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Cerus Corporation Reports Fourth Quarter And Year-End 2012 Results

Stocks in this article: CERS

Cerus Corporation (NASDAQ: CERS) today announced financial results for the fourth quarter and year ended December 31, 2012.

"We believe 2013 will be a pivotal year for Cerus in which we plan to both complete our INTERCEPT plasma PMA submission and begin planning for the PMA filing for INTERCEPT platelets,“ said William "Obi" Greenman, president and chief executive officer of Cerus Corporation. "In addition, we anticipate revenue in the range of $41 million to $43 million, representing 12% to 17% growth or 16% to 21% when compared in constant currency, building on our 2012 revenue growth.“

Revenue

Product revenue for the fourth quarter of 2012 was $10.5 million, a 6% increase over the fourth quarter of 2011. The increase in product revenue was driven by 14% growth in demand for INTERCEPT disposable kits during the fourth quarter of 2012 compared to the fourth quarter of 2011.

The Company did not recognize any government grant revenue during the fourth quarter of 2012, as government grants in support of the Company’s red blood cell system had been fully utilized by January 2012. During the fourth quarter of 2011, the Company recognized $0.5 million of government grant revenue.

Product revenue for the year ended December 31, 2012 was $36.7 million and represented a 20% increase over product revenue recognized during the year ended December 31, 2011. The year over year increase in product revenue was driven primarily by 28% growth in demand for INTERCEPT disposable kits.

Government grant revenue for the year ended December 31, 2012 was $0.1 million, down from $2.4 million recognized during the year ended December 31, 2011. The last government grant awarded to Cerus in support of the Company’s red blood cell system occurred in August 2011. The Company does not currently expect any government grant revenue for the foreseeable future.

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