Hội nghị công bố kết quả kinh doanh quý 2 năm tài chính 2027 của Haemonetics (HAE): Nâng triển vọng doanh thu

Những điểm nhấn chính

• Haemonetics Corporation (HAE) ghi nhận mức tăng trưởng doanh thu hữu cơ đạt 10% trong quý 2 năm tài chính 2027 và 8% trong nửa đầu năm. EPS điều chỉnh tăng 6% lên 1,35 USD trong quý 2 và đạt 2,49 USD trong nửa đầu năm.
• Doanh thu mảng huyết tương tăng trưởng hữu cơ 18% trong quý 2 và 13% trong nửa đầu năm, nhờ việc gia tăng thị phần trước đó, hoạt động thu gom diễn ra mạnh mẽ và việc áp dụng Persona PLUS. Hoạt động thu gom huyết tương toàn cầu tăng trưởng ở mức một con số cao trong quý 2.
• Ban lãnh đạo đã nâng dự báo tăng trưởng doanh thu hữu cơ cho năm tài chính 2027 lên 6%-9% từ mức 4%-7%. Dự báo tăng trưởng doanh thu báo cáo cũng được nâng lên 8%-11% từ mức 5%-8%.
• Dự báo tăng trưởng hữu cơ của mảng gạn tách tế bào (Apheresis) được nâng lên mức một con số cao từ mức một con số thấp đến trung bình, phản ánh kết quả kinh doanh nửa đầu năm, việc triển khai Persona PLUS và các đợt chuyển đổi trung tâm CSL đã được xác nhận đến hết quý 3 năm tài chính.
• Dự báo mở rộng biên lợi nhuận hoạt động điều chỉnh bị hạ xuống còn 0-50 điểm cơ bản từ mức 50-100 điểm cơ bản do các khoản đầu tư mở rộng quy mô mảng huyết tương, chi phí thưởng theo hiệu quả công việc tăng cao và áp lực chi phí tiếp diễn.
• Dòng tiền từ hoạt động kinh doanh tăng 40% lên 180 triệu USD trong nửa đầu năm, trong khi dòng tiền tự do tăng khoảng 57% lên 143 triệu USD.

Dữ liệu tài chính trọng yếu

Hiệu quả kinh doanh và hoạt động

Huyết tương và Gạn tách tế bào

Doanh thu hữu cơ mảng Gạn tách tế bào tăng 14% trong quý 2 và 10% trong nửa đầu năm. Mảng Huyết tương dẫn đầu phân khúc với mức tăng trưởng lần lượt là 18% và 13%.

Ban lãnh đạo cho rằng kết quả này đến từ việc gia tăng thị phần trước đó, tăng trưởng hoạt động thu gom và việc triển khai Persona PLUS. Hoạt động thu gom huyết tương tại Mỹ tăng ở mức một con số từ trung bình đến cao trong nửa đầu năm, trong khi lượng thu gom ngoài Mỹ đạt mức tăng trưởng hai con số vững chắc.

Mối quan hệ hợp tác mở rộng với CSL bao gồm Persona, Persona PLUS và phần mềm cập nhật. Haemonetics đã bắt đầu chuyển đổi toàn diện vào tháng 10 và dự kiến triển khai NexSys PCS cùng Persona PLUS trên toàn bộ các trung tâm huyết tương của CSL tại Mỹ trước khi kết thúc năm dương lịch 2027. Đóng góp của CSL trong quý 2 là không đáng kể.

Kế hoạch định hướng cho năm tài chính 2027 bao gồm các đợt chuyển đổi CSL đã hoàn thành và những đợt đã được xác nhận chính thức đến hết quý 3 năm tài chính. Các đợt chuyển đổi bổ sung trong quý 4 năm tài chính vẫn chưa được đưa vào. Ban lãnh đạo cho biết việc triển khai trên diện rộng hơn có thể giúp nâng sản lượng mảng Huyết tương lên thêm khoảng 50%, nhưng lợi ích chính về biên lợi nhuận dự kiến sẽ bắt đầu từ năm tài chính 2028 trở đi.

Mảng Gạn tách tế bào khác đi ngang trong quý 2 và giảm nhẹ trong nửa đầu năm do sự tăng trưởng của hoạt động thu gom hồng cầu bị bù trừ bởi thời điểm đặt hàng và việc tái cơ cấu danh mục sản phẩm.

MedSurg và Quản lý máu

Doanh thu hữu cơ mảng MedSurg tăng 6% ở cả quý 2 và nửa đầu năm. Mảng Công nghệ Quản lý máu tăng 7% trong quý 2 và 8% trong nửa đầu năm.

Mảng Quản lý đông cầm máu được hưởng lợi từ việc thâm nhập sâu hơn vào các khách hàng, mức độ sử dụng TEG cao hơn và tiếp tục gia tăng thị phần. Mặc dù chu kỳ nâng cấp thiết bị vốn TEG 5000 đang dần khép lại, doanh thu định kỳ từ vật tư tiêu hao TEG 6s vẫn tăng trưởng ở mức khoảng 15%.

Cơ cấu doanh thu TEG hiện gồm khoảng 85% vật tư tiêu hao và 15% thiết bị. Ban lãnh đạo cho biết doanh thu vật tư tiêu hao trên mỗi thiết bị đã tăng hơn gấp đôi khi TEG được ứng dụng gần hơn với phòng mổ và các khu vực chăm sóc chấn thương.

Doanh thu mảng Quản lý truyền máu tăng trưởng hai con số vững chắc trong cả hai giai đoạn và hiện chiếm khoảng 20% doanh thu mảng Quản lý máu. Sự sụt giảm của mảng Thu hồi máu (Cell Salvage) đã làm giảm bớt phần nào mức tăng trưởng chung của phân khúc này.

Công nghệ can thiệp

Mảng Công nghệ can thiệp tăng trưởng hữu cơ 3% trong quý 2 và nửa đầu năm. VASCADE MVP và MVP XL tăng trưởng ở mức hai con số thấp trong lĩnh vực điện sinh lý học, nhờ mức độ sử dụng cao hơn và việc gia tăng thị phần. Mức nền so sánh cao của cùng kỳ năm trước trong mảng làm mát thực quản đã hạn chế mức tăng trưởng chung.

Haemonetics đã nhận được chứng nhận CE Mark ban đầu và sự chấp thuận từ Nhật Bản đối với chỉ định mở rộng của VASCADE MVP XL. Công ty cũng đã ra mắt dây dẫn PacePro và được Cục Quản lý Thực phẩm và Dược phẩm Hoa Kỳ (FDA) cấp phép cho PerQSeal Elite.

PerQSeal Elite giúp mở rộng danh mục Thiết bị đóng mạch máu của công ty sang các thủ thuật tim cấu trúc và can thiệp nội mạch sử dụng ống thông cỡ lớn. Ban lãnh đạo ước tính cơ hội toàn cầu đạt 300 triệu USD, tăng trưởng ở mức một con số cao, với khoảng hai phần ba nằm tại Mỹ. Công ty dự kiến triển khai theo từng giai đoạn, chú trọng vào đào tạo và hướng dẫn bác sĩ.

Kế hoạch định hướng của ban lãnh đạo

Ban lãnh đạo dự kiến doanh thu và mức mở rộng biên lợi nhuận trong nửa cuối năm sẽ tập trung nhiều hơn vào quý 4 năm tài chính do các điều khoản hợp đồng và thời điểm chuyển đổi khách hàng.

Triển vọng này không giả định tăng trưởng thu gom huyết tương gia tăng trong nửa cuối năm. Thay vào đó, kế hoạch dựa trên mức tăng thị phần đã được xác nhận, các đợt chuyển đổi CSL và tốc độ áp dụng Persona PLUS nhanh hơn. Ban lãnh đạo sẽ chỉ đưa thêm các đợt chuyển đổi CSL bổ sung sau khi thời gian triển khai được xác nhận chính thức.

Rủi ro và các yếu tố cần theo dõi

• Việc mở rộng công suất mảng huyết tương đòi hỏi các khoản chi ngắn hạn cho sản xuất, kho bãi, thiết bị, đóng gói và cước vận chuyển hỏa tốc trước khi doanh thu tương ứng được ghi nhận đầy đủ.
• Chi phí sản xuất cao hơn được vốn hóa trong hàng tồn kho sẽ chuyển vào giá vốn hàng bán trong nửa cuối năm, gây áp lực lên biên lợi nhuận gộp cũng như chi phí hoạt động.
• Chi phí thưởng theo hiệu quả công việc là nguyên nhân lớn nhất khiến triển vọng biên lợi nhuận hoạt động bị hạ xuống. Ban lãnh đạo nhận định khoản chi phí này và chi phí mở rộng quy mô CSL chỉ mang tính tạm thời.
• Cước vận chuyển, nhiên liệu, năng lượng, nguyên vật liệu và tình trạng lạm phát chuỗi cung ứng nói chung tiếp tục là những yếu tố chi phí bất lợi.
• Persona PLUS giúp tăng sản lượng huyết tương bình quân khoảng 5%-6% mỗi lần thu gom. Một số khách hàng có thể tạm thời giảm hoạt động thu gom sau khi đạt sản lượng cao hơn, tạo ra sự không chắc chắn về khối lượng thu gom trong ngắn hạn.
• Các điều khoản thương mại với khách hàng CSL và lịch trình chuyển đổi chi tiết vẫn được bảo mật, hạn chế khả năng nắm bắt chính xác về thời điểm và quy mô đóng góp tài chính.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

• Thời điểm và mức đóng góp của CSL: Ban lãnh đạo xác nhận rằng CSL có tác động không đáng kể đến quý 2. Kế hoạch định hướng năm tài chính 2027 bao gồm các đợt chuyển đổi đã hoàn thành và hoạt động đã được xác nhận chính thức đến hết quý 3 năm tài chính, nhưng không bao gồm các đợt chuyển đổi bổ sung dự kiến trong quý 4.
• Triển vọng biên lợi nhuận: Haemonetics cho rằng dự báo mở rộng biên lợi nhuận thấp hơn chủ yếu do chi phí thưởng theo hiệu quả công việc, tiếp đến là chi phí sản xuất tăng cao, giá nhiên liệu và các áp lực lạm phát khác. Ban lãnh đạo kỳ vọng đòn bẩy hoạt động sẽ mạnh mẽ hơn sau khi các chi phí mở rộng quy mô lắng xuống và sản lượng sản xuất bình thường hóa.
• Chi tiêu vốn: Việc triển khai CSL sẽ mở đầu một chu kỳ chi tiêu vốn mới, bao gồm mở rộng sản xuất và bổ sung thiết bị. Ban lãnh đạo dự kiến chi tiêu vốn sẽ ở mức cao trong hai năm tới và mô tả các khoản đầu tư này nằm trong số những mục đích sử dụng vốn mang lại lợi nhuận cao nhất của công ty.
• Thiết bị đóng mạch máu: Ban lãnh đạo dự kiến VASCADE MVP và MVP XL sẽ tiếp tục là những sản phẩm đóng góp chính trong ngắn hạn, trong khi PacePro và PerQSeal Elite đang ở giai đoạn đầu ra mắt. Công ty kỳ vọng mảng Công nghệ can thiệp sẽ tăng trưởng mạnh hơn trong nửa cuối năm và giai đoạn tiếp theo.
• Phân bổ vốn: Haemonetics tiếp tục ưu tiên đầu tư hữu cơ và củng cố bảng cân đối kế toán. Công ty đã trả 100 triệu USD nợ vay theo hạn mức tín dụng tuần hoàn trong nửa đầu năm và vẫn còn 325 triệu USD theo chương trình ủy quyền mua lại cổ phiếu hiện có.
• Khả năng sinh lời dài hạn: Ban lãnh đạo duy trì quan điểm rằng doanh nghiệp có thể đạt biên lợi nhuận hoạt động ở vùng cao của khoảng 20% hoặc cao hơn khi sản lượng mảng Huyết tương mở rộng quy mô và tăng trưởng mảng MedSurg vững chắc hơn.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.