Cerus Corporation Announces Record Third Quarter 2020 Results

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[{"type":"text","content":" CONCORD, Calif.--(BUSINESS WIRE)--\nCerus Corporation (Nasdaq: CERS) today announced financial results for the third quarter ended September 30, 2020.\n\nRecent developments and highlights include:\n\n\nQ3 2020 Total Revenue of $29.2 million - driven by significant year-over-year platelet kit sales growth in the U.S. as well as plasma and platelet kit sales from the EMEA region. Total revenue was composed of (in millions, except %):\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\nThree Months Ended\n\n\n\n\n\n\n\n\n\n \n\nSeptember 30,\n\n\n\n\nChange\n\n\n\n\n\n \n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n%\n\n\n\n\n\nProduct Revenue\n\n\n \n\n$\n\n\n\n23.6\n\n\n\n\n$\n\n\n\n18.0\n\n\n\n\n$\n\n\n\n5.6\n\n\n\n\n31.0\n\n\n\n%\n\n\n\n\n\nGovernment Contract Revenue\n\n\n \n\n \n\n\n\n5.6\n\n\n\n\n \n\n\n\n4.8\n\n\n\n\n \n\n\n\n0.8\n\n\n\n\n15.7\n\n\n\n%\n\n\n\n\n\nTotal Revenue\n\n\n \n\n$\n\n\n\n29.2\n\n\n\n\n$\n\n\n\n22.8\n\n\n\n\n$\n\n\n\n6.3\n\n\n\n\n27.8\n\n\n\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nNew technology add-on payment (NTAP) application submitted to the Centers for Medicare and Medicaid Services for pathogen-reduced cryoprecipitated fibrinogen complex (PR-Cryo)\n\n\nFirst two modules (Clinical data package and Safety and Quality data package) submitted for CE Mark for INTERCEPT red blood cells\n\n\nEntered into a five-year contract with the U.S. Food and Drug Administration (FDA) for the development of next generation compounds to optimize pathogen reduction treatment of whole blood to reduce the risk of transfusion transmitted infections\n\n\nPresented 17 abstracts at the AABB 2020 Virtual Meeting highlighting the clinical and operational benefits of the INTERCEPT Blood System for platelets\n\n\nNarrowing full year product revenue guidance to a range of $89 million to $91 million given the adverse effects of the COVID-19 pandemic on the U.S. and EMEA blood supply\n\n\nCash, cash equivalents, and short-term investments of $135.1 million at September 30, 2020\n\n\n“We are pleased to report another record quarter with U.S. platelet kit sales fueling top line growth as blood centers and hospitals continue to embrace the INTERCEPT Blood System to comply with the FDA guidance on bacterial safety,” said William ‘Obi’ Greenman, Cerus’ president and chief executive officer. “While COVID-19 has successfully under...

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