Cerus(CERS) - 2024 Q3 - Quarterly Results

Revenue Performance - Product revenue for Q3 2024 was $46.0 million, a 16% increase from$ 39.8 million in Q3 2023[4] - Total revenue for the first nine months of 2024 was $144.6 million, an 8% increase from$ 133.5 million in the same period of 2023[2] - The company raised its full-year 2024 product revenue guidance to a range of $177 million to$ 179 million[15] - Government contract revenue for Q3 2024 was $4.6 million, a 38% decrease from$ 7.5 million in Q3 2023[5] - Total product revenue for Q3 2024 was $46.017 million, a 16% increase from$ 39.772 million in Q3 2023[29] - Nine-month product revenue for 2024 reached $129.461 million, up 18% from$ 109.599 million in the same period of 2023[30] - North America generated $31.514 million in revenue for Q3 2024, a 21% increase from$ 25.983 million in Q3 2023[29] Profitability and Loss - Product gross profit for Q3 2024 was $26.2 million, a 20% increase from the prior year, with a gross margin of 56.9%[6] - Gross profit on product revenue for Q3 2024 was$ 26.199 million, compared to $21.816 million in Q3 2023, reflecting a significant improvement[30] - Net loss attributable to Cerus Corporation for Q3 2024 was$ 2.9 million, significantly improved from a loss of $7.3 million in Q3 2023[11] - The net loss attributable to Cerus Corporation for Q3 2024 was$ (2.934) million, an improvement from $(7.267) million in Q3 2023[30] - The company reported a net loss per share of$ (0.02) for Q3 2024, compared to $(0.04) for Q3 2023[30] - Non-GAAP adjusted EBITDA for Q3 2024 was a positive$ 4.4 million, compared to a loss of $1.0 million in Q3 2023[12] - The company anticipates a non-GAAP adjusted EBITDA for 2024, but has not provided a reconciliation to projected GAAP net loss due to variability in certain components[26] - The company reported a loss from operations of$ 961,000 for the three months ended September 2024, compared to a loss of $5,243,000 for the same period in 2023, indicating a significant improvement[32] Operating Expenses - Operating expenses for Q3 2024 decreased by 8% to$ 31.8 million compared to $34.5 million in Q3 2023[7] - Operating expenses for research and development in Q3 2024 were$ 14.013 million, down from $16.783 million in Q3 2023[30] - Share-based compensation for the three months ended September 2024 was$ 5,830,000, up from $3,979,000 for the same period in 2023, an increase of about 46%[32] Cash Flow and Assets - The company generated positive cash flows of$ 4.1 million from operations in Q3 2024, compared to cash used in operations of $10.5 million in the prior year[14] - Cash and cash equivalents increased significantly from$ 11,647,000 in December 2023 to $21,575,000 in September 2024, representing an increase of about 85%[31] - Total current assets decreased from$ 144,441,000 in December 2023 to $140,612,000 in September 2024, a decline of approximately 2%[31] Liabilities - Total liabilities decreased from$ 144,304,000 in December 2023 to $135,258,000 in September 2024, a reduction of approximately 6%[31] - Current liabilities decreased from$ 67,521,000 in December 2023 to $54,345,000 in September 2024, a decline of about 19%[31] - Non-current inventories decreased from$ 19,501,000 in December 2023 to $14,811,000 in September 2024, a decrease of approximately 24%[31] - Operating lease liabilities – current decreased from$ 2,452,000 in December 2023 to $2,260,000 in September 2024, a decline of approximately 8%[31] Manufacturing and Supply Chain - Cerus expanded U.S. manufacturing capacity for INTERCEPT Fibrinogen Complex following new BLA approvals, addressing growing demand[3] - Cerus is reliant on third-party suppliers for manufacturing and distribution, which poses additional risks to its supply chain[24] - The company faces risks related to regulatory approvals and market acceptance of the INTERCEPT Blood System, which could impact future revenues[24]