Business
Cerus Corporation Announces Preliminary Fourth Quarter and Full-Year 2023 Product Revenue and Provides Business Update
Preliminary Fourth Quarter and Full-Year 2023 Product Revenues of $46.8 million and $156.4 million, respectively 2024 Product Revenues expected to be between
About this update from Cerus Corporation
[{"type":"text","content":"\nPreliminary Fourth Quarter and Full-Year 2023 Product Revenues of $46.8 million and $156.4 million, respectively\n\n\n2024 Product Revenues expected to be between $172-$175 million, reflecting 10%-12% growth year over year\n\n\n CONCORD, Calif.--(BUSINESS WIRE)--\nCerus Corporation (Nasdaq: CERS) today announced preliminary product revenue for the fourth quarter and full-year 2023 and provided product revenue guidance for full-year 2024.\n\n\nCerus’ unaudited preliminary product revenue for the fourth quarter of 2023 totaled $46.8 million, representing an increase of 6% over the $44.0 million recognized during the fourth quarter of 2022 and 18% sequentially. The Company expects its unaudited preliminary full-year 2023 product revenue to be $156.4 million, in line with the Company’s 2023 product revenue guidance range of $155-$158 million. These preliminary product revenue results have not been audited and are subject to change.\n\n\n“We are pleased with the return to meaningful growth, evidenced by our strong performance in the fourth quarter of 2023. We also anticipate double-digit product revenue growth for full-year 2024, driven by continued growth in the INTERCEPT Platelet franchises in both the U.S. and internationally as well as in the INTERCEPT Fibrinogen Complex business,” stated William “Obi” Greenman, Cerus’ president and chief executive officer.\n\n\nThe Company expects full-year 2024 product revenue will be in the range of $172-$175 million. Percentage growth for the first quarter of 2024 is expected to be in the high teens to low 20’s range, given the seasonality of the business as well as the unusual Q1 2023 results.\n\n\n“Additionally, we continue to expect to realize adjusted EBITDA breakeven for the fourth quarter 2023 when we report complete fourth quarter 2023 and year-end results,” continued Greenman. “This milestone will be important in the Company’s pursuit to fund its future growth, and we expect its durability for 2024.”\n\n\n“Beyond our commercial progress, we anticipate that 2024 will be a meaningful year for our INTERCEPT Red Blood Cell (RBC) program. We remain on track to provide the top-line readout from ReCePI, the first of our two U.S. phase 3 trials for INTERCEPT RBCs, in the first quarter of 2024, and we expect an approval decision for CE Mark for INTERCEPT RBCs in the second half of 2024. Thes...