Cerus Corporation Announces First Quarter 2023 Financial Results

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[{"type":"text","content":"\nReiterating Full-Year 2023 Product Revenue Guidance Range of $165-170 Million\n\n\n CONCORD, Calif.--(BUSINESS WIRE)--\nCerus Corporation (Nasdaq: CERS) today announced financial results for the first quarter ended March 31, 2023.\n\n\nRecent highlights include:\n\n\n\nFirst quarter 2023 total revenue of $38.5 million was comprised of (in thousands, except %):\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\nMarch 31,\n\n\n\n\n\n\n\nChange\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n \n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n\n\n\n\nProduct Revenue\n\n\n\n\n\n\n$\n\n\n\n\n\n\n30,974\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n37,444\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(6,470\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n-17\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n\n\n\n\nGovernment Contract Revenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n7,502\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n5,576\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n1,926\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n35\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n\n\n\n\nTotal Revenue\n\n\n\n\n\n\n$\n\n\n\n\n\n\n38,476\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n43,020\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(4,544\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n-11\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n\nThe Company is reiterating its full-year 2023 annual product revenue guidance range of $165 million to $170 million.\n\n\n\nCompleted successful debt refinancing, providing for longer time before principal repayments are required, company options for an additional $20 million and expansion of the revolving line of credit up to $35 million.\n\n\n\nReceived Medical Device Regulation (MDR) certification for INTERCEPT platelets processing sets.\n\n\n\nSubmitted INTERCEPT platelets dossier to the Chinese regulatory authority, the National Medical Products Administration (NMPA).\n\n\n\nCash, cash equivalents, and short-term investments were $94.7 million at March 31, 2023.\n\n\n\n“With anticipated first-quarter headwinds largely behind us as more normalized customer order patterns resume, we continue to be optimistic about our return to growth for the duration of 2023, supporting our full-year product revenue ...

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