I turned the adjuster wheel to look for the sweet spot and it cuts completely out at a certain point. At certain setting with the pickup there is still a buzz coming through- especially on the attack of notes. Low and high, and a certain crackling on certain notes on certain pickup settings. Fishman customer support has been very helpful- they believe the problem tone a broken element which they can confirm once rye get the pickup to look at.
Yes, that sounds like a bad element. If it's the model with the screw it can be repaired, but you'll have cover your gigs with another pickup in the meantime. A bass max or underwood are decent backup choices.