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Cerus Corp's CERS Q4 FY21 product revenue was $39.9 million, compared to $28.2 million, driven by increased sales of INTERCEPT platelet kits to blood center customers across the U.S.
- Total revenue increased 49% to $50.1 million, beating the consensus of $44.2 million.
- Product gross profit was $20.4 million and, for the second consecutive quarter, was the highest in the company's history, increasing by $4.4 million over the prior-year period.
- Product gross margin was 51.1% compared to 56.8% for the fourth quarter of 2020 and roughly flat compared to the second and third quarters of 2021.
- The company said that a decrease in product gross margin was anticipated, as U.S. customers primarily use single-dose platelet kits, which have a lower margin than double dose kits, which the company's international customers more typically use.
- Cerus posted a EPS loss of $(0.05), lower than $(0.09) a year ago and the consensus of $(0.08).
- The company held cash and equivalents of $129.4 million as of December 31, 2021.
- Cerus carried $54.7 million of notes due and a balance on its revolving line of credit of $14.7 million. The company continues to have access to $5 million under its revolving line of credit.
- Guidance: Cerus reiterated the FY22 product revenue outlook of $157 million - $164 million, representing approximately 20%-25% Y/Y growth.
- Price Action: CERS shares closed lower by 1.50% at $5.25 on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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