CONCORD, Calif.--(BUSINESS WIRE)--
Cerus Corporation (NASDAQ: CERS) today announced financial results for
the first quarter ended March 31, 2011.
Total revenue was $6.6 million during the first quarter of 2011, up 16%
from the $5.7 million recognized during same period in 2010. Product
revenue for the INTERCEPT Blood System was $6.2 million during the first
quarter of 2011, up 12% from the $5.5 million recognized during the same
period in 2010. Disposable kit sales to customers drove the
year-over-year growth. INTERCEPT disposable kits sold during the first
quarter of 2011 represented over 90% of reported product revenue.
Government grant revenue in the first quarter of 2011 was $0.4 million,
compared to $0.2 million in the first quarter of 2010.
“Our first quarter results provide a solid start toward achieving our
guidance of 20% total revenue growth in 2011. The year-over-year growth
in sales of our disposable kits is a healthy sign of increasing demand,”
said William M. Greenman, president and CEO of Cerus Corporation. “We
also believe 2011 will be an important year for our development
programs, as we prepare for Phase III trials of the INTERCEPT Blood
System for red blood cells in Europe and work with the U.S. Food and
Drug Administration to clarify approval pathways for all three INTERCEPT
programs.”
Total operating expenses for the first quarter of 2011 were $7.4
million, up from $6.8 million for the same period in 2010. Development
work on the red blood cell system was the primary driver of the
increased operating expenses, particularly research and development
expenses. Research and development expenses are expected to increase
modestly over the coming quarters as the Company moves closer to
initiation of the Phase III trials of the INTERCEPT Blood System for red
blood cells.
Net loss for the first quarter of 2011 was $5.0 million, or $0.11 per
share, compared to a net loss of $5.3 million, or $0.14 per share, for
the first quarter of 2010.
At March 31, 2011, the Company had cash, cash equivalents and short-term
investments of $24.4 million, compared to $30.0 million at December 31,
2010. Cash used for operations during the first quarter of 2011 was
higher than the quarterly rates seen in 2010. This was in part a result
of certain charges relating to Cerus’ acquisition of BioOne Corporation,
which were accrued for in 2010 and paid during the first quarter of 2011
and the Company’s purchase of additional inventory in anticipation of
increased demand for its products.
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
866-235-9006 (U.S.) or 631-291-4549 (international).
A replay will be available on the Cerus website, or by dialing
800-642-1687 (U.S.) or 706-645-9291 (international) and entering
conference ID number 44950670. The replay will be available
approximately three hours after the call through May 11, 2011.
ABOUT CERUS
Cerus Corporation is a biomedical products company focused on
commercializing the INTERCEPT Blood System to enhance blood safety. The
INTERCEPT system is designed to reduce the risk of
transfusion-transmitted diseases by inactivating a broad range of
pathogens such as viruses, bacteria and parasites that may be present in
donated blood. The nucleic acid targeting mechanism of action enables
INTERCEPT treatment to inactivate established transfusion threats, such
as hepatitis B and C, HIV, West Nile virus and bacteria, and is designed
to inactivate emerging pathogens such as influenza, malaria and dengue.
Cerus currently markets and sells the INTERCEPT Blood System for both
platelets and plasma in Europe, the Commonwealth of Independent States,
the Middle East and selected countries in other regions around the
world. The INTERCEPT red blood cell system is 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
operating expenses, planned clinical trials and demand for the Company’s
products. 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, 2010 filed with the SEC on March 16, 2011. The
Company disclaims any obligation or undertaking to update or revise any
forward-looking statements contained in this press release.
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CERUS CORPORATION
CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS
(In thousands except per share information)
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Three Months Ended
March 31,
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2011
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2010
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Revenue
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Product revenue
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$
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6,183
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$
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5,500
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Government grant and cooperative agreements
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436
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222
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Total Revenue
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6,619
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5,722
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Cost of product revenue
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3,445
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3,158
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Gross profit
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3,174
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2,564
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Operating expenses
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Research and development
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1,808
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1,250
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Selling, general and administrative
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5,528
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5,270
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Acquisition related costs
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--
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251
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Intangible asset amortization
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50
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--
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Total operating expenses
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7,386
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6,771
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Loss from operations
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(4,212
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)
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(4,207
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Interest and other expense, net
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(798
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)
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(1,066
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)
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Net loss
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$
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(5,010
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)
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$
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(5,273
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)
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Net loss per share – basic and diluted
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$
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(0.11
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)
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$
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(0.14
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)
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Weighted average common shares outstanding used for basic and
diluted loss per share
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Basic
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47,450
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38,830
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Diluted
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47,450
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38,830
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CERUS CORPORATION
CONDENSED CONSOLIDATED UNAUDITED BALANCE SHEETS
(In thousands)
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March 31,
2011
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December 31,
2010
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Cash, cash equivalents, and short-term investments
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$
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24,357
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$
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30,009
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Accounts receivable and other current assets
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5,990
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5,789
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Inventories
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9,126
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5,957
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Property and equipment, net
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2,274
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2,390
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Purchased intangible assets and goodwill
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3,215
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3,266
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Other assets
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718
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756
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Total Assets
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$
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45,680
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$
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48,167
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Accounts payable and accrued liabilities
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$
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10,594
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$
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9,243
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Deferred revenue
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161
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248
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Long-term debt, current
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1,811
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1,747
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Warrant liability
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9,743
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8,465
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Long-term debt, non-current
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2,654
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3,131
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Other long-term liabilities
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1,598
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1,601
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Total liabilities
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26,561
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24,435
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Stockholders’ equity
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19,119
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23,732
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Total liabilities and stockholders’ equity
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$
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45,680
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$
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48,167
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Source: Cerus Corporation