Investors Focused Stock: Cerus Corporation (NASDAQ: CERS)

0
184
Cerus Corporation,CERS

Shares of Cerus Corporation (NASDAQ: CERS) closed the trading at a price of $5.63 with the positive/negative change of -0.88%. In the past session approximately 812,335 shares were exchanged against the average daily trading volume of 899,503 shares. The stock touched to the maximum level of $5.67, and it reached the lower level of $5.56 in past session.

Cerus Corporation (CERS) reported recently financial results for the third quarter ended September 30, 2018.

Third Quarter Highlights and Recent Events

  • Third quarter product revenue of $15.4M, a 43% raise contrast to the third quarter of 2017
  • Year-over-year worldwide disposable kit volumes raised 85% in the third quarter of 2018
  • 2018 product revenue guidance revised upwards to a range of $58M to $60M, representing an raise of 33% to 38% contrast to 2017 product revenue
  • Notified TÜV SÜD in October of the Company’s request to file its planned CE Mark submission in 60 days for INTERCEPT red blood cells
  • Received FDA Breakthrough Device Designation for pathogen-reduced cryoprecipitate

“The market adoption of the INTERCEPT Blood System continues to be strong with third quarter product revenue totaling $15.4M,” stated William ‘Obi’ Greenman, Cerus’ president and chief executive officer. “Year-over-year product revenue growth was driven by sales of INTERCEPT platelet kits and was broad based with all major geographic regions delivering gains. Given our strong year-to-date results and increasing visibility into our commercial pipeline, we recently revised our 2018 product revenue guidance to a range of $58M to $60M.”

Revenue

Product revenue during the third quarter of 2018 was $15.4M, contrast to $10.8M during the same period in 2017. The raise in third quarter product revenue was led by gains in platelet kit sales, which were partially offset by a year-over-year decline in illuminator sales. Third quarter 2017 illuminator sales benefited from the initial instrument shipments pursuant to the Company’s expanded supply contract with EFS, the French National Blood Service. Year-to-date product revenue totaled $44.4M, an raise of 62% contrast to the same period of the previous year.

Government contract revenue from the Company’s Biomedical Advanced Research and Development Authority (BARDA) contract was $3.9M during the third quarter of 2018, contrast to $2.3M during the same period in 2017, as a result of increasing INTERCEPT red cell clinical and development activities. Year-to-date government contract revenue totaled $11.4M contrast to $5.4M in the first nine months of 2017.

Gross Margins

Gross margins on product revenue during the third quarter of 2018 were 47%, contrast to 50% for the third quarter of 2017. The change in gross margin was primarily attributable to lower selling prices associated with high volume consumers, and to a lesser extent, the unfavorable impact of foreign exchange rates. Gross margins through the first nine months of 2018 were 48% contrast to 51% in the same period of the previous year.

Operating Expenses

Total operating expenses were $24.8M for the quarter ended September 30, 2018, contrast to $20.1M for the quarter ended September 30, 2017. Year-to-date, operating expenses totaled $72.2M contrast to $66.0M in the same period of the previous year.

Selling, general, and administrative (SG&A) expenses for the third quarter of 2018 totaled $14.0M, contrast to $12.2M for the third quarter of 2017. The year-over-year raise was primarily tied to higher commercial activity in the U.S. Year-to-date SG&A expenses totaled $42.0M, contrast to $40.1M during the first nine months of 2017.

Net Loss

Net loss for the third quarter of 2018 was $14.2M, or $0.11 per diluted share, contrast to a net loss of $13.4M, or $0.12 per diluted share, for the third quarter of 2017. Year-to-date net loss was $41.4M, or $0.32 per diluted share, contrast to a net loss of $49.1M, or $0.46 per diluted share, in the first nine months of 2017.

Cash, Cash Equivalents and Investments

At September 30, 2018, the Company had cash, cash equivalents and short-term investments of $119.0M, contrast to $60.7M at December 31, 2017.

At September 30, 2018, the Company had about $29.9M in outstanding debt under its loan contract with Oxford Finance contrast to $29.8M at December 31, 2017.

CERS price volatility for a month noted as 4.48% however its price volatility for a week documented as 2.18%. The corporation holds 134.96 million outstanding shares and its 133.03 million shares were floated in the market.

LEAVE A REPLY

Please enter your comment!
Please enter your name here