Cerus Corporation Announces First Quarter 2024 Financial Results
First Quarter Product Revenue Increased 24% from Prior
Recent highlights include:
- First-quarter 2024 total revenue was comprised of (in thousands, except %):
Three Months Ended |
|||||||||||
|
Change |
||||||||||
2024 |
|
2023 |
|
$ |
|
% |
|||||
Product Revenue |
$ |
38,365 |
$ |
30,974 |
$ |
7,391 |
|
24% |
|||
Government Contract Revenue |
|
5,030 |
|
7,502 |
|
(2,472 |
) |
-33% |
|||
Total Revenue |
$ |
43,395 |
$ |
38,476 |
$ |
4,919 |
|
13% |
-
U.S. ReCePI Phase 3 clinical trial successfully met primary endpoint for INTERCEPT Blood System for Red Blood Cells in cardiovascular surgery patients. - Received FDA approval of extended shelf life for INTERCEPT Platelet Processing Sets to 12 months, doubling the previous shelf life.
- Advanced the LED illuminator program towards the Company’s target commercial launch in the EU in 2025.
-
Cash and cash equivalents and short-term investments were
$72.2 million atMarch 31, 2024 . -
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 . -
The Company expects to report GAAP net loss attributable to
Cerus Corporation for the full-year 2024 while also remains committed to adjusted EBITDA breakeven for the full-year 2024.
“The Cerus team delivered against our plans for Q1, paving the way for the balance of 2024, with great progress on clinical milestones and a strong return to growth for our commercial business. The positive topline readout from ReCePI, the
“We are also on track for our expectations to post double-digit product revenue growth this year,” continued Greenman. “Strong sales of the INTERCEPT Blood System for Platelets in
Revenue
Product revenue during the first quarter of 2024 was
First-quarter 2024 government contract revenue was
Product Gross Profit & Margin
Product gross profit for the first quarter of 2024 was
Operating Expenses
Total operating expenses for the first quarter of 2024 were
R&D expenses for the first quarter of 2024 were
SG&A expenses narrowed for the first quarter of 2024 and totaled
Net Loss Attributable to
Net loss attributable to
Non-GAAP Adjusted EBITDA
Non-GAAP adjusted EBITDA for the first quarter of 2024 was negative
Balance Sheet & Cash Use
At
As of
For the first quarter of 2024, the Company generated positive operating cash flows of
Reiterating 2024 Product Revenue Guidance
The Company continues to expect 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 for 2024; Cerus’ expectation for full-year 2024 non-GAAP adjusted EBITDA breakeven; Cerus’ target commercial launch of the LED illuminator program in the EU in 2025;
Use of Non-GAAP Financial Measures
We define adjusted EBITDA as net loss attributable to
Investors should note that
Supplemental Tables
|
Three Months Ended |
|
|
|
2024 vs. 2023 |
Platelet Kit Growth |
|
|
44% |
International |
-9% |
Worldwide |
25% |
Change in Calculated Number of Treatable Platelet Doses |
|
|
48% |
International |
-5% |
Worldwide |
25% |
* 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 |
|
|
|
|
||||||
|
|
|
Change |
||||||||
|
2024 |
|
2023 |
|
$ |
|
% |
||||
|
$ |
25,473 |
|
$ |
16,618 |
|
$ |
8,855 |
|
|
53% |
|
|
12,714 |
|
|
14,028 |
|
|
(1,314 |
) |
|
-9% |
Other |
|
178 |
|
|
328 |
|
|
(150 |
) |
|
-46% |
Total product revenue |
$ |
38,365 |
|
$ |
30,974 |
|
$ |
7,391 |
|
|
24% |
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(UNAUDITED) |
||||||||
(in thousands, except per share data) |
||||||||
Three Months Ended |
||||||||
|
||||||||
|
2024 |
|
|
2023 |
|
|||
Product revenue |
$ |
38,365 |
|
$ |
30,974 |
|
||
Cost of product revenue |
|
17,093 |
|
|
13,687 |
|
||
Gross profit on product revenue |
|
21,272 |
|
|
17,287 |
|
||
Government contract revenue |
|
5,030 |
|
|
7,502 |
|
||
Operating expenses: |
||||||||
Research and development |
|
14,482 |
|
|
17,384 |
|
||
Selling, general and administrative |
|
19,799 |
|
|
21,551 |
|
||
Total operating expenses |
|
34,281 |
|
|
38,935 |
|
||
Loss from operations |
|
(7,979 |
) |
|
(14,146 |
) |
||
Total non-operating expense, net |
|
(1,637 |
) |
|
(1,418 |
) |
||
Loss before income taxes |
|
(9,616 |
) |
|
(15,564 |
) |
||
Provision for income taxes |
|
74 |
|
|
77 |
|
||
Net loss |
|
(9,690 |
) |
|
(15,641 |
) |
||
Net loss attributable to noncontrolling interest |
|
(2 |
) |
|
(22 |
) |
||
Net loss attributable to |
$ |
(9,688 |
) |
$ |
(15,619 |
) |
||
Net loss per share attributable to |
||||||||
Basic and diluted |
$ |
(0.05 |
) |
$ |
(0.09 |
) |
||
Weighted average shares outstanding: |
||||||||
Basic and diluted |
|
182,090 |
|
|
178,273 |
|
||
|
|
|
|
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands) |
||||||||
|
|
|||||||
|
2024 |
|
|
2023 |
|
|||
ASSETS |
(unaudited) |
|||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
20,527 |
$ |
11,647 |
||||
Short-term investments |
|
51,651 |
|
|
54,205 |
|
||
Accounts receivable |
|
22,535 |
|
|
35,500 |
|
||
Current inventories |
|
39,862 |
|
|
|
39,868 |
|
|
Prepaid and other current assets |
|
3,594 |
|
|
3,221 |
|
||
Total current assets |
|
138,169 |
|
|
144,441 |
|
||
Non-current assets: |
||||||||
Property and equipment, net |
|
8,099 |
|
|
8,640 |
|
||
Operating lease right-of-use assets |
|
10,224 |
|
|
10,713 |
|
||
|
|
1,316 |
|
|
1,316 |
|
||
Non-current inventories |
|
17,913 |
|
|
19,501 |
|
||
Other assets including restricted cash |
|
13,415 |
|
|
13,137 |
|
||
Total assets |
$ |
189,136 |
|
$ |
197,748 |
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ |
32,770 |
|
$ |
43,067 |
|
||
Debt – current |
|
20,120 |
|
|
20,000 |
|
||
Operating lease liabilities – current |
|
2,188 |
|
|
2,452 |
|
||
Deferred revenue – current |
|
2,167 |
|
|
2,002 |
|
||
Total current liabilities |
|
57,245 |
|
|
67,521 |
|
||
Non-current liabilities: |
||||||||
Debt – non-current |
|
64,826 |
|
|
59,796 |
|
||
Operating lease liabilities – non-current |
|
13,469 |
|
|
13,751 |
|
||
Other non-current liabilities |
|
3,434 |
|
|
3,236 |
|
||
Total liabilities |
|
138,974 |
|
|
144,304 |
|
||
Stockholders' equity: |
|
49,370 |
|
|
52,650 |
|
||
Noncontrolling interest |
|
792 |
|
|
794 |
|
||
Total liabilities and stockholders' equity |
$ |
189,136 |
|
$ |
197,748 |
|
||
|
||||||||
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTED EBITDA |
||||||||
(in thousands) |
||||||||
Three Months Ended |
||||||||
|
||||||||
|
2024 |
|
|
2023 |
|
|||
Net loss attributable to |
$ |
(9,688 |
) |
$ |
(15,619 |
) |
||
Adjustments to net loss attributable to |
||||||||
Net loss attributable to noncontrolling interest |
|
(2 |
) |
|
(22 |
) |
||
Provision for income taxes |
|
74 |
|
|
77 |
|
||
Total non-operating expense, net (i) |
|
1,637 |
|
|
1,418 |
|
||
Loss from operations |
|
(7,979 |
) |
|
(14,146 |
) |
||
Adjustments to loss from operations: |
||||||||
Operating depreciation and amortization |
|
1,217 |
|
|
1,006 |
|
||
Government contract revenue (ii) |
|
(5,030 |
) |
|
(7,502 |
) |
||
Direct expenses attributable to government contracts (iii) |
|
3,226 |
|
|
5,176 |
|
||
Share-based compensation (iv) |
|
5,855 |
|
|
5,669 |
|
||
Costs attributable to noncontrolling interest (v) |
|
2 |
|
|
43 |
|
||
Non-GAAP adjusted EBITDA |
$ |
(2,709 |
) |
$ |
(9,754 |
) |
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 |
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