Cerus (CERS) Q2 2024 earnings summary

Executive summary

• Q2 2024 product revenue grew 16% year-over-year to $45.1M, driven by strong U.S. platelet kit sales and global INTERCEPT Blood System adoption.

• Annual product revenue guidance was raised to $175M–$178M, reflecting robust demand, market expansion, and higher expected IFC demand.

• Net loss narrowed to $5.8M in Q2 2024 from $13.3M in Q2 2023, with positive adjusted EBITDA and improved operating performance.

• INTERCEPT Fibrinogen Complex (IFC) demand is increasing, supported by positive clinical outcomes and expanding hospital adoption.

• Positive operating cash flows generated for the second consecutive quarter, totaling $2.4M year-to-date.

Financial highlights

• Q2 2024 product revenue reached $45.1M, up 16% year-over-year; H1 revenue totaled $83.4M, up 20%.

• Q2 product gross profit was $24.7M (up 16% YoY), with gross margins stable at 54.7%.

• Q2 operating expenses declined 19% YoY to $33.9M, reflecting restructuring benefits.

• Net loss narrowed by 56% to $5.8M ($0.03/share); positive adjusted EBITDA of $0.8M achieved.

• Cash, cash equivalents, and short-term investments stood at $71.2M at quarter-end.

Outlook and guidance

• Full-year 2024 product revenue guidance raised to $175M–$178M; IFC revenue expected at $8M–$10M.

• Continued focus on achieving positive adjusted EBITDA and potentially positive operating cash flow for the year.

• Product gross margin expected to remain consistent with Q2 2024 levels for the rest of the year.