Cerus Corp. (CERS, Financial) filed Quarterly Report for the period ended 2010-03-31.
Cerus Corp. has a market cap of $115.6 million; its shares were traded at around $2.98 with and P/S ratio of 6.4. CERS is in the portfolios of Chuck Royce of Royce& Associates.
Revenue from government grants and cooperative agreements decreased $0.2 million to $0.2 million for the three months ended March 31, 2010, from $0.4 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 related to our INTERCEPT Blood System programs.
At March 31, 2009, we had cash, cash equivalents and short-term investments of $19.0 million. Net cash used in operating activities was $5.8 million for the three months ended March 31, 2010, compared to $7.1 million during the comparable period in 2009. The decrease in net cash used in operating activities was primarily due to changes in our operating assets and liabilities, notably decreases in our inventory balances and increases in our warrant liability, offset by declines in our other accrued expenses and accounts payable. Net cash provided by investing activities during the three months ended March 31, 2010, was $0.4 million compared to $3.8 million during the comparable period in 2009. The decrease was primarily due to fewer maturities of short-term investments. Over the past year, as our investments matured we did not reinvest the proceeds into similar investments, but generally invested the proceeds in money market funds with original maturities less than 90 days. Net cash provided by financing activities during the three months ended March 31, 2010, was $5.0 million. There were no financing cash flows during the three months ended March 31, 2009. The increase in cash provided from financing activities during the three months ended March 31, 2010 was primarily due to proceeds received from the issuance of a long-term note payable issued on March 31, 2010. Working capital increased to $19.6 million at March 31, 2010, from $19.4 million at December 31, 2009, primarily due to lower accounts payable and accrued liabilities balances, partially offset by decreases in cash, cash equivalents, short-term investments, inventory, and the increased balance on our warrant liability.
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Cerus Corp. has a market cap of $115.6 million; its shares were traded at around $2.98 with and P/S ratio of 6.4. CERS is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Product revenue increased $2.4 million to $5.5 million during the three months ended March 31, 2010, compared to $3.1 million during the comparable period in the prior year. The increase in product revenue was primarily a result of an increase in disposable kit sales to customers, and also impacted by an increase in illuminator sales during the first quarter of 2010 compared to the first quarter of 2009. Sales of disposable platelet and plasma system kits directly to existing customers continued to grow due to increased market penetration and customer adoption of the INTERCEPT Blood System in Europe and the Middle East. We expect product revenues for both the platelet and plasma systems will continue to increase in future periods as the INTERCEPT Blood System gains market acceptance in geographies where commercialization efforts are underway. These quarterly results may not be indicative of INTERCEPT Blood System revenue in the future.Revenue from government grants and cooperative agreements decreased $0.2 million to $0.2 million for the three months ended March 31, 2010, from $0.4 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 related to our INTERCEPT Blood System programs.
At March 31, 2009, we had cash, cash equivalents and short-term investments of $19.0 million. Net cash used in operating activities was $5.8 million for the three months ended March 31, 2010, compared to $7.1 million during the comparable period in 2009. The decrease in net cash used in operating activities was primarily due to changes in our operating assets and liabilities, notably decreases in our inventory balances and increases in our warrant liability, offset by declines in our other accrued expenses and accounts payable. Net cash provided by investing activities during the three months ended March 31, 2010, was $0.4 million compared to $3.8 million during the comparable period in 2009. The decrease was primarily due to fewer maturities of short-term investments. Over the past year, as our investments matured we did not reinvest the proceeds into similar investments, but generally invested the proceeds in money market funds with original maturities less than 90 days. Net cash provided by financing activities during the three months ended March 31, 2010, was $5.0 million. There were no financing cash flows during the three months ended March 31, 2009. The increase in cash provided from financing activities during the three months ended March 31, 2010 was primarily due to proceeds received from the issuance of a long-term note payable issued on March 31, 2010. Working capital increased to $19.6 million at March 31, 2010, from $19.4 million at December 31, 2009, primarily due to lower accounts payable and accrued liabilities balances, partially offset by decreases in cash, cash equivalents, short-term investments, inventory, and the increased balance on our warrant liability.
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