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HAE 2013 3.30 8K/A


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K/A
(Amendment No. 1)
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)   May 3, 2013
 
HAEMONETICS CORPORATION
(Exact name of registrant as specified in its charter)
 
Massachusetts
 
001-14041
 
04-2882273
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
400 Wood Road
 
02184
(Address of principal executive offices)
 
(Zip Code)
 
 
Registrant’s telephone number, including area code  781-848-7100
 
(Former name or former address, if changed since last report.)
  
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 





 
Explanatory Note: This Form 8-K/A corrects a presentation error in Selling, General and Administrative expense in the financial statements furnished with our Form 8-K filed on May 1, 2012. A $4.2 million asset write-off was recorded in the consolidated statements of income for fiscal 2013. This asset write-off was reflected in total operating expenses and reduced all income measures within the consolidated statements of income for the fourth quarter and full fiscal 2013. However, Selling, General and Administrative expense were inadvertently reduced by the $4.2M asset write-off in the consolidated statement of income for the full year of fiscal 2013 without changing total operating expenses. The financial results, including net income and total operating expenses, reported in the prior Form 8-K have not changed. This Form 8-K/A corrects and supersedes the prior Form 8-K filed on May 1, 2013.


Item 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

A copy of the Haemonetics Corporation Financial Summary for the quarter and year ended March 30, 2013 and other financial tables are filed as Exhibit 99.1 to this Form 8-K/A and are incorporated herein by reference.

The information in this current report on Form 8-K/A and the exhibit attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01    FINANCIAL STATEMENTS AND EXHIBITS
 
(c)           Exhibits
 
99.1: Haemonetics Corporation Financial Summary dated May 3, 2013 announcing financial results for the fourth quarter and full year ended March 30, 2013.
 


 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
HAEMONETICS CORPORATION
 
(Registrant)
 
 
 
 
 
 
Date: May 3, 2013
By:
/s/ Christopher Lindop

 
 
Christopher Lindop, Executive Vice President
 
 
Business Development and Chief Financial Officer
 



2


 
EXHIBIT INDEX
 
99.1         Haemonetics Corporation Financial Summary issued by Haemonetics Corporation on May 3, 2013.
 
 





3
HAE 2013 5.1 8K/A Exhibit 99.1



 
 
 
 
 
 
 
Exhibit 99.1

Haemonetics Corporation Financial Summary
(Unaudited data in thousands, except per share data)
Consolidated Statements of Income for the Fourth Quarter of FY13 and FY12
 
 
 
 
 
 
 
 
 
 
 
3/30/2013
 
3/31/2012
 
% Inc/(Dec)
 
 
 
As Reported
 
As Reported
 
vs Prior Year
Net revenues
 
$
249,942

 
$
186,670

 
33.9
 %
Gross profit
 
123,140

 
94,612

 
30.2
 %
 
 
 
 
 
 
 
 
 
R&D
 
17,818

 
8,611

 
106.9
 %
 
S,G&A
 
87,614

 
65,041

 
34.7
 %
Operating expenses
 
105,432

 
73,652

 
43.1
 %
 
 
 
 
 
 
 
 
Operating income
 
17,708

 
20,960

 
(15.5
)%
 
 
 
 
 
 
 
 
Other income (expense), net
 
(3,022
)
 
369

 


 
 
 
 
 
 
 
 
Income before taxes
 
14,686

 
21,329

 
(31.1
)%
 
 
 
 
 
 
 
 
Tax expense
 
2,125

 
3,524

 
(39.7
)%
 
 
 
 
 
 
 
 
Net income
 
$
12,561

 
$
17,805

 
(29.5
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per common share assuming dilution
 
$
0.24

 
$
0.35

 
(31.4
)%
 
 
 
 
 
 
 
 
Weighted average number of shares:
 
 
 
 
 
 
 
Basic
 
51,304

 
50,457

 
 
 
Diluted
 
52,199

 
51,355

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit Margins:
 
 
 
 
 
Inc/(Dec) vs prior year profit margin %
Gross profit
 
49.3
%
 
50.7
%
 
(1.4
)%
R&D
 
7.1
%
 
4.6
%
 
2.5
 %
S,G&A
 
35.1
%
 
34.8
%
 
0.3
 %
Operating income
 
7.1
%
 
11.2
%
 
(4.1
)%
Income before taxes
 
5.9
%
 
11.4
%
 
(5.5
)%
Net income
 
5.0
%
 
9.5
%
 
(4.5
)%


1


Haemonetics Corporation Financial Summary
(Unaudited data in thousands, except per share data)
Consolidated Statements of Income for FY13 and FY12
 
 
 
 
 
 
 
 
 
 
 
3/30/2013
 
3/31/2012
 
% Inc/(Dec)
 
 
 
As Reported
 
As Reported
 
vs Prior Year
Net revenues
 
$
891,990

 
$
727,844

 
22.6
 %
Gross profit
 
428,131

 
369,240

 
15.9
 %
 
 
 
 
 
 
 
 
 
R&D
 
48,641

 
36,801

 
32.2
 %
 
S,G&A
 
323,053

 
245,261

 
31.7
 %
 
Contingent consideration income
 
—

 
(1,580
)
 
(100.0
)%
Operating expenses
 
371,694

 
280,482

 
32.5
 %
 
 
 
 
 
 
 
 
Operating income
 
56,437

 
88,758

 
(36.4
)%
 
 
 
 
 
 
 
 
Other income (expense), net
 
(6,540
)
 
740

 


 
 
 
 
 
 
 
 
Income before taxes
 
49,897

 
89,498

 
(44.2
)%
 
 
 
 
 
 
 
 
Tax expense
 
11,097

 
22,612

 
(50.9
)%
 
 
 
 
 
 
 
 
Net income
 
$
38,800

 
$
66,886

 
(42.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per common share assuming dilution
 
$
0.74

 
$
1.30

 
(43.1
)%
 
 
 
 
 
 
 
 
Weighted average number of shares:
 
 
 
 
 
 
 
Basic
 
51,349

 
50,727

 
 
 
Diluted
 
52,259

 
51,590

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit Margins:
 
 
 
 
 
Inc/(Dec) vs prior year profit margin %
Gross profit
 
48.0
%
 
50.7
%
 
(2.7
)%
R&D
 
5.5
%
 
5.1
%
 
0.4
 %
S,G&A
 
36.2
%
 
33.7
%
 
2.5
 %
Operating income
 
6.3
%
 
12.2
%
 
(5.9
)%
Income before taxes
 
5.6
%
 
12.3
%
 
(6.7
)%
Net income
 
4.3
%
 
9.2
%
 
(4.9
)%


2


Revenue Analysis for the Fourth Quarter and FY13 and FY12
(Unaudited data in thousands)
 
 
 
 
 
Three Months Ended
 
 
3/30/2013
 
3/31/2012
 
% Inc/(Dec)
 
 
As Reported
 
As Reported
 
vs Prior Year
Revenues by geography
 
 
 
 
 
 
United States
$
130,119

 
$
87,485

 
48.7
 %
 
International
119,823

 
99,185

 
20.8
 %
Net revenues
$
249,942

 
$
186,670

 
33.9
 %
 
 
 
 
 
 
 
Disposable revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Plasma disposables
$
68,243

 
$
61,855

 
10.3
 %
 
 
 
 
 
 
 
 
Blood center disposables
 
 
 
 
 
 
Platelet
44,024

 
44,058

 
(0.1
)%
 
Red cell
13,994

 
12,358

 
13.2
 %
 
Whole blood
54,922

 
—

 
100.0
 %
 
 
112,940

 
56,416

 
100.2
 %
 
Hospital disposables
 
 
 
 
 
 
Surgical
17,544

 
17,338

 
1.2
 %
 
OrthoPAT
7,954

 
8,382

 
(5.1
)%
 
Diagnostics
7,160

 
6,132

 
16.8
 %
 
 
32,658

 
31,852

 
2.5
 %
 
 
 
 
 
 
 
 
Subtotal
213,841

 
150,123

 
42.4
 %
 
 
 
 
 
 
 
Software solutions
18,597

 
19,349

 
(3.9
)%
Equipment & other
17,504

 
17,198

 
1.8
 %
Net revenues
$
249,942

 
$
186,670

 
33.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
 
3/30/2013
 
3/31/2012
 
% Inc/(Dec)
 
 
As Reported
 
As Reported
 
vs Prior Year
Revenues by geography
 
 
 
 
 
 
United States
$
454,874

 
$
352,160

 
29.2
 %
 
International
437,116

 
375,684

 
16.4
 %
Net revenues
$
891,990

 
$
727,844

 
22.6
 %
 
 
 
 
 
 
 
Disposable revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Plasma disposables
$
268,900

 
$
258,061

 
4.2
 %
 
 
 
 
 
 
 
 
Blood center disposables
 
 
 
 
 
 
Platelet
169,602

 
167,946

 
1.0
 %
 
Red cell
49,733

 
48,034

 
3.5
 %
 
Whole blood
138,436

 
—

 
100.0
 %
 
 
357,771

 
215,980

 
65.7
 %
 
Hospital disposables
 
 
 
 
 
 
Surgical
73,508

 
66,619

 
10.3
 %
 
OrthoPAT
30,230

 
31,186

 
(3.1
)%
 
Diagnostics
27,356

 
23,087

 
18.5
 %
 
 
131,094

 
120,892

 
8.4
 %
 
 
 
 
 
 
 
 
Subtotal
757,765

 
594,933

 
27.4
 %
 
 
 
 
 
 
 
Software solutions
69,952

 
70,557

 
(0.9
)%
Equipment & other
64,273

 
62,354

 
3.1
 %
Net revenues
$
891,990

 
$
727,844

 
22.6
 %


3


Consolidated Balance Sheets
 
 
 
 
 
 
 
As of
 
 
 
3/30/2013
 
3/31/2012
 
 
 
 
 
 
Assets
 
 
 
Cash and cash equivalents
$
179,120

 
$
228,861

Accounts receivable, net
170,111

 
135,464

Inventories, net
183,784

 
117,163

Other current assets
63,950

 
45,641

 
Total current assets
596,965

 
527,129

Net PP&E
256,953

 
161,657

Other assets
607,953

 
222,349

 
 
 
 
 
 
 
   Total assets
$
1,461,871

 
$
911,135

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities & Stockholders' Equity
 
 
 
Short term debt & current maturities
$
23,150

 
$
894

Other current liabilities
156,648

 
129,850

 
Total current liabilities
179,798

 
130,744

Long-term debt
456,944

 
2,877

Other long-term liabilities
55,947

 
44,883

Stockholders' equity
769,182

 
732,631

 
 
 
 
 
 
 
Total liabilities & stockholders' equity
$
1,461,871

 
$
911,135



4


Free Cash Flow Reconciliation
 
 
 
Three Months Ended
 
3/30/2013
 
3/31/2012
 
 
 
 
GAAP cash flow from operations
$
27,541

 
$
33,975

 
 
 
 
Capital expenditures
(12,503
)
 
(16,239
)
Proceeds from sale of property, plant and equipment
678

 
485

Net investment in property, plant and equipment
(11,825
)
 
(15,754
)
 
 
 
 
Free cash flow after restructuring and transformation costs
15,716

 
18,221

 
 
 
 
Restructuring and transformation costs
8,322

 
3,088

 
 
 
 
Free cash flow before restructuring and transformation costs
$
24,038

 
$
21,309

 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
3/30/2013
 
3/31/2012
 
 
 
 
GAAP cash flow from operations
$
85,073

 
$
115,318

 
 
 
 
Capital expenditures
(62,188
)
 
(53,198
)
Proceeds from sale of property, plant and equipment
1,968

 
1,002

Net investment in property, plant and equipment
(60,220
)
 
(52,196
)
 
 
 
 
Free cash flow after restructuring and transformation costs
24,853

 
63,122

 
 
 
 
Restructuring and transformation costs
44,979

 
12,336

 
 
 
 
Free cash flow before restructuring and transformation costs
$
69,832

 
$
75,458



5


Haemonetics Corporation Financial Summary
Reconciliation of Non-GAAP Measures
 
 
 
 
 
 
 
 
 
 
Haemonetics has presented supplemental non-GAAP financial measures as part of this earnings release. A reconciliation is provided below that reconciles each non-GAAP financial measure with the most comparable GAAP measure. The presentation of non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the most directly comparable GAAP measures. There are material limitations to the usefulness of non-GAAP measures on a standalone basis, including the lack of comparability to the GAAP financial results of other companies.
 
 
 
 
 
These measures are used by management to monitor the financial performance of the business, make informed business decisions, and forecast future results. Performance targets for management are established based upon these non-GAAP measures. In the reconciliations below, we have removed restructuring and transformation costs and certain cost of goods sold related to the acquisition of Pall's Transfusion Medicine Business (“Whole Blood Acquisition”) from our GAAP expenses. Our restructuring and transformation costs in fiscal 2013 are principally related to transaction and integration expenses associated with the Whole Blood Acquisition, as well as asset write-downs and other costs associated with exiting research and development activities related to operations originally acquired from Arryx, Inc. The cost of goods sold removed from GAAP expenses related to the Whole Blood Acquisition are mainly driven by the increase in fair value of acquired whole blood inventory required under purchase accounting standards. Additionally, a $7 million reserve for estimated inventory write-offs related to a whole blood Y connector quality issue was removed from GAAP cost of goods sold. We believe this information is useful for investors because it allows for an evaluation of the Company with a focus on the performance of our core operations.
 
 
 
 
 
Non-GAAP Gross Profit
The use of these non-GAAP measures allows management to monitor the level of total gross profits without the costs of our business transformation. We establish our budgets, forecasts, and performance targets on this basis.
 
 
 
 
 
Non-GAAP S,G&A and Non-GAAP Operating Expenses
The use of this non-GAAP measure allows management to monitor the ongoing level of spend that is necessary to support the business in a period when we are not transforming our business or completing an acquisition of in-process research and development. We establish our budgets, forecasts, and performance targets excluding these costs.
 
 
 
 
 
Non-GAAP Operating Income and Non-GAAP Income Before Income Taxes
The use of these non-GAAP measures allows management to monitor the level of operating and total pre-tax profits without the costs of our business transformation. We establish our budgets, forecasts, and performance targets on this basis.
 
 
 
 
 
Non-GAAP Net Income and Earnings per Share
The use of these non-GAAP measures allows management to monitor the level of net income and earnings per share excluding both the costs of our business transformation, as well as any related tax effects. We establish our budgets, forecasts, and performance targets on this basis.
 
 
 
 
 


6


Reconciliation of Non-GAAP Measures for the Fourth Quarter of FY13 and FY12
 
 
 
 
 
 
 
Three Months Ended
 
 
3/30/2013
 
3/31/2012
Non-GAAP gross profit
 
 
 
 
GAAP gross profit
 
$
123,140

 
$
94,612

Whole blood acquisition cost of good sold adjustment
 
532

 
—

Whole blood Y connector inventory reserves
 
984

 
—

Restructuring and transformation costs
 
(428
)
 
167

Non-GAAP gross profit
 
$
124,228

 
$
94,779

 
 
 
 
 
Non-GAAP R&D
 
 
 
 
GAAP R&D
 
$
17,818

 
$
8,611

Restructuring and transformation costs
 
(5,218
)
 
(962
)
Non-GAAP R&D
 
$
12,600

 
$
7,649

 
 
 
 
 
Non-GAAP S,G&A
 
 
 
 
GAAP S,G&A
 
$
87,614

 
$
65,041

Restructuring and transformation costs
 
(10,963
)
 
(4,998
)
Non-GAAP S,G&A
 
$
76,651

 
$
60,043

 
 
 
 
 
Non-GAAP operating expenses
 
 
 
 
GAAP operating expenses
 
$
105,432

 
$
73,652

Restructuring and transformation costs
 
(16,181
)
 
(5,960
)
Non-GAAP operating expenses
 
$
89,251

 
$
67,692

 
 
 
 
 
Non-GAAP operating income
 
 
 
 
GAAP operating income
 
$
17,708

 
$
20,960

Restructuring and transformation costs
 
17,269

 
6,127

Non-GAAP operating income
 
$
34,977

 
$
27,087

 
 
 
 
 
Non-GAAP income before taxes
 
 
 
 
GAAP income before taxes
 
$
14,686

 
$
21,329

Restructuring and transformation costs
 
17,269

 
6,127

Non-GAAP income before taxes
 
$
31,955

 
$
27,456

 
 
 
 
 
Non-GAAP net income
 
 
 
 
GAAP net income
 
$
12,561

 
$
17,805

Restructuring and transformation costs
 
17,269

 
6,127

Tax benefit associated with non-GAAP items
 
(4,766
)
 
(3,282
)
Non-GAAP net income
 
$
25,064

 
$
20,650

 
 
 
 
 
Non-GAAP net income per common share assuming dilution
 
 
 
 
GAAP net income per common share assuming dilution
 
$
0.24

 
$
0.35

Non-GAAP items after tax per common share assuming dilution
 
$
0.24

 
$
0.05

Non-GAAP net income per common share assuming dilution
 
$
0.48

 
$
0.40



7


Presented below are additional Constant Currency performance measures. We measure different components of our business at constant currency. We believe this information is useful for investors because it allows for an evaluation of the Company without the effect of changes in foreign exchange rates. These results convert our local foreign currency operating results to the US Dollar at constant exchange rates of 0.833 Euro to 1.00 US Dollar and 110 Yen to 1.00 US Dollar. They also exclude the results of our foreign currency hedging program described in Note 7 to our consolidated financial statements in our Form 10-K.
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
3/30/2013
 
3/31/2012
Non-GAAP revenues
 
 
 
 
GAAP revenue
 
$
249,942

 
$
186,670

Foreign currency effects
 
(13,250
)
 
(14,614
)
Non-GAAP revenue - constant currency
 
$
236,692

 
$
172,056

 
 
 
 
 
Non-GAAP net income
 
 
 
 
Non-GAAP net income, adjusted for restructuring and transformation costs
 
$
25,064

 
$
20,650

Foreign currency effects
 
(7,105
)
 
(6,401
)
Income tax associated with foreign currency effects
 
1,532

 
1,586

Non-GAAP net income - constant currency
 
$
19,491

 
$
15,835

 
 
 
 
 
Non-GAAP net income per common share assuming dilution
 
 
 
 
Non-GAAP net income per common share assuming dilution, adjusted for restructuring and transformation costs
 
$
0.48

 
$
0.40

Foreign currency effects after tax per common share assuming dilution
 
$
(0.11
)
 
$
(0.09
)
Non-GAAP net income per common share assuming dilution - constant currency
 
$
0.37

 
$
0.31



8


Reconciliation of Non-GAAP Measures for FY13 and FY12
 
 
 
 
 
 
 
Year Ended
 
 
3/30/2013
 
3/31/2012
Non-GAAP gross profit
 
 
 
 
GAAP gross profit
 
$
428,131

 
$
369,240

Whole blood acquisition cost of good sold adjustment
 
15,715

 
—

Whole blood Y connector inventory reserves
 
7,046

 
—

Restructuring and transformation costs
 
(428
)
 
1,510

Non-GAAP gross profit
 
$
450,464

 
$
370,750

 
 
 
 
 
Non-GAAP R&D
 
 
 
 
GAAP R&D
 
$
48,641

 
$
36,801

Restructuring and transformation costs
 
(8,345
)
 
(2,864
)
Non-GAAP R&D
 
$
40,296

 
$
33,937

 
 
 
 
 
Non-GAAP S,G&A
 
 
 
 
GAAP S,G&A
 
$
323,053

 
$
245,261

Restructuring and transformation costs
 
(41,780
)
 
(14,947
)
Non-GAAP S,G&A
 
$
281,273

 
$
230,314

 
 
 
 
 
Non-GAAP operating expenses
 
 
 
 
GAAP operating expenses
 
$
371,694

 
$
280,482

Restructuring and transformation costs
 
(50,125
)
 
(17,811
)
Contingent consideration income
 
—

 
1,580

Non-GAAP operating expenses
 
$
321,569

 
$
264,251

 
 
 
 
 
Non-GAAP operating income
 
 
 
 
GAAP operating income
 
$
56,437

 
$
88,758

Restructuring and transformation costs
 
72,458

 
19,321

Contingent consideration income
 
—

 
(1,580
)
Non-GAAP operating income
 
$
128,895

 
$
106,499

 
 
 
 
 
Non-GAAP income before taxes
 
 
 
 
GAAP income before taxes
 
$
49,897

 
$
89,498

Restructuring and transformation costs
 
72,458

 
19,321

Contingent consideration income
 
—

 
(1,580
)
Non-GAAP income before taxes
 
$
122,355

 
$
107,239

 
 
 
 
 
Non-GAAP net income
 
 
 
 
GAAP net income
 
$
38,800

 
$
66,886

Restructuring and transformation costs
 
72,458

 
19,321

Contingent consideration income
 
—

 
(1,580
)
Tax benefit associated with non-GAAP items
 
(21,816
)
 
(6,227
)
Non-GAAP net income
 
$
89,442

 
$
78,400

 
 
 
 
 
 
 
 
 
 
Non-GAAP net income per common share assuming dilution
 
 
 
 
GAAP net income per common share assuming dilution
 
$
0.74

 
$
1.30

Non-GAAP items after tax per common share assuming dilution
 
$
0.97

 
$
0.22

Non-GAAP net income per common share assuming dilution
 
$
1.71

 
$
1.52


9


Presented below are additional Constant Currency performance measures. We measure different components of our business at constant currency. We believe this information is useful for investors because it allows for an evaluation of the Company without the effect of changes in foreign exchange rates. These results convert our local foreign currency operating results to the US Dollar at constant exchange rates of 0.833 Euro to 1.00 US Dollar and 110 Yen to 1.00 US Dollar. They also exclude the results of our foreign currency hedging program described in Note 7 to our consolidated financial statements in our Form 10-K.
 
 
 
 
 
 
 
 
Year Ended
 
 
3/30/2013
 
3/31/2012
Non-GAAP revenues
 
 
 
 
GAAP revenue
 
$
891,990

 
$
727,844

Foreign currency effects
 
(57,670
)
 
(54,720
)
Non-GAAP revenue - constant currency
 
$
834,320

 
$
673,124

 
 
 
 
 
Non-GAAP net income
 
 
 
 
Non-GAAP net income, adjusted for restructuring, transformation costs and contingent consideration income
 
$
89,442

 
$
78,400

Foreign currency effects
 
(26,703
)
 
(19,694
)
Income tax associated with foreign currency effects
 
7,183

 
5,215

Non-GAAP net income - constant currency
 
$
69,922

 
$
63,921

 
 
 
 
 
Non-GAAP net income per common share assuming dilution
 
 
 
 
Non-GAAP net income per common share assuming dilution, adjusted for restructuring, transformation costs and contingent consideration income
 
$
1.71

 
$
1.52

Foreign currency effects after tax per common share assuming dilution
 
$
(0.37
)
 
$
(0.28
)
Non-GAAP net income per common share assuming dilution - constant currency
 
$
1.34

 
$
1.24



10


Restructuring and Transformation Costs
(in thousands)
 
 
 
 
 
GAAP results include the following items which are excluded from adjusted results.
 
 
 
 
 
 
 
Three Months Ended
 
 
3/30/2013
 
3/31/2012
Whole Blood Acquisition Cost of Goods Sold
 
$
532

 
$
—

 
 
 
 
 
Integration
 
8,195

 
—

 
 
 
 
 
Y-Connector
 
984

 
—

 
 
 
 
 
Restructuring and Transformation
 
2,760

 
2,774

 
 
 
 
 
HS Core Claims
 
(37
)
 
(1,097
)
 
 
 
 
 
Transaction Costs
 
45

 
4,450

 
 
 
 
 
Arryx Disposition
 
4,791

 
—

 
 
 
 
 
Contingent Consideration
 
—

 
—

 
 
 
 
 
Total
 
$
17,270

 
$
6,127

 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended
 
 
3/30/2013
 
3/31/2012
Whole blood acquisition cost of goods sold
 
$
15,715

 
$
—

 
 
 
 
 
Integration
 
34,147

 
—

 
 
 
 
 
Y-Connector
 
7,046

 
—

 
 
 
 
 
Restructuring and Transformation
 
5,445

 
11,759

 
 
 
 
 
HS Core Claims
 
(1,041
)
 
3,112

 
 
 
 
 
Transaction Costs
 
3,181

 
4,450

 
 
 
 
 
Arryx Disposition
 
7,964

 
—

 
 
 
 
 
Contingent Consideration
 
—

 
(1,580
)
 
 
 
 
 
Total
 
$
72,457

 
$
17,741



11