Cerus (CERS) TD Cowen 45th Annual Healthcare Conference summary

Financial performance and guidance

• 2025 product sales are guided at $194–$200 million, following 15% product revenue growth in 2024 driven by U.S. and international platelet franchises and strong IFC performance.

• Margins are stable at 55% with potential upside from cost reduction initiatives and economies of scale; positive EBITDA achieved in 2024 is expected to be durable.

• Leverage is expected to increase as SG&A investments yield greater depth in existing accounts and expansion.

U.S. platelet market and technology evolution

• Intercept platelets hold about two-thirds of the U.S. market, with the American Red Cross at 100% adoption and ongoing share capture from later adopters.

• COVID-19 slowed new adoptions but deepened penetration in existing accounts; renewed interest is seen as operations normalize.

• Seven-day shelf life is available globally except in the U.S. and Germany; efforts are ongoing to expand this claim.

• New LED illuminator CE mark approval in Europe is expected to strengthen customer engagement and pricing power.

International growth opportunities

• Global platelet market penetration is under 10%, with significant runway in China, Brazil, the Middle East, Germany, and Japan.

• China regulatory approval is expected this year, followed by an 18-month reimbursement process and commercialization.

• Middle East and Germany are showing strong partnership and contracting progress, influenced by U.S. standards and peer adoption.