % 7.1 % Other(2) 35,794 36,662 (2.4) % 0.4 % (2.8) % Apheresis net revenues $ 191,318 $ 181,736 5.3 % 0.2 % 5.1 % MedSurg Interventional Technologies(3) $ 59,942 $ 58,483 2.5 % (0.3) % 2.8 % Blood Management Technologies(4) 88,120 81,175 8.6 % 0.5 % 8.1 % MedSurg net revenues $ 148,062 $ 139,658 6.0 % 0.1 % 5.9 % Total net revenues $ 339,380 $ 321,394 5.6 % 0.2 % 5.4 % __________ (1) Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.” (2) Other includes blood collection and processing devices and disposables. (3) Interventional Technologies includes Vascular Closure, Sensor Guided Technologies and Esophageal Protection product lines of the MedSurg business unit. (4) Blood Management Technologies includes Hemostasis Management, Cell Salvage and Transfusion Management product lines of the MedSurg business unit. Apheresis Apheresis revenue increased by 5.3% on an as reported basis and by 5.1% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was primarily driven by volume growth and share gains within the Plasma franchise. 30 Table of Contents MedSurg MedSurg revenue increased by 6.0% on an as reported basis and by 5.9% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was driven by higher market expansion in the Vascular Closure product line within the Interventional Technologies franchise, and by increased volume and share gains in the Hemostasis Management product line within the Blood Management Technologies franchise. Gross Profit Three Months Ended June 27, 2026 June 28, 2025 Reported change Currency impact Constant currency change(1) (Dollars in Thousands) Gross profit $ 202,803 $ 192,244 5.5 % — % 5.5 % % of net revenues 59.8 % 59.8 % __________ (1) Constant currency growth, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.” Gross profit increased by 5.5% on an as reported basis and by 5.5% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was driven primarily by the continued transformation of the product portfolio to higher margin offerings, benefits from product innovation, and the absence of amortization of fair value inventory step-up related to the Attune Medical acquisition. Operating Expenses Three Months Ended June 27, 2026 June 28, 2025 Reported change Currency impact Constant currency change(1) (Dollars in Thousands) Research and development $ 16,200 $ 16,261 (0.4) % 0.4 % (0.8) % % of net revenues 4.8 % 5.1 % Selling, general and administrative $ 118,941 $ 110,719 7.4 % 0.8 % 6.6 % % of net revenues 35.0 % 34.4 % Amortization of acquired intangible assets $ 10,204 $ 11,392 (10.4) % 0.4 % (10.8) % % of net revenues 3.0 % 3.5 % Total operating expenses $ 145,345 $ 138,372 5.0 % 0.7 % 4.3 % % of net revenues 42.8 % 43.1 % __________ (1) Constant currency change, a non-GAAP financial measure, measures the change in revenue between the current and prior year periods using a constant currency. See “Management’s Use of Non-GAAP Measures.” Research and Development Research and development expenses decreased by 0.4% on an as reported basis and decreased by 0.8% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The decrease was primarily due to higher performance-based compensation in the prior year. Selling, General and Administrative SG&A expenses increased by 7.4% on an as reported basis and increased by 6.6% without the effect of foreign exchange during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was primarily due to higher personnel-related costs and freight charges. 31 Table of Contents Amortization of Acquired Intangible Assets We recognized amortization expense related to our acquired intangible assets of $10.2 million during the three months ended June 27, 2026, as compared with $11.4 million during the three months ended June 28, 2025. The decrease was primarily due to certain intangible assets becoming fully amortized or being impaired during fiscal 2026. Interest and Other Expense, Net Interest and other expense, net increased by $1.2 million during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The increase was primarily due to increase interest expense resulting from the borrowing of the revolving credit facility, partially offset by additional gains recognized on the previously held equity interest in Vivasure Medical Limited (“Vivasure”). Income Taxes We conduct business globally and report our results of operations in a number of foreign jurisdictions in addition to the United States. Our reported tax rate differs from the statutory tax rate due to the jurisdictional mix of earnings in any given period as the foreign jurisdictions in which we operate have tax rates that differ from the U.S. statutory tax rate. Our effective tax rate is adversely impacted by non-deductible expenses including executive compensation and is favorably impacted by the jurisdictional mix of earnings and research credits generated. For the three months ended June 27, 2026, we reported income tax expense of $14.6 million, representing an effective tax rate of 30.6%. The effective tax rate for the three months ended June 27, 2026 includes $1.7 million of discrete tax expense, primarily related to stock compensation shortfalls and valuation allowance impacts related to losses in certain recently acquired jurisdictions. For the three months ended June 28, 2025, we reported income tax expense of $11.1 million, representing an effective tax rate of 24.7%. The effective tax rate for the three months ended June 28, 2025 includes $0.1 million of discrete tax expense, primarily related to stock compensation shortfalls. The increase in the reported tax rate for the three months ended June 27, 2026, compared to the same period in fiscal 2026, relates primarily to the increase in net stock compensation shortfalls and the impact of losses incurred in certain jurisdictions for which no tax benefit was recognized. Liquidity and Capital Resources Resources The following table contains certain key performance indicators we believe depict our liquidity and cash flow position: June 27, 2026 March 28, 2026 (Dollars in Thousands) Cash and cash equivalents $ 223,384 $ 245,440 Availability under revolving credit facilities(1) $ 498,697 $ 448,697 Working capital $ 547,597 $ 552,280 Current ratio 3.1 3.0 Net debt position(2) $ (950,774) $ (979,140) Days sales outstanding 57 56 Inventory turnover 1.6 1.5 __________ (1) Availability under our revolving credit facilities is reduced by borrowings on the revolving credit facilities of $250.0 million as of June 27, 2026 and by eligible outstanding letters of credit allowable of $1.3 million as of June 27, 2026 and March 28, 2026, respectively. (2) Net debt position is the sum of cash and cash equivalents less total debt. Our primary sources of liquidity are cash and cash equivalents, internally generated cash flow from operations and our senior unsecured revolving credit facility. We believe these sources are sufficient to fund our cash requirements over at least the next twelve months and to meet our known long-term cash requirements, including our 2.5% convertible senior notes due in 2029 (the “2029 Notes”), and our senior unsecured term loan. Our expected cash outlays relate primarily to acquisitions, investments, capital expenditures, share repurchases, our ongoing market and regional alignment initiative, and payments of principal and interest under our credit facilities. 32 Table of Contents As of June 27, 2026, we had $223.4 million in cash and cash equivalents, the majority of which is held in the U.S. or in countries from which it can be repatriated to the U.S. Convertible Senior Notes As of June 27, 2026, the $700.0 million principal balance of the 2029 Notes was netted down by $10.4 million of remaining debt issuance costs, resulting in a net convertible note payable of $689.6 million. The 2029 Notes will mature on June 1, 2029, unless earlier converted, redeemed or repurchased. As of June 27, 2026, the 2029 Notes were not convertible. Interest expense related to the 2029 Notes was $5.2 million for the three months ended June 27, 2026, which includes nominal interest expense and the amortization of the debt issuance costs. For further discussion on the 2029 Notes, refer to Note 12, Notes Payable and Long-Term Debt within these condensed consolidated financial statements. Credit Facilities On April 30, 2024, the Company entered into a second amended and restated credit agreement with certain lenders to refinance its credit facilities initially entered into in 2022 and extended their maturity date through April 2029. The second amended and restated credit agreement provides for a $250.0 million senior unsecured term loan, and a $750.0 million senior unsecured revolving credit facility (together, the “2024 Revised Credit Facilities”). Loans under the 2024 Revised Credit Facilities bear interest at an annual rate equal to the Adjusted Term SOFR Rate (as specified in the second amended and restated credit agreement), which is subject to a floor of 0%, plus an applicable rate ranging from 1.125% to 1.750% based on the Company’s consolidated net leverage ratio (as specified in the second amended and restated credit agreement) at the applicable measurement date. The revolving credit facility carries an unused fee that ranges from 0.125% to 0.250% annually based on the Company’s consolidated net leverage ratio at the applicable measurement date. The 2024 Revised Credit Facilities mature on April 30, 2029. The principal amount of the term loan under the 2024 Revised Credit Facilities amortizes quarterly through the maturity date at a rate of 2.5% for the first three years following the closing date, 5.0% for the fourth year following the closing date and 7.5% for the fifth year following the closing date, with the unpaid balance due at maturity. As of June 27, 2026, $237.5 million was outstanding under the term loan with an effective interest rate of 5.7%. In connection with the settlement of the convertible notes due in 2026, we borrowed $300.0 million under the revolving credit facility. In the first quarter of fiscal 2027, we repaid $50.0 million of the outstanding amount under the revolving credit facility, and as of June 27, 2026, $250.0 million remained outstanding under the revolving credit facility. During the second quarter of fiscal 2027, the Company repaid an additional $50.0 million on the revolving credit facility. We also had $17.5 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of June 27, 2026. We have scheduled principal payments of $6.3 million required during the remainder of fiscal 2027 related to our term loan. 2025 Share Repurchase Program In April 2025, our Board approved a new three-year share repurchase program authorizing the repurchase of up to $500.0 million of our common stock, based on market conditions, through April 2028. During fiscal 2026, the Company repurchased 3,009,834 shares for $175.0 million at an average price per share upon settlement of $58.14. As of June 27, 2026, the total remaining authorization for repurchases of our common stock under the share repurchase program was $325.0 million. Market and Regional Alignment Initiative In May 2025, our Board approved a new market and regional alignment initiative and delegated authority to management to determine the details of the specific actions that will comprise the initiative. This strategic initiative is designed to improve operational performance and reduce costs by directing our resources toward the markets and geographies that offer the greatest growth and portfolio advancement opportunities. During the three months ended June 27, 2026, we incurred restructuring and restructuring related costs of $2.3 million under this initiative. Total cumulative charges under the market and regional alignment initiative are $7.9 million as of June 27, 2026. The amounts and timing of estimated costs and savings are subject to change until finalized. The actual amounts and timing may vary materially based on various factors. 33 Table of Contents Cash Flows Three Months Ended June 27, 2026 June 28, 2025 (Dollars in Thousands) Net cash provided by (used in): Operating activities $ 52,323 $ 17,395 Investing activities (22,234) (33,000) Financing activities (51,528) (2,442) Effect of exchange rate changes on cash and cash equivalents(1) (617) 4,182 Net change in cash and cash equivalents $ (22,056) $ (13,865) __________ (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. Operating Cash Flows Net cash provided by operating activities increased by $34.9 million during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. Cash flows from operations for fiscal 2027 period included net income of $33.0 million, adjusted for non-cash depreciation and amortization of $27.1 million and share-based compensation expense of $9.3 million, partially offset by cash outflows for working capital of $20.0 million driven by digital transformation costs. The fiscal 2026 period included cash inflows for net income of $34.0 million, adjusted for non-cash depreciation and amortization of $28.8 million, share-based compensation expense of $9.3 million and amortization of fair value inventory step up of $2.4 million, partially offset by unfavorable working capital adjustments of $55.5 million. Investing Cash Flows Net cash used in investing activities decreased by $10.8 million during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The fiscal 2027 period included cash outflows for capital expenditures of $7.9 million and non-cash transfers from inventory of $5.6 million. The fiscal 2026 period included cash outflows for strategic investments of $18.1 million and non-cash transfers from inventory of $11.5 million. Financing Cash Flows Net cash used in financing activities increased by $49.1 million during the three months ended June 27, 2026, as compared with the same period of fiscal 2026. The fiscal 2027 period included cash outflows of $50.0 million for repayment on our revolving credit facility, $3.5 million of employee equity award settlements and $1.6 million for repayments of term loan borrowings. The fiscal 2026 period included cash outflows of $4.8 million of employee equity award settlements and $1.6 million for repayments of term loan borrowings. Recent Accounting Pronouncements Refer to Note 2, Recent Accounting Pronouncements, to the condensed consolidated financial statements for a discussion of recently issued accounting pronouncements. Cautionary Statement Regarding Forward-Looking Information Certain statements that we make from time to time, including statements contained in this Quarterly Report on Form 10-Q and incorporated by reference into this report, constitute “forward looking-statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements do not relate strictly to historical or current facts and reflect management’s assumptions, views, plans, objectives and projections about the future. Forward-looking statements may be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “foresees,” “potential” and other words of similar meaning in conjunction with, among other things: discussions of future operations; expected operating results and financial performance; our strategy for growth; product development, commercialization and anticipated performance and benefits; regulatory approvals; impacts of acquisitions or dispositions; impacts of share repurchases; and market position and expenditures. 34 Table of Contents Because forward-looking statements are based on current beliefs, expectations and assumptions regarding future events, they are subject to uncertainties, risks and changes that are difficult to predict and many of which are outside of our control. Investors should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, our actual results and financial condition could vary materially from expectations and projections expressed or implied in its forward-looking statements. Investors are therefore cautioned not to rely on these forward-looking statements. The following are some important factors that could cause our actual results to differ from our expectations in any forward-looking statements. For further discussion of these and other factors, see Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K. •Our ability to achieve our long-term strategic and financial-improvement goals; •Demand for and market acceptance risks for new and existing products, including material reductions in purchasing from or loss of a significant customer; •Our ability to develop, manufacture and market new products and technologies successfully and in a timely manner and the ability of our competitors and other third parties to develop products or technologies that render our products or technologies noncompetitive or obsolete; •Product quality or safety concerns, leading to product recalls, withdrawals, regulatory action by the FDA (or similar non-U.S. regulatory agencies), reputational damage, declining sales or litigation; •Security breaches of our products or information technology systems, or those of our customers, suppliers or other business partners, which could impair our ability or our customers’ ability to conduct business or compromise sensitive information of the Company or its customers, suppliers and other business partners, or of customers’ patients; •The potential that the expected strategic benefits and opportunities from completed or planned acquisitions, including our acquisitions of Vivasure, OpSens Inc. and Advanced Cooling Therapy, Inc., d/b/a Attune Medical (“Attune Medical”), divestitures or other strategic investments by us may not be realized or may take longer to realize than expected; •Pricing pressures resulting from trends toward healthcare cost containment, including the continued consolidation among healthcare providers and other market participants; •Disruptions to the continuity, availability and pricing of plastic and other raw materials, finished goods and components used in the manufacturing of our products (including those purchased from sole-source suppliers) and the related continuity of our manufacturing, sterilization, supply chain and distribution operations, including disruptions caused by natural disasters, extreme weather and other conditions caused by or related to climate change, labor strikes, terrorism acts, cyber incidents or other adverse events; •Our ability to obtain the anticipated benefits of restructuring programs that we have or may undertake, including our market and regional alignment initiative; •The impact of enhanced requirements to obtain regulatory approval in the U.S. and around the world and the associated timing and cost of product approval; •Our ability to comply with established and developing U.S. and foreign legal and regulatory requirements, including the U.S. Foreign Corrupt Practices Act, European Union Medical Device Regulation and In Vitro Diagnostic Regulation and similar laws in other jurisdictions, as well as the impact of U.S. and foreign export and import restrictions and tariffs; •The impact of changes in U.S. and international tax laws; •Our ability to meet our debt obligations and raise additional capital when desired on terms reasonably acceptable to us; •The potential impact of our convertible senior notes and related capped call transactions; •Geopolitical and economic conditions in China, Taiwan, Russia, Ukraine, Iran and other parts of the Middle East and other foreign jurisdictions where we do business; •Our ability to execute and realize anticipated benefits from our investments in emerging economies; 35 Table of Contents •The potential effect of foreign currency fluctuations and interest rate fluctuations on our net sales, expenses and resulting margins; •Our ability to protect intellectual property and the outcome of patent litigation; •Costs and risks associated with product liability and other litigation claims we may be subject to now or in the future; •Our ability to retain and attract key personnel; •Market conditions impacting our stock price and/or our share repurchase program, and the possibility that such share repurchase program may be delayed, suspended or discontinued; •Our ability to achieve against our corporate responsibility initiatives and meet evolving stakeholder expectations concerning corporate responsibility matters; and •The impact of actual or threatened public health crises. Investors should understand that it is not possible to predict or identify all such factors and should not consider the risks described above and in Item 1A. “Risk Factors” in our Annual Report on Form 10-K to be a complete statement of all potential risks and uncertainties. The Company does not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new information or future events or developments.