Thu, Aug 1, 9:02 PM (88 days ago)
Cerus Corporation's quarterly financial report for the period ending June 30, 2024, highlights several key financial metrics and operational insights. The company reported an increase in product revenue to $45.1 million, up 16% from the same period in 2023, driven primarily by growth in disposable platelet kit sales in the U.S. However, government contract revenue decreased by 39% to $5.4 million due to the completion of the ReCePI study. Gross profit on product revenue improved, maintaining a 55% margin. Operating expenses were reduced, with research and development costs down 22% to $15 million and selling, general, and administrative expenses down 8% to $19 million, attributed to a reduction in force and the completion of specific studies. Despite these reductions, the company incurred a net loss of $5.8 million, an improvement from the $13.3 million loss in the same quarter last year. Cerus continues to face challenges such as market adoption of its INTERCEPT Blood System, regulatory compliance, and competition. The company’s future operations will depend on its ability to manage costs, increase market penetration, and navigate regulatory landscapes. Cash and cash equivalents stood at $12.4 million, with an additional $58.8 million in short-term investments, providing some liquidity cushion.