Cerus Corporation Reports 8% Revenue Growth to $201.3 Million for Fiscal Year 2024

Cerus Corporation reported a total revenue of $201.3 million for the fiscal year ended December 31, 2024, marking an 8% increase from $186.8 million in 2023. This growth was primarily driven by a 15% rise in product revenue, which reached $180.3 million, attributed to increased sales volume of disposable platelet kits in the U.S. However, government contract revenue saw a decline of 31%, falling to $21.1 million, largely due to the completion of the ReCePI study in early 2024. The company anticipates continued growth in product revenue as market acceptance of the INTERCEPT Blood System increases, particularly in regions where commercialization efforts are ongoing.

In terms of profitability, Cerus reported a gross margin of 55% for both 2024 and 2023, with costs of product revenue rising in line with sales. The company’s research and development expenses decreased by 13% to $58.9 million, reflecting a reduction in workforce and the completion of certain studies. Selling, general, and administrative expenses remained relatively stable at $75.9 million. The company continues to face challenges related to inflationary pressures and rising operational costs, which may impact future profitability.

Strategically, Cerus is focused on advancing its INTERCEPT Blood System, which is designed to enhance blood safety by inactivating pathogens in blood components. The red blood cell system is currently in development, with ongoing clinical trials, including the RedeS study, aimed at assessing the safety and efficacy of INTERCEPT-treated red blood cells. However, the company faced a setback in October 2024 when the Dutch Medicines Evaluation Board concluded that the data submitted for the red blood cell system were insufficient, leading to the closure of its MDR application without approval. Cerus is now exploring strategies for a potential new application.

Operationally, Cerus has a workforce of 281 employees, with a diverse demographic profile, including approximately 62% women. The company has been actively working to expand its market presence, particularly in Europe, the Commonwealth of Independent States, and the Middle East. The INTERCEPT Blood System has received various regulatory approvals, including FDA approval for its platelet and plasma systems, and CE Certificates of Conformity for use in the European Union. The company is also exploring opportunities in China through a joint venture aimed at developing and commercializing its products in that market.

Looking ahead, Cerus remains cautious about its financial outlook, emphasizing the need for continued investment in research and development, regulatory compliance, and commercialization efforts. The company has indicated that it may require additional funding to support its operations and product development initiatives, particularly for the red blood cell system. As of December 31, 2024, Cerus had cash and cash equivalents totaling $20.3 million, with total indebtedness of approximately $84.2 million. The company’s ability to achieve profitability will depend on its success in navigating regulatory challenges, expanding market adoption, and managing operational costs effectively.