Key Takeaways
- Haemonetics shares jumped 14% after the company said CSL now expects to move all of its current U.S. plasma centers to Haemonetics’ NexSys devices by the end of 2027.
- When Haemonetics disclosed the supply deal in August, it expected CSL to switch only some of its U.S. centers, with no timeline, so today’s update points to a much bigger customer.
- Losing CSL held Haemonetics’ organic revenue growth to 1.1% in fiscal 2026, against 9.5% without its CSL sales.
- After the jump the stock trades at about 21x forward earnings, above its five-year average of 19.1x, and management plans to update investors on the deal on its November earnings call.
Haemonetics (HAE) shares are up 14% Thursday after a filing before the open said CSL (CSLLY) now expects to move all of its current U.S. plasma collection centers onto Haemonetics’ NexSys devices by the end of 2027.
“But the deal is two months old!” someone is probably saying. True – but now it’s bigger and has been further derisked. Let’s dig in.
What changed since August
Haemonetics first disclosed the supply agreement with CSL Plasma in August. Back then, it expected CSL to switch only a portion of its U.S. centers, with the scope and timing undecided.
Thursday’s filing fills in both blanks. CSL announced it expects to finish the rollout by the end of calendar 2027, and it told Haemonetics it currently expects the switch to cover all of its current U.S. centers.
So now “a portion” became “all” and we have a firm deadline. No wonder the market is cheering.
Getting CSL back
This matters because losing CSL is what flattened Haemonetics’ growth. In fiscal 2026 (the year to March 28, 2026), revenue fell 2.0% to $1.33 billion. Organic growth was just 1.1%, against 9.5% leaving out fiscal 2025’s sales of disposables to CSL: CSL’s exit cost about 8 percentage points of growth.
Now CSL is set to buy those disposables again, at every U.S. center.
Analysts already expected a rebound, to $1.42 billion of revenue in fiscal 2027 and $1.50 billion in fiscal 2028 (the year to March 2028)…
Those forecasts were set before Thursday, when CSL’s switch was still partial and undated. A rollout to every center that wraps up by December 2027 lands inside fiscal 2028, so I’d expect that year’s estimates to move up.
What’s priced in now?
At Wednesday’s close, Haemonetics traded at 18.5x forward earnings, just under its five-year average of 19.1x…
After the jump, it’s about 21x: above average, but well short of the 30.3x it hit in January 2023.
The risk is that nothing here is locked in. The deal is non-exclusive with no minimum purchases, and CSL can still change the scope and timing.
Still, I think the market is right to cheer. The customer whose exit dragged on Haemonetics’ growth is coming back across its whole U.S. network, and the multiple is nowhere near its old highs.
Of course, we’ll know more in November: Haemonetics said in August it would update investors on what the deal means for fiscal 2027 on its second-quarter call.
So what is Haemonetics stock actually worth?
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