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Jun 30, 2024
Cerus Q2 2024 Earnings Report
Announced second quarter 2024 financial results and increased full-year 2024 product revenue guidance range.
Key Takeaways
Cerus Corporation reported a strong second quarter in 2024, driven by growth in the platelets business, particularly in North America, and achieved positive operating cash flows for the second straight quarter. The company narrowed its GAAP net loss and generated non-GAAP adjusted EBITDA of $0.8 million. Given expectations for continued momentum, the company is raising its full-year 2024 product revenue guidance.
Advanced efforts to expand the U.S. manufacturing capacity for INTERCEPT Fibrinogen Complex (IFC).
Achieved 100% adoption of INTERCEPT platelets by Canadian Blood Services, resulting in the pathogen inactivation of the majority of platelets in Canada.
Narrowed GAAP net loss attributable to Cerus Corporation to $5.8 million and generated non-GAAP adjusted EBITDA of $0.8 million for the second quarter.
Generated positive operating cash flows for the second straight quarter of 2024 bringing year-to-date positive operating cash flows to $2.4 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
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CapyFin.com Forward Guidance
The Company expects full-year 2024 product revenue will be in the range of $175 million to $178 million, representing increased growth expectations of approximately 12-14% over full-year 2023 results. The Company is reiterating full-year 2024 IFC revenue guidance of $8 million to $10 million. The Company continues to focus on achieving non-GAAP adjusted EBITDA breakeven for the full-year 2024 period as a whole.
Positive Outlook
- Full-year 2024 product revenue expected to be in the range of $175 million to $178 million.
- The company expects increased growth expectations of approximately 12-14% over full-year 2023 results.
- Reiterating full-year 2024 IFC revenue guidance of $8 million to $10 million.
- The Company continues to focus on achieving non-GAAP adjusted EBITDA breakeven for the full-year 2024 period as a whole.
- Company continues to have access to $16.2 million under its revolving line of credit
Challenges Ahead
- Risks associated with the commercialization and market acceptance of, and customer demand for, the INTERCEPT Blood System.
- Risks associated with macroeconomic developments, including ongoing military conflicts in Ukraine and Israel and the COVID-19 pandemic and resulting global economic and financial disruptions.
- Risks associated with Cerus’ lack of longer-term commercialization experience with the INTERCEPT Blood System for Cryoprecipitation and in the United States generally.
- Risks related to the highly concentrated market for the INTERCEPT Blood System.
- Risks related to Cerus’ ability to demonstrate to the transfusion medicine community and other health care constituencies that pathogen reduction, including IFC for the treatment and control of bleeding, and the INTERCEPT Blood System is safe, effective and economical.
Revenue & Expenses
Visualization of income flow from segment revenue to net income