헤모네틱스(HAE) 2027 회계연도 2분기 실적 발표 콘퍼런스콜: 매출 전망치 상향

핵심 요약

• 헤모네틱스(Haemonetics Corporation, HAE)는 2027 회계연도 2분기에 10%, 상반기 누적으로 8%의 유기적 매출 성장을 기록했다고 발표했다. 조정 주당순이익(EPS)은 2분기에 6% 증가한 1.35달러, 상반기에는 2.49달러를 기록했다.
• 혈장 부문 매출은 이전의 시장 점유율 확대, 견조한 채혈량, 페르소나 플러스(Persona PLUS) 도입에 힘입어 2분기 18%, 상반기 13%의 유기적 성장을 달성했다. 2분기 글로벌 혈장 채혈량은 한 자릿수 후반대 증가율을 기록했다.
• 경영진은 2027 회계연도 유기적 매출 성장률 가이던스를 기존 4%~7%에서 6%~9%로 상향 조정했다. 보고 기준 매출 성장률 가이던스 역시 기존 5%~8%에서 8%~11%로 높였다.
• 성분채집(Apheresis) 부문의 유기적 성장률 가이던스는 상반기 실적, 페르소나 플러스 도입, 3분기까지 확정된 CSL 센터 전환을 반영해 기존 한 자릿수 초중반에서 한 자릿수 후반으로 상향됐다.
• 조정 영업이익률 개선폭 가이던스는 혈장 생산 확대 투자, 성과급 증가, 지속적인 비용 압박으로 인해 기존 50~100bp에서 0~50bp로 하향 조정됐다.
• 상반기 영업활동 현금흐름은 40% 증가한 1억 8,000만 달러를 기록했으며, 잉여현금흐름은 약 57% 증가한 1억 4,300만 달러에 달했다.

주요 재무 데이터

사업 및 영업 실적

혈장 및 성분채집

성분채집 유기적 매출은 2분기에 14%, 상반기에 10% 증가했다. 혈장 부문이 각각 18%와 13%의 성장을 기록하며 해당 부문의 성장을 견인했다.

경영진은 이러한 실적이 이전의 점유율 확대, 채혈량 증가, 페르소나 플러스(Persona PLUS) 도입 확대에 기인했다고 설명했다. 상반기 미국 내 혈장 채혈량은 한 자릿수 중후반대 증가율을 기록했으며, 미국 외 지역의 채혈량은 두 자릿수를 훌쩍 넘는 성장세를 보였다.

확대된 CSL과의 협력 관계에는 페르소나, 페르소나 플러스 및 업데이트된 소프트웨어가 포함된다. 헤모네틱스는 10월부터 본격적인 전환을 시작했으며, 2027년 연말 이전에 미국 내 모든 CSL 혈장 센터에 페르소나 플러스를 탑재한 넥시스 PCS(NexSys PCS)를 도입할 것으로 예상하고 있다. 2분기 CSL의 기여도는 미미했다.

2027 회계연도 가이던스에는 완료된 CSL 전환과 3분기까지 공식 확정된 전환 내역이 반영되어 있다. 4분기의 추가 전환은 아직 포함되지 않았다. 경영진은 본격적인 도입 확대로 궁극적으로 혈장 사업 물량이 약 50% 늘어날 수 있지만, 본격적인 마진 개선 효과는 2028 회계연도 이후에 나타날 것으로 예상된다고 밝혔다.

기타 성분채집 부문 매출은 적혈구 채혈 강세가 주문 시점 차이와 포트폴리오 합리화로 상쇄되면서 2분기에는 보합세를 나타냈고 상반기에는 소폭 감소했다.

메드서지 및 혈액 관리

메드서지(MedSurg) 부문의 유기적 매출은 2분기와 상반기 모두 6% 성장했다. 혈액 관리 기술 부문은 2분기에 7%, 상반기에 8% 증가했다.

지혈 관리 부문은 고객 침투율 확대, TEG 활용도 증가, 지속적인 시장 점유율 상승에 힘입어 호조를 보였다. TEG 5000 장비 업그레이드 주기가 마무리 단계에 접어들었음에도 불구하고, 반복 매출인 TEG 6s 소모품 매출은 10%대 중반의 성장률을 기록했다.

현재 TEG 매출은 소모품 약 85%, 장비 15% 비중으로 구성되어 있다. 경영진은 TEG가 수술실과 외상 치료 환경에 더 밀접하게 배치됨에 따라 기기당 소모품 매출이 2배 이상 증가했다고 설명했다.

수혈 관리 매출은 두 기간 모두 두 자릿수를 크게 웃도는 성장을 기록하며 현재 혈액 관리 부문 매출의 약 20%를 차지하고 있다. 자가수혈(Cell Salvage) 부문은 이 사업부의 성장을 일부 상쇄했다.

중재 시술 기술

중재 시술 기술 부문의 유기적 매출은 2분기와 상반기에 각각 3% 성장했다. 전기생리학 분야에서 바스케이드 MVP(VASCADE MVP)와 MVP XL은 활용도 증가와 점유율 확대에 힘입어 10%대 초반의 성장률을 보였다. 식도 냉각 부문의 전년 동기 역기저 효과는 전반적인 성장을 제한했다.

헤모네틱스는 바스케이드 MVP XL의 적응증 확대와 관련해 초기 유럽 CE 마크 인증과 일본 규제 당국의 승인을 획득했다. 또한 페이스프로(PacePro) 가이드와이어를 출시하고 퍼큐실 엘리트(PerQSeal Elite)에 대한 미국 FDA 승인을 확보했다.

퍼큐실 엘리트는 회사의 혈관 폐쇄 포트폴리오를 대구경 구조적 심장 질환 및 혈관 내 시술 영역으로 확장한다. 경영진은 전 세계 시장 규모를 3억 달러로 추산하며, 한 자릿수 후반대 성장률을 보이고 있고 이 중 약 3분의 2가 미국에 집중되어 있다고 밝혔다. 회사는 의사 교육 및 훈련에 중점을 둔 단계적 출시를 계획하고 있다.

경영진 가이던스

경영진은 계약 조건 및 고객 전환 시점을 고려할 때 하반기 매출과 마진 개선이 4분기에 집중될 것으로 예상하고 있다.

이번 전망은 하반기 혈장 채혈량의 추가적인 성장을 가정하지 않았다. 대신 이미 확인된 점유율 확대, CSL 전환, 페르소나 플러스 도입 가속화에 기반을 두고 있다. 경영진은 도입 시점이 공식 확정된 이후에만 추가 CSL 전환분을 반영할 방침이다.

리스크 및 주시 사항

• 혈장 생산능력 확장은 관련 매출이 본격화되기 전까지 제조, 보관, 기기, 포장 및 특송 운송에 대한 단기적 지출을 필요로 한다.
• 재고자산으로 자본화된 생산 비용 증가는 하반기 매출원가에 반영되어 매출총이익률뿐 아니라 영업비용에도 부담으로 작용할 전망이다.
• 성과급 증가는 영업이익률 전망치 하향의 가장 큰 원인이었다. 경영진은 이 비용과 CSL 도입 확대 비용이 일시적인 요인이라고 설명했다.
• 운임, 연료, 에너지, 원자재 및 전반적인 공급망 인플레이션은 여전히 비용 부담 요인으로 남아 있다.
• 페르소나 플러스는 채혈당 혈장 수율을 평균 약 5%~6% 높인다. 일부 고객은 더 높은 수율을 달성한 후 일시적으로 채혈 활동을 줄일 수 있어 단기 채혈량을 둘러싼 불확실성을 유발한다.
• CSL 고객 관련 수익 구조와 구체적인 전환 일정은 기밀로 유지되고 있어 재무적 기여의 정확한 시점과 규모에 대한 가시성이 제한적이다.

애널리스트 Q&A 주요 내용

• CSL 전환 일정 및 실적 기여: 경영진은 CSL이 2분기 실적에 미친 영향이 미미했다고 확인했다. 2027 회계연도 가이던스에는 완료된 전환과 3분기까지 공식 확정된 활동이 포함되어 있으나, 4분기에 예상되는 추가 전환은 제외되어 있다.
• 마진 전망: 헤모네틱스는 마진 개선 전망치 하향의 주된 원인을 성과급으로 꼽았으며, 그 뒤를 이어 상승한 생산 비용, 연료비 및 기타 인플레이션을 들었다. 경영진은 생산 확대 비용이 진정되고 제조 물량이 정상화되면 영업 레버리지 효과가 더욱 강화될 것으로 예상하고 있다.
• 설비투자: CSL 도입 본격화는 제조 시설 확장과 추가 기기를 수반하는 새로운 설비투자 주기를 시작할 것이다. 경영진은 향후 2년간 설비투자가 높은 수준을 유지할 것으로 예상하며, 이러한 투자가 회사 내에서 가장 높은 수익률을 창출하는 자본 활용 방안 중 하나라고 설명했다.
• 혈관 폐쇄(Vascular Closure): 경영진은 페이스프로와 퍼큐실 엘리트가 출시 초기 단계에 있는 반면, 바스케이드 MVP와 MVP XL이 단기적으로 주요 기여 요인으로 남을 것으로 예상하고 있다. 회사는 하반기 이후 중재 시술 기술 부문의 성장세를 더욱 강화할 방침이다.
• 자본 배분: 헤모네틱스는 자체 사업 투자와 재무건전성 강화를 지속적으로 우선시하고 있다. 회사는 상반기 중 회전신용대출 1억 달러를 상환했으며, 기존 자사주 매입 승인 한도 중 3억 2,500만 달러의 여력을 유지하고 있다.
• 장기 수익성: 경영진은 혈장 부문 물량이 확대되고 메드서지 부문의 성장이 견고해짐에 따라 20%대 후반 이상의 영업이익률을 달성할 수 있다는 견해를 유지했다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, and welcome to Haemonetics Corporation's Second Quarter 2027 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Olga Guyette. You may begin.

Olga Guyette

Good morning, and thank you for joining us for Haemonetics' second quarter fiscal year 2027 conference call and webcast. I'm joined today by Chris Simon, our CEO; and James D'Arecca, our CFO. This morning, we reported second quarter and first half fiscal 2027 results and updated our fiscal 2027 guidance. Our earnings release, supplemental presentation and related materials are available in the Investor Relations section of our website.

Before we begin, I'd like to remind everyone that we will use both reported and organic revenue growth rates that exclude the impact of FX, the exit of certain liquid solution products and our fiscal year 2027 guidance is also adjusted for the impact of the 53rd week.

We'll also refer to other non-GAAP financial measures to help investors understand Haemonetics' ongoing business performance. Please note that these measures exclude certain charges and income items. A full list of excluded items, reconciliations to our GAAP results and comparisons with the prior year periods are provided in our earnings release.

Our remarks today include forward-looking statements, and our actual results may differ materially from the anticipated results. Factors that may cause our results to differ include those referenced in the safe harbor statement in today's earnings release and in our other SEC filings. We do not undertake any obligation to update the forward-looking statements.

And now I'd like to turn it over to Chris.

Christopher Simon

Good morning, everyone. Thank you for joining us. We delivered a strong quarter and first half with growth across Plasma, Blood Management and Interventional Technologies. Organic revenue growth was 10% in the second quarter and 8% in the first half, and adjusted earnings per share was $1.35 in the quarter and $2.49 in the first half, growing 6% in both periods.

Beyond these strong results, we reached several important milestones that position us for future growth. We expanded our CSL relationship, secured key regulatory approvals and launched innovative MedSurg products. These achievements reflect years of investment in our technology, our customer relationships and our execution.

Let's discuss our business results. MedSurg delivered a solid quarter of broad-based growth, increasing 6% organically in both the second quarter and first half. Blood Management Technologies grew 7% organically in the quarter and 8% in the first half. Within BMT, Hemostasis Management growth was driven by greater account penetration, higher TEG utilization and continued share gains. The TEG 5000 capital upgrade cycle is winding down, but durable growth is being driven by mid-teens recurring TEG 6s disposables growth.

Transfusion Management revenue grew well into the double digits in both periods, becoming an increasingly meaningful contributor to the franchise. With our evolving portfolio, we are building our high-margin recurring revenue base, while giving customers greater flexibility to adopt integrated software solutions that improve workflow automation, transfusion safety and traceability. This growth was partially offset by Cell Salvage.

Interventional Technologies grew 3% organically in both the second quarter and first half, sustaining the return to growth established in Q1. Vascular Closure led performance with VASCADE MVP and MVP XL growing in the low double digits in electrophysiology in both periods. Strong demand and improved commercial execution are driving greater utilization and share gains as the underlying market stabilizes. Vascular Closure momentum was partially offset by a challenging prior year comparison in esophageal cooling.

We also advanced our growth strategy through several important milestones. We extended VASCADE MVP XL globally with initial CE Mark certification and Japanese regulatory approval for the expanded indication. We launched the PacePro guidewire, broadening our structural heart guidewire portfolio with a solution designed to improve procedural efficiency within familiar physician workflows, and we received U.S. FDA approval for PerQSeal Elite, extending our Vascular Closure offering into large 4 structural heart and endovascular procedures.

While these initiatives are not expected to materially contribute to FY '27 revenue, they leverage our existing commercial infrastructure to broaden our market reach and strengthen our runway for sustained long-term growth. Strong first half execution, improving momentum in Interventional Technologies and new product launches reinforce our confidence in the business' growth trajectory and significant long-term opportunity.

However, we remain disciplined in our outlook, relying on demonstrated progress to inform our guidance. Therefore, we are reaffirming our fiscal 2027 MedSurg organic revenue growth guidance of mid-single digits.

Turning to Apheresis. Organic revenue grew 14% in the second quarter and 10% in the first half. Within that, Plasma grew 18% and 13%, respectively, driven by prior share gains, strong underlying collections and the rollout of Persona PLUS. Second quarter global plasma collections grew in the high single digits.

Continuous long-term investment in our technology and our service delivery has helped us to gain share and accelerate adoption of our integrated platform. Persona PLUS strengthens our offering by increasing plasma yield, improving center productivity and lowering customers' cost per liter. The rollout is on schedule with substantial adoption across our customer base.

Our expanded CSL relationship further validates the superiority of our value proposition. We are scaling capacity to supply CSL, while supporting continued strong demand across our customer base. We anticipate completing the rollout of NexSys PCS with Persona PLUS to all of CSL's U.S. plasma centers before the end of calendar 2027.

Continued Persona PLUS adoption and additional share gains create multiyear durable growth with benefits extending beyond the initial implementations. We remain committed to advancing our technological advantage by investing in new capabilities that improve customer economics and the donor experience.

Other Apheresis was flat in the quarter and down modestly in the first half as strength in red cell collection was offset by order timing and continued portfolio rationalization. We are raising fiscal 2027 Apheresis organic revenue growth guidance to high single digits from low to mid-single digits, reflecting stronger first half performance, Persona PLUS adoption and formally confirmed CSL center conversions through Q3, partially offset by a modest decline in Other Apheresis.

Consistent with our prior outlook, we have not factored in any incremental revenue contribution from second half plasma collections growth, and we expect our second half growth to be weighted towards Q4, reflecting certain contractual economics. We anticipate additional CSL share in our fourth quarter. However, we will wait until specific rollout plans are confirmed to incorporate that into our guidance.

Our total company revenue first half results and greater visibility into customer commitments across our business support an increase in our fiscal 2027 revenue outlook. We now expect organic growth of 6% to 9%, up from 4% to 7% and reported growth of 8% to 11%, up from 5% to 8%. We entered the second half with multiple catalysts for our revenue growth ahead of our markets and the potential to accelerate earnings growth as we capture these opportunities. We are focused on executing customer conversions, advancing new product adoption and scaling to meet growing demand. We are turning durable growth into lasting value.

Over to you, James.

James D'Arecca

Thank you, Chris, and good morning, everyone. The momentum Chris described is increasingly evident in our financial performance. Favorable portfolio mix, growing recurring revenue and strong cash generation reinforce the quality of our business model. With multiple growth catalysts ahead, we see a compelling opportunity to turn sustained revenue growth into stronger earnings power over time.

Starting with profitability. Second quarter adjusted gross margin increased approximately 140 basis points year-over-year to 61.9%. This included a roughly 200 basis point benefit from tariff refunds, partially offset by a 60 basis point foreign exchange headwind. Excluding these 2 factors, gross margin was essentially flat as a more favorable portfolio mix, coupled with recent innovation, offset higher manufacturing and supply chain costs.

For the first half, adjusted gross margin increased approximately 60 basis points to 61.2%. Favorable portfolio mix and the second quarter tariff refund more than offset additional inflationary pressures and the margin impact of prior year software licensing revenue.

Second quarter adjusted operating expenses increased 15% to $127.6 million, and first half expenses increased 11% to $253.2 million. Three factors drove the increase. First, investments to capture future growth, including Vivasure, commercial readiness for new product launches and regulatory approvals, combined with higher research and development costs as we continue to strengthen our technology. Second, higher personnel-related expenses, including self-insured medical claims and performance-based compensation, reflecting significant outperformance against our original annual plan. And finally, higher freight expense driven by increased volumes, higher fuel prices and expedited shipments as we prioritize supply readiness to meet strong demand for our products.

Adjusted operating margin was 26.3% in the quarter, down 40 basis points year-over-year and 24.9% for the first half, down 50 basis points. For fiscal '27, we now expect adjusted operating margin expansion of 0 to 50 basis points compared with 50 to 100 basis points previously. This reflects investments ahead of plasma share gains, higher performance-based compensation and continued cost pressures.

Our priority is to build the capacity and supply reliability needed to execute the CSL rollout, while serving strong demand across our customer base. We are committing manufacturing and distribution resources before the associated volumes fully materialize. As volumes scale and logistics become more efficient, we expect the near term costs to moderate, supporting stronger operating leverage.

Our adjusted effective tax rate was 24.7% in the second quarter, generally consistent with the prior year period. The first half rate was 25.2%, compared with 24.8% last year. Our strong operational execution delivered 6% adjusted EPS growth to $1.35, despite a challenging prior year comparison and higher interest expense, as the benefit of a lower diluted share count was largely offset by unfavorable foreign exchange.

First half adjusted EPS also increased 6% to $2.49. For fiscal 2027, we now expect adjusted earnings per diluted share growth in line with our increased reported revenue growth guidance of 8% to 11%.

Turning to cash flow and the balance sheet, our strong cash generation continues to provide significant flexibility to fund our growth opportunities. Through the first half, operating cash flow increased 40% year-over-year to $180 million, driven by higher earnings and strong working capital performance. Free cash flow increased approximately 57% to $143 million, despite higher capital expenditures to support growth.

Free cash flow conversion was 166% in the quarter and 111% of adjusted net income on a trailing 12-month basis, demonstrating the underlying cash-generating strength of our business. For fiscal 2027, we now expect free cash flow conversion in excess of 80% of adjusted net income, inclusive of higher inventory, CapEx, and other investments supporting our near term growth opportunities.

We ended the quarter with approximately $261 million in cash and estimated net leverage of approximately 2.5x EBITDA, as defined in our credit agreement. Our revolver balance remains at $200 million, with no additional changes to our debt structure beyond the $50 million revolver repayment in our second quarter and the $100 million repayment year-to-date. Our capital allocation priorities remain clear: fund our highest return organic growth opportunities, continue strengthening the balance sheet, and preserve flexibility for shareholder returns through our existing repurchase authorization.

Let me close our remarks with 3 key takeaways. First, fiscal 2027 is a year of meaningful progress and investment in our future. We are delivering growth across our core businesses, while preparing to execute the CSL rollout, support strong customer demand, and commercialize new technologies. These investments position us to capture the opportunities we have earned and sustain our leadership.

Second, our growth runway extends well beyond fiscal 2027. In Plasma, share gains and broader Persona PLUS adoption provide recurring revenue benefits that extend beyond the initial conversions. In MedSurg, sustained TEG utilization, strong transfusion management growth, and new regulatory and innovation milestones in Interventional Technologies create additional avenues for growth across procedures and geographies.

Third, we have the opportunity and financial flexibility to translate that growth into greater shareholder value. As volumes scale and our investments become more productive, we expect stronger operating leverage. Strong cash generation and our balance sheet gives us the flexibility to fund these opportunities, strengthen our financial position, and return capital to shareholders.

We are building on our fiscal 2027 momentum to deliver sustained above-market growth and stronger earnings power for years to come. Our focus is clear: execute for our customers, invest to lead, and turn that progress into lasting shareholder value.

Thank you for joining us today. Operator, we will now open the call for questions.

Operator

[Operator Instructions] Our first question comes from the line of David Rescott with Baird.

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David Rescott

Congrats on the strong results here. I wanted to ask maybe first about CSL more broadly. I know there's some reference points for kind of the size of what that business used to be, what the margin profile of that business maybe used to be. So curious if you can, again, level set us on what we maybe should be anticipating when you think about the moving pieces around price, around some of the prior contracts that were in place with PCS2, and what kind of the setup here, again, from both a contribution perspective on the top line and margin looks like more broadly, as well as what's contemplated in this outlook in the second half of the year?

Christopher Simon

David, it's Chris. Thanks for the question. With regards to CSL, it's a significant growth opportunity for us, clearly, and we think it creates a multiyear runway for both accelerated revenue and earnings growth. First and foremost, the expanded relationship helps validate our technology leadership and the value that we're delivering, both through higher yield and improved center productivity, and also dependable execution.

We do think the growth is going to extend beyond the annualization of this initial rollout, with converted centers contributing recurring disposable use and providing a base for innovative product upgrades still to come. We really appreciate and understand the push for quantification and clarity of timing.

However, for confidentiality and competitive reasons, we cannot disclose customer-specific economics and plans. We will continue to communicate the expected impact of the transition through our Apheresis and total company guidance updates as more information becomes available.

For here, what's included in our FY '27 guidance update is commitments and execution that's already well in hand. So for '27, the outlook includes the already completed center conversions. We did pilot work together across a number of centers in September and began full-scale conversion in October. That continues as we speak. So that's included, as well as what we've been formally notified of through the end of our fiscal Q3, which is December 31. We do expect additional conversions in fiscal Q4 as this rolls forward in earnest, but we've not included them in guidance.

And again, for confidentiality and for competitive reasons, we're not going to share the customer forecast until we have absolute confirmation and specific dates, at which point we'll update accordingly.

David Rescott

Okay. That's helpful. And maybe asking about this, thinking about this operating margin updated outlook, I guess, first, it sounds like at least in Plasma, maybe there was not a contribution from CSL in the first -- or sorry, in the second quarter, but maybe a big chunk of the revised operating margin outlook might account for some investment in building out capacity ahead of some of the contribution from the CSL side in the back half of this year. I know there are some headwinds on the fuel side and some other pieces there. So maybe could you help us think about what that revised operating margin outlook contemplates relative to CSL? And then again, just wanted to confirm that this quarter you just reported did not have any contribution from CSL, and therefore the 18% growth was purely market and share capture.

James D'Arecca

Yes. David, it's James. And yes, I can confirm there was minimal, de minimis CSL in the quarter. It didn't affect us really at all. Maybe on the operating margin question, I can take that first with a little bit of explanation as to what happened in the quarter and then jump to the outlook.

So I mean, overall, operating margins were broadly in line with our expectations, and excluding the 200 basis points of tariff refunds, gross margin was essentially flat year-over-year after absorbing some FX headwinds. And we view that as a good outcome since our favorable portfolio mix fully offset higher net manufacturing and supply chain costs, including some of the ramp ahead of the CSL conversion.

Now, operating margin was down 40 basis points year-over-year, and the story here is operating expense growth driven mainly by 3 factors. First was higher personnel-related costs, including some self-insured medical claims, but more importantly, higher performance-based compensation tied to our outperformance against our original plan. Secondly, there was higher freight costs. I think that's pretty obvious given the situation, but in our case, it's driven by volume, of course, fuel prices, and then expedited shipments as well. And then third was more just an investment in the business, including Vivasure and our 2 Interventional Technologies launches.

So as I mentioned in my prepared remarks, we now expect operating margin expansion of 0 to 50 basis points for fiscal '27. That revision reflects our investment ahead of plasma share gains that you were asking about in manufacturing, warehousing, expedited freight, higher performance-based compensation, and continued inflation in freight, energy, and materials.

Now just in terms of the way this rolls out, some of that aforementioned elevated production costs, those are capitalized in inventory and flow through COGS in the second half as product is sold. So gross margin will carry part of the pressure, not just operating expenses. So you will see it in both lines.

And then finally, just maybe a word on phasing. We expect second half margin expansion to be weighted towards the fourth quarter, consistent with our revenue cadence, including the contracted economics, as Chris mentioned. So the expansion, when it comes, should be much more fourth quarter weighted.

Operator

[Operator Instructions] Our next question comes from the line of Marie Thibault with U.S. Bancorp BTIG.

Marie Thibault

I just want to ask one very brief follow-up to David's question on CSL. I understand that you can't tell us much about the contract, but did want to just confirm, I think I heard that the contract includes Persona PLUS, which is the latest platform that will help us just sort of understand margin contribution. So I just wanted to confirm that point with you.

Christopher Simon

Yes, Marie, that's absolutely right. They're going to take the full suite of Persona, Persona PLUS, and our updated software offerings.

Marie Thibault

Okay. Very helpful. And then, a follow-up here on PerQSeal Elite. Wonderful to see that FDA approval here in the arterial side recently. Just want to hear a little bit about launch plans, any feedback? And then obviously complementary to the TAVR accessories with PacePro and SavvyWire. So maybe if you can detail for us the difference between those 2 guidewires and how you think about launching all of these products together into the TAVR call point?

Christopher Simon

Thank you, Marie. Yes, we're excited. We just came back from TCT. I think it was a really great opportunity to unveil both products, PerQseal Elite and PacePro, which are in the very, very early stages of launch.

PerQseal Elite is our entry into large-bore closure, both for TAVR and EVAR-type procedures. We estimate that to be a $300 million global opportunity, growing in the high single digits, probably 2/3 of that's here in the U.S. So we're really excited. It's the first bioabsorbable sutureless patch that does not require any pre-close preparation activities. So we think it will be quite meaningful in the market. We're going to take our time. There's been some failed launches in that segment already that we've learned from and we're learning from. So we're going to take a stepwise progression with a heavy emphasis on physician education and training, and build as we go. But we think we've got a really good opportunity to disrupt that market quite significantly with a product that over time will grow to be quite a meaningful contribution for us.

PacePro is essentially a workhorse TAVR guidewire. It's clear for LV pacing, so we can use it on the RV side, and we think that's a nice offering to the market. It's highly complementary to SavvyWire, very early days, but what we're experiencing is that it plays a different role and it taps into physician preference in ways that should avoid it being overly cannibalistic of our existing SavvyWire business. And it just makes the combination of PacePro, PerQseal Elite, SavvyWire, just helps our teams be all the more relevant in structural heart, which is really a great opportunity to get that IVT business back firing on all cylinders.

Operator

Our next question comes from the line of Joanne Wuensch with Citi.

Unknown Analyst

This is Anthony on for Joanne. Back on the plasma market, I think I heard you said global collections grew high single digits. Are you able to share what that was in the U.S.? And then what you're seeing in the market, and then your expectations for U.S. collections in the back half of the fiscal year?

Christopher Simon

Yes. That plasma business continues to fire on all cylinders, Anthony. We've had both meaningful collection volume. Our largest driver is the annualization of our prior share gains, and then we're really moving quite nicely with our Persona PLUS adoption at or ahead of schedule there as well.

Going forward, we didn't include any collection volume growth in our updated high single digit guidance. It's not because we think the market is falling off a cliff or something, but rather that we don't control it, and so we don't want to necessarily be accountable for that in our forecasting. What we saw through the quarter and through the first half, the U.S. collections have trended in the mid to high single digits, and our OUS collections have been tracking well into the double digits. How that continues, we'll have to watch and see. We're certainly prepared to accommodate continued robust demand, but again, our guidance doesn't include collection volume as a primary driver in the second half. Instead, we'll look to share gains, both with CSL and our other customers, and the accelerated adoption of Persona PLUS.

Operator

Our next question comes from the line of Anthony Petrone with Mizuho Financial Group.

Anthony Petrone

Congratulations here on the progress on both operating segments. Maybe a follow-up on CSL, maybe just on the CapEx side. I know that on the manufacturing side of the equation for plasma, there was consolidation a few years ago as CSL left the building. CSL is back in the building. So do you need a growth CapEx cycle here to fund bringing them back into the fold?

Then a quick follow-up just on plasma. There was a cyberattack in Paris, and it was targeting certain plasma and blood banks. Just wondering if there's any impact, either positive or negative, as you head into the back end of the year?

James D'Arecca

Yes, Anthony, it's James on CSL CapEx. Yes, your instincts are right there. I would look at it really in 2 dimensions. One, we are going to have to expand manufacturing capacity. We're going to have to do that anyway since it was growing so well, so we will have to invest in line extensions and adding additional lines and packaging and so forth, warehousing, all the things that come with higher volumes of business.

The second aspect of it is devices, and those flow through our cash flow statement in a different way in that when we buy the devices, they show up in inventory, and when we place them, they show up in CapEx. But we will have to buy additional devices, so you'll -- that will ignite a new CapEx cycle for us where over the next 2 years, you're going to see elevated capital expenditures as we move forward. But the return on those investments, it's one of the best uses of capital that we have.

Christopher Simon

Anthony, on the cyberattack in Europe, it is, yes, just another unfortunate example of the type of things that are going on in that environment. We haven't talked about it publicly, but we were very fortunate and excited about reengaging with EFS, a major collector in France, and that transition to our product line there is underway. Fortunately, we haven't been involved, and we are obviously in discussion with EFS around all of this, but fortunately, we have not been affected by the cyberattack. We have safeguards in place. I don't know that anybody is truly safe in this environment, but we pride ourselves on our ability to respond. In this case, fortunately, we haven't had to. It's not affecting us in any way.

Operator

Our next question comes from the line of Allen Gong with JPMorgan.

K. Gong

I just wanted to touch back on a question that was asked earlier, just in terms of the potential margin contribution from CSL. I understand you don't want to give away the specifics of the deal, but just curious, given the margin profile of your core Plasma business and the implications of having this deal lined up, how much of a contributor that could be in 2027 -- calendar 2027, I suppose?

Christopher Simon

Yes, Allen, it's Chris. Thanks for the question. James can give you the breakdown but let me just address it at a higher level because I want to be crystal clear. While we took that guidance down in the near term to accommodate the growth and some of the inflationary pressures we're dealing with in the moment, we're still very confident that this is a business that can deliver high 20s operating margins or better as we scale. And that scaling will occur on both of our operating groups.

To your question, within Plasma, it is the definition of operating leverage, and I think as we add what will be approximately 50% more volume to that business, we have the ability to capture real operating leverage, and you should fully expect that from us going forward when we get on the other side of these transitory costs.

With regards to MedSurg, I continue to believe that's the place where we have the opportunity to surprise positively. We talked about the new product launches. Certainly, there's costs that come with that, but they were all factored in previously in our annual guidance.

So, I think as that business scales and comes into its own, that will be the big driver that you see, and I think the combination of both operating segments will contribute to that high 20s aspiration.

James D'Arecca

Yes. And it's James on the CSL contribution. That's more of a fiscal '28 and beyond for the reasons I talked about earlier, in that we are ramping up. And I think it's important just to note that the ramp-up costs, we expect those to be transitory, and those will be largely eliminated as our operations normalize. There's really 2 pieces of those. There's the ones that are associated with increasing production, in this case by over 40%. Those costs, once we're through them, again, those should be -- or through incurring them, those should be eliminated.

The second piece of it is higher performance-based compensation. We pay for performance, and the CSL contract is contributing to this year's outperformance. That incremental expense is also transitory. So next year, the performance baseline will reset.

So as we exit FY '27, the transitory costs go away, and then once we get into fiscal '28, maybe just a word on economies of scale. As our production normalizes after the ramp-up, we can spread our fixed manufacturing costs over much higher volumes. So the real margin expansion opportunity comes from both the elimination of the transitory costs I just spoke about, and then, of course, much better fixed cost absorption as volumes build.

Operator

Our next question comes from the line of Michael Petusky with Barrington Research.

Michael Petusky

Chris, I was just wondering if we could just talk a little bit about Vascular Closure and sort of your competitive response in EP a few quarters ago, and how you've -- I mean, it appears that it's worked, but I'm just curious what you feel like has worked, or maybe some opportunities still there that you guys haven't fully taken advantage of. I'm just curious about an update on that issue.

Christopher Simon

Yes. Thanks, Mike. I think I would characterize it as this. I believe we've laid the groundwork for success. We now need to live into that success, and the first half results are fine. Second quarter was definitely affected by order timing. We've already seen that correct, so we're cautiously optimistic about where we go from here. We talked earlier in this call about PacePro and PerQseal Elite. They're important contributors over time.

Here and now, MVP and MVP XL carry all the water. And what we're seeing, both on the regulatory approvals in Europe and in Japan, coupled with really leaning in and getting the full benefit of the changes we have made, I still believe there's a 3-part equation here, which is a much stabilized market. On the other side of PFA adoption, we see a resumption in growth in the number of access sites. We are clearly benefiting by that now. High single-digit growth is kind of the baseline there.

We add to that a much stabilized field force. We have fully resourced appropriate quotas, forecasting, targeting, and a team that's got the right tools and the right focus to really be able to deliver there. And I wouldn't take anything away from our competition, but I do believe that the value prop, with the additional clinical data, the expanded indications, et cetera, our value proposition and the superiority of it with regards to innovative closure has come to the fore, and our team's ability to commercialize against that. I think cautiously optimistic, but we are looking for meaningful growth acceleration in the second half of this fiscal year and beyond.

Michael Petusky

Okay. Great. And if I could get a quick one in just, I guess, around CSL, the impact of CSL, the win back there on capital allocation. In particular, I guess I am asking about the last couple of conference calls, it feels like you have sort of made fairly definitive statements that, look, we're not going to really explore any serious needle-moving M&A during this time. But since then, obviously, you get the CSL win. I could see how that actually could cut both ways on potential external growth exploration. And also curious how the CSL win obviously gives you a greater amount of flexibility. Does that mean you take deeper dives into sort of R&D innovation-type investment? Just curious about capital allocation post this CSL win and the impact that will really start to impact '28 and beyond.

Christopher Simon

Yes. We're excited about the CSL win. We think it speaks volumes to our technology and competitive advantage across plasma. It does not change our capital allocation priorities near or intermediate term. Our highest priority is investing in organic opportunities like CSL. James has walked through this, the device production, the disposable capacity expansion, the distribution readiness, the expedited freight, because all this is occurring at a time where we're experiencing high teens growth in the base Plasma business on to boot.

So, there is a lot to focus on there. That is our absolute priority. Yes, the cash flow continues to be incredibly robust. That's not going to back off anytime soon. Gives us the opportunity to strengthen our balance sheet, and that creates flexibility. You saw through the first half, we repaid $100 million on our revolver. With interest rates where they are, my guess is we'll look opportunistically for more to do there.

And obviously, the stock has had a nice move, but as we get traction on our long-term plan and some of that becomes obvious, I would not take repurchases off the table. We still have $325 million remaining on our existing authorization from the Board. So, capital allocation priorities are really first, second, and third, deliver on the opportunity right in front of us and make sure the execution is every bit as precise and as professional as it needs to be.

Operator

[Operator Instructions] Our next question comes from the line of Andrew Cooper with Raymond James.

Andrew Cooper

Maybe just asking one more, if you could give a little bit of kind of sizing or quantitation around the operating margin guide in terms of, what are you seeing that is the performance comp versus the cost pressures that won't necessarily alleviate, versus sort of the intentional investments to support the growth in plasma? When you think about that 50 to 100 going to 0 to 50, if you could just size some of the moving parts, that'd be great.

James D'Arecca

Yes, sure, Andrew. It's James. So I would say, the biggest piece of it is probably related to performance-based compensation that if you're sizing. After that, then it's more, I would say, these elevated production costs and some of the effects that we've seen from the higher price of oil. I'd probably, if I had to go maybe like a 60-40 type allocation there. But it is, those 2 headwinds are meaningful to us along with the inflation, the associated inflation that's out there.

But again, as I said earlier, we are expecting the elevated production costs to be transitory, and those will diminish over time, which really sets us up, I think, nicely in FY '28 and beyond.

Andrew Cooper

Perfect. And then I'm going to sneak 2 kind of different questions into one here, if I could. Just on Plasma volumes, are you seeing any slowdown relative to the Persona PLUS rollout like you did with Persona, where, hey, some of the fractionators can look and say, I'm capturing more in a lower number of collections. Is that something you have experienced to date in the rollout? Secondly, on Blood Management, just you mentioned the conversion cycle kind of winding down. We have had hep neutralization cartridges that are certainly at a higher spot from a penetration perspective. So how do we think about sort of what's next and the growth cycle for the TEG platform and Blood Management overall, whether we are talking about a year or 2, and frankly, longer term, what the right growth profile should be?

Christopher Simon

Yes. Thanks, Andrew. It's Chris. With regards to Persona PLUS, we are really pleased with the yield, the actual yield attainment that our existing customers, and we now have the majority of our collection volume on Persona PLUS here in the U.S. The product is performing at least as well as advertised, maybe a tad above that. And some of our collectors, yes, will take that as an opportunity in the near term to back off. If we are giving them 5% or 6% incremental yield per collection on average, they will take that and book that to meet their near-term demands. It meaningfully lowers their cost per liter, as we have discussed previously, and that's all very positive.

I think others will use it as an opportunity to build inventory and take end market share. But we want to be mindful of it.

It's one of several factors that led us not to include collection volume growth in our guidance going forward. So, remains to be seen. There is definitely that possibility. If that's the case, and it looks like what we experienced with some collectors in the original Persona rollout, as it annualizes, they tend to get back at it, and growth resumes accordingly. So, we'll watch and see. We think we are protected on the downside there, but certainly a possibility.

With regards to Blood Management, that's a really healthy business. As you know, over the last 5 years, Transfusion Management alone delivered mid-teens growth. We leaned heavily on that business when we needed them in the fourth quarter of last year. They took advantage of the hep neutralization cartridge and the technology cycle upgrade, and they delivered fully for us. We expected a bit of a pullback in first quarter, and they powered right through that. What we saw in the second quarter, probably a little bit of a hangover from that push, but as well as some order timing.

And so we remain very confident that BMT can continue to be the durable growth engine that it's been for us over time. What's really exciting us within that business now is that Transfusion Management, which is now fully 20% of the BMT revenues and some of our highest margin product, has joined the party. And they continue to just deliver high teens and better growth. We think changes we have made to that business and amongst that team are going to power that for continued growth. We view that as very sustainable. So, a little slowdown in the quarter for sure on BMT. We think it's time-bound, and we're expecting good things from BMT in the second half, for sure.

Operator

Our next question comes from the line of Mike Matson with Needham.

Joseph Conway

Yes. This is Joseph on for Mike. Maybe just a question on TEG. It sounds like TEG is going to be increasingly more of a recurring revenue. Just wondering maybe if you could talk about the margin contribution there, just shifting towards more recurring revenue? And maybe you could talk about the gross margin cadence for the rest of the fiscal year?

Christopher Simon

Yes, Joseph, thanks for the question. TEG is an 85-15 split now, where disposables, the TEG cartridges themselves are the 85% of what we do. And in fact, while it's only 15%, some of the capital slowdown from the conversion cycle is what plagued us with a slightly reduced growth rate in the second quarter. One of the things that team has done really powerfully here is, as we've positioned the product more as a site-of-care device in or immediately adjacent to the operating room or the trauma wards, we're seeing a doubling of the revenue per device. The device themselves is fine, and it's a profitable product, but the actual disposable use has more than doubled, and that's a growth trajectory we're going to continue to lean into. We think that's probably the single biggest driver of margin expansion and growth for that product line.

So we continue to invest, delighted to have it on a global basis now, so there's important contributions coming from Europe, and over time, we think Japan as well. It's still predominantly a U.S. market, but we think that when we look at that TAM, well in excess of $400 million, we have the lion's share for sure, but our biggest opportunity is to continue to drive utilization. We think there's healthy runway for that product going forward. And yes, it will contribute to our gross margin expansion over time.

James D'Arecca

Yes. And on the margin phasing for the rest of the year, I think you asked about the gross margin. I commented earlier about operating margin, and we expect second half margin expansion to be weighted more towards the fourth quarter, consistent with our revenue cadence, including the contractual economics that Chris spoke about in his remarks. I would say gross margin would follow that type of cadence as well, so the 2 would be consistent.

Joseph Conway

Okay. Great. That makes sense. And then I appreciate all the color you guys have given on CSL, but maybe I can try and get one maybe a little bit more qualitative, and hopefully you already haven't detailed this. But just in terms of the ramp, whether framing it as a calendar 2027 or fiscal 2028, do you see that the ramp is more of a linear ramp? Or is maybe one half a much larger ramp cycle than the other?

Christopher Simon

Again, it remains to be seen exactly how that plays out, Joseph. We'll for certain, we'll be done by this time next year, and between here and there, we'll move as fast as CSL is prepared to move, provided we believe collectively we can do so in a seamless fashion. That's been the experience in the early conversions, and we have every intention to make sure that's the case going forward. We want these converted centers to meaningfully step up their performance and their contribution from day 1 onward, and that's a commitment we have between the 2 companies to make that a reality.

Operator

Ladies and gentlemen, I'm showing no further questions in the queue. That concludes today's conference call. Thank you for your participation. You may now disconnect.