Net Loss Attributable to Cerus Corporation
Net loss attributable to Cerus Corporation for the fourth quarter of 2022 was $13.6 million, or $0.08 per basic and diluted share, compared to a net loss attributable to Cerus Corporation of $9.1 million, or $0.05 per basic and diluted share, for the fourth quarter of 2021.
For the full-year 2022, net loss attributable to Cerus Corporation was $42.8 million, or $0.24 per basic and diluted share, compared to a net loss attributable to Cerus Corporation of $54.4 million, or $0.32 per basic and diluted share, for the full year 2021.
Non-GAAP Adjusted EBITDA
Non-GAAP Adjusted EBITDA for the fourth quarter of 2022 was negative $3.7 million, compared to non-GAAP Adjusted EBITDA of negative $4.3 million for the fourth quarter of 2021. Full-year 2022 non-GAAP Adjusted EBITDA was negative $12.4 million, compared to non-GAAP Adjusted EBITDA of negative $29.5 million for full year 2021. For additional information, please see definitions and the reconciliation of this non-GAAP measure to net loss attributable to Cerus Corporation accompanying this release.
Balance Sheet & Cash Use
At December 31, 2022, the Company had cash, cash equivalents and short-term investments of $102.2 million, compared to $103.8 million at September 30, 2022, and $129.4 million at December 31, 2021.
As of December 31, 2022, the Company had $54.9 million outstanding on its term loan and $14.9 million drawn on its revolving credit facility. The Company continues to have access to $5 million under its revolving line of credit.
For the fourth quarter of 2022, net cash used in operating activities totaled $1.8 million as compared to $1.2 million during the prior year period, while for the full year 2022, net cash used in operating activities totaled $25.6 million, compared with $33.9 million for the full year 2021. The full-year decrease in net cash used in operating activities was driven by increased product sales and underlying gross profit, as well as by the timing of payments and continued inventory related purchases and payments related to incentive compensation.
Reiterating 2023 Product Revenue Guidance
The Company expects full-year 2023 product revenue will be in the range of $165-$170 million.
Quarterly Conference Call
The Company will host a conference call at 4:30 P.M. EDT this afternoon, during which management will discuss the Company’s financial results and provide a general business overview and outlook. To listen to the live webcast, please visit the Investor Relations page of the Cerus website at http://www.cerus.com/ir.
A replay will be available on Cerus’ website approximately three hours after the call through March 14, 2023.
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