Q1 2024 Cerus Corp Earnings Call Transcript
Key Points
- Cerus Corp reported a strong first quarter with a 24% year-over-year growth in product revenue, totaling $38.4 million.
- The company successfully met the primary efficacy endpoint in the Phase III ReCePI clinical trial for INTERCEPT red blood cells, supporting future product expansion.
- Cerus Corp is reiterating its 2024 product revenue guidance of $172 million to $175 million, indicating confidence in continued growth.
- The company achieved a significant improvement in non-GAAP adjusted EBITDA, with a much narrower loss of $2.7 million compared to a loss of $9.8 million in the prior year period.
- Cerus Corp generated positive operating cash flows of $2 million for the first quarter, a notable improvement from the $8.5 million used in the prior year period.
- EMEA first quarter product revenues were down 9% year-over-year due to delays and timing of order fulfillment.
- Government contract revenue decreased to $5 million in Q1 from $7.5 million in the prior year period, primarily due to the completion of the U.S. Phase III ReCePI clinical trial.
- The company's net loss, although narrowed, still amounted to $9.7 million for the first quarter.
- Cerus Corp faces uncertainties with foreign exchange rates, which could potentially impact future financial results.
- Regulatory progress, particularly under the MDR process for CE Mark, remains uncertain with ongoing reviews and pending feedback that could affect timelines.
Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Cerus Corporation First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Jessica Hanover, Cerus Vice President of Corporate Affairs. Dr. Hanover, you may begin.
Thank you, and good afternoon. I'd like to thank everyone for joining us today. As part of today's webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.serus.com. With me on the call are Obi Greenman, Cerus' President and Chief Executive Officer; Vivek Jayaraman, Cerus' Chief Operating Officer; Kevin Green, Cerus' Chief Financial Officer; and Carol Moore, Cerus' Senior Vice President of Regulatory Affairs and Quality.
Cerus issued a press release today announcing our financial results for the first quarter ended March 31, 2024, and describing
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