On August 1, 2024, Cerus Corp (CERS, Financial) released its 8-K filing announcing financial results for the second quarter and six months ended June 30, 2024. Cerus Corp is a biomedical products company focused on blood transfusion safety, primarily through its INTERCEPT Blood System, which inactivates a broad range of pathogens in blood products.
Performance Overview
For the second quarter of 2024, Cerus Corp reported total revenue of $50.5 million, a 6% increase from $47.7 million in the same period last year. Product revenue rose by 16% to $45.1 million, driven by strong growth in the platelet business, particularly in North America. However, government contract revenue decreased by 39% to $5.4 million due to the completion of the U.S. Phase 3 ReCePI clinical trial for INTERCEPT RBCs.
Financial Achievements and Challenges
Cerus Corp's gross profit on product revenue increased by 16% to $24.7 million, maintaining a stable gross margin of 54.7%. Operating expenses decreased by 19% to $33.9 million, reflecting reduced R&D and SG&A expenses due to restructuring efforts. The net loss attributable to Cerus Corp narrowed significantly to $5.8 million, or $0.03 per share, compared to $13.3 million, or $0.07 per share, in the prior year period.
Key Metrics and Financial Statements
| Three Months Ended | June 30, 2024 | June 30, 2023 | Change |
|---|---|---|---|
| Product Revenue | $45,079 | $38,853 | 16% |
| Government Contract Revenue | $5,440 | $8,875 | -39% |
| Total Revenue | $50,519 | $47,728 | 6% |
| Net Loss | $(5,775) | $(13,331) | -57% |
Balance Sheet and Cash Flow
As of June 30, 2024, Cerus Corp had cash and cash equivalents and short-term investments totaling $71.2 million, up from $65.9 million at the end of 2023. The company generated positive operating cash flows of $0.4 million for the second quarter, marking the second consecutive quarter of positive cash flow.
Guidance and Future Outlook
Cerus Corp has raised its full-year 2024 product revenue guidance to a range of $175 million to $178 million, up from the previous range of $172 million to $175 million. The company remains committed to achieving non-GAAP adjusted EBITDA breakeven for the full year.
“We are very pleased to post another strong quarter to continue our growth trajectory in 2024. North American sales in our platelet business led the way, including both organic U.S. sales growth and 100% adoption by Canadian Blood Services,” stated William “Obi” Greenman, Cerus’ president and chief executive officer.
For more detailed financial information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Cerus Corp for further details.
