Cerus Corporation Announces Fourth Quarter and Full-Year 2023 Financial Results
Sequential Revenue Growth in the Fourth Quarter Driven by Sales in
Narrowed GAAP Net Loss Attributable to
Reiterating Full-Year 2024
Recent highlights include:
- Fourth-quarter 2023 and full-year 2023 total revenue was comprised of (in thousands, except %):
|
Three Months Ended |
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
||||||||||||||
|
|
|
Change |
|
|
|
Change |
||||||||||||||||||
|
|
2023 |
|
|
2022 |
|
$ |
|
% |
|
|
2023 |
|
|
2022 |
|
$ |
|
% |
||||||
Product Revenue |
$ |
46,768 |
|
$ |
44,034 |
|
$ |
2,734 |
|
|
6 |
% |
|
$ |
156,367 |
|
$ |
162,048 |
|
$ |
(5,681 |
) |
|
-4 |
% |
Government Contract Revenue |
|
6,574 |
|
|
7,287 |
|
|
(713 |
) |
|
-10 |
% |
|
|
30,430 |
|
|
26,267 |
|
|
4,163 |
|
|
16 |
% |
Total Revenue |
$ |
53,342 |
|
$ |
51,321 |
|
$ |
2,021 |
|
|
4 |
% |
|
$ |
186,797 |
|
$ |
188,315 |
|
$ |
(1,518 |
) |
|
-1 |
% |
-
The Company is reiterating its full-year 2024 annual product revenue guidance range of
$172 million to$175 million . Included in this range is full-year 2024 guidance forINTERCEPT Fibrinogen Complex , which is expected to be between$8 million to$10 million . -
Cash and cash equivalents and short-term investments were
$65.9 million atDecember 31, 2023 .
“Our fourth quarter performance sets the stage well for what we expect will be sustainable growth, beginning in 2024. On the commercial side, we continue to expect double-digit product revenue growth in 2024, rooted in both the expansion of our INTERCEPT platelet and plasma systems in both the
“For the fourth quarter, reported net loss attributable to
Revenue
Product revenue during the fourth quarter of 2023 was
Fourth-quarter 2023 government contract revenue was
Product Gross Profit & Margin
Product gross profit for the fourth quarter of 2023 was
Full-year 2023 product gross profit was
Operating Expenses
Total operating expenses for the fourth quarter of 2023 were
R&D expenses for the fourth quarter of 2023 were
Selling, general, and administrative (SG&A) expenses narrowed for the fourth quarter of 2023 and totaled
Net Loss Attributable to
Net loss attributable to
For the full year 2023, net loss attributable to
Non-GAAP Adjusted EBITDA
Non-GAAP Adjusted EBITDA for the fourth quarter of 2023 was positive
Balance Sheet & Cash Use
At
As of
For the fourth quarter of 2023, net cash used in operating activities totaled
Reiterating 2024 Product Revenue Guidance
The Company expects full-year 2024 product revenue will be in the range of
Quarterly Conference Call
The Company will host a conference call at
A replay will be available on Cerus’ website approximately three hours after the call through
ABOUT
INTERCEPT and the INTERCEPT Blood System are trademarks of
Forward Looking Statements
Except for the historical statements contained herein, this press release contains forward-looking statements concerning Cerus’ products, prospects and expected results, including statements relating to: Cerus’ 2024 annual product revenue guidance and related expectation for double-digit product revenue growth; Cerus’ expectations for growth of
Use of Non-GAAP Financial Measures
We define adjusted EBITDA as net loss attributable to
Supplemental Tables
|
Three Months Ended |
Twelve Months Ended |
|
|
|
|
|
|
2023 vs. 2022 |
2023 vs. 2022 |
|
Platelet Kit Growth |
|
|
|
|
6% |
(7%) |
|
International |
(5%) |
(6%) |
|
Worldwide |
3% |
(7%) |
|
Change in Calculated Number of Treatable Platelet Doses |
|
|
|
|
3% |
(9%) |
|
International |
(3%) |
(8%) |
|
Worldwide |
1% |
(8%) |
|
* Dose treatable calculation based on the number of kits sold and the product configuration (single, double, and triple dose kits) |
|
||||||||||||||||||||||||
REVENUE BY REGION |
||||||||||||||||||||||||
(in thousands, except percentages) |
||||||||||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||
|
|
|
Change |
|
|
|
Change |
|||||||||||||||||
|
|
2023 |
|
|
2022 |
|
$ |
|
% |
|
|
2023 |
|
|
2022 |
|
$ |
|
% |
|||||
|
$ |
32,110 |
|
$ |
30,122 |
|
$ |
1,988 |
|
7 |
% |
|
$ |
99,187 |
|
$ |
103,978 |
|
$ |
(4,791 |
) |
|
-5 |
% |
|
|
13,833 |
|
|
13,482 |
|
|
351 |
|
3 |
% |
|
|
55,008 |
|
|
56,297 |
|
|
(1,289 |
) |
|
-2 |
% |
Other |
|
825 |
|
|
430 |
|
|
395 |
|
92 |
% |
|
|
2,172 |
|
|
1,773 |
|
|
399 |
|
|
23 |
% |
Total product revenue |
$ |
46,768 |
|
$ |
44,034 |
|
$ |
2,734 |
|
6 |
% |
|
$ |
156,367 |
|
$ |
162,048 |
|
$ |
(5,681 |
) |
|
-4 |
% |
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands, except per share information) |
||||||||||||||||
Unaudited Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2022 |
|
Unaudited 2023 |
Audited 2022 |
||||||||
Product revenue |
$ |
46,768 |
|
$ |
44,034 |
|
$ |
156,367 |
|
$ |
162,048 |
|
||||
Cost of product revenue |
|
20,809 |
|
|
19,498 |
|
|
69,967 |
|
|
74,954 |
|
||||
Gross profit on product revenue |
|
25,959 |
|
|
24,536 |
|
|
86,400 |
|
|
87,094 |
|
||||
Government contract revenue |
|
6,574 |
|
|
7,287 |
|
|
30,430 |
|
|
26,267 |
|
||||
Operating expenses: |
||||||||||||||||
Research and development |
|
14,288 |
|
|
18,614 |
|
|
67,639 |
|
|
64,107 |
|
||||
Selling, general and administrative |
|
17,269 |
|
|
23,160 |
|
|
75,516 |
|
|
83,335 |
|
||||
Restructuring |
|
- |
|
|
- |
|
|
3,728 |
|
|
- |
|
||||
Total operating expenses |
|
31,557 |
|
|
41,774 |
|
|
146,883 |
|
|
147,442 |
|
||||
Income (loss) from operations |
|
976 |
|
|
(9,951 |
) |
|
(30,053 |
) |
|
(34,081 |
) |
||||
Total non-operating expense, net |
|
(2,293 |
) |
|
(3,407 |
) |
|
(7,269 |
) |
|
(8,256 |
) |
||||
Loss before income taxes |
|
(1,317 |
) |
|
(13,358 |
) |
|
(37,322 |
) |
|
(42,337 |
) |
||||
Provision for income taxes |
|
72 |
|
|
267 |
|
|
325 |
|
|
488 |
|
||||
Net loss |
|
(1,389 |
) |
|
(13,625 |
) |
|
(37,647 |
) |
|
(42,825 |
) |
||||
Net loss attributable to noncontrolling interest |
|
(61 |
) |
|
(1 |
) |
|
(158 |
) |
|
(46 |
) |
||||
Net loss attributable to |
$ |
(1,328 |
) |
$ |
(13,624 |
) |
$ |
(37,489 |
) |
$ |
(42,779 |
) |
||||
Net loss per share attributable to |
||||||||||||||||
Basic and diluted |
$ |
(0.01 |
) |
$ |
(0.08 |
) |
$ |
(0.21 |
) |
$ |
(0.24 |
) |
||||
Weighted average shares outstanding: |
||||||||||||||||
Basic and diluted |
|
181,216 |
|
|
177,478 |
|
|
180,270 |
|
|
176,545 |
|
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands) |
|||||||
|
|
||||||
2023 (unaudited) |
2022 (audited) |
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
11,647 |
$ |
35,585 |
|||
Short-term investments |
|
54,205 |
|
66,569 |
|||
Accounts receivable |
|
35,500 |
|
34,426 |
|||
Current inventories |
|
39,868 |
|
29,003 |
|||
Prepaid and other current assets |
|
3,221 |
|
4,561 |
|||
Total current assets |
|
144,441 |
|
170,144 |
|||
Non-current assets: |
|||||||
Property and equipment, net |
|
8,640 |
|
10,969 |
|||
Operating lease right-of-use assets |
|
10,713 |
|
12,512 |
|||
|
|
1,316 |
|
1,316 |
|||
Non-current inventories |
|
19,501 |
|
15,494 |
|||
Restricted cash and other assets |
|
13,137 |
|
7,657 |
|||
Total assets |
$ |
197,748 |
$ |
218,092 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable and accrued liabilities |
$ |
43,067 |
$ |
58,205 |
|||
Debt – current |
|
20,000 |
|
56,159 |
|||
Operating lease liabilities – current |
|
2,452 |
|
2,105 |
|||
Deferred revenue – current |
|
2,002 |
|
589 |
|||
Total current liabilities |
|
67,521 |
|
117,058 |
|||
Non-current liabilities: |
|||||||
Debt – non-current |
|
59,796 |
|
13,644 |
|||
Operating lease liabilities – non-current |
|
13,751 |
|
15,329 |
|||
Other non-current liabilities |
|
3,236 |
|
3,499 |
|||
Total liabilities |
|
144,304 |
|
149,530 |
|||
Stockholders' equity: |
|
52,650 |
|
67,610 |
|||
Noncontrolling interest |
|
794 |
|
952 |
|||
Total liabilities and stockholders' equity |
$ |
197,748 |
$ |
218,092 |
|
||||||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTED EBITDA |
||||||||||||||||
(in thousands) |
||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
Net loss attributable to |
$ |
(1,328 |
) |
$ |
(13,624 |
) |
$ |
(37,489 |
) |
$ |
(42,779 |
) |
||||
Adjustments to net loss attributable to |
||||||||||||||||
Net loss attributable to noncontrolling interest |
|
(61 |
) |
|
(1 |
) |
|
(158 |
) |
|
(46 |
) |
||||
Provision for income taxes |
|
72 |
|
|
267 |
|
|
325 |
|
|
488 |
|
||||
Total non-operating expense, net (i) |
|
2,293 |
|
|
3,407 |
|
|
7,269 |
|
|
8,256 |
|
||||
Income (loss) from operations |
|
976 |
|
|
(9,951 |
) |
|
(30,053 |
) |
|
(34,081 |
) |
||||
Adjustments to loss from operations: |
||||||||||||||||
Operating depreciation and amortization |
|
1,221 |
|
|
990 |
|
|
4,534 |
|
|
4,073 |
|
||||
Government contract revenue (ii) |
|
(6,574 |
) |
|
(7,287 |
) |
|
(30,430 |
) |
|
(26,267 |
) |
||||
Direct expenses attributable to government contracts (iii) |
|
4,093 |
|
|
5,293 |
|
|
20,893 |
|
|
19,303 |
|
||||
Share-based compensation (iv) |
|
4,903 |
|
|
7,255 |
|
|
20,271 |
|
|
24,456 |
|
||||
Costs attributable to noncontrolling interest (v) |
|
124 |
|
|
1 |
|
|
334 |
|
|
67 |
|
||||
Restructuring (vi) |
|
- |
|
|
- |
|
|
3,728 |
|
|
- |
|
||||
Non-GAAP adjusted EBITDA |
$ |
4,743 |
|
$ |
(3,699 |
) |
$ |
(10,723 |
) |
$ |
(12,449 |
) |
i. |
Includes interest income/expense and foreign exchange gains/losses. |
|
ii. |
Represents revenue related to the cost reimbursement provisions under our government contracts. |
|
iii. |
Represents the direct expenses attributable to work supporting government contracts, which are reimbursed and reflect under government contract revenue in the condensed consolidated statement of operations. |
|
iv. |
Represents non-cash stock-based compensation. |
|
v. |
Represents costs associated with the noncontrolling interest in |
|
vi. |
Represents costs associated with the Company’s restructuring plan implemented in |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305579065/en/
925-288-6137
Source: