Haemonetics Provides Update On U.S. Plasma Business
This notice of intent not to renew is specific to Haemonetics' plasmapheresis equipment and disposables Supply Agreement for CSL's
"We have a long-standing relationship with CSL and while we are disappointed by this decision we appreciate the advance notice," said
Haemonetics continues to believe in the value proposition of its NexSys PCS® and Persona® technologies, supported by real world data, and remains committed to delivering these technologies to its customers and pursuing additional innovation to further improve plasma collection. The Company also reaffirms its expectation of 8-10% average long term growth in the
As previously noted, the current term of the Supply Agreement expires on
The Company intends to provide additional details about this announcement on its fourth quarter and fiscal year 2021 earnings call in
About Haemonetics
Cautionary Note Regarding Forward Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements in this press release may include, without limitation, statements regarding (i) CSL's notice of intent not to renew the Supply Agreement between CSL and Haemonetics described above (the "Supply Agreement"); (ii) the anticipated consequences of non-renewal of the Supply Agreement, including the anticipated impairment charge and expenses to be incurred, and the ability of Haemonetics to respond to these changes; (iii) future positive cash flow and the pursuit of strategies to deliver shareholder value; (iv) the potential of Haemonetics' plasma products, including NexSys PCS® and Persona®, (v) the anticipated long-term growth in the
Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the possibility that CSL may determine to renew the Supply Agreement for additional periods; the impact of the COVID-19 pandemic, including the scope and duration of the outbreak and government actions and restrictive measures implemented in response; the availability and demand for the Company's products; the Company's ability to implement as planned and realize estimated cost savings from the Operational Excellence Program; the Company's ability to execute business continuity plans; risks arising from the Company's acquisition of Cardiva, including any failure to realize the anticipated benefits of the transaction; technological advances in the medical field and standards for transfusion medicine and the Company's ability to successfully offer products that incorporate such advances and standards; product quality; market acceptance; regulatory uncertainties, including in the receipt or timing of regulatory approvals; the effect of economic and political conditions; the impact of competitive products and pricing; blood product reimbursement policies and practices; and the effect of industry consolidation as seen in the plasma market. These and other factors are identified and described in more detail in the Company's periodic reports and other filings with the
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