Cerus Corp (CERS) Q3 2023 Earnings: Product Revenue Stable, Operating Expenses Decrease by 4%
Third quarter 2023 total revenue of $47.3 million, with product revenue of $39.8 million.
Operating expenses for Q3 2023 were $34.5 million, a 4% decrease from the same period in the previous year.
Net loss attributable to Cerus Corporation for Q3 2023 was $7.3 million, compared to a net loss of $8.5 million in Q3 2022.
Cash, cash equivalents, and short-term investments were $79.0 million at the end of September 2023.
On November 2, 2023, Cerus Corp (NASDAQ:CERS) released its financial results for the third quarter ended September 30, 2023. The company reported a total revenue of $47.3 million, which included product revenue of $39.8 million and government contract revenue of $7.5 million. The product revenue remained stable compared to the same period in the previous year.
Financial Highlights
Operating expenses for the third quarter of 2023 were $34.5 million, a 4% decrease from the $36.1 million reported for the same period in 2022. The decrease in operating expenses was primarily due to reduced headcount and decreased non-cash stock-based compensation.
Net loss attributable to Cerus Corporation for Q3 2023 was $7.3 million, or $0.04 per basic and diluted share, compared to a net loss of $8.5 million, or $0.05 per basic and diluted share, for Q3 2022.
The company's cash, cash equivalents, and short-term investments stood at $79.0 million at the end of September 2023. Cerus Corp (NASDAQ:CERS) also reaffirmed its commitment to achieve non-GAAP adjusted EBITDA breakeven in the fourth quarter of 2023.
Company Performance and Future Outlook
Cerus Corp (NASDAQ:CERS) reported that it had completed Phase 3 ReCePI study enrollment in cardiovascular surgery patients, with top-line data readout on track for Q1 2024. The company also attended its first in-person AABB Annual Meeting since 2019, where presentations highlighted the growing experience with the benefits of INTERCEPT-treated products.
Looking ahead, the company is adjusting its full-year 2023 product revenue guidance to a range of $155 million to $158 million. This adjustment is primarily due to the timing of the recent execution of an IFC sales agreement with one of the largest U.S. producers of cryoprecipitate.
Conference Call Details
Cerus Corporation will host a conference call to discuss the companys financial results and provide a general business overview and outlook. The live webcast can be accessed on the Investor Relations page of the Cerus website.
Explore the complete 8-K earnings release (here) from Cerus Corp for further details.
This article first appeared on GuruFocus.
