Cerus Stock Gains As Q2 Earnings Match Expectations, Raises FY21 Sales Guidance

Cerus Corporation CERS reported second-quarter sales of $37.8 million, +41% Y/Y in line with the consensus.
Product revenue reached $31.5 million, compared to $21.5 million a year ago, benefited from increased demand for INTERCEPT platelet products in the U.S.
Government contract revenue was $6.3 million, compared to $5.3 million in Q2 2020.
Product gross margin declined to 51.3% compared to 54.9% in the prior year. The decline was attributable to increased sales to U.S. customers, who typically use the Company's lower margin single dose platelet kits, compared to double dose kits used more broadly outside of the U.S. Additionally, increased freight costs also contributed to the decrease.
Net loss was $(0.09) per share, in line with expectations.
The Company had cash, cash equivalents, and short-term investments of $122.8 million.
FY21 Guidance: Cerus increased product revenue guidance to $118 million - $122 million, compared to $110 million - $114 million prior.
The revised guidance represents approximately 28% - 33% Y/Y growth.
Price Action: CERS shares are up 14.1% at $5.85 during the premarket session on the last check Wednesday.

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