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Jun 30, 2023
Cerus Q2 2023 Earnings Report
Cerus reported second quarter 2023 financial results.
Key Takeaways
Cerus Corporation reported a total revenue of $47.7 million for Q2 2023, consisting of $38.9 million in product revenue and $8.9 million in government contract revenue. The company is adjusting its full-year 2023 annual product revenue guidance to the range of $160 million to $165 million.
Total revenue for Q2 2023 was $47.7 million, including $38.9 million from product revenue and $8.9 million from government contracts.
Positive feedback received for INTERCEPT Red Blood Cells CE Mark submission, supporting possible CE Mark approval in the second half of 2024.
Phase 3 ReCePI study enrollment completion planned this year, with top-line data expected in Q1 2024.
Awarded an additional $8.7 million from the U.S. Department of Defense for LyoIFC development, increasing total contract value to $17.8 million.
Cerus
Cerus
Cerus Revenue by Segment
Cerus Revenue by Geographic Location
Revenue by Segment
Product Revenue
CapyFin.comGovernment Contract Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comEurope, Middle East and Africa Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The Company expects full-year 2023 product revenue to be in the range of $160 million to $165 million.
Positive Outlook
- Potential CE Mark approval decision in the second half of 2024.
- Top-line data readout from the U.S. Phase 3 ReCePI study expected in the first quarter of next year.
- Plan to begin a modular premarket approval (PMA) application submission to FDA in the second half of 2025.
- Final PMA module submission planned for the second half of 2026.
- New customers and new geographies will fuel growth going forward.
Challenges Ahead
- Adjusting full-year 2023 annual product revenue guidance to the range of $160 million to $165 million from the prior range of $165 million to $170 million.
- Expected impact of a temporary reduction in U.S. platelet kit shelf life on customer ordering patterns.
- Reduced platelet collections in key regions of EMEA.
- New Russia sanctions.
- Restructuring plan will result in annualized operating expense savings of approximately $10 million per year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income