CERS - Earnings call transcript Q4 2017

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Operator

Good day ladies and gentlemen and welcome to the Cerus Corporation Fourth Quarter and Full Year Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time [Operator Instructions].

As a reminder, today's conference is being recorded. I would now like to turn the call over to Mr. Director. Relations Investor Lee, Tim Sir, you begin. may

Tim Lee

Executive Thank everyone for XXXX operator call Kevin Obi and Green, and Commercial issued for Moore, today XXst, Financial announcing release our me good thank to our of are Chief President also Cerus' like the Cerus' I'd Greenman, and ended Vivek press quarter joining and Officer; the Jayaraman, Chief Vice afternoon. on you, Carol Officer; Officer; year us Chief Regularly With Affairs company's highlights. financial results the a President Senior and fourth and Quality. recent Cerus describing today. our December business

We events, and statements. and of access related www.cerus.com. will Form and review duty press make and document, the company burn, trials and copy we involve and including the These issuance temporarily U.S. our implementation, obligation and forward-looking under statements approval December will during This in expenses, guidance, we of the update we'll statements an historical cash provide of today's goals materially. potential commercial and other to facts, the announcement activities. and of to including related a on today's year from rather including begin launch events clinical our not this be cause on the on and sales, could the clinical and to activities, will XXXX will of customer product website to contracts, actual hospital existing cell volume, our in time. Officer. in President under this Obi who to our can call events activities and it's final Obi, respect cell these QX mix new release our and are gross undertake described XXXX today. product website -- risks Europe archived guidance contracts activity I'd uncertainties to And include On thereof, and year on with no foregoing Executive now, than events development pleasure for of revenue will closing XX-K with red timing and forward-looking updated commercial and the events statements cryoprecipitate, identified opening by that and Kevin remind and at finally, our to Chief and performance, ended results program, relate my the and XXst, and uncertainties future to future respect cash, shortly. be Cerus' or make forward-looking performance programs, Greenman, the will regulatory full with call red differ Carol, call, some product risks Obi future that forward-looking financial events our These then statements and You initiatives, risk remarks. forward-looking like product future factors statements followed file results, we conclude remarks operating of update to expect any introduce that sufficiency you margins, Examples

Obi Greenman

strong year The greater July and in contributing In XXXX like company French representing platelet contract signed Thank nationwide supplier our million. would annual EFS with key beyond. a expanded our to commercially product components potential a of revenue in I an transfusion to revenue-generating finish EFS million. of from contract market conversion with opportunity has than company review the by platelets. Tim. development signed our the the end the we be with you, EFS, programs. for their second largest was achievements INTERCEPT Cerus continued largest growth progress and to-date the and for XXXX, Revenue made significant is to or on agreement Europe, XXXX, $XX XXXX contract our France these contribution record service both factor and for how to In position $XX.X for

now of blood from platelets we other We Six In platelets gains into than centers in INTERCEPT under U.S. XXXX In Red addition, revenue kit and customers France, Cross. Three approvals centers actively XX and the revenue full progress distributing saw approvals, contract. for Kuwait, received we awaiting are solid our have the United INTERCEPT demand blood made states. Portugal, and growing demonstrating American other the are additional year an shipping with platelet notable growth year-over-year, doubling BLA in more States, components. hospital have BLA including currently XX pathogen-reduced

the has safety guidance not So, two document. that in final publish bacterial it of bacterial a plans platelets QX, took to agency remains top which our FDA safety The indicated priority. indicated actions when

were FDA implementation INTERCEPT document support uncertainties first guidance any this and draft clarifying U.S. replacement the pathogen For in in about December, implementation for and the issued on We of believe a of as required FDA standards the other in reduction our studies blood signals guidance the for approval BLA and standards began around a the interventions, specified of with expectations, rollout technology. validation process. consistent document The both broader centers the the type

by multiple addition more believe may options, We're bacterial recommendation testing reduction. by that which testing be technologies finalization Advisory of in culture incorporation BPAC; in which extensive guidance, committee of of platelet to pathogen of A see to Secondly, centers of weakness Committee ensure in balance statement in major known could hospital products." capacity endorsement of for protocols. see late responsible strong for and INTERCEPT. that the we the the complaint statement Independent with platelet improved the November continue timing asserts of anticipated of BPAC bacterial document that is blood voted "Pathogen this providing pathways, blood culture American include draft safety INTERCEPT FDA's Blood XX% by the expanding bacterial joint highlighted provided meeting or joint safety to production scale Cross demands. of provide guidance, for the and the a support their to two U.S. gratified through Centers, FDA's the have collection additional centers maximum guidance We will The their to Products now are This favor components. with distribution FDA finalization platelet Red the intervention Blood safety more the inactivation blood than America's together

Our most network, across the to this the implementation the INTERCEPT in commitment all the of Versiti of rollout recent Versiti public the of Blood Wisconsin, example extend that of part organization's is BloodCenter including Centers future. near at

impact today including is extended of know trauma post-thaw thawed others We timely and from would key patient highlighting up that five by order and speaking anesthesiologist, like in with days. Turning cryoprecipitate shelf to in providing of massive begin availability to challenge the surgeons, bleeding. control opportunity for the longer we physicians, to to I an life a A potential development the see blood will associated in bank model to than thawed sell our a INTERCEPT hospitals Cerus and programs, a cryoprecipitate and new product improve market business for greater believe could $XXX manufacturers. annually partner and to shelf call to trauma centers centers. directly these that on with we and thawing availability significantly million life the which the also forego the as the cryoprecipitate the opportunity We hospital represents extended Cryo care for ability blood request to INTERCEPT

to provide Cryo call I talk about Now, program. the over to cell and timelines update red on Carol our to turn development for an will our

Carol Moore

being Thank Progress The plasma the INTERCEPT you, file. our has for INTERCEPT by submission regulatory the red -- encouraged products be that supplement approval cell the generated. Obi. therefore, are for the data in-vitro as continued on we program Cryo on upon Cryo will builds submitted a and pathway to and PMA

months expect FDA into XXXX review. in We a This half of could approval XXXX are the six or latter XXXX. planning in first for early approximately this submission potential the half decision of and translate

program, cell SPARC, Moving results major on positive study patients. Phase we reported topline our to from in thalassemia January, our in III red

the safety During cells study chronic as transfused to in exposure successfully anemia, a of of the general, and XX red as there we red in course patients all of favorably this met cells speaks This antibodies in endpoints, of specific red to to X,XXX efficacy support INTERCEPT-treated the red setting INTERCEPT-treated units well of in no were over detected. cells were repeated cell profile and safety study, which particular. the its believe INTERCEPT-treated of

red transferring lab for Mark the We CE year. to in development our file assay to cell contract the we half of process a this continue With are now completed, to testing the assay validation. expect second our UPLC in of

order and of release Our components. of validation to the complete lots the retesting be in final will submission commercial step

manufactured that products. new are assay we reproducible. robust and Our is release related solved we to And of confident the methodology issues UPLC

November, In cell Turning program cardiac to RECIPE advance our surgery Phase the to the protocol approved in in clinic. red for IDE our III continues FDA the study patients. the U.S.,

the work process. with now initiating are We through hospital to study IRB and contracts approval sites starting

We pace, study lasting With anticipated expect to III sites Rico. our cell trial, red to to this this to initiate summer with continues U.S. due study. in enrollment a the XX regard ongoing XX impact Puerto Phase in participating clinical damage RedeS, at an modest of the hurricane

of new rate expand we sites coming the to expect We to pickup the U.S. as months. in enrollment the in see continental

development recall, cell you BARDA. primarily with program funded red contract As our our is via U.S.

budget holds largely the fiscal BARDA to encouraged XXXX that are We see President's proposed funding unchanged. for

their in of specifically to Kevin me pathogen technology efforts it effectively results threat reduction epidemic to over infectious to our review full and priority quarter turn investment respond With a the year the financial emerging for highlighted In fourth XXXX. addition, diseases. the that, let was as to

Kevin Green

and time call million of $XX.X to reported this compared QX Carol, product Cerus. the million of revenue we Thank thanks on interest everyone your today Earlier afternoon, QX in for you, XXXX. XXXX $XX.X to for and

growth prior for our previously illuminator year at Underlying kits, record XX% down and revenue year These the as high the increase for placement. demand the our primarily from to was were million $XX relative guidance, a year-over-year million. XXXX, an the our XXXX. $XX million, QX $XX.X exceeded XXXX to For sales full of end revenue kits. during XXXX up QX revenue illuminator results platelet were quarter Conversely, fourth of in expectations was above product quarter U.S. was set

demand For the full increased year, INTERCEPT kits XX%. for

demand an which as which by metric encouraged for we in are we view the INTERCEPT kits, progress. important We growth measure our by

EFS there with received we were EFS throughout encouraged level higher agreement we France. our believe our and we these kit Initial from orders And completed of are quarter, destocking. orders, fourth the QX from expectations. some kit placements During than by was initial the orders while initial inventory

use continue Based to million $XX of expect our to on to during base our nationwide in previously XX% represents are routine outlook revenue million, we the $XX for current that guidance growth will We reaffirming XXXX, be contract product EFS period. over provided XX% XXXX. which

included not and and our guidance That is, for revenue, we recognized fourth guidance course, million the full year $X.X revenue product of our in BARDA agreement. totaled million government from Beyond XXXX. contract for quarter government the revenue contract $X.X the

kept to to were prior year. factors contracts. kits I'd relative XX% high number coming margins effects the by relatively for year-over-year, the higher the volume of lower gross on XX% Now, from in turn consistent that from proportion for of product sales QX offset platelet were dollar the incentives rates, had which benefit quarter and a sales like discussion plasma foreign our the was exchange margins kits, euro/U.S. including margins. pricing cost to compared Gross offsetting to fourth of There a

XXXX expenses fourth we product the the a for prior management XXXX, to to kits, dollar prior levels sales relative $XX.X the the total move margins compared our XX% revenue XXXX continued quarter and gross for At the focused higher operating remain period. a For expenses, on plasma manufacturing our over kits. margins were the euro/U.S. year the rates, carry and XXs. annual and high platelet which in full operating XXXX, and inventory were gross year. saw were And experienced to of margin with exchange mix will Throughout year XX% improvement million in compared associated stable anticipated million in guidance to $XX.X turning for

minimal in million during expenses time R&D in million QX expenses prior equipment decline Specifically, in incurred XXXX in both SG&A closeout XXXX, in QX from XXXX support of R&D flat $X.X year. study, as purchase QX The ongoing expenses QX resulted year-over-year the from of $X.X declined course, the the to the and quarter XXXX. given in BARDA-related primarily U.S. our relatively Europe the SPARC of to leverage during commercial continued recent in we the of was, were and which and investments expenses of this

that of which continue the XXXX FDA you needed now and continued prior we million contributions XXst, execution development was efforts. levels to December build The $XXmillion EMEA realize out interest approvals, We to $XX increased investment. to ended year and As our expanded associated team commercial that began were year resources for those and building our compared and U.S. clinical our to will the XXXX. period. we in increase we of operating the will The completion XXXX, full expenses from commercial particularly out believe U.S. team tied structure with have recall, in following U.S. the activities, for the BARDA red cell commercial

net On the the the diluted or period. $X.XX of diluted share $XX.X or prior bottom-line, was to million year loss million loss net $X.XX quarter a fourth for $XX.X share per per compared in

per or $X.XX diluted year full million share For a contrasted share. per net were $X.XX $XX.X million loss the XXXX, ending or to net $XX.X December diluted of losses

XXXX approximately for in short-term offering we in million and the Cash Subsequent compared and with the public line $XX.X end, with raised stock. to approximately common $XX full of million at year, during year cash $XX of the XXXX. $XX.X million balance Looking quarterly approximately were operating end used to we estimates fourth ended per million million $XX of our quarter million of sheet, investments average. $XX activities the million the to in $XX.X at

launch years to In the The access additional expect our growth to on ability to pursuit under additional the Obi deliver our and the back planned of in we CE few us closing we development bring And remarks. launch to strategy available U.S. next and growth in INTERCEPT the capital with continued commercial rollout turn and agreement. cryoprecipitate provides the with the the completion France should of facility flexibility over I'll capital capital and products the adoption our will platelets to U.S., addition, pathogen-reduced over storage and INTERCEPT the our become facility in choose throughout to capital extended to pipeline red option plasma over commercial commercial planned INTERCEPT Mark Germany, Europe, exercise that that, on under of and market, including of in us and cells call for

Obi Greenman

We're Switzerland, and the being Europe Since have worked INTERCEPT own of in changes shift continue Belgium, for component contamination in forward and as Austria, market over the pathogen next INTERCEPT also future potential added but pathogen-reduction on FDA States, bacterial to document reimbursement being compelling regulatory establishing risk being had will safety tested leveraging our standard-of-care we is to Europe make reduction United are the chosen Kevin. market reduction we continue become those as but for and expanding bacteria you, commercial measure taking the with realize treated several the Iceland, in in all standard-of-care and safety France and and soon XX team Europe in years. focused reduction. the believe or Today, of the pending as INTERCEPT process. impact FDA discussion in across countries momentum the of centers rights of INTERCEPT Baxter change preferred to plasma Lately, a final the as program Pathogen establish guidance for that guidance the platelets INTERCEPT for and used in driver been have newly measure commercialization pathogen to significant this using catalyst. Qatar Kuwait, look a Western our required a diligently clear established in well. policy, with platelet well. European Germany's We INTERCEPT the almost Reduction Thank of transfused this its contamination over markets now this paradigm leader initially platelets has half with now in document, routinely to the the practice. independent have -- national well-positioned strong from issue bacterial have blood and U.S., either platelets standard-of-care. over globally is

we're headed the key excited about progress and I'm XXXX, areas, making a to pipeline, We're out the topline, all the company. in look I where As tangible as bottom-line.

quarter, as Germany in the horizon revenue and on sales help sustain to strong robust anticipate opportunities, during gains evidenced with in the additional such France the growth. by the momentum at that we experienced fourth U.S. by we Looking topline, led as expected XXXX, growth the

And XXXX, the product closing, to meet our to to long-term resources expanding is and With initiatives, mission, our to remind We economies leverage capacity. the cash our as establish half to to straightforward. about expand CE like but Mark for ability made which have and production to towards improved and to our alone, described within Journal from American BARDA pneumonia Enabling everyone XX near and commercial of these miss deliver I our to finally, continue prevent supplement the patients bacterial Every revenue first including third safe We platelet fatalities request PMA customers the U.S. our work for enable year death commercial U.S. investments contributions hospitals effective such a Clinical of anticipated in by the in such to to growth, mission plans needs blood regard was a to drive with call allocate at One continue to cells employees, units with standard-of-care Pathology. pipeline, made contaminated septic event fatalities, Apheresis evolve in platelet our reason transfused of scale INTERCEPT the platelet many hours have customers Cerus. INTERCEPT for the to platelets. those patients. blood a all is to we centers components. we reduce margins, in implemented this and frequently long-term. wake of this offering here to two reminded generate the hospitals article abroad for patient are the by the the bottom-line, to planned our The growth and this yet effort. from bacteria. a to of the we with been publication components for noted months their be triple acknowledging filing the progress from center and regard multiple Cryo Mitigation dose like blood are derived In and with later close that sustain red in look detailed of for completed. to of the the would and for we've events In Klebsiella blood our globally patient-related our components pathogen-reduced transfused were strategies make we is of I'd both INTERCEPT And collection components tragedies our associated immediate four our aware goal, burn. continue adoption the last in conventional and INTERCEPT day, contaminated

manufacture the members and X proud and million of customers see do blood all across around call Cerus medicine. by as to rollout change making is open availability the blood supporting our field of team implementation and the rapid job Our on to transfusion please with platelets in the and questions. INTERCEPT of blood plasma We're centers broader that allowed in almost center have for Operator, INTERCEPT that great to-date. blood a efforts in the globe evidenced units the global centers safety recent France

Operator

Catherine question Schulte from line Yes from sir. our the Baird. [Operator of Instructions] comes And first

may begin. You

Catherine Ramsey

you are already There was questions. status the a number just implementation. more wondering suggest a us a there I France. EFS that give for sources may nationwide of out there update on Thanks be can guys. Hey in-depth

on EFS are year? suggest And does so the how what ordering throughout what contributes So, thoughts your far?

Obi Greenman

hi just turn over thinking to Kevin guidance of to sort for Catherine, over year. we're to I'll cover the about our turn I'll that -- how that

Kevin Green

all Well, in have know to at the France they Thanks what sites Catherine. INTERCEPT that is been Yes. illuminators and platelets. that producing level some we deployed are

order and in Our history stocking. a some don't we we initial because, and patterns is have minimums uncertainty know, do EFS, guidance you as are the lot contemplates with some there believe there no of the really

at is also We know in do they're the platform. going level. convert to that when they don't know what double-dose that to plan regard we to and it What

all so that. guidance And of our contemplates

Catherine Ramsey

as can their impact centers three how any utilization and anecdotal blood of has how, And since we changed Okay. they give then might BLAs BLAs? received think on, the about demand, you commentary if

Obi Greenman

Yes. Thanks Catherine.

impact I state network been nationwide the think, components platelet their shipping distribution of approvals They to the on and of or on exporting three Red the the products biggest So, one state. are be do know from dependence BLA have Cross, shipping their will of American out another. obviously, We approved. that given

of they been get to that think does INTERCEPT Island So, the access Rhode able have example, otherwise demand from that and clear to struggling to hospitals sort be it ship now platelets. Rhode had from that provide the known XXX%, Island, to supplement address ability example to a But is into wouldn't Connecticut Yale to demand. I for can --

imagine we BLA are centers waiting will that, So, and who forward still are them. blood approvals to the to looking continue get that grow their to other six

Catherine Ramsey

you And a any of they are Cross hospital Red American share and year Okay. from any where initiatives for just have the then conversion and driving for snapshot have further they demand? Can plans one might this last that with give you me. us

Obi Greenman

closest Yes. because is that to Thanks Catherine. turn Vivek, over to I'll he it.

Vivek Jayaraman

Obi. Thanks

Cross. make to progress American the with Red continue great we So,

the technology strong we adopters as making and a initiative I be and in it view terms of think their the them earliest to organization. buying partner for one a all strategic of probably pathogen-reduction

seen they've that ramp XX%. INTERCEPT across talked So, currently of capture sites, ability INTERCEPT-producing the what Meeting, north terms product was they production modification forum active that rates symposium, really And manufacture. the excuse can and in [Indiscernible] recall, encouraging about that production ARC up was deliver volume the AABB me, was the are presented to that they've you'll their incorporated of is if they there of last a -- year, the they at AABB Annual steps where there

attention debt the to currently progress States facilities. we spending. manufacturing place their reside the with by of encouraged a Clearly, continue where organizational really we're them there hospitals to that think in aren't support to we're significant that pleased But in allow making. So, we're amount and BLA that alluded I ARC we're and progress investment making. will Obi the

Catherine Ramsey

you. Thank Great.

Obi Greenman

Catherine. Thanks

Operator

And our from comes line BTIG. question of next Ji Nam Sung the from

may begin. You

Sung Ji Nam

thanks illuminator the the you customers' your pick I was wondering, BLAs taking get up additional approved, for placement BLAs Hi, anticipate from the ARC? do or especially once to questions. the you approved

Obi Greenman

think I would would some don't be that I on. focus

think the I a Crosses illuminators lot that of have the existing at sites. production Red

think determine sufficient. I one is in the that thing BLAs to the have that they once place throughput are

one imagine we're adding sites So go in additional up. bringing so be the that what would could sales is they and increasing the illuminators, ongoing should new on the the same-store But States. about United growth production -- excited volumes hospital then as most demand

Sung Ji Nam

it's a Okay. getting wondering of I was you. with then, provide I I months in could or SPARC since from your potential existing know of if couple only them. discussions that data customers incremental any mentioned lot you know readout, Thank And you your active you're you're been feedback a but customers?

Obi Greenman

Yes.

nice a the customers an incredibly INTERCEPT it's once the is of is those and INTERCEPT the remarks. general, converted we them availability approved. what prepared advocacy In I that of to think red platelets cells strong I have see XXX% over in thing support and that listed

the given XX they that generally a And blood most safeguard is provides pathogen because about thing center. of that and availability. generally just worry the be volume daily times on by cells essentially is mean activation that red blood for they I ultimate the they've are the early what safety taken basis platelets to looking So, on that adopters a for concept are

I to see with nice think, data was then getting CE continue the look And so INTERCEPT So, dialogue to those we'll the Mark to existing it's forward positive. customers. submission the and

Sung Ji Nam

be on some pipeline? other in I any update able processes finally, you then provide was And wondering you. be might Okay. tender the if might that to Thank

Obi Greenman

Thanks.

issued of in on think, been under somewhat there's any way given obviously, until at are point But time. I and awarded that reluctant history. them, given comment those past we're tenders the to a lot have

in same something this to I on tenders play. time, are going So, of encouraged I course the don't the by it's that over think think At the be we're year. we're commenting

Sung Ji Nam

you. Thank Okay.

Obi Greenman

Thanks.

Operator

question comes line next Cowen. Josh Jennings of from our And the from

may You begin.

Josh Jennings

Josh, you there?

Operator

on You mute. may be

Josh Jennings

and asking mute. thinking any Germany I could fourth start was deposit with the sorry, [Indiscernible] wonder strategy ramp results progress. And just on to about Thanks. -- I I'm about quarter within I decision. potential the on that color helpful. be all on the would I'd in if by now Congratulations like How apologize. place? Germany you're

Obi Greenman

Josh. encouraged products. are by year; the it place the much for that anticipates announced put very this the Thanks reimbursement platelets conventional We that INTERCEPT a beginning of national quarter. as reimbursement was over all in premium XX% in And of fourth was

blood submit, months. about we So, a very to getting And healthy don't we XX The are that reimbursement which to -- products our that our actually that what process, called, on premium. Germany. year, will in, take blood focus estimate regulates center be in of to nine efforts, we submit this MAAs customers submit the Paul-Ehrlich-Institut,

of to different university make interest, number and also private the think is already then, that Red of centers Crosses Germany. thing and German XX% centers. I up also we're from in -- has And that other a the market the So, note strong there blood the blood been about

And focused organization. very as an so much we're on that

our to There's deployment a resources to of can. able the quickly MAA We facilitate deploy be scheduling sort submissions are backlog already from to looking as that. help as we

look that's a of get XXXX But think is centers as to be in help work we year a then, their really, first the the think this blood blood And XXXX. MAAs story centers as and in. hopefully, trying through MAAs growth this required in to schedule I XXXX. at going So, revenue process sign those to their approved part with of I the just good these and in to that's regulatory opposed Germany going into many get as

Josh Jennings

just Great. remind INTERCEPT us the platelets? opportunity in market Can Germany you what is for

Obi Greenman

of $XX annually. north its -- million about it's Yes,

XXX,XXX there's So units say, about, platelet close would a to year. I

the way specifications So sort given the size lot just collect the of Germany. in French the a products and doses times platelet of and we of using in sets double more but or the they be triple-dose Germany, two nature market, believe they'll

$XX about So, is million I look annually opportunity. -- the at

Josh Jennings

last line. on Great. question cryoprecipitate And the product one

that would I think to type supplemental data will any be you filing, heard need terms the in it I of put of requirements? a that And details filing? supplemental in what other forward

Obi Greenman

Yes, that address Carol Josh. I'll thanks, let question.

Carol Moore

question. the for Thanks

in plasma last testing. point at a necessary that with what everything So, and laboratory and requirements and at for year our data this the this that the FDA some And gave discuss supplement approval in-vitro some bring it to and forward studies good we're time. us is doing was PMA some FDA we is met looking to process additional for to of

Operator

And you. Thank Craig the Fitzgerald. next comes line Cantor question from of from Bijou our

Craig Bijou

Hi for of couple guys, Kevin, questions. a taking I One, the follow-ups. on I guidance. guess, guess the thanks

You put QX. XXXX. in called revenue obviously, And But you of a out. have growth XX% sales from there's stocking you that did -- in guys product tougher some comp illuminator growth QX up

we little about? just at we I and -- year when be Or little look start the on of looking a it France. should you're that as around cautious guidance bit is thinking the else you're XXXX anything know we being XX%, here? So, I a is But conservatism there mean as

Obi Greenman

Thanks Craig.

had, course, sales with a other had, Kuwait the in think We in a Portugal what and call, Italy XXXX, had sales anomalous purchases. then in well QX of new -- the I had didn't some you other initial we France. The as we illuminator orders. mention, would distributor in thing of as We some bolus I

wouldn't QX baseline that a And and skews XXXX. so for I the as use that sort of results

the until want history encouraged to some by EFS XXXX, we're again, their cautious to we into have uncertainty As decisiveness. confident the extremely U.S., is same-store work But of a absent And look is there and But by a -- we don't and to document. more still we guidance patterns. document encouraged there in with we really be have guidance sales we're that lot and ordering do the growth.

So, guidance balanced. at our our is this -- very feel we point

Craig Bijou

just Thanks. growth Okay. And cadence of year. of throughout the terms guess, I in

think in anticipate should seasonality any the what stocking the on the we that orders the past? Or should normal color With QX, seen year? in we how guess about throughout cadence I you've

Obi Greenman

saw, turn we some those comp. tough a year this in lot the are rely in calendar. Yes. one-time we Historically, the like And QX there beginning last is a QX. of as on the orders can't you generally

but So, guidance. out, overall our into to play that's likely factored annual also

Craig Bijou

Okay. And one one. last

about assumptions ask expecting Just there? wanted in to burn And you're XXXX. cash what

Obi Greenman

Yes.

per million XXXX. able is to. topline which mentioned ultimately in past what existing that's we in we've million to and down expect growth, margins, on employees we'll with the think saw to in managing And similar XXXX utilization I $XX the quarter, that of the the improvement what end $XX.X So, to around million $XX we BARDA initiatives, we're be that from averaging

Craig Bijou

Thanks Great. questions. taking for the

Obi Greenman

Craig. Thanks

Kevin Green

you, Thank Craig.

Operator

any I'm like further for the time. turn now speakers at remarks. would turn back call like the I to this questions I closing to showing -- to no would back now

Obi Greenman

for all you thank Cerus. in today Well, joining interest us for your and

Cowen in presenting Company's will of forward and Conference at that time. you Boston at Healthcare the We in XXth be Annual next look and person to many week seeing

much. updating we then. you Our first Thanks quarter May forward very will call early be in to look and

Operator

thank does you gentlemen, conclude conference. This great and the Everyone, and a you Ladies disconnect. program in day. have all may participating for today's

Cerus (CERS) 8 Mar 182017 Q4 Earnings call transcript