Q2 2024 Cerus Corp Earnings Call Transcript
Key Points
- Cerus Corp (CERS) raised its annual product revenue guidance to $175 million to $178 million, reflecting strong confidence in meeting and exceeding expectations.
- The INTERCEPT blood system is gaining traction globally, with increased adoption in blood centers and hospitals, particularly in the US and Canada.
- The company reported a 16% year-over-year growth in product revenue for Q2 2024, driven by strong North American platelet sales.
- Cerus Corp (CERS) achieved positive adjusted EBITDA for Q2 2024, marking a significant improvement from the previous year.
- The INTERCEPT Fibrinogen Complex (IFC) is seeing increased adoption, with positive clinical feedback and growing demand from hospitals.
- Government contract revenue declined to $5.4 million in Q2 2024 from $8.9 million in the prior year period, primarily due to the completion of the US Phase 3 ReCePI clinical trial.
- Operating expenses, although reduced, still represent a significant portion of the company's financials, with $33.9 million reported for Q2 2024.
- The company is still awaiting feedback from the competent authority in the EU for the INTERCEPT red blood cell program, causing potential delays in approval.
- There is no significant rebuilding of inventory observed, which could impact future revenue growth if not addressed.
- The company faces foreign exchange rate headwinds, particularly in the UK, which slightly impacted revenue growth in the EMEA region.
Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Cerus Corporation second quarter 2024 earnings conference call.
(Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Jessica Hanover, Cerus' Vice President of Corporate Affairs. Dr. Hanover, you may begin.
Thank you, and good afternoon. I'd like to thank everyone for joining us today.
As part of today's webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.cerus.com.
With me on the call are Obi Greenman, Cerus' President and Chief Executive Officer; Vivek Jayaraman, Cerus' Chief Operating Officer; and Kevin Green, Cerus' Chief Financial Officer.
Cerus issued a press release today announcing our financial results for the second quarter ended June 30, 2024, and describing the company's recent business highlights.
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