Cerus Corporation Announces First Quarter 2025 Financial Results
First quarter 2025 Product Revenue of
Reiterating Full-Year 2025
First Quarter 2025 Total Revenue of
Conference Call Today at
“We are off to a strong start in 2025, executing against our stated goals and making meaningful progress in advancing Cerus’ mission to transform the safety and availability of transfused blood components,” said William “Obi” Greenman, Cerus’ president and chief executive officer. “We delivered 13% first quarter product revenue growth, in-line with our Q1 guidance, received CE Mark for the INT200, our next generation LED-based illumination device ahead of plan, and most recently, we have submitted our updated CE Mark application for the INTERCEPT red blood cell system to TÜV-SÜD, our notified body.”
“Based on revenue growth prospects for 2025 and beyond, our expected gross margin profile, and demonstrated financial discipline, we believe we are in a position to deliver operating cash flow to fuel our growth and make INTERCEPT the standard of care for blood safety globally,” continued Greenman.
Additional highlights include:
- First-quarter 2025 total revenue was comprised of (in millions, except percentages):
Three Months Ended | |||||||||||
|
|
Change |
|||||||||
2025 |
|
2024 |
|
$ |
|
% |
|||||
Product Revenue |
$ |
43.2 |
$ |
38.4 |
$ |
4.9 |
13 |
% |
|||
Government Contract Revenue |
|
5.6 |
|
5.0 |
|
0.6 |
12 |
% |
|||
Total Revenue |
$ |
48.9 |
$ |
43.4 |
$ |
5.5 |
13 |
% |
|||
Numbers may not sum due to rounding. Percentages are based on actuals. |
-
Adoption of INTERCEPT Fibrinogen Complex (IFC) continues to increase; first quarter 2025 IFC revenue of$3.0 million compared to$1.9 million in the prior year period. The Company continues to collaborate with blood bank partners to increase IFC supply with the expectation of meeting increased customer demand. - Received CE mark for the INT200, the Company’s next-generation, LED-based illumination device.
- Submitted an updated CE Mark application for the INTERCEPT red blood cell system with TÜV-SÜD, our notified body; that review process has begun.
-
Cash, cash equivalents, and short-term investments were
$80.9 million atMarch 31, 2025 .
Revenue
Product revenue during the first quarter of 2025 was
First quarter 2025 government contract revenue was
Product Gross Profit & Margin
Product gross profit for the first quarter of 2025 was
Operating Expenses
Total operating expenses for the first quarter of 2025 were
R&D expenses for the first quarter of 2025 were
SG&A expenses for the first quarter of 2025 totaled
Net Loss Attributable to
Net loss attributable to
Non-GAAP Adjusted EBITDA
Non-GAAP adjusted EBITDA for the first quarter of 2025 was positive
Balance Sheet & Cash Flows
At
As of
For the first quarter of 2025, cash use from operations totaled
Reiterating Full-Year 2025 Product Revenue Guidance
The Company expects full-year 2025 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 and will be available 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’ 2025 annual product revenue guidance and related projected growth; Cerus’ expectation of improvements in its margin profile; Cerus’ expectation that it will generate sufficient operating cash flow to fuel its growth and to make its INTERCEPT Blood System the standard of care for blood safety globally; Cerus’ expectation for continued customer demand for IFC and its ability to supply product sufficient to meet that demand; Cerus’ expectation that it will achieve a positive non-GAAP adjusted EBITDA for the full-year 2025;
Use of Non-GAAP Financial Measures
We define adjusted EBITDA as net loss attributable to
Investors should note that
Supplemental and Financial Tables
|
Three Months Ended |
|
|
|
2025 vs. 2024 |
Platelet Kit Growth |
|
|
16% |
International |
-9% |
Worldwide |
9% |
|
|
Change in Calculated Number of Treatable Platelet Doses |
|
|
17% |
International |
-10% |
Worldwide |
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 | ||||||||||||
|
Change | |||||||||||
2025 |
|
2024 |
$ | % | ||||||||
|
$ |
30,601 |
$ |
25,098 |
$ |
5,503 |
|
22 |
% |
|||
|
|
12,211 |
|
12,714 |
|
(503 |
) |
-4 |
% |
|||
Other |
|
427 |
|
553 |
|
(126 |
) |
-23 |
% |
|||
Total product revenue |
$ |
43,239 |
$ |
38,365 |
$ |
4,874 |
|
13 |
% |
|||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) |
||||||||
Three Months Ended | ||||||||
|
||||||||
|
2025 |
|
|
|
2024 |
|
||
Product revenue |
$ |
43,239 |
|
$ |
38,365 |
|
||
Cost of product revenue |
|
17,815 |
|
|
17,093 |
|
||
Gross profit on product revenue |
|
25,424 |
|
|
21,272 |
|
||
Government contract revenue |
|
5,614 |
|
|
5,030 |
|
||
Operating expenses: | ||||||||
Research and development |
|
16,605 |
|
|
14,482 |
|
||
Selling, general and administrative |
|
20,286 |
|
|
19,799 |
|
||
Total operating expenses |
|
36,891 |
|
|
34,281 |
|
||
Loss from operations |
|
(5,853 |
) |
|
(7,979 |
) |
||
Total non-operating expense, net |
|
(1,791 |
) |
|
(1,637 |
) |
||
Loss before income taxes |
|
(7,644 |
) |
|
(9,616 |
) |
||
Provision for income taxes |
|
74 |
|
|
74 |
|
||
Net loss |
|
(7,718 |
) |
|
(9,690 |
) |
||
Net loss attributable to noncontrolling interest |
|
(1 |
) |
|
(2 |
) |
||
Net loss attributable to |
$ |
(7,717 |
) |
$ |
(9,688 |
) |
||
Net loss per share attributable to |
||||||||
Basic and diluted |
$ |
(0.04 |
) |
$ |
(0.05 |
) |
||
Weighted average shares outstanding: | ||||||||
Basic and diluted |
|
187,066 |
|
|
182,090 |
|
||
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
||||||
|
|
|
||||
2025 |
|
2024 |
||||
ASSETS | (unaudited) | |||||
Current assets: | ||||||
Cash and cash equivalents |
$ |
19,476 |
$ |
20,266 |
||
Short-term investments |
|
61,443 |
|
60,186 |
||
Accounts receivable, net |
|
26,344 |
|
29,777 |
||
Current inventories |
|
48,161 |
|
38,150 |
||
Prepaid and other current assets |
|
6,091 |
|
3,643 |
||
Total current assets |
|
161,515 |
|
152,022 |
||
Non-current assets: | ||||||
Property and equipment, net |
|
7,047 |
|
7,154 |
||
Operating lease right-of-use assets |
|
9,101 |
|
8,384 |
||
|
|
1,316 |
|
1,316 |
||
Non-current inventories |
|
15,164 |
|
14,145 |
||
Other assets and restricted cash |
|
12,633 |
|
17,896 |
||
Total assets |
$ |
206,776 |
$ |
200,917 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable and accrued liabilities |
$ |
44,612 |
$ |
40,638 |
||
Debt – current |
|
20,097 |
|
19,297 |
||
Operating lease liabilities – current |
|
2,532 |
|
2,275 |
||
Deferred revenue – current |
|
2,449 |
|
1,398 |
||
Total current liabilities |
|
69,690 |
|
63,608 |
||
Non-current liabilities: | ||||||
Debt – non-current |
|
64,876 |
|
64,862 |
||
Operating lease liabilities – non-current |
|
11,941 |
|
11,663 |
||
Other non-current liabilities |
|
4,027 |
|
3,888 |
||
Total liabilities |
|
150,534 |
|
144,021 |
||
Stockholders' equity: |
|
55,492 |
|
56,145 |
||
Noncontrolling interest |
|
750 |
|
751 |
||
Total liabilities and stockholders' equity |
$ |
206,776 |
$ |
200,917 |
||
|
||||||||
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTED EBITDA | ||||||||
(in thousands) | ||||||||
Three Months Ended |
||||||||
|
||||||||
|
2025 |
|
|
|
2024 |
|
||
Net loss attributable to |
$ |
(7,717 |
) |
$ |
(9,688 |
) |
||
Adjustments to net loss attributable to |
||||||||
Net loss attributable to noncontrolling interest |
|
(1 |
) |
|
(2 |
) |
||
Provision for income taxes |
|
74 |
|
|
74 |
|
||
Total non-operating expense, net (i) |
|
1,791 |
|
|
1,637 |
|
||
Loss from operations |
|
(5,853 |
) |
|
(7,979 |
) |
||
Adjustments to loss from operations: | ||||||||
Operating depreciation and amortization |
|
1,015 |
|
|
1,217 |
|
||
Government contract revenue (ii) |
|
(5,614 |
) |
|
(5,030 |
) |
||
Direct expenses attributable to government contracts (iii) |
|
3,971 |
|
|
3,226 |
|
||
Share-based compensation (iv) |
|
6,635 |
|
|
5,855 |
|
||
Costs attributable to noncontrolling interest (v) |
|
3 |
|
|
2 |
|
||
Non-GAAP adjusted EBITDA |
$ |
157 |
|
$ |
(2,709 |
) |
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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