HAE - Haemonetics down 7% on agreement loss from CSL Pharma

CSL Pharma, a division of CSL Limited (CSLLY), will not renew a supply agreement with Haemonetics (HAE) for the use  PCS2 Plasma Collection System devices and the purchase of  plasmapheresis kits.The agreement expires in June 2022 and accounted for $117M -- 11.8% -- of overall company revenue, based on FY 2020 figures.Haemonetics expects to incur a $25M impairment charge and $7M in other expenses in Q4 as a result.Yesterday, CSL Plasma announced a collaboration with Terumo Blood and Cell Technologies to develop a plasmapheresis device as a deliver a new plasma collection platform.Raymond James analyst Lawrence Keusch is maintaining his outperform rating on Haemonetics shares as he sees CSL's move as a one-off event."We continue to believe that innovation, including Haemonetics NexSys and Persona features represent meaningful advances  for plasma collection with the combination driving a ~12% increase in average plasma yield/donor," he writes.Haemonetics shares are down 7% to $69.49 in morning trading.

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Haemonetics down 7% on agreement loss from CSL Pharma