Cerus Corporation (NASDAQ:CERS) closed Thursday’s trading session at $6.48, almost two weeks after it released its 2018 financial results including news of a record fourth quarter.
The company announced that its Q4 2018 product revenue was $16.5 million, just slightly higher than the $16.2 million that the company reported for the corresponding period in the previous year. Cerus had strong gains during the quarter, but then it was pulled down slightly by illuminator sales decline on a year-over-year basis. Illuminator shipments provided a healthy boost to product revenue in 2017 courtesy of an expanded supply agreement between Cerus, French National Blood Service, EFS and plasma kit orders.
Meanwhile, the product revenue for the entire year 2018 hit the $60.9 million mark which represents a 40% surge from the figure reported in 2017. Cerus also revealed that it earned $3.7 million in the form of government contract revenue from its agreement with the Biomedical Advanced Research and Development Authority (BARDA). This deal was made in Q4 2018, and the amount is slightly higher than the 2.4 million government contract revenue that the firm earned in Q4 2017.
“Our recent momentum is expected to continue into 2019 as we push forward on our mission to establish INTERCEPT as the standard of care for transfused blood components globally,” stated Cerus CEO, William ‘Obi’ Greenman.
Cerus earned a total of $15.1 million in the form of government contract revenue from BARDA agreements in the fiscal year 2018. The amount was almost double the $7.8 million government contract revenue that the company earned in FY17.
The company’s Q4 2018 total operating expenses amounted to $27.3 million versus the $20.3 million reported in the corresponding period in 2017. Cerus’ full-year 2018 operating expenses amounted to $99.4 million compared to $86.3 million in the previous year.
Cerus reported a $16.2 million, or $-0.12 per diluted share net loss for the fourth quarter, 2018. This was slightly higher than the Q4 2017 net loss of $11.5 million, or $-0.10 per diluted share. The net loss for the entire year FY18 was $57.6 million, equivalent to $-0.44 per diluted share. This was, however, slightly lower than the $60.6 million equivalent to $-0.56 per diluted share net loss that the company reported in FY17.