Cerus second-quarter product revenue for INTERCEPT Blood System increases 47% to $5.7 million

Published on July 30, 2010 at 5:00 AM · No Comments

Cerus Corporation (NASDAQ:CERS) today announced financial results for the second quarter ended June 30, 2010.

“A fifth straight quarter of record product revenues reflects the increasing familiarity of the INTERCEPT product in both routine use and clinical experience. Our technology is now available to more and more patients”

Revenue for the second quarter of 2010 was $5.9 million, up from $4.2 million recognized during the second quarter of 2009. Total revenue for the first six months of 2010 was $11.7 million, up from $7.7 million recognized during the first six months of 2009. The increase in revenue for the second quarter and first six months of 2010 was due to growth from product sales of the INTERCEPT Blood System. Product revenue for the INTERCEPT Blood System was $5.7 million during the second quarter of 2010, representing an increase of $1.8 million, or 47%, from the second quarter of 2009. Despite average foreign exchange rate erosion of 8% between the U.S. dollar and the Euro, product revenue grew by 4% from the first quarter of 2010. Product revenue for the first six months of 2010 was $11.2 million, up from $7.0 million during the first six months of 2009. Government grant revenue recognized during the second quarter of 2010 was $0.2 million, compared to $0.3 million recognized during the second quarter of 2009. Government grant revenue for the first six months of 2010 was $0.5 million, down from $0.7 million in government grant revenue recognized during the first six months of 2009.

Gross margins for the second quarter of 2010 were 51% compared to gross margins of 40% for the second quarter of 2009. Gross margins for the first six months of 2010 were 48% compared to 40% for the same period in 2009. The improvement in 2010 gross margins is attributable to lower per-unit costs of INTERCEPT Blood System product sold in 2010 compared to 2009.

Total operating expenses for the second quarter of 2010 were $6.5 million, down from $7.2 million for the same period in 2009. The decrease in operating expenses reflects the full effect of the Company's 2009 restructuring plans announced in March 2009. Operating expenses for the first six months of 2010 were $13.1 million, down from $16.0 million during the same period in 2009.

Net loss for the second quarter of 2010 was $5.4 million, or $0.14 per share, compared to a net loss of $6.2 million, or $0.19 per share, for the second quarter of 2009. Net loss for the first six months of 2010 was $10.4 million, or $0.27 per share, compared to a net loss of $13.6 million, or $0.42 per share, for the same period in 2009.

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