Cerus(CERS) - 2025 Q1 - Quarterly Results

Revenue Performance - First quarter 2025 product revenue was $43.2 million, a 13$38.4 million in the prior year[4] - Total revenue for the first quarter 2025 was $48.9 million, including government contract revenue of$5.6 million, reflecting a 13% growth year-over-year[4] - The company reiterated its full-year 2025 product revenue guidance of $194 million to$200 million, indicating an expected growth of 8% to 11% from 2024[16] - Adoption of INTERCEPT Fibrinogen Complex (IFC) increased, with first quarter 2025 revenue of $3.0 million compared to$1.9 million in the prior year[4] - Cerus Corporation reported product revenue of $43,239,000 for the three months ended March 31, 2025, representing a 13$38,365,000 in the same period of 2024[29] - North America saw a 22% increase in revenue, totaling $30,601,000, while international revenue decreased by 9$12,211,000[29] Profitability - First quarter 2025 product gross profit was $25.4 million, a 20$21.3 million in the prior year, with a gross margin of 58.8%[7] - The gross profit on product revenue for the same period was $25,424,000, up from$21,272,000, indicating a positive trend in profitability[31] - The company reported a net loss of $7.7 million for the first quarter 2025, an improvement from a net loss of$9.7 million in the same period last year[12] - The net loss attributable to Cerus Corporation decreased to $7,717,000 in Q1 2025 from$9,688,000 in Q1 2024, reflecting improved financial performance[31] - Non-GAAP adjusted EBITDA for the first quarter 2025 was positive $0.2 million, compared to negative$2.7 million in the prior year[13] - Adjusted EBITDA for Q1 2025 was $157,000, a significant recovery from a loss of$2,709,000 in Q1 2024[35] Expenses and Investments - R&D expenses for the first quarter 2025 were $16.6 million, up 15$14.5 million in the prior year, driven by development costs for the INT200 device[9] - Research and development expenses rose to $16,605,000 in Q1 2025, compared to$14,482,000 in Q1 2024, indicating ongoing investment in innovation[31] - Total operating expenses increased to $36,891,000 in Q1 2025 from$34,281,000 in Q1 2024, reflecting higher costs associated with growth initiatives[31] Cash and Assets - Cash, cash equivalents, and short-term investments totaled $80.9 million as of March 31, 2025, slightly up from$80.5 million at the end of 2024[14] - Cash and cash equivalents decreased slightly to $19,476,000 from$20,266,000, indicating a need for careful cash management[33] - The company’s total assets as of March 31, 2025, were $206,776,000, up from$200,917,000 at the end of 2024[33] Market Trends - The number of treatable platelet doses in North America increased by 17%, while the international market saw a decline of 10%[27] - The company submitted an updated CE Mark application for the INTERCEPT red blood cell system, with the review process underway[11]