Cerus Corporation Announces Third Quarter 2023 Financial Results

About this update from Cerus Corporation

[{"type":"text","content":" CONCORD, Calif.--(BUSINESS WIRE)--\nCerus Corporation (Nasdaq: CERS) today announced financial results for the third quarter ended September 30, 2023.\n\n\nRecent highlights include:\n\n\n\nThird quarter 2023 total revenue of $47.3 million was comprised of total product revenue of $39.8 million and government contract revenue of $7.5 million.\n\n\n\nCompleted Phase 3 ReCePI study enrollment in cardiovascular surgery patients, with top-line data readout on track for Q1 2024.\n\n\n\nAttended first in-person AABB Annual Meeting since 2019, where presentations from transfusion medicine leaders highlighted the growing experience with the benefits of INTERCEPT-treated products, including INTERCEPT platelets and INTERCEPT Fibrinogen Complex (IFC).\n\n\n\nCash, cash equivalents, and short-term investments were $79.0 million at September 30, 2023.\n\n\n\nReaffirming commitment to achieve non-GAAP adjusted EBITDA breakeven in the fourth quarter of 2023.\n\n\n\n“We continued to make progress on multiple fronts in the third quarter,” said William “Obi” Greenman, Cerus’ president and chief executive officer. “We completed patient enrollment in our U.S. Phase 3 ReCePI study and continue to plan for a top-line data readout from the study in the first quarter of next year.”\n\n\n“On the top line, product revenues in the quarter returned to prior year levels, and we expect continued growth from here through the end of the year, with the near-term growth trajectory influenced by the system-wide roll-out of INTERCEPT platelets at Canadian Blood Services,” continued Greenman. “Due primarily to the timing of our recent execution of an IFC sales agreement with one of the largest U.S. producers of cryoprecipitate, we are adjusting our full-year 2023 product revenue guidance to a range of $155 million to $158 million. The growth we are expecting in the second half of this year reflects the ongoing global demand for INTERCEPT-treated blood components and the growing use of IFC by blood center and hospital customers, as evidenced at the recent AABB Annual Meeting.”\n\n\nRevenue\n\n\nProduct revenue during the third quarter of 2023 was $39.8 million, compared to $39.6 million during the prior year period.\n\n\nThird-quarter 2023 government contract revenue was $7.5 million, compared to $6.8 million during the prior year period. Reported government contra...

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