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Cerus Corp. Reports Operating Results (10-Q)

August 16, 2010 | About:

Cerus Corp. (NASDAQ:CERS) filed Quarterly Report for the period ended 2010-06-30.

Cerus Corp. has a market cap of $111.25 million; its shares were traded at around $2.86 with and P/S ratio of 6.19. Cerus Corp. had an annual average earning growth of 1.6% over the past 5 years.CERS is in the portfolios of Chuck Royce of Royce& Associates.

Highlight of Business Operations:

Revenue from government grants and cooperative agreements decreased $0.1 million to $0.2 million for the three months ended June 30, 2010, from $0.3 million for the comparable period in 2009. The decrease was due primarily to a decrease in activities subject to reimbursement under current awards with the United States Department of Defense, or DoD, for research activities for our INTERCEPT Blood System programs. Government grant revenue decreased by $0.3 million to $0.5 million during the six months ended June 30, 2010, compared to $0.7 million during the comparable period in the prior year. The decrease in government grant revenue was primarily due to a decrease in activities subject to reimbursement under current awards with the DoD. As a result of our March 2009 restructuring plan we had fewer employees performing research and development work during 2010 compared to 2009. We anticipate applying for new awards with the DoD to the extent such awards become available. However, we can provide no assurance that should such awards become available, our bids will be accepted by the DoD or at what funding levels.

Research and development expenses decreased $1.1 million to $2.5 million for the six months ended June 30, 2010, from $3.6 million for the comparable period in 2009. Of our total research and development expenses incurred, non-cash stock-based compensation represented $0.2 million and $0.3 million for the six months ended June 30, 2010 and June 30, 2009, respectively. The decrease in our research and development expenses during the six months ended June 30, 2010, compared to 2009, was a result of the effect of our March 2009 restructuring and the associated reduction in force.

Selling, general, and administrative expenses decreased $0.9 million to $10.6 million for the six months ended June 30, 2010, from $11.5 million for the comparable period in 2009. Of the $10.6 million and $11.5 million of selling, general and administrative expenses recognized during the six months ended June 30, 2010 and 2009, respectively, $0.6 million and $0.8 million was due to non-cash stock-based compensation recognized during the respective periods. Overall, the decrease in selling, general and administrative expenses for the six months ended June 30, 2010, was primarily due to the decreased personnel costs driven primarily by our March 2009 restructuring plan and the associated reductions in force.

Read the The complete Report

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10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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