64% Year-over-Year Revenue Growth
CONCORD, Calif.--(BUSINESS WIRE)--
Cerus Corporation (NASDAQ: CERS) today announced financial results for
the first quarter ended March 31, 2010.
Total revenue was $5.7 million during the first quarter of 2010, up 64%
from the $3.5 million recognized during same period in 2009. Product
revenue for the INTERCEPT Blood System was $5.5 million during the first
quarter of 2010, up more than 75% from the $3.1 million recognized
during the same period in 2009. First quarter 2010 product revenue marks
the fourth consecutive quarter of growth. Disposable kit sales to
customers was the primary contributor to the year-over-year growth,
representing almost 90% of product revenue during the first quarter of
2010. Government grant revenue in the first quarter of 2010 was $0.2
million, compared to $0.4 million in the first quarter of 2009.
Total operating expenses for the first quarter of 2010 were $6.5
million, down from $8.8 million for the same period in 2009. The
decrease in operating expenses was due to the Company's focused cost
containment efforts and full implementation of its restructuring plans
initiated in March 2009.
Net loss for the first quarter of 2010 was $5.0 million, or $0.13 per
share, compared to a net loss of $7.4 million, or $0.23 per share, for
the first quarter of 2009.
At March 31, 2010, the Company had cash, cash equivalents and short-term
investments of $19.0 million compared to $19.9 million at December 31,
2009. During the first quarter of 2010, the Company closed a $10 million
growth capital facility, under which it drew $5.0 million. The facility
provides for nine months of interest-only payments on each draw,
followed by thirty months of principal and interest payments. The
Company believes that cash used for operations during the first quarter
was unusually high compared to expected quarterly cash usage for the
remainder of the year, primarily due to non-routine working capital
payments during the first quarter.
"We continue to make significant progress on growing our European
platelet and plasma business while maintaining our financial discipline
and controlling costs," said Claes Glassell, president and CEO of Cerus
Corporation. "We believe we have the necessary capital in place to
execute on our plan of driving that business to profitability."
RECENT HIGHLIGHTS:
-- Product sales in the first quarter of 2010 were $5.5 million,
establishing a new record for quarterly INTERCEPT sales;
-- Signed agreement with the Swiss Red Cross for full implementation of
INTERCEPT in 11 of 13 blood centers; and
-- Secured $10 million growth capital facility.
QUARTERLY CONFERENCE CALL
The Company will host a conference call and webcast at 4:15 p.m. Eastern
time today to discuss its financial results and provide a general
business overview. To access the live webcast, please visit the Investor
Relations page of the Cerus web site at http://cerus2013.q4web.com.
Alternatively, you may access the live conference call by dialing
877-407-0782 (U.S.) or 201-689-8567 (international).
A replay will be available on the Cerus web site, or by dialing
877-660-6853 (U.S.) or 201-612-7415 (international) and entering account
number 286 and conference ID number 349046. The replay will be available
approximately two hours after the call through May 14, 2010.
ABOUT CERUS
Cerus Corporation is a biomedical products company focused on
commercializing the INTERCEPT Blood System to enhance blood safety. The
INTERCEPT Blood System is designed to inactivate blood-borne pathogens
in donated blood components intended for transfusion. Cerus currently
markets the INTERCEPT Blood System for both platelets and plasma in
Europe, Russia, the Middle East and selected countries in other regions
around the world. The INTERCEPT red blood cell system is currently in
clinical development. See http://www.cerus.com
for more information.
INTERCEPT and the INTERCEPT Blood System are trademarks of Cerus
Corporation.
Forward-Looking Statements
Except for the historical statements contained herein, this press
release contains forward-looking statements concerning the Company's
prospects and results, including the Company's expectations regarding
expected cash used for operations for the remainder of 2010, the
sufficiency of capital and profitability. Because the Company's
forward-looking statements are subject to risks and uncertainties, there
are important factors that could cause actual results to differ
materially from those in the forward-looking statements. These factors
include the risks and uncertainties disclosed from time to time in
reports filed by the Company with the SEC, including most recently the
Company's Form 10-K for the fiscal year ended December 31, 2009 filed
with the SEC on March 10, 2010. The Company disclaims any obligation or
undertaking to update or revise any forward-looking statements contained
in this press release.
Financial Tables Attached
CERUS CORPORATION
CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF OPERATION
(In thousands except per share information)
Three Months Ended
March 31,
2010 2009
Revenue
Product revenue $ 5,500 $ 3,085
Government grant and cooperative agreements 222 403
Total Revenue 5,722 3,488
Cost of product revenue 3,158 2,094
Gross profit 2,564 1,394
Operating expenses
Research and development 1,250 2,012
Selling, general and administrative 5,270 6,101
Restructuring -- 712
Total operating expenses 6,520 8,825
Loss from operations (3,956 ) (7,431 )
Interest and other income (expense), net (1,066 ) 34
Net loss $ (5,022 ) $ (7,397 )
Net loss per share - basic and diluted $ (0.13 ) $ (0.23 )
Weighted average common shares outstanding used for
basic and diluted loss per share
Basic 38,830 32,590
Diluted 38,830 32,590
Cerus Corporation
Condensed Consolidated Unaudited Balance Sheets
(In thousands)
March 31, December 31,
2010 2009
Cash, cash equivalents, and short-term investments $ 18,986 $ 19,931
Accounts receivable and other current assets 4,688 4,721
Inventories 6,842 7,707
Property and equipment, net 1,116 1,217
Other assets 865 915
Total Assets $ 32,497 $ 34,491
Accounts payable and accrued liabilities $ 6,829 $ 9,709
Accrued restructuring 24 113
Deferred revenue 375 345
Warrant liability 3,699 2,737
Other current liabilities 9 9
Long-term note payable, net 4,465 --
Other long-term liabilities 108 130
Total liabilities 15,509 13,043
Stockholders' equity 16,988 21,448
Total liabilities and stockholders' equity $ 32,497 $ 34,491
Source: Cerus Corporation