Haemonetics (HAE) 10-Q 11 Aug 21 2022 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Jul. 03, 2021	Aug. 09, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 3, 2021
Document Transition Report	false
Entity File Number	001-14041
Entity Registrant Name	HAEMONETICS CORP
Entity Central Index Key	0000313143
Current Fiscal Year End Date	--04-02
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2882273
Entity Address, Address Line One	125 Summer Street
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	781
Local Phone Number	848-7100
Title of 12(b) Security	Common stock, $.01 par value per share
Trading Symbol	HAE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,029,618

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Income Statement [Abstract]
Net revenues	$ 228,528	$ 195,577
Cost of goods sold	120,443	105,547
Gross profit	108,085	90,030
Operating expenses:
Research and development	12,701	7,750
Selling, general and administrative	91,218	62,302
Amortization of Intangible Assets	12,379	8,263
Gains on divestitures and sale of assets	(9,603)	0
Total operating expenses	106,695	78,315
Operating income	1,390	11,715
Interest and other expense, net	(4,398)	(3,735)
(Loss) income before provision (benefit) for income taxes	(3,008)	7,980
Provision (benefit) for income taxes	1,446	(2,547)
Net (loss) income	$ (4,454)	$ 10,527
Basic income (loss) per share (in dollars per share)	$ (0.09)	$ 0.21
Diluted income (loss) per share (in dollars per share)	$ (0.09)	$ 0.21
Weighted average shares outstanding
Basic (in shares)	50,939	50,418
Diluted (in shares)	50,939	51,247
Comprehensive (loss) income	$ (4,007)	$ 11,956

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 03, 2021	Apr. 03, 2021
Current assets:
Cash and cash equivalents	$ 173,462	$ 192,305
Accounts receivable, less allowance of $2,236 at July 3, 2021 and $2,226 at April 3, 2021	132,908	127,555
Inventories, net	326,500	322,614
Prepaid expenses and other current assets	51,498	51,072
Total current assets	684,368	693,546
Property, plant and equipment, net	214,782	217,559
Intangible assets, less accumulated amortization of $335,060 at July 3, 2021 and $320,640 at April 3, 2021	353,688	365,483
Goodwill	466,314	466,444
Deferred tax asset	6,197	6,009
Other long-term assets	68,838	70,882
Total assets	1,794,187	1,819,923
Current liabilities:
Notes payable and current maturities of long-term debt	17,025	17,016
Accounts payable	49,131	50,293
Accrued payroll and related costs	34,372	47,600
Other liabilities	127,811	138,586
Total current liabilities	228,339	253,495
Long-term debt, net of current maturities	767,345	690,592
Deferred tax liability	24,278	43,825
Other long-term liabilities	97,145	100,341
Total stockholders’ equity
Common stock, $0.01 par value; Authorized — 150,000,000 shares; Issued and outstanding — 51,012,969 shares at July 3, 2021 and 50,868,820 shares at April 3, 2021	510	509
Additional paid-in capital	551,108	602,727
Retained earnings	154,562	157,981
Accumulated other comprehensive loss	(29,100)	(29,547)
Total stockholders’ equity	677,080	731,670
Total liabilities and stockholders’ equity	$ 1,794,187	$ 1,819,923

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jul. 03, 2021	Apr. 03, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 2,236	$ 2,226
Intangible assets, amortization	$ 335,060	$ 320,640
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	51,012,969	50,868,820
Common stock, shares outstanding (in shares)	51,012,969	50,868,820

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income/(Loss)
Balance (in shares) at Mar. 28, 2020			50,323
Balance at Mar. 28, 2020	$ 587,109		$ 503	$ 553,229		$ 78,512		$ (45,135)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock purchase plan (in shares)			22
Employee stock purchase plan	2,144		$ 0	2,144
Exercise of stock options (in shares)			28
Exercise of stock options	1,193		$ 1	1,192
Issuance of restricted stock, net of cancellations (in shares)			298
Issuance of restricted stock, net of cancellations	0		$ 3	(3)
Share-based compensation expense	6,167			6,167
Net (loss) income	10,527					10,527
Other comprehensive income (loss)	1,429							1,429
Balance (in shares) at Jun. 27, 2020			50,671
Balance at Jun. 27, 2020	608,569		$ 507	562,729		89,039		(43,706)
Balance (in shares) at Apr. 03, 2021			50,869
Balance at Apr. 03, 2021	731,670	$ (60,121)	$ 509	602,727	$ (61,156)	157,981	$ 1,035	(29,547)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock purchase plan (in shares)			39
Employee stock purchase plan	2,210			2,210
Exercise of stock options (in shares)			14
Exercise of stock options	500		$ 0	500
Issuance of restricted stock, net of cancellations (in shares)			91
Issuance of restricted stock, net of cancellations	0		$ 1	(1)
Share-based compensation expense	6,828			6,828
Net (loss) income	(4,454)					(4,454)
Other comprehensive income (loss)	447							447
Balance (in shares) at Jul. 03, 2021			51,013
Balance at Jul. 03, 2021	$ 677,080		$ 510	$ 551,108		$ 154,562		$ (29,100)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Cash Flows from Operating Activities:
Net (loss) income	$ (4,454)	$ 10,527
Non-cash items:
Depreciation and amortization	25,033	20,724
Amortization of fair value inventory step-up	5,295	0
Impairment of assets	5,144	1,028
Share-based compensation expense	6,828	6,167
Amortization of deferred finance costs	1,019	147
(Benefit) provision for losses on inventory	(544)	1,452
Gains on divestitures and sale of assets	(9,603)	0
Contingent consideration expense	9,774	0
Other non-cash operating activities	(355)	(841)
Change in operating assets and liabilities:
Change in accounts receivable	(5,342)	25,067
Change in inventories	(8,553)	(24,557)
Change in prepaid income taxes	2,121	(3,544)
Change in other assets and other liabilities	1,256	865
Change in accounts payable and accrued expenses	(29,299)	(25,223)
Net cash (used in) provided by operating activities	(1,680)	11,812
Cash Flows from Investing Activities:
Capital expenditures	(13,919)	(7,696)
Acquisition	(2,500)	(16,606)
Proceeds from divestitures	0	0
Proceeds from sale of property, plant and equipment	568	406
Net cash used in investing activities	(15,851)	(23,896)
Cash Flows from Financing Activities:
Net increase in short-term loans	0	150,000
Repayment of term loan borrowings	(4,375)	(4,375)
Proceeds from employee stock purchase plan	2,210	2,144
Proceeds from exercise of stock options	500	1,193
Other	31	(11)
Net cash (used in) provided by financing activities	(1,634)	148,951
Effect of exchange rates on cash and cash equivalents	322	1,547
Net Change in Cash and Cash Equivalents	(18,843)	138,414
Cash and Cash Equivalents at Beginning of Period	192,305	137,311
Cash and Cash Equivalents at End of Period	173,462	275,725
Supplemental Disclosures of Cash Flow Information:
Interest paid	1,482	2,780
Income taxes paid	14,494	2,063
Transfers from inventory to fixed assets for placement of Haemonetics equipment	$ 3,203	$ 2,364

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jul. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Haemonetics Corporation (“Haemonetics” or the “Company”) presented herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company's management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. All intercompany transactions have been eliminated. Operating results for the three months ended July 3, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year ending April 2, 2022 or any other interim period. The Company has assessed its ability to continue as a going concern. As of July 3, 2021, the Company has concluded that substantial doubt about its ability to continue as a going concern does not exist. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Annual Report on Form 10-K for the fiscal year ended April 3, 2021.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jul. 03, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS Standards Implemented In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No. 2019-12, Income Taxes (Topic 740). The new guidance improves consistent application of and simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The Company adopted ASC Update No. 2019-12 effective April 4, 2021. The adoption did not have a material impact on the financial position or results of operations. In August 2020, the FASB issued ASC ASU Update No. 2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The amendments simplify the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. Update No. 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company early adopted ASC Update No. 2020-06 effective April 4, 2021 using the modified retrospective method, which resulted in a decrease of $61.2 million to additional paid-in capital, a decrease to non-current deferred tax liabilities of $20.0 million, and an increase of $80.3 million to non-current convertible notes, net, on the Condensed Consolidated Balance Sheets. Additionally, retained earnings was adjusted to remove amortization expense recognized in prior periods related to the debt discount and the convertible notes no longer have a debt discount that will be amortized, net of taxes. The impact to retained earnings on the Condensed Consolidated Balance Sheets as of April 4, 2021 is an increase of $1.0 million.

RESTRUCTURING

RESTRUCTURING	3 Months Ended
	Jul. 03, 2021
Restructuring and Related Activities [Abstract]
RESTRUCTURING	3. RESTRUCTURING On an ongoing basis, the Company reviews the global economy, the healthcare industry, and the markets in which it competes to identify opportunities for efficiencies, enhance commercial capabilities, align its resources and offer its customers better solutions. In order to realize these opportunities, the Company undertakes restructuring-type activities to transform its business. In July 2019, the Board of Directors of the Company approved the Operational Excellence Program (the “2020 Program”) and delegated authority to the Company's management to determine the detail of the initiatives that will comprise the program. During the first quarter of fiscal 2022, the Company revised the program to improve product and service quality, reduce cost principally in its manufacturing and supply chain operations and ensure sustainability while helping to offset impacts from a previously announced customer loss, rising inflationary pressures and effects of the COVID-19 pandemic. The Company now expects to incur aggregate charges between $95 million and $105 million by the end of fiscal 2025. The majority of charges will result in cash outlays, including severance and other employee costs, and will be incurred as the specific actions required to execute these initiatives are identified and approved. During the three months ended July 3, 2021 and June 27, 2020, the Company incurred $9.9 million and $3.5 million, respectively, of restructuring and restructuring related costs under this program. Total cumulative charges under this program are $36.9 million. The following table summarizes the activity for restructuring reserves related to the 2020 Program and prior programs for the three months ended July 3, 2021, substantially all of which relates to employee severance and other employee costs: (In thousands) 2020 Program Prior Programs Total Balance at April 3, 2021 $ 575 $ 437 $ 1,012 Costs incurred, net of reversals 3,391 29 3,420 Payments (63) — (63) Non-cash adjustments — 11 11 Balance at July 3, 2021 $ 3,903 $ 477 $ 4,380 The following presents the restructuring costs by line item within our accompanying unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income: Three Months Ended (In thousands) July 3, June 27, Cost of goods sold $ 2,253 $ 503 Research and development 105 319 Selling, general and administrative expenses 1,062 243 $ 3,420 $ 1,065 As of July 3, 2021, the Company had a restructuring liability of $4.4 million, of which $3.9 million is payable within the next twelve months. In addition to the restructuring costs included in the table above, the Company also incurred costs that do not constitute restructuring under ASC 420, Exit and Disposal Cost Obligations, and which the Company instead refers to as restructuring related costs. These costs consist primarily of expenditures directly related to the restructuring actions and include program management costs associated with the implementation of outsourcing initiatives and recent accounting standards. The tables below present restructuring and restructuring related costs by reportable segment: Restructuring costs Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Plasma $ 2,288 $ 568 Blood Center 3 154 Hospital (38) 129 Corporate 1,167 214 Total $ 3,420 $ 1,065 Restructuring related costs Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Plasma $ 1,738 $ — Blood Center 490 16 Hospital 133 9 Corporate 4,274 2,910 Total $ 6,635 $ 2,935 Total restructuring and restructuring related costs $ 10,055 $ 4,000

ACQUISITION

ACQUISITION	3 Months Ended
	Jul. 03, 2021
Business Combinations [Abstract]
ACQUISITION	4. ACQUISITIONS On January 17, 2021, the Company entered into an Agreement and Plan of Merger with Cardiva Medical, Inc. (“Cardiva”), an industry-leading manufacturer of vascular closure systems based in Santa Clara, California. In connection with this acquisition, which closed on March 1, 2021, the Company acquired 100% of the issued and outstanding shares of capital stock of Cardiva for total consideration of $489.8 million, which consisted of upfront payments in the aggregate of $465.5 million ($418.2 million net of cash acquired) and the fair value of contingent consideration of $24.3 million. The contingent consideration, which could total a maximum of $35.0 million is payable over the next two years based on sales growth. The Company financed the acquisition through a combination of cash, borrowings under its revolving credit facility and an additional $150.0 million term loan under the existing credit facility. Cardiva’s portfolio includes two catheter-based vascular access site closure devices. The VASCADE® vascular closure system is designed for “small-bore” femoral arterial and venous closure, generally used in interventional cardiology and peripheral vascular procedures. The VASCADE MVP® vascular closure system is designed for “mid-bore” multi-access femoral venous closure, generally used in electrophysiology procedures, and is the only U.S. Food and Drug Administration (“FDA”) approved closure device for use following cardiac ablation procedures requiring two or more access sites within the same vessel. The addition of the VASCADE portfolio to the Hospital business unit includes products with demonstrated benefits and enhances penetration into the large and growing interventional cardiology and electrophysiology markets. Purchase Price Allocation The Company accounted for the acquisition as a business combination, and in accordance with FASB ASC Topic 805, Business Combinations (Topic 805), recorded the assets acquired and liabilities assumed at their fair values as of the acquisition date. The fair value of assets acquired and liabilities assumed have been recognized based on management’s estimates and assumptions using the information regarding facts and circumstances that existed at the closing date. The assessment of fair value is preliminary and is based on information that was available at the time the consolidated financial statements were prepared. The most significant open items included the valuation of certain intangible assets and the accounting for income taxes as the Company is awaiting additional information to complete its assessment of these matters. Measurement period adjustments will be recorded in the period in which they are determined, as if they had been completed at the acquisition date. The finalization of the Company’s purchase accounting assessment could result in changes in the valuation of assets acquired and liabilities assumed, which could be material. The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by Topic 805. As of July 3, 2021, the valuation studies necessary to determine the fair market value of the assets acquired and liabilities assumed are preliminary, including the projection of the underlying cash flows used to determine the fair value of the identified tangible, intangible and financial assets and liabilities. The purchase price of $442.3 million, net of $47.3 million of cash acquired, consisted of the amounts presented below, which represent the preliminary determination of the fair value of the identifiable assets acquired and liabilities assumed: (In thousands) March 1, 2021 Accounts receivable $ 7,304 Inventories 18,765 Prepaid expenses and other current assets 850 Property, plant and equipment 1,186 Intangible assets 253,929 Goodwill 251,407 Other long-term assets 1,868 Total assets acquired $ 535,309 Accounts payable 3,292 Accrued payroll and related costs 58,211 Other liabilities 1,853 Deferred tax liability 27,912 Other long-term liabilities 1,772 Total liabilities assumed $ 93,040 Net assets acquired $ 442,269 The Company determined the identifiable intangible assets were completed technology, customer relationships and trademarks. The fair values of intangible assets were based on valuation techniques with estimates and assumptions developed by the Company. Completed technology was valued using the excess earnings method. Customer relationships were valued using the distributor method. Trademarks were valued using the relief from royalty method. The cash flows used in the valuation of the intangible assets were based on estimates used to price the transaction. In developing the discount rates applied to the cash flow projections, the discount rates were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital and then adjusted to reflect the relative risk of the asset. As of July 3, 2021, the valuation of the intangible assets is preliminary as the Company is still gathering information related to the assets’ cash flow projections. The excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill. As a result of the acquisition of Cardiva, the Company recognized goodwill of $251.4 million, which is attributable to the revenue and cash flow projections associated with completed technologies and the development of future technology that does not exist in the current in-process research and development (“IPR&D”) pipeline. The goodwill is not deductible for tax purposes and relates entirely to the Hospital reportable segment. Intangible assets acquired consist of the following: (In thousands) Amount Weighted-Average Amortization Period Risk-Adjusted Discount Completed technology $ 230,326 13 years 13.5 % Customer relationships 18,166 12 years 13.0 % Trademarks 5,437 13 years 13.5 % Total $ 253,929 The Company recorded a long-term deferred tax liability, net, of $27.9 million primarily related to definite-lived intangible assets which cannot be deducted for tax purposes, partially offset by deferred tax assets primarily related to net operating losses acquired. Acquisition-Related Costs The amount of acquisition-related costs incurred associated with the acquisition was $9.6 million for the fiscal year ending April 3, 2021. The Company incurred acquisition costs related legal and other professional fees in the amount of $6.6 million and an additional $3.0 million of debt financing costs and lender fees which were recognized in selling, general and administrative and as interest expense on the unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income, respectively. HAS Intellectual Property In January 2021, the Company entered into an agreement to acquire certain intellectual property owned by HemoAssay Science and Technology (Suzhou) Co. Ltd., a China-incorporated company, and its affiliates (collectively, “HemoAssay”) underlying their HAS viscoelastic diagnostic devices, related assays and disposables. The Company previously entered into exclusive manufacturing and distribution agreements with HemoAssay pursuant to which it has exclusive rights to commercialize HemoAssay’s HAS devices in China. In connection with the transaction, the Company has agreed to pay up to $15.0 million to HemoAssay in contingent consideration based on certain developmental and manufacturing based milestones. During the three months ended July 3, 2021, the Company made $2.5 million of milestone payments which were recorded within intangible assets on the Condensed Consolidated Balance Sheets. These products augment the Company's portfolio of hemostasis analyzers within the Hospital business unit. enicor GmbH On April 1, 2020, the Company acquired all of the outstanding equity of enicor GmbH (“enicor”), the manufacturer of ClotPro ® , a new generation whole blood coagulation testing system that is currently available in select European and Asia Pacific markets, for total consideration of $20.5 million, which consisted of upfront payments of $16.6 million and the fair value of contingent consideration of $3.9 million. The contingent consideration, which could total a maximum of $4.5 million, consists of payments related to the achievement of certain revenue and regulatory milestones. The acquisition of this viscoelastic diagnostic device augments the Company's portfolio of hemostasis analyzers within the Hospital business unit. Purchase Price Allocation The Company accounted for the acquisition of enicor as a business combination, and in accordance with FASB ASC Topic 805, Business Combinations ( Topic 805 ), recorded the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The following amounts represent the determination of the fair value of the identifiable assets acquired and liabilities assumed for enicor completed during fiscal 2021: (In thousands) April 1, 2020 Inventory $ 634 Other current assets 685 Property, plant and equipment 289 Intangible assets 14,090 Goodwill 8,153 Total assets acquired $ 23,851 Other current liabilities 289 Deferred tax liability 3,036 Total liabilities assumed $ 3,325 Net assets acquired $ 20,526 The Company determined the identifiable intangible assets were completed technology, customer relationships and a trademark. The fair value of the intangible assets was estimated using the income approach, and the cash flow projections were discounted using a rate of 20%. The cash flows were based on estimates used to price the transaction, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital. The benefits of adding a viscoelastic diagnostic device to the Company’s portfolio of hemostasis analyzers within the Hospital business unit contributed to an acquisition price in excess of the fair value of net assets acquired for enicor, which resulted in the establishment of goodwill. In addition, the benefits of lower cost manufacturing and complementary sales channels also contributed to the establishment of goodwill for this acquisition. None of the goodwill is expected to be deductible for income tax purposes. Intangible assets acquired consist of the following: (In thousands) Amount Weighted-Average Amortization Period Risk-Adjusted Discount Completed technology $ 13,441 10 Years 20 % Customer relationships 347 10 Years 20 % Trademark 302 10 Years 20 % Total $ 14,090 Acquisition-Related Costs The amount of acquisition-related costs incurred associated with the acquisition was $0.2 million for the three months ended June 27, 2020.

DIVESTITURE

DIVESTITURE	3 Months Ended
	Jul. 03, 2021
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURE	5. DIVESTITURES Fajardo, Puerto Rico Manufacturing Operations On June 29, 2020, the Company sold its Fajardo, Puerto Rico, manufacturing operations to GVS, S.p.A (“GVS”), a leading provider of advanced filtration solutions for critical applications for $15.1 million ($7.8 million, net of cash transferred). Under the terms of the agreement, Haemonetics retained all intellectual property rights to its proprietary blood filters currently manufactured at its Fajardo facility and GVS acquired certain assets consisting primarily of property, plant and equipment, inventory and cash and has assumed certain related liabilities. In connection with this transaction, the Company and GVS also entered into a long-term supply and development agreement that, among other things, grants GVS exclusive rights to manufacture and supply the blood filters currently produced at the Fajardo facility for Haemonetics. The Company also agreed to provide certain transition services to GVS, generally for a period of up to three months depending on the nature of the service. As a result of this transaction, Haemonetics recognized a pre-tax impairment charge in its Blood Center business unit of $1.0 million in the first quarter of fiscal 2021 and an incremental loss of $0.4 million based on closing adjustments during the third quarter of fiscal 2021, as the carrying value of the assets and liabilities in the asset transfer exceeded the net of the $15.1 million of cash proceeds and an additional contingent liability of $1.5 million. The disposal group consisted of $3.3 million of inventory, $7.2 million of fixed assets, $3.2 million of other liabilities, and $0.4 million of goodwill allocated based on fair value to the business. U.S. Blood Donor Management Software On July 1, 2020, the Company sold certain U.S. blood donor management software solution assets within its Blood Center business unit to the GPI Group (“GPI”) for an upfront cash payment of $14.0 million ($13.6 million, net of working capital adjustments) and up to $14.0 million in additional consideration contingent on the achievement of commercial milestones over the twelve month period immediately following the closing of the transaction. The disposal group consisted of $1.4 million of accounts receivable, $0.9 million of intangible assets, other liabilities of $1.8 million and $1.4 million of goodwill allocated based on fair value to the business. The Company recognized a gain of $13.2 million associated with the transaction in fiscal 2021. During the three months ended July 3, 2021, the Company recognized an additional gain of $9.6 million for contingent consideration earned. Inlog Holdings France On September 18, 2020, the Company sold its wholly-owned subsidiary Inlog Holdings France SAS to Abénex Capital (“Abénex”), a private equity firm based in France for $30.5 million ($24.5 million, net of cash transferred). Inlog Holdings France SAS, through its subsidiary In Log SAS, develops and sells blood bank and hospital software solutions used predominantly in France and in several other countries outside of the U.S. The disposal group included $2.2 million of intangible assets, $2.2 million of accounts receivable, $0.3 million of other assets, $3.3 million of liabilities and $3.3 million of goodwill allocated based on the fair value of the business which impacted both the Blood Center and Hospital business units. The Company recognized a gain of $20.0 million upon closing of the transaction in the second quarter of fiscal 2021.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jul. 03, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	6. INCOME TAXES The Company conducts business globally and reports its results of operations in a number of foreign jurisdictions in addition to the United States. The Company's reported tax rate is impacted by the jurisdictional mix of earnings in any given period as the foreign jurisdictions in which it operates have tax rates that differ from the U.S. statutory tax rate. For the three months ended July 3, 2021, the Company reported income tax expense of $1.4 million representing an effective tax rate of (48.1)%. The effective tax rate for the three months ended July 3, 2021 includes $0.8 million of discrete tax expense relating to stock compensation shortfalls. For the three months ended June 27, 2020, the Company reported an income tax benefit of $2.5 million representing an effective tax rate benefit of 31.9%. The effective tax rate for the three months ended June 27, 2020 includes discrete tax benefits recognized from excess stock compensation deductions of $4.0 million. The effective tax rate was also impacted by the jurisdictional mix of earnings. During the three months ended June 27, 2020, the Company transferred certain intangible assets amongst its wholly-owned subsidiaries prior to the divestiture of its Fajardo, Puerto Rico manufacturing operations. The tax expense on the intercompany sale and establishment of deferred tax assets (including the associated valuation allowance impacts) was included in the computation of the annual effective tax rate.

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	3 Months Ended
	Jul. 03, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE (EPS)	7. EARNINGS PER SHARE The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. Three Months Ended (In thousands, except per share amounts) July 3, June 27, Basic EPS Net (loss) income $ (4,454) $ 10,527 Weighted average shares 50,939 50,418 Basic income per share $ (0.09) $ 0.21 Diluted EPS Net (loss) income $ (4,454) $ 10,527 Basic weighted average shares 50,939 50,418 Net effect of common stock equivalents — 829 Diluted weighted average shares 50,939 51,247 Diluted income per share $ (0.09) $ 0.21 Basic earnings per share is calculated using the Company's weighted-average outstanding common stock. Diluted earnings per share is calculated using its weighted-average outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method and the convertible senior notes as determined under the net share settlement method. From the time of the issuance of the convertible senior notes, the average market price of the Company's common shares has been less than the initial conversion price, and consequently no shares have been included in diluted earnings per share for the conversion value of the convertible senior notes. For the three months ended July 3, 2021, the Company recognized a net loss; therefore it excluded the impact of outstanding stock awards from the diluted loss per share calculation as its inclusion would have an anti-dilutive effect. For the three months ended June 27, 2020, weighted average shares outstanding, assuming dilution, excludes the impact of 0.5 million anti-dilutive shares.

REVENUE

REVENUE	3 Months Ended
	Jul. 03, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	8. REVENUE The Company's revenue recognition policy is to recognize revenues from product sales, software and services in accordance with ASC Topic 606, Revenue from Contracts with Customers . Revenue is recognized when obligations under the terms of a contract with a customer are satisfied; this occurs with the transfer of control of the Company’s goods or services. The Company considers revenue to be earned when all of the following criteria are met: it has a contract with a customer that creates enforceable rights and obligations; promised products or services are identified; the transaction price, or the consideration it expects to receive for transferring goods or providing services, is determinable and it has transferred control of the promised items to the customer. A promise in a contract to transfer a distinct good or service to the customer is identified as a performance obligation. A contract’s transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Some of the Company’s contracts have multiple performance obligations. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on the estimated standalone selling prices of the good or service in the contract. For goods or services for which observable standalone selling prices are not available, the Company uses an expected cost plus a margin approach to estimate the standalone selling price of each performance obligation. As of July 3, 2021, the Company had $18.4 million of its transaction price allocated to remaining performance obligations related to executed contracts with an original duration of one year or more. The Company expects to recognize approximately 69% of this amount as revenue within the next twelve months and the remaining balance thereafter. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. The difference in timing between billing and revenue recognition primarily occurs in software licensing arrangements, resulting in contract assets and contract liabilities. As of July 3, 2021 and April 3, 2021, the Company had contract assets of $4.8 million and $4.8 million, respectively. Contract assets are classified as other current assets and other long-term assets on the Condensed Consolidated Balance Sheets. As of July 3, 2021 and April 3, 2021, the Company had contract liabilities of $24.2 million and $20.9 million, respectively. During the three months ended July 3, 2021, the Company recognized $8.6 million of revenue that was included in the above April 3, 2021 contract liability balance.

INVENTORIES

INVENTORIES	3 Months Ended
	Jul. 03, 2021
Inventory Disclosure [Abstract]
INVENTORIES	9. INVENTORIES Inventories are stated at the lower of cost or market and include the cost of material, labor and manufacturing overhead. Cost is determined using the first-in, first-out method. (In thousands) July 3, April 3, Raw materials $ 75,278 $ 74,910 Work-in-process 26,562 23,111 Finished goods 224,660 224,593 Total inventories $ 326,500 $ 322,614

LEASES

LEASES	3 Months Ended
	Jul. 03, 2021
Leases [Abstract]
LEASES	10. LEASES Lessee Activity During fiscal 2021, the Company entered into a lease for manufacturing space in Clinton, PA. The Company's current manufacturing operations in Leetsdale, PA will be relocated. The lease term associated with the new manufacturing facility is 15 years and 7 months and includes two five four Lessor Activity Assets on the Company's balance sheet classified as Haemonetics equipment primarily consists of medical devices installed at customer sites but owned by Haemonetics. These devices are leased to customers under contractual arrangements that typically include an operating or sales-type lease as well as the purchase and consumption of a certain level of disposable products. Sales-type leases are not significant. Contract terms vary by customer and may include options to terminate the contract or options to extend the contract. Where devices are provided under operating lease arrangements, a substantial majority of the entire lease revenue is variable and subject to subsequent non-lease component (disposable products) sales. The allocation of revenue between the lease and non-lease components is based on stand-alone selling prices. Operating lease revenue represents less than 3 percent of the Company's total net sales.

NOTES_PAYABLE AND LONG-TERM DEB

NOTES PAYABLE AND LONG-TERM DEBT	3 Months Ended
	Jul. 03, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE AND LONG-TERM DEBT	11. NOTES PAYABLE AND LONG-TERM DEBT Convertible Senior Notes In March 2021, the Company issued $500.0 million aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”). The 2026 Notes are governed by the terms of the Indenture between the Company and U.S. Bank National Association, as trustee (the “Indenture”). The total net proceeds from the sale of the 2026 Notes, after deducting the initial purchasers’ discounts and debt issuance costs, were approximately $486.7 million. The 2026 Notes will mature on March 1, 2026, unless earlier converted, redeemed or repurchased. During the first quarter of fiscal 2022, the conditions allowing holders of the 2026 Notes to convert have not been met. The 2026 Notes were therefore not convertible as of July 3, 2021 and were classified as long-term debt on the Company’s Condensed Consolidated Balance Sheets. In accounting for the issuance of the 2026 Notes, the 2026 Notes were separated into liability and equity components. The Company estimated the liability and equity components of the 2026 Notes to be $416.4 million and $83.6 million respectively, at the issuance date. On April 4, 2021, the Company adopted ASC Update No. 2020-06 using the modified retrospective method, which resulted in a decrease of $61.2 million to additional paid-in capital, a decrease to non-current deferred tax liabilities of $20.0 million, and an increase of $80.3 million to non-current convertible notes, net, on the Condensed Consolidated Balance Sheets. Additionally, retained earnings was adjusted to remove amortization expense recognized in prior periods related to the debt discount and the convertible notes no longer have a debt discount that will be amortized, net of taxes. The impact to retained earnings on the Condensed Consolidated Balance Sheets as of April 4, 2021 is an increase of $1.0 million. As of July 3, 2021, the $500.0 million principal balance was netted down by $12.5 million of deferred financing costs. Credit Facilities On June 15, 2018, the Company entered into a credit agreement with certain lenders which provided for a $350.0 million term loan (the “Term Loan”) and a $350.0 million revolving loan (the “Revolving Credit Facility” and together with the Term Loan, as amended from time to time, the “Credit Facilities”). The Credit Facilities expire on June 15, 2023. Interest on the Credit Facilities is established using LIBOR plus 1.13% - 1.75%, depending on the Company's leverage ratio. Under the Credit Facilities, the Company is required to maintain certain leverage and interest coverage ratios specified in the credit agreement as well as other customary non-financial affirmative and negative covenants. At July 3, 2021, $297.5 million was outstanding under the Term Loan with an effective interest rate of 1.9%. There were no borrowings outstanding on the Revolving Credit Facility. The Company also has $25.5 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of July 3, 2021. The Company has required scheduled principal payments of $13.1 million during the remainder of fiscal 2022, $214.4 million during fiscal 2023 and $70.0 million during fiscal 2024. The Company was in compliance with the leverage and interest coverage ratios specified in the Credit Facilities as well as all other bank covenants as of July 3, 2021.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES	3 Months Ended
	Jul. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND FAIR VALUE MEASUREMENTS	12. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The Company manufactures, markets and sells its products globally. During the three months ended July 3, 2021, 38.3% of the Company's sales were generated outside the U.S., generally in foreign currencies. The Company also incurs certain manufacturing, marketing and selling costs in international markets in local currency. Accordingly, earnings and cash flows are exposed to market risk from changes in foreign currency exchange rates relative to the U.S. Dollar, the Company's reporting currency. The Company has a program in place that is designed to mitigate the exposure to changes in foreign currency exchange rates. That program includes the use of derivative financial instruments to minimize, for a period of time, the impact on its financial results from changes in foreign exchange rates. The Company utilizes foreign currency forward contracts to hedge the anticipated cash flows from transactions denominated in foreign currencies, primarily the Japanese Yen and the Euro, and to a lesser extent the Swiss Franc, Australian Dollar, Canadian Dollar and the Mexican Peso. This does not eliminate the impact of the volatility of foreign exchange rates. However, because the Company generally enters into forward contracts one year out, rates are fixed for a one-year period, thereby facilitating financial planning and resource allocation. Designated Foreign Currency Hedge Contracts All of the Company's designated foreign currency hedge contracts as of July 3, 2021 and April 3, 2021 were cash flow hedges under ASC 815, Derivatives and Hedging (“ASC 815”). The Company records the effective portion of any change in the fair value of designated foreign currency hedge contracts in other comprehensive income until the related third-party transaction occurs. Once the related third-party transaction occurs, the Company reclassifies the effective portion of any related gain or loss on the designated foreign currency hedge contracts to earnings. In the event the hedged forecasted transaction does not occur, or it becomes probable that it will not occur, the Company would reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time. The Company had designated foreign currency hedge contracts outstanding in the contract amount of $40.5 million as of July 3, 2021 and $56.0 million as of April 3, 2021. At July 3, 2021, a loss of $0.9 million, net of tax, will be reclassified to earnings within the next twelve months. Substantially all currency cash flow hedges outstanding as of July 3, 2021 mature within twelve months. Non-Designated Foreign Currency Contracts The Company manages its exposure to changes in foreign currency on a consolidated basis to take advantage of offsetting transactions and balances. It uses foreign currency forward contracts as a part of its strategy to manage exposure related to foreign currency denominated monetary assets and liabilities. These foreign currency forward contracts are entered into for periods consistent with currency transaction exposures, generally one month. They are not designated as cash flow or fair value hedges under ASC 815. These forward contracts are marked-to-market with changes in fair value recorded to earnings. The Company had non-designated foreign currency hedge contracts under ASC 815 outstanding in the contract amount of $82.4 million as of July 3, 2021 and $95.6 million as of April 3, 2021. Interest Rate Swaps On June 15, 2018, the Company entered into Credit Facilities which provided for a $350.0 million Term Loan and a $350.0 million Revolving Credit Facility. Under the terms of the Credit Facilities, interest is established using LIBOR plus 1.13% - 1.75%. As a result, the Company's earnings and cash flows are exposed to interest rate risk from changes to LIBOR. Part of the Company's interest rate risk management strategy includes the use of interest rate swaps to mitigate its exposure to changes in variable interest rates. The Company's objective in using interest rate swaps is to add stability to interest expense and to manage and reduce the risk inherent in interest rate fluctuations. In August 2018, the Company entered into two interest rate swap agreements (the “Swaps”) to pay an average fixed rate of 2.80% on a total notional value of $241.9 million of debt. As a result of the Swaps, 70% of the Term Loan previously exposed to interest rate risk from changes in LIBOR is now fixed at a rate of 4.05%. The Swaps mature on June 15, 2023. The Company designated the Swaps as cash flow hedges of variable interest rate risk associated with $345.6 million of indebtedness. For the three months ended July 3, 2021, a gain of $2.0 million, net of tax, was recorded in accumulated other comprehensive loss to recognize the effective portion of the fair value of the Swaps that qualify as cash flow hedges. Trade Receivables In the ordinary course of business, the Company grants trade credit to its customers on normal credit terms. In an effort to reduce its credit risk, the Company (i) establishes credit limits for all customers, (ii) performs ongoing credit evaluations of customers’ financial condition, (iii) monitors the payment history and aging of customers’ receivables, and (iv) monitors open orders against an individual customer’s outstanding receivable balance. The Company's allowance for credit losses is maintained for trade accounts receivable based on the expected collectability, the historical collection experience, the length of time an account is outstanding, the financial position of the customer and information provided by credit rating services. Effective March 29, 2020, the Company adopted Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326) which requires consideration of events or circumstances indicating historic collection rates may not be indicative of future collectability. For example, potential adverse changes to customer liquidity from new macroeconomic events such as the COVID-19 pandemic must be taken into consideration. To date, the Company has not experienced significant customer payment defaults, or identified other significant collectability concerns as a result of the pandemic. The following is a rollforward of the allowance for credit losses: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Beginning balance $ 2,226 $ 3,824 Credit (gain) loss 27 (259) Write-offs (17) (119) Ending balance $ 2,236 $ 3,446 Fair Value of Derivative Instruments The following table presents the effect of the Company's derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the three months ended July 3, 2021: (In thousands) Amount of Gain Amount of Gain (Loss) Reclassified Location in Amount of Gain (Loss) Excluded from Location in Designated foreign currency hedge contracts, net of tax $ (897) $ 329 Net revenues, COGS and SG&A $ 371 Interest and other expense, net Non-designated foreign currency hedge contracts $ — $ — $ (489) Interest and other expense, net Designated interest rate swaps, net of tax $ 973 $ (1,130) Interest and other expense, net $ — The Company did not have fair value hedges or net investment hedges outstanding as of July 3, 2021 or April 3, 2021. As of July 3, 2021, no material deferred tax assets were recognized for designated foreign currency hedges. ASC 815 requires all derivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet. The Company determines the fair value of its derivative instruments using the framework prescribed by ASC 820, Fair Value Measurements and Disclosures , by considering the estimated amount it would receive or pay to sell or transfer these instruments at the reporting date and by taking into account current interest rates, currency exchange rates, current interest rate curves, interest rate volatilities, the creditworthiness of the counterparty for assets, and its creditworthiness for liabilities. In certain instances, the Company may utilize financial models to measure fair value. Generally, it uses inputs that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; other observable inputs for the asset or liability; and inputs derived principally from, or corroborated by, observable market data by correlation or other means. As of July 3, 2021, the Company has classified its derivative assets and liabilities within Level 2 of the fair value hierarchy prescribed by ASC 815, as discussed below, because these observable inputs are available for substantially the full term of its derivative instruments. The following tables present the fair value of the Company's derivative instruments as they appear in its Condensed Consolidated Balance Sheets as of July 3, 2021 and April 3, 2021: (In thousands) Location in Condensed Consolidated As of As of July 3, 2021 April 3, 2021 Derivative Assets: Designated foreign currency hedge contracts Other current assets $ 1,680 $ 2,061 Non-designated foreign currency hedge contracts Other current assets 182 104 $ 1,862 $ 2,165 Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 186 $ 454 Non-designated foreign currency hedge contracts Other current liabilities 69 349 Designated interest rate swaps Other current liabilities 5,540 5,550 Designated interest rate swaps Other long-term liabilities 3,031 4,301 $ 8,826 $ 10,654 Other Fair Value Measurements Fair value is defined as the exit price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes the following three-level hierarchy used for measuring fair value: • 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. The Company's money market funds carried at fair value are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Fair Value Measured on a Recurring Basis Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of July 3, 2021 and April 3, 2021. As of July 3, 2021 (In thousands) Level 1 Level 2 Level 3 Total Assets Money market funds $ 20,677 $ — $ — $ 20,677 Designated foreign currency hedge contracts — 1,680 — 1,680 Non-designated foreign currency hedge contracts — 182 — 182 $ 20,677 $ 1,862 $ — $ 22,539 Liabilities Designated foreign currency hedge contracts $ — $ 186 $ — $ 186 Non-designated foreign currency hedge contracts — 69 — 69 Designated interest rate swaps — 8,571 — 8,571 Contingent consideration — — 38,402 38,402 $ — $ 8,826 $ 38,402 $ 47,228 As of April 3, 2021 Level 1 Level 2 Level 3 Total Assets Money market funds $ 49,699 $ — $ — $ 49,699 Designated foreign currency hedge contracts — 2,061 — 2,061 Non-designated foreign currency hedge contracts — 104 — 104 $ 49,699 $ 2,165 $ — $ 51,864 Liabilities Designated foreign currency hedge contracts $ — $ 454 $ — $ 454 Non-designated foreign currency hedge contracts — 349 — 349 Designated interest rate swaps — 9,851 — 9,851 Contingent Consideration — — 28,733 28,733 $ — $ 10,654 $ 28,733 $ 39,387 Foreign currency hedge contracts - The fair value of foreign currency hedge contracts was measured using significant other observable inputs and valued by reference to over-the-counter quoted market prices for similar instruments. The Company does not believe that the fair value of these derivative instruments differs significantly from the amount that could be realized upon settlement or maturity, or that the changes in fair value will have a significant effect on its results of operations, financial condition or cash flows. Interest rate swaps - The fair values of interest rate swaps are measured using the present value of expected future cash flows using market-based observable inputs, including credit risk and interest rate yield curves. The Company does not believe that the fair values of these derivative instruments differ significantly from the amounts that could be realized upon settlement or maturity, or that the changes in fair value will have a significant effect on its results of operations, financial condition or cash flows. Contingent consideration - The fair value of contingent consideration liabilities is based on significant unobservable inputs, including management estimates and assumptions, and is measured based on the probability-weighted present value of the payments expected to be made. Accordingly, the fair value of contingent consideration has been classified as level 3 within the fair value hierarchy. The recurring level 3 fair value measurements of contingent consideration liabilities include the following significant unobservable inputs: Fair Value at Valuation Unobservable (In thousands) July 3, 2021 Technique Input Range Revenue-based payments $ 34,073 Monte Carlo Simulation Model Discount rate 2.2% Projected year of payment 2022 - 2023 Revenue-based payments $ 2,119 Discounted cash flow Discount rate 8.5% Projected year of payment 2021 - 2023 Regulatory-based payment $ 2,210 Discounted cash flow Discount rate 4.9% Probability of payment 0% - 100% Projected year of payment 2021 - 2023 As of July 3, 2021, the maximum potential contingent consideration that the Company could be required to pay is $39.5 million. During three months ended July 3, 2021, the Company increased the fair value of the contingent consideration related to the acquisition of Cardiva by $9.8 million, which was recorded as selling, general and administrative expenses within the unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. The fair value of contingent consideration associated with acquisitions was $38.4 million at July 3, 2021. As of July 3, 2021, $31.7 million was included in other liabilities and $6.7 million was included in other long-term liabilities on the condensed consolidated balance sheet. A reconciliation of the change in the fair value of contingent consideration is included in the following table: (In thousands) Balance at April 3, 2021 $ 28,733 Change in fair value 9,774 Currency translation (105) Balance at July 3, 2021 $ 38,402 Other Fair Value Disclosures The Term Loan, which is carried at amortized cost, accounts receivable and accounts payable approximate fair value.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jul. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES The Company is a party to various legal proceedings and claims arising out of the ordinary course of its business. The Company believes there are no proceedings or claims pending against it the ultimate resolution of which could have a material adverse effect on the financial condition or results of operations. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies, for all matters. Legal costs are expensed as incurred. During the third quarter of fiscal 2021, the Company received a subpoena from the U.S. Attorney’s Office for the District of Massachusetts. The subpoena requests certain documents regarding the Company’s apheresis and autotransfusion devices and disposables, including documents relating to product complaints and adverse event reporting, regulatory clearances and product design changes, among other matters. The Company is fully cooperating with this inquiry.

SEGMENT AND ENTERPRISE-WIDE INF

SEGMENT AND ENTERPRISE-WIDE INFORMATION	3 Months Ended
	Jul. 03, 2021
Segment Reporting [Abstract]
SEGMENT AND ENTERPRISE-WIDE INFORMATION	14. SEGMENT AND ENTERPRISE-WIDE INFORMATION The Company determines its reportable segments by first identifying its operating segments, and then by assessing whether any components of these segments constitute a business for which discrete financial information is available and where segment management regularly reviews the operating results of that component. The Company's reporting structure aligns with its operating structure of three global business units and the information that is regularly reviewed by the Company's chief operating decision maker. The Company's reportable segments are as follows: • Plasma • Blood Center • Hospital Management measures and evaluates the operating segments based on operating income. Management excludes certain corporate expenses from segment operating income. In addition, certain amounts that management considers to be non-recurring or non-operational are excluded from segment operating income because management evaluates the operating results of the segments excluding such items. These items include restructuring and restructuring related costs, deal amortization, gains and losses on dispositions and sale of assets, asset impairments, accelerated device depreciation and related costs, costs related to compliance with the European Union Medical Device Regulation, transaction and integration costs and certain tax settlements and unusual or infrequent and material litigation-related charges. Although these amounts are excluded from segment operating income, as applicable, they are included in the reconciliations that follow. Management measures and evaluates the Company's net revenues and operating income using internally derived standard currency exchange rates that remain constant from year to year; therefore, segment information is presented on this basis. Selected information by reportable segment is presented below: Three Months Ended (In thousands) July 3, June 27, Net revenues Plasma $ 71,803 $ 68,715 Blood Center 71,736 79,314 Hospital 77,607 45,571 Net revenues by business unit 221,146 193,600 Service (1) 5,268 5,082 Effect of exchange rates 2,114 (3,105) Net revenues $ 228,528 $ 195,577 (1) Reflects revenue for service, maintenance and parts Three Months Ended (In thousands) July 3, June 27, Segment operating income Plasma $ 35,346 $ 36,350 Blood Center 33,882 38,745 Hospital 31,597 17,783 Segment operating income 100,825 92,878 Corporate expenses (1) (68,731) (65,062) Effect of exchange rates 5,812 711 Integration and transaction costs (16,733) (1,290) Deal amortization (12,379) (8,263) Restructuring and restructuring related costs (10,055) (4,000) Impairment of assets and PCS2 related charges (3,643) (2,506) European Medical Device Regulation costs and other (2,371) (753) Litigation-related charges (938) — Gains on divestitures and sale of assets 9,603 — Operating income $ 1,390 $ 11,715 (1) Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions. Management reviews revenue based on the reportable segments noted above. Although these reportable segments are primarily product-based, they differ from the Company’s product line revenues for Plasma products and services and Blood Center products and services. Specifically, the Blood Center reportable segment includes plasma products utilized for collection in blood centers primarily for transfusion purposes. Additionally, product line revenues also include service revenues which are excluded from the reportable segments. Net revenues by product line are as follows: Three Months Ended (In thousands) July 3, June 27, Plasma products and services $ 90,509 $ 88,713 Blood Center products and services 57,747 60,667 Hospital products and services 80,272 46,197 Net revenues $ 228,528 $ 195,577 Net revenues generated in the Company's principle operating regions on a reported basis are as follows: Three Months Ended (In thousands) July 3, June 27, United States $ 141,028 $ 111,009 Japan 17,221 16,831 Europe 43,335 43,019 Asia 25,952 22,384 Other 992 2,334 Net revenues $ 228,528 $ 195,577

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Jul. 03, 2021
Stockholders' Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	15. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of Accumulated Other Comprehensive Loss are as follows: (In thousands) Foreign Currency Defined Benefit Plans Net Unrealized Gain/(Loss) on Derivatives Total Balance as of April 3, 2021 $ (21,528) $ (560) $ (7,459) $ (29,547) Other comprehensive (loss) income before reclassifications (1) (430) — 76 (354) Amounts reclassified from Accumulated Other Comprehensive Loss (1) — — 801 801 Net current period other comprehensive (loss) income (430) — 877 447 Balance as of July 3, 2021 $ (21,958) $ (560) $ (6,582) $ (29,100) (1) Presented net of income taxes, the amounts of which are insignificant.

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	3 Months Ended
	Jul. 03, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes the activity for restructuring reserves related to the 2020 Program and prior programs for the three months ended July 3, 2021, substantially all of which relates to employee severance and other employee costs: (In thousands) 2020 Program Prior Programs Total Balance at April 3, 2021 $ 575 $ 437 $ 1,012 Costs incurred, net of reversals 3,391 29 3,420 Payments (63) — (63) Non-cash adjustments — 11 11 Balance at July 3, 2021 $ 3,903 $ 477 $ 4,380
Schedule of Restructuring and Related Costs	The following presents the restructuring costs by line item within our accompanying unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income: Three Months Ended (In thousands) July 3, June 27, Cost of goods sold $ 2,253 $ 503 Research and development 105 319 Selling, general and administrative expenses 1,062 243 $ 3,420 $ 1,065 Restructuring costs Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Plasma $ 2,288 $ 568 Blood Center 3 154 Hospital (38) 129 Corporate 1,167 214 Total $ 3,420 $ 1,065 Restructuring related costs Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Plasma $ 1,738 $ — Blood Center 490 16 Hospital 133 9 Corporate 4,274 2,910 Total $ 6,635 $ 2,935 Total restructuring and restructuring related costs $ 10,055 $ 4,000

ACQUISITION (Tables)

ACQUISITION (Tables)	3 Months Ended
	Jul. 03, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase price of $442.3 million, net of $47.3 million of cash acquired, consisted of the amounts presented below, which represent the preliminary determination of the fair value of the identifiable assets acquired and liabilities assumed: (In thousands) March 1, 2021 Accounts receivable $ 7,304 Inventories 18,765 Prepaid expenses and other current assets 850 Property, plant and equipment 1,186 Intangible assets 253,929 Goodwill 251,407 Other long-term assets 1,868 Total assets acquired $ 535,309 Accounts payable 3,292 Accrued payroll and related costs 58,211 Other liabilities 1,853 Deferred tax liability 27,912 Other long-term liabilities 1,772 Total liabilities assumed $ 93,040 Net assets acquired $ 442,269 The following amounts represent the determination of the fair value of the identifiable assets acquired and liabilities assumed for enicor completed during fiscal 2021: (In thousands) April 1, 2020 Inventory $ 634 Other current assets 685 Property, plant and equipment 289 Intangible assets 14,090 Goodwill 8,153 Total assets acquired $ 23,851 Other current liabilities 289 Deferred tax liability 3,036 Total liabilities assumed $ 3,325 Net assets acquired $ 20,526 Intangible assets acquired consist of the following: (In thousands) Amount Weighted-Average Amortization Period Risk-Adjusted Discount Completed technology $ 13,441 10 Years 20 % Customer relationships 347 10 Years 20 % Trademark 302 10 Years 20 % Total $ 14,090
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	Intangible assets acquired consist of the following: (In thousands) Amount Weighted-Average Amortization Period Risk-Adjusted Discount Completed technology $ 230,326 13 years 13.5 % Customer relationships 18,166 12 years 13.0 % Trademarks 5,437 13 years 13.5 % Total $ 253,929

EARNINGS PER SHARE ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
	Jul. 03, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Reconciliation	The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. Three Months Ended (In thousands, except per share amounts) July 3, June 27, Basic EPS Net (loss) income $ (4,454) $ 10,527 Weighted average shares 50,939 50,418 Basic income per share $ (0.09) $ 0.21 Diluted EPS Net (loss) income $ (4,454) $ 10,527 Basic weighted average shares 50,939 50,418 Net effect of common stock equivalents — 829 Diluted weighted average shares 50,939 51,247 Diluted income per share $ (0.09) $ 0.21

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jul. 03, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are stated at the lower of cost or market and include the cost of material, labor and manufacturing overhead. Cost is determined using the first-in, first-out method. (In thousands) July 3, April 3, Raw materials $ 75,278 $ 74,910 Work-in-process 26,562 23,111 Finished goods 224,660 224,593 Total inventories $ 326,500 $ 322,614

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables)	3 Months Ended
	Jul. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments	The following table presents the effect of the Company's derivative instruments designated as cash flow hedges and those not designated as hedging instruments under ASC 815 in its unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the three months ended July 3, 2021: (In thousands) Amount of Gain Amount of Gain (Loss) Reclassified Location in Amount of Gain (Loss) Excluded from Location in Designated foreign currency hedge contracts, net of tax $ (897) $ 329 Net revenues, COGS and SG&A $ 371 Interest and other expense, net Non-designated foreign currency hedge contracts $ — $ — $ (489) Interest and other expense, net Designated interest rate swaps, net of tax $ 973 $ (1,130) Interest and other expense, net $ —
Schedule of Fair Value of Derivative Instruments as They Appear in Consolidated Balance Sheets	The following tables present the fair value of the Company's derivative instruments as they appear in its Condensed Consolidated Balance Sheets as of July 3, 2021 and April 3, 2021: (In thousands) Location in Condensed Consolidated As of As of July 3, 2021 April 3, 2021 Derivative Assets: Designated foreign currency hedge contracts Other current assets $ 1,680 $ 2,061 Non-designated foreign currency hedge contracts Other current assets 182 104 $ 1,862 $ 2,165 Derivative Liabilities: Designated foreign currency hedge contracts Other current liabilities $ 186 $ 454 Non-designated foreign currency hedge contracts Other current liabilities 69 349 Designated interest rate swaps Other current liabilities 5,540 5,550 Designated interest rate swaps Other long-term liabilities 3,031 4,301 $ 8,826 $ 10,654
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis	Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of July 3, 2021 and April 3, 2021. As of July 3, 2021 (In thousands) Level 1 Level 2 Level 3 Total Assets Money market funds $ 20,677 $ — $ — $ 20,677 Designated foreign currency hedge contracts — 1,680 — 1,680 Non-designated foreign currency hedge contracts — 182 — 182 $ 20,677 $ 1,862 $ — $ 22,539 Liabilities Designated foreign currency hedge contracts $ — $ 186 $ — $ 186 Non-designated foreign currency hedge contracts — 69 — 69 Designated interest rate swaps — 8,571 — 8,571 Contingent consideration — — 38,402 38,402 $ — $ 8,826 $ 38,402 $ 47,228 As of April 3, 2021 Level 1 Level 2 Level 3 Total Assets Money market funds $ 49,699 $ — $ — $ 49,699 Designated foreign currency hedge contracts — 2,061 — 2,061 Non-designated foreign currency hedge contracts — 104 — 104 $ 49,699 $ 2,165 $ — $ 51,864 Liabilities Designated foreign currency hedge contracts $ — $ 454 $ — $ 454 Non-designated foreign currency hedge contracts — 349 — 349 Designated interest rate swaps — 9,851 — 9,851 Contingent Consideration — — 28,733 28,733 $ — $ 10,654 $ 28,733 $ 39,387 Fair Value at Valuation Unobservable (In thousands) July 3, 2021 Technique Input Range Revenue-based payments $ 34,073 Monte Carlo Simulation Model Discount rate 2.2% Projected year of payment 2022 - 2023 Revenue-based payments $ 2,119 Discounted cash flow Discount rate 8.5% Projected year of payment 2021 - 2023 Regulatory-based payment $ 2,210 Discounted cash flow Discount rate 4.9% Probability of payment 0% - 100% Projected year of payment 2021 - 2023 (In thousands) Balance at April 3, 2021 $ 28,733 Change in fair value 9,774 Currency translation (105) Balance at July 3, 2021 $ 38,402
Accounts Receivable, Allowance for Credit Loss	The following is a rollforward of the allowance for credit losses: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Beginning balance $ 2,226 $ 3,824 Credit (gain) loss 27 (259) Write-offs (17) (119) Ending balance $ 2,236 $ 3,446

SEGMENT AND ENTERPRISE-WIDE I_2

SEGMENT AND ENTERPRISE-WIDE INFORMATION (Tables)	3 Months Ended
	Jul. 03, 2021
Segment Reporting [Abstract]
Selected Information by Business Segment	Selected information by reportable segment is presented below: Three Months Ended (In thousands) July 3, June 27, Net revenues Plasma $ 71,803 $ 68,715 Blood Center 71,736 79,314 Hospital 77,607 45,571 Net revenues by business unit 221,146 193,600 Service (1) 5,268 5,082 Effect of exchange rates 2,114 (3,105) Net revenues $ 228,528 $ 195,577 (1) Reflects revenue for service, maintenance and parts Three Months Ended (In thousands) July 3, June 27, Segment operating income Plasma $ 35,346 $ 36,350 Blood Center 33,882 38,745 Hospital 31,597 17,783 Segment operating income 100,825 92,878 Corporate expenses (1) (68,731) (65,062) Effect of exchange rates 5,812 711 Integration and transaction costs (16,733) (1,290) Deal amortization (12,379) (8,263) Restructuring and restructuring related costs (10,055) (4,000) Impairment of assets and PCS2 related charges (3,643) (2,506) European Medical Device Regulation costs and other (2,371) (753) Litigation-related charges (938) — Gains on divestitures and sale of assets 9,603 — Operating income $ 1,390 $ 11,715 (1) Reflects shared service expenses including quality and regulatory, customer and field service, research and development, manufacturing and supply chain, as well as other corporate support functions.
Schedule of Revenues by Product Line and Geographic Regions	Management reviews revenue based on the reportable segments noted above. Although these reportable segments are primarily product-based, they differ from the Company’s product line revenues for Plasma products and services and Blood Center products and services. Specifically, the Blood Center reportable segment includes plasma products utilized for collection in blood centers primarily for transfusion purposes. Additionally, product line revenues also include service revenues which are excluded from the reportable segments. Net revenues by product line are as follows: Three Months Ended (In thousands) July 3, June 27, Plasma products and services $ 90,509 $ 88,713 Blood Center products and services 57,747 60,667 Hospital products and services 80,272 46,197 Net revenues $ 228,528 $ 195,577 Net revenues generated in the Company's principle operating regions on a reported basis are as follows: Three Months Ended (In thousands) July 3, June 27, United States $ 141,028 $ 111,009 Japan 17,221 16,831 Europe 43,335 43,019 Asia 25,952 22,384 Other 992 2,334 Net revenues $ 228,528 $ 195,577

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Jul. 03, 2021
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of Accumulated Other Comprehensive Loss are as follows: (In thousands) Foreign Currency Defined Benefit Plans Net Unrealized Gain/(Loss) on Derivatives Total Balance as of April 3, 2021 $ (21,528) $ (560) $ (7,459) $ (29,547) Other comprehensive (loss) income before reclassifications (1) (430) — 76 (354) Amounts reclassified from Accumulated Other Comprehensive Loss (1) — — 801 801 Net current period other comprehensive (loss) income (430) — 877 447 Balance as of July 3, 2021 $ (21,958) $ (560) $ (6,582) $ (29,100) (1) Presented net of income taxes, the amounts of which are insignificant.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Narrative) (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Apr. 03, 2021	Jun. 27, 2020	Mar. 28, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax liability	$ (24,278)	$ (43,825)
Stockholders' Equity Attributable to Parent	677,080	731,670	$ 608,569	$ 587,109
Additional Paid-in Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity Attributable to Parent	551,108	602,727	562,729	553,229
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity Attributable to Parent	$ 154,562	157,981	$ 89,039	$ 78,512
Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax liability		20,000
Convertible Notes Payable, Noncurrent		80,300
Accounting Standards Update 2020-06 | Additional Paid-in Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity Attributable to Parent		(61,200)
Accounting Standards Update 2020-06 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity Attributable to Parent		$ 1,000

RESTRUCTURING (Narrative) (Deta

RESTRUCTURING (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Apr. 03, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and turnaround costs	$ 10,055	$ 4,000
Restructuring liability	4,380		$ 1,012
Restructuring liability payable in next twelve months	3,900
Restructuring related costs	6,635	2,935
2020 Program
Restructuring Cost and Reserve [Line Items]
Restructuring and turnaround costs	9,900	$ 3,500
Cumulative costs to date	36,900
Restructuring liability	3,903		$ 575
2020 Program | Minimum
Restructuring Cost and Reserve [Line Items]
Expected cost	95,000
2020 Program | Maximum
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 105,000

RESTRUCTURING (Schedule of Rest

RESTRUCTURING (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Restructuring Reserve [Roll Forward]
Balance at April 3, 2021	$ 1,012
Costs incurred, net of reversals	3,420	$ 1,065
Payments	(63)
Non-cash adjustments	11
Balance at July 3, 2021	4,380
2020 Program
Restructuring Reserve [Roll Forward]
Balance at April 3, 2021	575
Costs incurred, net of reversals	3,391
Payments	(63)
Non-cash adjustments	0
Balance at July 3, 2021	3,903
2018 Program and Prior Programs
Restructuring Reserve [Roll Forward]
Balance at April 3, 2021	437
Costs incurred, net of reversals	29
Payments	0
Non-cash adjustments	11
Balance at July 3, 2021	$ 477

RESTRUCTURING (Schedule of Re_2

RESTRUCTURING (Schedule of Restructuring and Related Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3,420	$ 1,065
Restructuring related costs	6,635	2,935
Total restructuring and restructuring related costs	10,055	4,000
Blood Center
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3	154
Restructuring related costs	490	16
Hospital
Restructuring Cost and Reserve [Line Items]
Restructuring costs	(38)	129
Restructuring related costs	133	9
Plasma
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,288	568
Restructuring related costs	1,738	0
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,167	214
Restructuring related costs	4,274	2,910
Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,062	243
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring costs	105	319
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2,253	$ 503

ACQUISITION (Details)

ACQUISITION (Details) - USD ($) $ in Thousands	Mar. 01, 2021	Jan. 13, 2021	Apr. 01, 2020	Jul. 03, 2021	Jun. 27, 2020	Apr. 03, 2021
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired				$ 2,500	$ 16,606
Goodwill				466,314		$ 466,444
Acquisition related costs incurred				200
HAS Intellectual Property
Business Acquisition [Line Items]
Upfront payment for intellectual property		$ 15,000
Milestone payments received				2,500
Cardiva
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Upfront payment	$ 465,500
Payments to Acquire Businesses, Net of Cash Acquired	418,200
Consideration transferred	489,800
Contingent consideration	24,300
Proceeds from term loan	150,000
Cash Acquired in Excess of Payments to Acquire Business	47,300
Net assets acquired	442,269
Contingent consideration, maximum exposure	35,000
Accounts receivable	7,304
Inventory	18,765
Prepaid expenses and other current assets	850
Property, plant and equipment	1,186
Intangible assets	253,929
Goodwill	251,407
Other long-term assets	1,868
Total assets acquired	535,309
Accounts payable	3,292
Accrued payroll and related costs	58,211
Other current liabilities	1,853
Deferred tax liability	27,912
Other long-term liabilities	1,772
Total liabilities assumed	93,040
Finite-lived Intangible Assets Acquired	253,929
Acquisition related costs incurred	9,600
Legal and professional fees	6,600
Debt financing costs	3,000
Cardiva | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 230,326
Weighted-Average Amortization Period	13 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation	13.50%
Cardiva | Customer Relationships
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 18,166
Weighted-Average Amortization Period	12 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation	13.00%
Cardiva | Trademarks
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired	$ 5,437
Weighted-Average Amortization Period	13 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation	13.50%
Enicor
Business Acquisition [Line Items]
Upfront payment			$ 16,600
Consideration transferred			20,500
Contingent consideration			3,900
Net assets acquired				20,526
Contingent consideration, maximum exposure			4,500	39,500
Inventory				634
Other current assets				685
Property, plant and equipment				289
Intangible assets				14,090
Goodwill				8,153
Total assets acquired				23,851
Other current liabilities				289
Deferred tax liability				3,036
Total liabilities assumed				$ 3,325
Acquired intangibles			14,090
Enicor | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Acquired intangibles			$ 13,441
Weighted-Average Amortization Period			10 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation			20.00%
Enicor | Customer Relationships
Business Acquisition [Line Items]
Acquired intangibles			$ 347
Weighted-Average Amortization Period			10 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation			20.00%
Enicor | Trademarks
Business Acquisition [Line Items]
Acquired intangibles			$ 302
Weighted-Average Amortization Period			10 years
Risk-Adjusted Discount Rates used in Purchase Price Allocation			20.00%

DIVESTITURE (Details)

DIVESTITURE (Details) - USD ($) $ in Thousands	Sep. 18, 2020	Jul. 01, 2020	Jun. 29, 2020	Jul. 03, 2021	Dec. 26, 2020	Jun. 27, 2020	Apr. 03, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures				$ 0		$ 0
Impairment of assets				5,144		$ 1,028
Goodwill				466,314			$ 466,444
Fajardo, Puerto Rico Manufacturing Operations [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures			$ 15,100
Proceeds, net of cash transferred			7,800
Impairment of assets			1,000
Incremental loss					$ 400
Expected cost to sell			1,500
Inventory			3,300
Fixed assets			7,200
Other liabilities			3,200
Goodwill			$ 400
U.S. Blood Donor Management Software [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures		$ 14,000
Other liabilities		1,800
Goodwill		1,400
Accounts receivable		1,400
Intangible assets		900
Gain on closing of transaction		13,200		9,600
Net of working capital adjustments		13,600
Contingent consideration		$ 14,000
Inlog Holdings France [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures	$ 30,500
Proceeds, net of cash transferred	24,500
Goodwill	3,300
Accounts receivable	2,200
Intangible assets	2,200
Gain on closing of transaction				$ 20,000
Other assets	300
Liabilities	$ 3,300

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Income Tax Disclosure [Abstract]
Income tax effect	$ (1,446)	$ 2,547
Reported tax rate	(48.10%)	31.90%
Discrete tax benefit (expense)	$ (800)	$ 4,000

EARNINGS PER SHARE ("EPS") (Sch

EARNINGS PER SHARE ("EPS") (Schedule of Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Basic EPS
Net (loss) income	$ (4,454)	$ 10,527
Weighted average shares (in shares)	50,939	50,418
Basic income (loss) per share (in dollars per share)	$ (0.09)	$ 0.21
Diluted EPS
Net (loss) income	$ (4,454)	$ 10,527
Net effect of common stock equivalents (in shares)	0	829
Diluted weighted average shares (in shares)	50,939	51,247
Diluted income (loss) per share (in dollars per share)	$ (0.09)	$ 0.21
Anti-dilutive shares (in shares)		500

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 03, 2021	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Performance obligation amount	$ 18.4
Performance obligation percent	69.00%
Contract assets	$ 4.8	$ 4.8
Contract liabilities	24.2	$ 20.9
Revenue recognized	$ 8.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	12 months

INVENTORIES (Schedule of Invent

INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Apr. 03, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 75,278	$ 74,910
Work-in-process	26,562	23,111
Finished goods	224,660	224,593
Inventories, net	$ 326,500	$ 322,614

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Apr. 03, 2021
Lessee, Lease, Description [Line Items]
Property, plant and equipment, net	$ 214,782	$ 217,559
Manufacturing Space [Member]
Lessee, Lease, Description [Line Items]
Lease term	15 years 6 months 30 days
Renewal term	5 years
Operating Lease, Right-of-Use Asset	$ 11,300
Operating Lease, Liability	15,400
Property, plant and equipment, net	$ 4,100
Manufacturing Space, Second Renewal Term [Member]
Lessee, Lease, Description [Line Items]
Renewal term	4 years

NOTES_PAYABLE AND LONG-TERM D_2

NOTES PAYABLE AND LONG-TERM DEBT (Details) - USD ($)	Jun. 15, 2018	Mar. 31, 2021	Jul. 03, 2021	Apr. 03, 2021	Jun. 27, 2020	Mar. 28, 2020
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent			$ (677,080,000)	$ (731,670,000)	$ (608,569,000)	$ (587,109,000)
Deferred tax liability			(24,278,000)	(43,825,000)
Additional Paid-in Capital
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent			(551,108,000)	(602,727,000)	(562,729,000)	(553,229,000)
Retained Earnings
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent			(154,562,000)	(157,981,000)	$ (89,039,000)	$ (78,512,000)
Accounting Standards Update 2020-06
Debt Instrument [Line Items]
Deferred tax liability				20,000,000
Convertible Notes Payable, Noncurrent				80,300,000
Accounting Standards Update 2020-06 | Additional Paid-in Capital
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent				61,200,000
Accounting Standards Update 2020-06 | Retained Earnings
Debt Instrument [Line Items]
Stockholders' Equity Attributable to Parent				$ (1,000,000)
Convertible Debt | Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Face amount of debt		$ 500,000,000	500,000,000
Stated rate (as a percent)		0.00%
Proceeds from Issuance of Debt		$ 486,700,000
Debt Instrument, Convertible, Carrying Amount of Liability Component		416,400,000
Debt Instrument, Convertible, Carrying Amount of Equity Component		$ 83,600,000
Debt Issuance Costs, Net			12,500,000
Credit Facilities
Debt Instrument [Line Items]
Principal repayments, fiscal 2022			13,100,000
Principal repayments, fiscal 2023			214,400,000
Principal repayments, fiscal 2024			70,000,000
Term Loan
Debt Instrument [Line Items]
Face amount of debt	$ 350,000,000
Debt outstanding			$ 297,500,000
Effective interest rate			1.90%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate	1.13%
Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate	1.75%
Uncommitted Operating Lines of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 25,500,000
Debt outstanding			$ 0

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,226	$ 3,824
Credit (gain) loss	27	(259)
Write-offs	(17)	(119)
Ending balance	$ 2,236	$ 3,446

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Schedule of Effect of Derivative Instruments Designated as Cash Flow Hedges and Those Not Designated as Hedging Instruments) (Details) $ in Thousands	3 Months Ended
	Jul. 03, 2021USD ($)
Designated as Hedging Instrument | Cash Flow Hedging | Net revenues, COGS and SG&A
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	$ (897)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	329
Designated as Hedging Instrument | Cash Flow Hedging | Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Excluded from Effectiveness Testing	371
Designated as Hedging Instrument | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	2,000
Amount of Gain (Loss) Excluded from Effectiveness Testing	0
Designated as Hedging Instrument | Interest Rate Swap | Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	973
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	(1,130)
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings	0
Not Designated as Hedging Instrument | Foreign Exchange Contract | Interest and other expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Excluded from Effectiveness Testing	$ (489)

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Schedules of Derivatives) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jul. 03, 2021	Apr. 03, 2021
Assets
Money market funds	$ 20,677	$ 49,699
Assets fair value	22,539	51,864
Liabilities
Liabilities fair value	47,228	39,387
Level 1
Assets
Money market funds	20,677	49,699
Assets fair value	20,677	49,699
Liabilities
Liabilities fair value	0	0
Level 2
Assets
Money market funds	0	0
Assets fair value	1,862	2,165
Liabilities
Liabilities fair value	8,826	10,654
Fair Value, Inputs, Level 3
Liabilities
Liabilities fair value	38,402	28,733
Designated as Hedging Instrument
Assets
Derivative Assets	1,862	2,165
Liabilities
Derivative Liabilities	8,826	10,654
Foreign Exchange Contract | Designated as Hedging Instrument
Assets
Derivative Assets	1,680	2,061
Liabilities
Derivative Liabilities	186	454
Foreign Exchange Contract | Designated as Hedging Instrument | Level 1
Assets
Derivative Assets	0	0
Liabilities
Derivative Liabilities	0	0
Foreign Exchange Contract | Designated as Hedging Instrument | Level 2
Assets
Derivative Assets		2,061
Liabilities
Derivative Liabilities		454
Foreign Exchange Contract | Not Designated as Hedging Instrument
Assets
Derivative Assets	182	104
Liabilities
Derivative Liabilities	69	349
Foreign Exchange Contract | Not Designated as Hedging Instrument | Level 1
Assets
Derivative Assets	0	0
Liabilities
Derivative Liabilities	0	0
Foreign Exchange Contract | Not Designated as Hedging Instrument | Level 2
Assets
Derivative Assets		104
Foreign Exchange Contract | Other Current Assets | Designated as Hedging Instrument
Assets
Derivative Assets		2,061
Foreign Exchange Contract | Other Current Assets | Designated as Hedging Instrument | Level 2
Assets
Derivative Assets	1,680
Foreign Exchange Contract | Other Current Assets | Not Designated as Hedging Instrument
Assets
Derivative Assets		104
Foreign Exchange Contract | Other Current Assets | Not Designated as Hedging Instrument | Level 2
Assets
Derivative Assets	182
Foreign Exchange Contract | Other Current Liabilities | Designated as Hedging Instrument
Liabilities
Derivative Liabilities		454
Foreign Exchange Contract | Other Current Liabilities | Designated as Hedging Instrument | Level 2
Liabilities
Derivative Liabilities	186
Foreign Exchange Contract | Other Current Liabilities | Not Designated as Hedging Instrument
Liabilities
Derivative Liabilities		349
Foreign Exchange Contract | Other Current Liabilities | Not Designated as Hedging Instrument | Level 2
Liabilities
Derivative Liabilities	69	349
Interest Rate Swap | Designated as Hedging Instrument
Liabilities
Derivative Liabilities	8,571	9,851
Interest Rate Swap | Designated as Hedging Instrument | Level 1
Liabilities
Derivative Liabilities	0	0
Interest Rate Swap | Designated as Hedging Instrument | Level 2
Liabilities
Derivative Liabilities	8,571	9,851
Interest Rate Swap | Other Current Liabilities | Designated as Hedging Instrument
Liabilities
Derivative Liabilities		5,550
Interest Rate Swap | Other Current Liabilities | Designated as Hedging Instrument | Level 2
Liabilities
Derivative Liabilities	5,540
Interest Rate Swap | Other Noncurrent Liabilities | Designated as Hedging Instrument
Liabilities
Derivative Liabilities		4,301
Interest Rate Swap | Other Noncurrent Liabilities | Designated as Hedging Instrument | Level 2
Liabilities
Derivative Liabilities	3,031
Contingent Consideration
Liabilities
Liabilities fair value	38,402	28,733
Contingent Consideration | Regulatory Based Payments | Valuation Technique, Discounted Cash Flow
Liabilities
Liabilities fair value	$ 2,210
Derivative fixed interest rate	4.90%
Contingent Consideration | Revenue Based Payments | Valuation Technique, Monte Carlo Simulation
Liabilities
Liabilities fair value	$ 34,073
Derivative fixed interest rate	2.20%
Contingent Consideration | Revenue Based Payments | Valuation Technique, Discounted Cash Flow
Liabilities
Liabilities fair value	$ 2,119
Derivative fixed interest rate	8.50%
Contingent Consideration | Fair Value, Inputs, Level 3
Liabilities
Liabilities fair value	$ 38,402	$ 28,733
Contingent Consideration | Other Current Liabilities
Liabilities
Liabilities fair value	$ 31,700

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Narrative) (Details)	Jun. 15, 2018USD ($)	Jul. 03, 2021USD ($)	Apr. 03, 2021USD ($)	Mar. 01, 2021USD ($)	Apr. 01, 2020USD ($)	Aug. 31, 2018USD ($)swap
Enicor
Derivative [Line Items]
Contingent consideration, maximum exposure		$ 39,500,000			$ 4,500,000
Cardiva
Derivative [Line Items]
Contingent consideration, maximum exposure				$ 35,000,000
Business Combination, Increase (Decrease) In Contingent Consideration		9,800,000
Fair Value, Recurring [Member]
Derivative [Line Items]
Liabilities fair value		47,228,000	$ 39,387,000
Term Loan
Derivative [Line Items]
Face amount of debt	$ 350,000,000
Debt outstanding		$ 297,500,000
Revolving Credit Facility
Derivative [Line Items]
Maximum borrowing capacity	$ 350,000,000
Revolving Credit Facility | LIBOR | Minimum
Derivative [Line Items]
Interest rate	1.13%
Revolving Credit Facility | LIBOR | Maximum
Derivative [Line Items]
Interest rate	1.75%
Foreign Exchange Contract
Derivative [Line Items]
Percentage of sales generated outside the US		38.30%
Maturity period for foreign currency contracts		1 year
Contingent Consideration | Fair Value, Recurring [Member]
Derivative [Line Items]
Liabilities fair value		$ 38,402,000	28,733,000
Contingent Consideration, Acquisition Date Fair Value		9,774,000
Contingent Consideration, Foreign Currency Translation		(105,000)
Contingent Consideration | Fair Value, Recurring [Member] | Other Liabilities [Member]
Derivative [Line Items]
Liabilities fair value		6,700,000
Contingent Consideration | Fair Value, Recurring [Member] | Other Current Liabilities
Derivative [Line Items]
Liabilities fair value		31,700,000
Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Number of instruments held | swap						2
Derivative fixed interest rate						2.80%
Notional amount						$ 241,900,000
Cash Flow Hedging | Interest Rate Swap | LIBOR
Derivative [Line Items]
Debt exposed to interest rate risk						70.00%
Derivative fixed interest rate						4.05%
Designated as Hedging Instrument | Foreign Exchange Contract
Derivative [Line Items]
Deferred income tax expense (benefit)		0
Designated as Hedging Instrument | Foreign Exchange Contract
Derivative [Line Items]
Designated foreign currency hedge contracts outstanding		40,500,000	56,000,000
Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Gain (loss) to be reclassified within the next twelve months		900,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Debt outstanding						$ 345,600,000
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		2,000,000
Designated as Hedging Instrument | Interest Rate Swap | Interest and other expense, net
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		973,000
Not Designated as Hedging Instrument | Foreign Exchange Contract
Derivative [Line Items]
Non-designated foreign currency hedge contracts outstanding		82,400,000	$ 95,600,000
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Loss		$ 0

SEGMENT AND ENTERPRISE-WIDE I_3

SEGMENT AND ENTERPRISE-WIDE INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	$ 221,146	$ 193,600
Effect of exchange rates	2,114	(3,105)
Net revenues	228,528	195,577
Operating (loss) income	1,390	11,715
Effect of exchange rates	5,812	711
Amortization	12,379	8,263
Restructuring and turnaround costs	(10,055)	(4,000)
Integration and transaction costs	(16,733)	(1,290)
PCS2 accelerated depreciation and related costs	(3,643)	(2,506)
European Medical Device Regulation costs and other	(2,371)	(753)
Litigation-related charges	(938)	0
Gain on sale of assets	9,603	0
United States
Segment Reporting Information [Line Items]
Net revenues	141,028	111,009
Japan
Segment Reporting Information [Line Items]
Net revenues	17,221	16,831
Europe
Segment Reporting Information [Line Items]
Net revenues	43,335	43,019
Asia
Segment Reporting Information [Line Items]
Net revenues	25,952	22,384
Other
Segment Reporting Information [Line Items]
Net revenues	992	2,334
Service
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	5,268	5,082
Plasma products and services
Segment Reporting Information [Line Items]
Net revenues	90,509	88,713
Blood Center products and services
Segment Reporting Information [Line Items]
Net revenues	57,747	60,667
Hospital products and services
Segment Reporting Information [Line Items]
Net revenues	80,272	46,197
Plasma
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	71,803	68,715
Blood Center
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	71,736	79,314
Hospital
Segment Reporting Information [Line Items]
Net revenues before foreign exchange impact	77,607	45,571
Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) income	100,825	92,878
Operating Segments | Plasma
Segment Reporting Information [Line Items]
Operating (loss) income	35,346	36,350
Operating Segments | Blood Center
Segment Reporting Information [Line Items]
Operating (loss) income	33,882	38,745
Operating Segments | Hospital
Segment Reporting Information [Line Items]
Operating (loss) income	31,597	17,783
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	$ (68,731)	$ (65,062)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of April 3, 2021	$ (29,547)
Other comprehensive income (loss) before reclassifications	(354)
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)	801
Net current period other comprehensive (loss) income	447	$ 1,429
Balance as of July 3, 2021	(29,100)
Foreign Currency
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of April 3, 2021	(21,528)
Other comprehensive income (loss) before reclassifications	(430)
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)	0
Net current period other comprehensive (loss) income	(430)
Balance as of July 3, 2021	(21,958)
Defined Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of April 3, 2021	(560)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)	0
Net current period other comprehensive (loss) income	0
Balance as of July 3, 2021	(560)
Net Unrealized Gain/(Loss) on Derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of April 3, 2021	(7,459)
Other comprehensive income (loss) before reclassifications	76
Amounts reclassified from Accumulated Other Comprehensive Income (Loss)	801
Net current period other comprehensive (loss) income	877
Balance as of July 3, 2021	$ (6,582)