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Cerus Corporation (NASDAQ:CERS) today announced financial results for the fourth quarter and year ended December 31, 2011.
Fourth quarter 2011 results:
Total revenue of $10.4 million, a 61% increase from the fourth quarter of 2010;
Product revenue of $9.9 million, a 66% increase from the fourth quarter of 2010;
Operating expenses of $7.6 million compared to $7.4 million incurred during the fourth quarter of 2010.
Full Year 2011 results:
Total revenue of $33.0 million, a 43% increase from 2010;
Product revenue of $30.6 million, a 41% increase from 2010;
Operating expenses of $30.4 million compared to $27.0 million during 2010;
Cash of $25.8 million at December 31, 2011 compared to $30.0 million at December 31, 2010.
“2011 was our highest revenue year to date, driven by almost 40% growth in disposable kit demand year over year,” said William ‘Obi’ Greenman, president and chief executive officer of Cerus Corporation. “We expect product revenue will continue to grow in 2012, with anticipated product revenue in the range of $34 million to $36 million. This represents growth of approximately 11-18% in U.S. dollars, or 20-25% when comparing revenue in constant currency.”
Total revenue for the fourth quarter of 2011 was $10.4 million, up from $6.5 million recognized during the fourth quarter of 2010. Product revenue was $9.9 million during the fourth quarter of 2011, representing an increase of $3.9 million, from $6.0 million recognized during the fourth quarter of 2010. The increase in product revenue during the fourth quarter of 2011 from the fourth quarter of 2010 was driven by a 49% increase in demand for INTERCEPT disposable kits and the December 2011 tender awarded to us for illumination devices in Russia. Government grant revenue in support for the development of the red blood cell system was $0.5 million during both the fourth quarters of 2011 and 2010.