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Cerus Corporation Reports Second Quarter 2012 Results

Cerus Corporation (NASDAQ: CERS) today announced financial results for the second quarter ended June 30, 2012.

Second quarter 2012 results:
  • Revenue of $9.2 million, a 37% increase from the second quarter of 2011;
  • Operating expenses of $8.4 million compared to $8.3 million incurred during the second quarter of 2011; and
  • Cash of $26.7 million at June 30, 2012 compared to $31.5 million at March 31, 2012 and $25.8 million at December 31, 2011.

First half 2012 results:
  • Total revenue of $18.0 million, a 35% increase from the first half of 2011;
  • Product revenue of $17.9 million, a 38% increase from the first half of 2011; and
  • Operating expenses of $16.3 million compared to $15.6 million incurred during the first half of 2011.

“Cerus continued to deliver strong growth during the second quarter, with increased demand for INTERCEPT disposable kits,” said William ‘Obi’ Greenman, president and chief executive officer of Cerus Corporation. “We reiterate our 2012 guidance for revenue of $34 million to $36 million. We continue to make encouraging progress within our red blood cell program and we expect to initiate our Phase III acute anemia trial in Europe in the third quarter, the first of two European Phase III studies planned to start this year.”

Revenue

Revenue for the second quarter of 2012 was $9.2 million, derived entirely from product sales. These revenues represent a 37% increase from the $6.8 million recognized during second quarter of 2011. The increase in revenue was driven primarily by a 37% increase in year-over-year demand for INTERCEPT disposable kits.

Total revenue for the first half of 2012 was $18.0 million, up from the $13.4 million recognized during the first half of 2011. Product revenue for the first half of 2012 was $17.9 million, and represented a 38% increase from the first half of 2011. The increase in product revenue during the first half of 2012 over 2011 was driven primarily by a 46% increase in demand for INTERCEPT disposable kits.

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