8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 1, 2010

HAEMONETICS CORPORATION

(Exact name of registrant as specified in its charter)

Massachusetts
(State or other jurisdiction
of incorporation) 1-14041
(Commission
File Number) 04-2882273
(I.R.S. Employer
Identification No.)

400 Wood Road
(Address of principal executive offices) 02184
(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))

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 1, 2010, Haemonetics Corporation (the “Company”) issued a press release announcing financial results for the second quarter ended October 2, 2010. A copy of the release is furnished with this report as exhibit 99.1.

The information in this current report on Form 8-K 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: Press Release of Haemonetics Corporation dated November 1, 2010 announcing financial results for the second quarter ended October 2, 2010.

2

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: November 1, 2010	/s/ Christopher Lindop
	Christopher Lindop, Vice President
	and Chief Financial Officer

3

EXHIBIT INDEX

99.1 Press Release issued by Haemonetics Corporation on November 1, 2010.

4

EX-99.1

Exhibit 99.1

FOR RELEASE:		CONTACT:
Date:	November 1, 2010	Bryanne Salmon
Time:	8:00 am Eastern	Tel. (781) 356-9613
		bsalmon@haemonetics.com

Haemonetics Reports Adjusted Earnings per Share of $0.80 for Q2 of Fiscal 11
Company Resets Revenue Growth Target to 6-9% and Increases Full Year Earnings Guidance

Braintree, MA, November 1, 2010— Haemonetics Corporation (NYSE: HAE) today reported GAAP net revenues of $166.8 million, up 6%, net income of $21.3 million, up 18%, and earnings per share of $0.85, up 23%. Excluding transformation costs and contingent consideration income in fiscal 11, adjusted second quarter net income was $20.1 million, up 11%, and adjusted earnings per share was $0.80, up 16%. In constant currency, revenue was up 7%, adjusted net income was up 12% and adjusted earnings per share were up 16%. ¹

Year to date, Haemonetics reported GAAP net revenues of $330 million, up 6%, net income of $39.3 million, up 9%, and earnings per share of $1.54, up 12%. Excluding transformation costs and contingent consideration income in fiscal 11, adjusted year to date net income was $39.1 million, up 8%, and adjusted earnings per share was $1.54, up 12%. In constant currency, revenue was up 7%, adjusted net income was up 20% and adjusted earnings per share were up 23%. As expected first quarter currency headwinds moderated in the second quarter. ¹

In addition to revenue and earnings growth, in the quarter Haemonetics reported adjusted gross margin of 52.6%, up 110 basis points, and adjusted operating margin of 16.9%, down 30 basis points but in line with full year targets. The Company managed adjusted operating expenses to $59.6 million, up $5.7 million from levels in Q2 of fiscal 10. Incremental spending of more than $4 million is associated with the Company’s recent acquisitions. ¹

The Company revised its full year guidance for revenue growth from 9-12% to 6-9%, and its full year guidance for adjusted operating income growth from 11-14% to 10-12%.

The Company increased its full year guidance for adjusted earnings per share from a range of $3.15 to $3.25 to a range of $3.18 to $3.28. ¹

Brian Concannon, Haemonetics’ President and CEO, said” We continue to make great progress with IMPACT™ selling, our branded approach to bringing blood management solutions to our customers. However, slower than expected recovery in Plasma collections and lower surgical procedure volumes which continue to affect our hospital and blood center customers, are causing us to reevaluate our near term expectations for revenue growth.”

STRATEGIC AND SEGMENT GROWTH HIGHLIGHTS

Haemonetics continues to make progress expanding its business. The Company reported the following highlights:

• 28 additional IMPACT customers in Q2 fiscal 11 bringing the total number of IMPACT customers to 118, driving acceleration in key product lines evidenced by a 24% Q2 growth rate for TEG^® Thrombelastograph^® Hemostasis Analyzer disposables.

• Platelets grew more than 6%, both in the quarter and year to date, reflecting strong double digit growth in the Company’s emerging markets business units.

• In the quarter equipment revenue grew 32% year over year. Equipment sales are a leading indicator of disposables revenue.

Haemonetics Corporation • 400 Wood Road • Braintree, MA 02184 USA

• The Global Med acquisition integration is proceeding well against its planned schedule and operating income targets.

Mr. Concannon added “We’ve made excellent progress against our goals for blood management with 118 IMPACT accounts by the end of the second quarter. In these challenging economic times, we are implementing blood management solutions that reduce costs and improve clinical outcomes for our customers. Year to date revenue from our North American hospital IMPACT accounts was up 64% led by double digit growth in TEG and OrthoPAT^®.”

As noted, Haemonetics’ second quarter fiscal 11 reported revenues were $166.8 million, up 6%. Reported revenues break down as follows:

Plasma disposables revenue was $56.5 million for the quarter, down 5%, and $112.4 million year to date, down 5%. Haemonetics expects its plasma business to return to mid single digit growth in Q3, ramping to low double digit growth in Q4, with full year Plasma revenue growth in a range of 0-3%.

Platelet disposables revenue was $39.7 million for the quarter, up 7%, and $76 million year to date, up 6%. The platelet business benefited from strong sales in our emerging markets. Haemonetics continues to expect full year Platelet revenue growth of 0-2%.

Red cell disposables revenue was $11.3 million for the quarter, down 2%, and $22.6 million year to date, down 3%. Revenue declined due to decreased demand for red cells as a result of declining surgical volumes. Haemonetics continues to expect full year Red Cell disposable revenue growth within a range of negative 2% to a 1% increase.

Surgical disposables revenue was $16 million for the quarter, down 4%, and $32.4 million year to date, down 5%. The surgical business was adversely impacted by trends in surgical volumes. Haemonetics now expects full year revenue growth within a range of negative 2% to a 1% increase.

OrthoPAT orthopedic perioperative autotransfusion system disposables revenue was $8.3 million for the quarter, down 4%, and flat at $17.2 million year to date. OrthoPAT sales to IMPACT accounts grew by 10% in the quarter and 36% year to date. Haemonetics now expects full year revenue growth within a range of 1-3%.

Diagnostic disposables revenue was $4.6 million for the quarter, up 24% and $9.4 million year to date, also up 24%. Revenues related to the TEG Thrombelastograph^® Hemostasis Analyzer business are accelerating driven by the Company’s IMPACT accounts. Haemonetics expects full year revenue growth of approximately 25%.

Software Solutions revenue was $16.1 million for the quarter, up 77% and $32.6million year to date, up 86%. Software Solutions growth was primarily impacted by our Global Med acquisition. Organic software growth year to date was 2%. Haemonetics expects full year revenue growth of approximately 95%.

Equipment revenue was $14.2 million for the quarter, up 32%, and $27.2 million year to date, up 26%. Equipment growth was impacted by the SEBRA^® acquisition. Organic equipment growth year to date was 12%. Haemonetics expects full year revenue growth of 6-11%,

Haemonetics reported growth in all geographies for the quarter and year to date. In the quarter, North American sales were up 5%, European sales were up 4%, Japanese sales were up 3%, and Asian sales were up 27%. Year to date, North America sales were up 5%, European sales were up 4%, Japanese sales were up 3% and Asian sales were up 28%.

Haemonetics Corporation • 400 Wood Road • Braintree, MA 02184 USA

CONFERENCE CALL

Haemonetics will host a webcast on Monday, November 1^st at 10:00am Eastern to discuss these results. Interested parties can participate at http://phx.corporate-ir.net/playerlink.zhtml?c=72118&s=wm&e=3403020

Haemonetics (NYSE: HAE) is a global healthcare company dedicated to providing innovative blood management solutions for our customers. Together, our devices and consumables, information technology platforms, and consulting services deliver a suite of business solutions to help our customers improve clinical outcomes and reduce the cost of healthcare for blood collectors, hospitals, and patients around the world. Our technologies address important medical markets: blood and plasma component collection, the surgical suite, and hospital transfusion services. To learn more about Haemonetics, visit our web site at http://www.haemonetics.com.

This release contains forward-looking statements that involve risks and uncertainties, including technological advances in the medical field and standards for transfusion medicine and our ability to successfully implement products that incorporate such advances and standards, product demand, market acceptance, regulatory uncertainties, , that affect Haemonetics or our customers, the effect of economic and political conditions, the impact of competitive products and pricing, blood product reimbursement policies and practices, foreign currency exchange rates, changes in customers’ ordering patterns, the effect of industry consolidation as seen in the plasma market, the effect of communicable diseases and the effect of uncertainties in markets outside the U.S. (including Europe and Asia) in which we operate and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The foregoing list should not be construed as exhaustive. The forward-looking statements are based on estimates and assumptions made by management of the Company and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results and experience could differ materially from the forward-looking statements.

¹ A reconciliation of GAAP to adjusted and constant currency financial results is included at the end of the financial sections of this press release as well as on the web at http://phx.corporate-ir.net/phoenix.zhtml?c=72118&p=irol-news&nyo=0 In the second quarter of fiscal 11, Haemonetics incurred $1.1 million in pre-tax transformation and integration costs and realized $1.9 million in contingent consideration income. Haemonetics incurred no restructuring costs in the second quarter of fiscal 10.

Haemonetics Corporation • 400 Wood Road • Braintree, MA 02184 USA

Haemonetics Corporation Financial Summary
(Unaudited data in thousands, except per share data)

Consolidated Statements of Income for the Second Quarter of FY11 and FY10

	10/2/2010			9/26/2009			% Inc/(Dec)
	As Reported			As Reported			vs Prior Year
NET REVENUES	$	166,833		$	157,070			6.2	%
Gross profit		87,755			80,967			8.4	%
R&D		7,954			6,475			22.8	%
S,G&A		52,790			47,469			11.2	%
Contingent consideration income		(1,894	)		—			—
Operating expenses		58,850			53,944			9.1	%
Operating income		28,905			27,023			7.0	%
Interest expense		(23	)		(255	)		(91.0	%)
Interest income		493			103			378.6	%
Other (expense)/income, net		(216	)		(801	)		(73.1	%)
Income before taxes		29,159			26,070			11.9	%
Tax expense		7,821			8,020			(2.5	%)
NET INCOME	$	21,338		$	18,050			18.2	%
Net income per common share assuming dilution	$	0.85		$	0.69			23.3	%
Weighted average number of shares
Basic		24,686			25,685
Diluted		25,228			26,321

					Inc/(Dec) vs
					prior year
					profit margin %
Profit Margins:
Gross profit	52.6	%	51.5	%		1.1	%
R&D	4.8	%	4.1	%		0.6	%
S,G&A	31.6	%	30.2	%		1.4	%
Operating income	17.3	%	17.2	%		0.1	%
Income before taxes	17.5	%	16.6	%		0.9	%
Net income	12.8	%	11.5	%		1.3	%

Consolidated Statements of Income for Year-to-Date FY11 and FY10

	10/2/2010			9/26/2009			% Inc/(Dec) vs
	As Reported			As Reported			Prior Year
NET REVENUES	$	329,872		$	311,157			6.0	%
Gross profit		174,217			163,910			6.3	%
R&D		15,875			13,252			19.8	%
S,G&A		107,144			97,308			10.1	%
Contingent consideration income		(1,894	)		—			—
Operating expenses		121,125			110,560			9.6	%
Operating income		53,092			53,350			(0.5	%)
Interest expense		(40	)		(462	)		(91.3	%)
Interest income		460			253			81.8	%
Other (expense)/income, net		22			(1,135	)		(101.9	%)
Income before taxes		53,534			52,006			2.9	%
Tax expense		14,277			15,882			(10.1	%)
NET INCOME	$	39,257		$	36,124			8.7	%
Net income per common share assuming dilution	$	1.54		$	1.37			12.1	%
Weighted average number of shares
Basic		24,913			25,671
Diluted		25,459			26,273

					Inc/(Dec) vs
					prior year profit
					margin %
Profit Margins:
Gross profit	52.8	%	52.7	%		0.1	%
R&D	4.8	%	4.3	%		0.6	%
S,G&A	32.5	%	31.3	%		1.2	%
Operating income	16.1	%	17.1	%		(1.1	%)
Income before taxes	16.2	%	16.7	%		(0.5	%)
Net income	11.9	%	11.6	%		0.3	%

Revenue Analysis for the Second Quarter and Year-To-Date FY11 and FY10

	Second Quarter
	10/2/2010		9/26/2009		% Inc/(Dec) vs
	As Reported		As Reported		Prior Year
Revenues by geography
United States	$	78,740	$	74,856		5.2	%
International	$	88,093	$	82,214		7.2	%
Net revenues	$	166,833	$	157,070		6.2	%
Disposable revenues
Plasma disposables	$	56,514	$	59,424		(4.9	%)
Blood bank disposables
Platelet	$	39,746	$	37,250		6.7	%
Red cell	$	11,294	$	11,484		(1.7	%)
	$	51,040	$	48,734		4.7	%
Hospital disposables
Surgical	$	16,011	$	16,631		(3.7	%)
OrthoPAT	$	8,281	$	8,678		(4.6	%)
Diagnostics	$	4,647	$	3,745		24.1	%
	$	28,939	$	29,054		(0.4	%)
Subtotal	$	136,493	$	137,212		(0.5	%)
Software solutions	$	16,125	$	9,100		77.2	%
Equipment & other	$	14,215	$	10,758		32.1	%
Net revenues	$	166,833	$	157,070		6.2	%

	Six Months Ended
	10/2/2010		9/26/2009		% Inc/(Dec) vs
	As Reported		As Reported		Prior Year
Revenues by geography
United States	$	158,049	$	149,869		5.5	%
International	$	171,823	$	161,288		6.5	%
Net revenues	$	329,872	$	311,157		6.0	%
Disposable revenues
Plasma disposables	$	112,431	$	118,293		(5.0	%)
Blood bank disposables
Platelet	$	76,063	$	71,557		6.3	%
Red cell	$	22,608	$	23,263		(2.8	%)
	$	98,671	$	94,820		4.1	%
Hospital disposables
Surgical	$	32,362	$	34,056		(5.0	%)
OrthoPAT	$	17,238	$	17,262		(0.1	%)
Diagnostics	$	9,355	$	7,556		23.8	%
	$	58,955	$	58,874		0.1	%
Subtotal	$	270,057	$	271,987		(0.7	%)
Software solutions	$	32,578	$	17,554		85.6	%
Equipment & other	$	27,237	$	21,616		26.0	%
Net revenues	$	329,872	$	311,157		6.0	%

Consolidated Balance Sheets

	Period ending
	10/2/10		4/3/10
Assets
Cash & cash equivalents	$	115,049	$	141,562
Accounts receivable, net		121,767		118,684
Inventories, net		86,009		79,953
Other current assets		39,398		45,944
Total current assets		362,223		386,143
Net PP&E		157,297		153,298
Other assets		218,217		221,219
Total assets	$	737,737	$	760,660

	Period ending
	10/2/10		4/3/10
Liabilities & Stockholders’ Equity
S/T debt & current maturities	$	11,702	$	16,062
Other current liabilities		102,049		120,435
Total current liabilities		113,751		136,497
Long-term debt		4,423		4,589
Other long-term liabilities		25,171		26,450
Stockholders’ equity		594,392		593,124
Total liabilities & equity	$	737,737	$	760,660

Free Cash Flow Reconciliation

	Three Months Ended
	10/2/10			9/26/09
GAAP cash flow from operations	$	30,730		$	35,773
Capital expenditures		(8,864	)		(11,676	)
Proceeds from sale of property, plant and equipment		151			182
Net investment in property, plant and equipment		(8,713	)		(11,494	)
Free cash flow after transformation and deal costs	$	22,017		$	24,279
Transformation and deal costs		2,325			—
		2,325			—
Free cash flow before transformation and deal costs	$	24,342		$	24,279

	Six Months Ended
	10/2/10			9/26/09
GAAP cash flow from operations	$	44,286		$	61,479
Capital expenditures		(24,088	)		(32,880	)
Proceeds from sale of property, plant and equipment		262			383
Net investment in property, plant and equipment		(23,826	)		(32,497	)
Free cash flow	$	20,460		$	28,982
Transformation and deal costs		6,383			—
Global Med employment contracts		2,122
		8,505			—
Free cash flow before transformation and deal costs	$	28,965		$	28,982

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, inform business decision making, 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 deal integration costs from our GAAP expenses. Our restructuring is related to the integration of Global Med Technologies and the repositioning of our sales force. 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.

Reconciliation of Non-GAAP Measures for the Second Quarter of FY11 and FY10

	10/02/10			09/26/09
Non-GAAP gross profit
GAAP gross profit	$	87,755		$	80,967
Restructuring costs		—			—
Non-GAAP gross profit	$	87,755		$	80,967
Non-GAAP S,G&A
GAAP S,G&A	$	52,790		$	47,469
Restructuring and deal integration costs		(1,120	)		—
Non-GAAP S,G&A	$	51,670		$	47,469
Non-GAAP operating expenses
GAAP operating expenses	$	58,850		$	53,944
Restructuring and deal integration costs		(1,120	)		—
Contingent consideration income		1,894			—
Non-GAAP operating expenses	$	59,624		$	53,944
Non-GAAP operating income
GAAP operating income	$	28,905		$	27,023
Restructuring and deal integration costs		1,120			—
Contingent consideration income		(1,894	)		—
Non-GAAP operating income	$	28,131		$	27,023
Non-GAAP income before taxes
GAAP income before taxes	$	29,159		$	26,070
Restructuring and deal integration costs		1,120			—
Contingent consideration income		(1,894	)		—
Non-GAAP income before taxes	$	28,385		$	26,070
Non-GAAP net income
GAAP net income	$	21,338		$	18,050
Restructuring and deal integration costs		1,120			—
Contingent consideration income		(1,894	)		—
Tax benefit associated with non-GAAP items		(467	)		—
Non-GAAP net income	$	20,097		$	18,050
Non-GAAP net income per common share assuming dilution
GAAP net income per common share assuming dilution	$	0.85		$	0.69
Non-GAAP items after tax per common share assuming dilution		($0.05	)	$	0.00
Non-GAAP net income per common share assuming dilution	$	0.80		$	0.69

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 exchanage rates of $1.20 per Euro, and 110 Yen to the $1.00. 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.

Non-GAAP revenues
GAAP revenue	$	166,833		$	157,070
Foreign currency effects		(9,736	)		(9,724	)
Non-GAAP revenue — constant currency	$	157,097		$	147,346
Non-GAAP net income
Non-GAAP net income, adjusted for restructuring and deal integration costs and contingent consideration income	$	20,097		$	18,050
Foreign currency effects		(3,799	)		(3,542	)
Income tax associated with foreign currency effects		1,112			1,092
Non-GAAP net income — constant currency		17,410			15,600
Non-GAAP net income per common share assuming dilution
Non-GAAP net income per common share assuming dilution, adjusted for restructuring and deal integration costs and contingent consideration income	$	0.80		$	0.69
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	$	0.69		$	0.59

Reconciliation of Non-GAAP Measures for FY11 and FY10

	10/02/10			09/26/09
Non-GAAP gross profit
GAAP gross profit	$	174,217		$	163,910
Restructuring costs		—			—
Non-GAAP gross profit	$	174,217		$	163,910
Non-GAAP S,G&A
GAAP S,G&A	$	107,144		$	97,308
Restructuring and deal integration costs		(2,863	)		—
Non-GAAP S,G&A	$	104,281		$	97,308
Non-GAAP operating expenses
GAAP operating expenses	$	121,125		$	110,560
Restructuring and deal integration costs		(2,863	)		—
Contingent consideration income		1,894			—
Non-GAAP operating expenses	$	120,156		$	110,560
Non-GAAP operating income
GAAP operating income	$	53,092		$	53,350
Restructuring and deal integration costs		2,863			—
Contingent consideration income		(1,894	)		—
Non-GAAP operating income	$	54,061		$	53,350
Non-GAAP income before taxes
GAAP income before taxes	$	53,534		$	52,006
Restructuring and deal integration costs		2,863			—
Contingent consideration income		(1,894	)		—
Non-GAAP income before taxes	$	54,503		$	52,006
Non-GAAP net income
GAAP net income	$	39,257		$	36,124
Restructuring and deal integration costs		2,863			—
Contingent consideration income		(1,894	)		—
Tax benefit associated with non-GAAP items		(1,067	)		—
Non-GAAP net income	$	39,159		$	36,124
Non-GAAP net income per common share assuming dilution
GAAP net income per common share assuming dilution	$	1.54		$	1.37
Non-GAAP items after tax per common share assuming dilution		($0.00	)	$	0.00
Non-GAAP net income per common share assuming dilution	$	1.54		$	1.37

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 exchanage rates of $1.20 per Euro, and 110 Yen to the $1.00. 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.

Non-GAAP revenues
GAAP revenue	$	329,872		$	311,157
Foreign currency effects		(16,419	)		(19,324	)
Non-GAAP revenue — constant currency	$	313,453		$	291,833
Non-GAAP net income
Non-GAAP net income, adjusted for restructuring and deal integration costs and contingent consideration income	$	39,159		$	36,124
Foreign currency effects		(7,087	)		(11,050	)
Income tax associated with foreign currency effects		1,999			3,370
Non-GAAP net income — constant currency		34,071			28,444
Non-GAAP net income per common share assuming dilution
Non-GAAP net income per common share assuming dilution, adjusted for restructuring and deal integration costs and contingent consideration income	$	1.54		$	1.37
Foreign currency effects after tax per common share assuming dilution		($0.20	)		($0.29	)
Non-GAAP net income per common share assuming dilution — constant currency	$	1.34		$	1.08