Cerus (CERS) Misses Q4 EPS by 1c, Revenues Beat

Cerus (NASDAQ: CERS) reported Q4 EPS of ($0.12), $0.01 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $26.5 million versus the consensus estimate of $25.3 million.

Recent developments and highlights include:

• Total fourth quarter revenue of $26.5 million.
  • Record fourth quarter product revenue of $20.9 million, a 27% increase compared to the prior year quarter.
  • Government contract revenue of $5.6 million.
• Continued increase in worldwide demand for INTERCEPT kits during the fourth quarter with the calculated number of treatable platelet doses up 23% during the quarter compared to the same period in 2018.
• Provided 2020 annual product revenue guidance of $89 million to $93 million, representing an approximately 20% to 25% increase over 2019 reported product revenue.
• Strengthened balance sheet with an upsized public offering of common stock in January 2020 raising gross proceeds of $63.3 million.
• Received CE mark approval for pathogen-reduced 5-day thawed plasma.
• Entered collaboration with the National Trauma Institute to supply INTERCEPT plasma for the PROpOLIs clinical study, a U.S. Department of Defense funded clinical trial evaluating use of INTERCEPT plasma in traumatic burn resuscitation in 94 patients at 5 U.S. sites.

“We exited 2019 on a high note with record quarterly product revenue and anticipate the momentum that we experienced this past year will continue into 2020,” said William ‘Obi’ Greenman, Cerus’ president and chief executive officer. “We are looking forward to another successful year, as we expect many U.S. blood centers and hospitals to opt for INTERCEPT platelets as a strategy to comply with the final FDA guidance document on platelet safety. These institutions are on the clock and have just 13 more months to become compliant with the FDA Guidance.”

The FDA guidance document on bacterial risk control strategies for platelets calls for all blood centers and hospitals to be compliant with new safety requirements by March 31, 2021.

“In addition to our commercial objectives goals for the year, we are looking forward to important regulatory milestones throughout 2020, led by our expected PMA-supplement submission for pathogen-reduced cryoprecipitate in the first half of the year,” continued Greenman.

2020 Product Revenue Guidance

The Company expects 2020 product revenue to be in the range of $89 million to $93 million. The guidance range represents approximately 20% to 25% growth compared to 2019 reported product revenue.

For earnings history and earnings-related data on Cerus (CERS) click here.

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