CERS - Earnings call transcript Q4 2018

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Operator

Good day, ladies and gentlemen and welcome to the Cerus Corporation Fourth Quarter and Full Year 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, there will be a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Tim Lee, Investor Relations Director. begin. may you Sir,

Tim Lee

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

the ongoing ongoing You development operating you our future my and who can results, December performance remarks will facts on events forward-looking related who or forward-looking company’s XXXX and on materially. regulatories to forward-looking They to will would future rather financial our some will and goals, the www.cerus.com. obligation commercial year guidance thereof. product and duty as in growth development that this operations, timing our gross product of and include with growth margins, followed risks XXXX XX-K provide we in These Kevin today’s future statements. historical those and events, and Examples that commercial to Greenman, access no from we We remind like sales, our statements begin I call a at closing today’s launches, next, copy financial will under on file and the future regulatory differ operating including efforts, XX, than trials, announcement strategy, product our performance our Obi ended our results factors website Cerus’ clinical statements of future to described make Obi statements and remarks. and to are and financial undertake the Officer. relate activities Form of expenses, opening cause On with future and statements. and update actual activity and as now, introduce update well of we an identified risk call, to for President providing Obi, uncertainties which pleasure it’s review forward-looking Executive shortly. involve will press release can are our by Vivek this results Chief And

Obi Greenman

Investors ask now for U.S. Thanks, the Tim. pathogen standard that would history XXXX Cerus. often key two of for set reduction care. the the different landscape in market what the have is Cerus’ was long of say in context a shifts become year successful I there been to stage and

for in strong maintained has FDA of the blood supply. pathogen safeguarding advocacy their reduction the First, U.S. role the

any each option While pathogen at has need featured the changing safety for set removes an draft as that options, is new a testing consistently guidance featured point reduction bacterial bacterial of tests. at

recent most Gottlieb’s the share the guidance. FDA draft language from press December company Commissioner release, Let the me and

ensuring products. challenges emerging risk contamination alternatives product I in blood made can think associated we screening blood logistical reducing safety keep through that have the in costs while better we and innovations blood to the continue some the strides pace great support of donor and laboratory testing, and with reduce of with of pathogens

to of further, X efforts. of the be reduce on months the reducing that the anticipated effective of the related technologies to safety. of from to application agency’s the blood potential blood guidance the safe availability guidance updated XXXX part products Gottlieb used ultimately further safe pathogen FDA microbial for safety week, an blood, And important addition of including of contamination risk guidance blood their the saying increase cost while continued testing the measurably the advances reduction to long later, blood is approximately announced In documents, and bacterial supply of pathogens and emergent publication overall. technology known planned and list Last

can the of appropriations the a consolidated accelerate final guidance for legislation issuing year direction a acceleration in reduction, am revenue XXXX. We yet safety product We blood also not to of finalized clarity for adoption recent our Agriculture, compliance compliance this believe saw includes which falling a that’s Department typically deadline year. in would pathogen the but any of compliance With this providing XXXX guidance set I be XX-month the the on guidance. this this rate bacterial draft guidance period assumed specific effect for deadline safety

Biomedical XXXX the an is perhaps Services. that the second new blood of Red President in in are recognize willing confidence pathogen Cross industry the letter the reduction. shift of hospitals open among centers This was value most described American U.S. growing The important eloquently by reality to

for Speaking well critical Red blood center the new of technologies. uptake renovation U.S. argued blood future and pricing as community, sustaining of center blood any for supply the through operations improved at financial recovery healthcare blood is U.S. Cross Improving adoption for the value-based cost components. as

our to who results, day We significant country Beyond INTERCEPT programs. of platelet a increase expectations. we transfusion France our treated highest our patients platelet care as France a quarterly components standout This pathogen every with France these with the which XXXX and and commercially the reported. INTERCEPT full two reduction have ever impact. product the of X,XXX patient delivering finished landscape, exceeded U.S. team internal in our global in standard critical benefits to from and in made our XXXX revenue significant now we receiving changes both became alone, adopt receives a on a equates year latest approximately year progress technology. development commercially market was

transfusable productive development than XXXX our We with a of year, for treat the components. million product ship are also to inflection point business. portfolio. X This to a approaching we to scale of kits our regard critical was expect INTERCEPT more year

solely product within Cerus, a our the the able the operational we available hospitals designation, patients. and that about patients make which providing on to are excited pathogen-reduced and that because product, dedicated a of in of product We believe particularly team was to access speed have the and commercial which will the more life-saving will opportunity the bleeding execution to commercial for formed accelerate the in XXXX. intervention. product by clinical In important are cryo recognition impact we represents launch company for hope be focused the cryoprecipitate we FDA device pathogen-reduced of validated its breakthrough can clear rapid with it have fully We this with importance clinically

and in study, of beyond X for sites XXXX to also we expanded over blood initiated With program ReCePI, the into our our application Phase on surgery cardiovascular RedeS that, efficacy December the is transfusion submission INTERCEPT our studies results cell Rico commercial in Puerto the the INTERCEPT the evaluating one treated study color let regulatory milestone. also Mark cell conducted in Our This red red from by the was study CE Vivek provide an to operations. Spark X ever me and it largest patients. thalassemic Phase important population. U.S., additional transfusion supported enrollment In of safety turn

Vivek Jayaraman

Obi. you, Thank

of guidance. the at the associated experienced for year-over-year experienced kit dynamics pending extend as growth North producing the expand in continues FDA half and the illustrious pathway of targeted sites in future U.S. last increasing scale we as fourth awareness the market. nation-wide. with result licensure efforts sales the reminder at of America our of strengthen FDA the response XX well transmitted led the a Investor in product guidance in by number as end all quarter, the now approval Cross platelets well market of sites final of sales, of to they by manufacturing platelets INTERCEPT rapid October, document. Intercept Taking kits submission, to growth to infections. as a of platelet with Cross advantage progress approval their Red growing U.S., the in Since the in transfusion XX our Red awareness first but The as four regions. approximately number driven in sites we study the in demand presentation near-term platelet the During the the half for risks allows to CBE-XX continued to hospitals supply In gains strong INTERCEPT XXXX. their of our have are is of are their an QX of team’s of commercial American using Day rapidly they first December This preparing producing BLA of approximately the pathogen-reduced the case

of fueled number This implementation Other expect product In starting applications French growth the banking a major driven of and revenue our resulting distributor out market XXXX And country the four the over much to least, by and we submitted driven in Last Poland the penetration with blood believe early promising we a will primarily for be of conversion to contributors of in and in XX% a X of the the authorities, industry. performance its Our Kedrion foundation from not in the by in INTERCEPT to platelets include growth conversions last starting market growth manufacturing delivered but come. of nationwide in German further INTERCEPT X from uptake are EMEA Red of the of and region by Italy, including Spain year’s strong German national the the has growth demonstrated Madrid multi-year in was prospects both We Crosses. trajectory. consolidate platelets. market. already XXX% future double-digit authorizations phase INTERCEPT France were platelet year, Warsaw year-over-year growth centers primarily quarters partner, years U.S.

U.S. anticipate a market, that, from revenue licensure. quarter of from contributions sustained Looking for following Kevin financials. over and our Germany growth full ahead, to commercial let pipeline further fourth contribution opportunities me and turn the year it With from the we review incremental

Kevin Green

fourth kit with during fourth and of of strong U.S. you, contribution sales were product compared Vivek quarter reported to quarter QX of afternoon driver from Disposable once for recorded year. good million million Today, again a $XX.X revenue sales. we kit last $XX.X Thank everyone. growth the the

product For in million a full XXXX. full a over compared in year kits year for prior revenue million, increase the From mix disposable of the during a increase This perspective, up into XX%. to into totaled of approximately global to the for revenue the quarter XX% compared full year, XX% translated of accounted year $XX.X kits $XX.X demand the year. for full fourth platelet recorded product product the the XX% our

contemplated mix we as of most As a not QX you than in impact kits in agreement. revenue the $X.X of gross Barda margins government revenue our generate gross past, is our generally Switching to year. we higher with know, contract providing reported significant during Though separately guidance, mentioned any gears, platelet margin has is a compared totaled prior product products. from have million $X.X contract revenue our on million other that the also that government

full the year, contract the million was For full to government for $X.X XXXX. year of million revenue compared $XX.X

product other France. on conversion XX% to favorable turn QX the product QX quarter to fourth mix, the let’s results. benefited platelet double-dose kits from XXXX. margins sales Now, margins for platelet dose kits quarter of EFS from from partial the for Gross revenue to in XX% were gross by single compared including

the XXXX. both XX% and totaled year, For full margins XXXX gross in

overall larger look benefit ahead, increase prior a compared the QX continue of kits platelet our $XX.X proportion and $XX.X revenue to during as of to same scale margins economies in to million expenses as to year. volumes overall we continue period million manufacturing totaled our expect the results. become Operating during As product product we from

fourth XXXX. for XXXX. fourth full operating U.S. full million was million $XX.X For totaled the $XX.X year-over-year million in The higher operating $XX.X increase SG&A compared due $XX.X commercial primarily SG&A million of to of Of of compared during year, were during the million the expenses expenses, to year activity. to the expenses the expenses quarter $XX.X quarter

the the and submission, for plasma. see To claims red this in were quantitative year. at including Phase put preparation CE leverage the our mainly For count well as for for platelets for the that million SG&A INTERCEPT development business U.S. year, XXXX was the X SG&A higher increase Research up blood in continue. costs, product prior the million $XX.X the compared context, XX%. modest INTERCEPT $X.X we development quarter the during million expect X% while the studies head full year, Mark SG&A expenses to million are due activities totaled from revenue primarily the compared Despite with continuing and $XX.X to on to to the activities during and the the The as costs. expanded clinical tied clinical aimed was to in label was up expenses increase to increase cells, of $XX.X

compared full For $XX.X the R&D to in expenses $XX.X million million year, totaled XXXX.

R&D As red we increase for to blood contemplate XXXX, program funded expenses elevated largely cell Barda. we expect activity our due to by U.S.

QX and program. the for quarter more associated incur We sites $X.XX the $XX.X compared RedeS trials per both costs will have net begin with Net fourth increased year-over-year expect loss and numbers totaled XXXX. or diluted loss or red of diluted blood to million and enrollment of we a share million cell related to other share non-trial U.S. for to ReCePI $XX.X in per $X.XX

million XXXX. or or share $X.XX full per per to For net diluted share $XX.X loss diluted a the year, $XX.X in of $X.XX loss compared totaled net million

ended approximately the a investments we hand $XX to million lean levels Throughout XXXX. on capital of in end and in sheet, million working able compared our balance to were tightly XXXX position our of historically DSOs. $XXX cash terms with XXXX, we low at with manage solid approximately In inventory

anticipated which of will and to capital well as capacity are beyond, quality, result in XXXX the use XXXX in and as in reduction working relative With likely investments COGS anticipating an investments higher XXXX. initiatives, in growth increased cash in we

reaffirm call $XX range turn want million our to XX% I to million the year-over-year to a product increase. XX% I guidance back revenue Before of representing Obi, over $XX to XXXX

the driven U.S. will already the market by contrast some With Vivek back we it experienced we let in that, of driven EMEA closing in revenue expect growth Obi adoption to As INTERCEPT highlighted, primarily in me XXXX. to continued growth comments. turn the XXXX be for over

Obi Greenman

Thank you, Kevin.

outlining our goals today Let major XXXX. me by for close

plan our product on commercial stated to revenue to we First, goals. continue on success and our deliver build to

development partnerships supplement the the programs. advances year our center filing of includes for U.S. U.S. planned PMA we for expanding stage number also cryoprecipitate commercialization second in our the we this pathogen-reduced Second, of half expect currently and in important blood beyond X This have the setting XXXX. in potential

and of INTERCEPT red data PMA Mark review the the For is finalize for hospitals study. expect blood FDA U.S. in filing pathway our to our requirements chronic and ReCePI under we expand to number cells, participating CE transfusion in the

we chain and our anticipated Third, Supply Chain year Bill and provide On expanding and Moore to manufacturing this and steps that will growing critical Operations Senior margin the support of our in kit operational of front, our capacity improve take volume expertise Manufacturing, the demand be for our of additional profile XXXX of this will will ensuring as integrity gross to coming manufacturing President with beyond. our ability supply growth. in deployment Vice earlier

another contributions would in their year Operator, tireless please successful have the past I who to Finally am the this open dedication their important closing, dedicated XXXX to Without looking for questions. success. XXXX. would employees and thank milestone year. a cause, forward not like the our helped and effort call continued we I shared make to achieved in

Operator

with Instructions] [Operator [indiscernible] you. first comes question BTIG. Our Thank from

Your is line open.

Unidentified Analyst

questions. with quarter guidance? and thanks maybe starting taking wondering the not the the guidance platelets product revenue from the your for fantastic also final XXXX Congrats for year. I Hi does clarification on contemplate was impact the FDA out

Obi Greenman

correct. That’s

Kevin Green

That’s correct.

Unidentified Analyst

And in guidance types curiosity, options the Okay. the that to or do to XXXX? very you reduction And customers be then of adopt begin are some anticipation then your available out that that options is effect, terms might final draft will guidance similar different the pathogen to of anticipate to throughout the other of just that be of available?

Kevin Green

Yes.

the was options of to comments. sort in of responsive being of increase was that number regard And some we for centers. issued what think the document, December FDA the past saw to revised blood think an in draft I I available guidance with the the was

I X of which specifically, safety the by the I have address many think market. think bacterial offering top in our from overall United XX% and platelets XX%, preferred of the Red roughly to we acknowledged the perspective, represents the in centers American States, product been that’s Cross, blood and

ease current production context in the options to guidance. the well an from So, I of we’re and just transfusion-ready in the outlined positioned ability product have a think the hospital, at the platelet overall of

don’t included is the your anticipate I change really So, to to really centers the guidance don’t to of overall attractive expect INTERCEPT the document period. have place question, the of because obviously think is which comply a will comment once option an established question, I there. is previous blood I of we lot that complexity that another that your do but We the platelets, feature. They have pathogen-reduced part finalized, options will your the it’s answer number preferred yes. the – think I – it with sort guidance from last I for in much, a then there of in suggested were answer options, think And standpoint, clearly reimbursement

final As alluded with my blood alternative an INTERCEPT would value-based existing track about sensitivity incentive And record methodologies say pricing the the platelets. the adopt components, INTERCEPT-treated actually remarks, centers coming there in very from to INTERCEPT ongoing overall has bacterial do thing preventing extra of to the I I is is, strong platelet them reactions transfusion approaches. that can fact the prepared septic in culture and over a that’s for concern

Kevin Green

Larry, you might one Yes, have other comment.

Laurence Corash

note I longer overwhelmingly methodology to bacterial amplify, important held that it’s has no that will FDA current using position the people the Yes, detection are to acceptable. consistently think just that be

you what coming choose. may no option So, changes matter

Unidentified Analyst

you is timing you. do makes and the that Mark approval? us would you And Could do CE then again red submission. process how the anticipate long take sense. the remind on Thank when review you that, cell the for anticipate, just Okay, when what just

Obi Greenman

in we that thought roughly it we believe – submitted December, around when review we this time. a XX-month would be Yes,

And anticipate could but an us place so we further approval that regard get timeline, we as that will with take XXXX. the questions inform that, currently to in

Unidentified Analyst

one just wondering, increase provide just help how you be the to Great. last don’t me, guidance helpful? And revenue, expect for in If guys BARDA but to for think near-term Thank maybe was XXXX I could model XXXX? then for us that if would you just a that in versus know that significantly – Kevin, you. your you about

Kevin Green

Sure, Sung Ji.

enroll RedeS to prepared going from a That’s as and in I to contributor ReCePI those more So, to in XXXX. expect be more do sites within sites and revenue remarks, patients. with increased both the mentioned we direct reported and cost BARDA in in

if sites you think at or the look you providing to, off recognized assuming BARDA we million we so would more that’s enrolling patients model at on guide of $X.X we’re not I in and more QX guidance number. formal the what sites, in although these that that

Unidentified Analyst

Okay, thank you.

Obi Greenman

Thanks, Sung Ji.

Operator

Thank you.

Our next Catherine Schulte question comes Baird. with from

Your line open. is

Catherine Schulte

cryo a for that big Obi, post thanks how Hi, forming you’ll today you much you do the team, how and dedicated launch? questions. think is mentioned that team grow

Obi Greenman

I don’t direct that? is that of team, take that overseer the have think Why so, he should you why I Vivek because take

Vivek Jayaraman

good title. overseer, Direct

for question, that is Catherine, small team the relatively So, time. thanks point at this in

in planned the We pull dedicated the in have and folks for go-to-market four cryo launch. here strategy the U.S. to that are the other

approved, will before we’ve be BLAs talked past a launching about I partnership. manufacturing think where as initially, have within we the states we filed the product are in and

and product filed, scale to are allow BLAs appropriate. as then will on us initial team So, adoption, we’ll read that get as the

for and better the be excitement receptivity with with hospital specifics the of that adoption get is market ultimately back scale. demand be able identified for that believe what me, But the there’ll the customers more a healthy sense we back we’ll product. we’ve we on with do amount a anticipation I –come with about and product excuse you to you, think come to once

Catherine Schulte

those Okay, mentioned we you And When is how think their into the come German contribution X guidance you that’s submitted baked of for do approvals X Crosses through? helpful. could then has much from Germany, see Red MAAs.

Vivek Jayaraman

when take will approval speculate to to of process get that large as anticipate XXXX. we’ll challenging part approvals. always It’s the We the

in a it’s we’re pretty taking as terms said important the in course Day. in So, that foundational the small we of to contributor comprises, we that market access to and discussed these are the can as over XXXX do that guidance amount. the see component steps large to Germany relatively Having of get of period, back we forecast Analyst the that, October at and growth ensure period a our Germany multi-year

Catherine Schulte

received if then one And me. early last from any Mark red questions you Thanks. you’ve any on your Have or gotten CE feedback there? cell curious, Okay. comments just submission,

Obi Greenman

Yes, I’ll question. – Catherine I’ll question, that the answer let Carol for let thanks,

Carol Moore

some request from Hi, for been that on this we have to at in review CE the first clarifications some interactive which very We’ve process start we Yes, with are body some to general body and is our question. that Mark. gotten TUV notified right the thanks clarification and for the point, but documents TUV, now. a regulatory just asked

Catherine Schulte

you. Thank Great.

Obi Greenman

you. Thank

Operator

you. Thank

Our Jones Drew comes with next from question Stephens.

Your line is open.

Mason Carrico

Hey questions. guys, this Mason taking Drew. on is Thanks for for the actually

Obi Greenman

problem. no Yes,

Kevin Green

Hi, Mason.

Mason Carrico

XXXX this provide much I from at sorry color in how can platelet U.S. coming any covered? growth if prepared but illuminator sufficiently is guidance, potential sales, on is versus So the missed kits remarks, looking from you

Kevin Green

The from see Mason, Yes, centric XXXX our of is sales and U.S. The EMEA going growth although, be driver. in majority U.S. growth we’ll many regions. growth is platelet sales, platelet to a thanks. from predominantly in majority

Mason Carrico

manufacturing of Okay, your in what are understood. manufacturing How footprint needed launch? expectations need? opportunity, do support expect to the you many that partners And the for cryo terms will you

Obi Greenman

and current the think time at X target really and is initially product launch the X states we now launch because ship will in No, where key us the right need of give we’ll of somewhere out BLA we state. of between presence to requirements the our that

the range X to is time launch So, what at targeting. really through we’re of the X

Mason Carrico

it. Got

you thank guys. Okay,

Obi Greenman

you. thank Yes,

Operator

Thank you.

question with Our comes Josh Cowen. from Jennings next

open. Your line is

Josh Jennings

this pillar, [ph] guidance as year. – think your document would Is guidance from wanted on just in and that quarter Is and I remarks, said post-draft by off on your general the back to FDA? good start timeline that that timing prepared from, be Hi, detail I your of in helpful? afternoon. just just that year. anticipated a the of Congrats that to terms the kind as end the where release getting other in well final of the any you is in coming you’re statement again the press

Obi Greenman

agenda was published but the having specified timing of no Yes. the specific FDA. of appropriations about week, that funds There legislation end last the in for was guidance in in this were was CBER guidance September Agriculture FDA that of finalized the language There the by which Department the document year.

Josh Jennings

So, end of September. Is that right?

Obi Greenman

Yes.

Josh Jennings

Okay. Is that a fiscal year?

Obi Greenman

Yes.

Josh Jennings

Thank you. fantastic, Okay,

if have new AABB that’s So, the and cases have cases anymore impactful, then of in unit the – platelet uproar there any bit but – know and reported sepsis just I contaminated sepsis been an U.S.? from fall kind have there been of any of was transfusions been you in that – that little

Obi Greenman

you handle do Larry, want that. to

Laurence Corash

that some cases pathogen acinetobacter, well. been INTERCEPT unusual be bacteria quite inactivates cases particularly some have reported. there contaminant, for there reported to continued Yes, called a which an but is

Josh Jennings

despite thinking their then conversion such to specifically revenues questions. about should from in for year comp coming growing thinking the we Great. XXXX, about in XXXX just in doubles, strong And conversion doubles? in the France taking to the a Thanks France be

Obi Greenman

Vivek Yes, thanks, I’ll respond. Josh. let

Vivek Jayaraman

impact that France from to think indicated to a exiting top-line this individual to They third in they was get in process really revenue time going that’s that double-storage in our at so call, $X that conversion to million have wanted of we each the terms XXXX. LV million about stated XX% plays be center. and are see of To $X year. last then quarter the manufacturing to – Josh probably of previous add we to calendar kit. year, in for We – there headwind north DS At the indicated XXX% SV kits as started they out I we kits the

headwind seeing so growth the solid of And that spite top-line from France. in we’re

we significant convert with we will growth the business to as in So, geographies in the they more offset contributing, other France decrease see we’ll there believe opportunities kit. U.S., the that are with our than DS core that

Josh Jennings

again. thanks Great,

Obi Greenman

Thanks, Josh.

Operator

Thank you.

Our next Cantor question Craig Bijou from comes with Fitzgerald.

is open. line Your

Jordan Abrams

This is Jordan for on Abrams Craig.

in a adding about additional can You in relative the today sense? talk is you goes where capacity, and touched it but on remarks, it prepared where maybe it manufacturing

Obi Greenman

obviously, supply, time are as we given market, in progress so our especially standard quality of the a and things and of thinking the Yes, making as that capacity about towards care. our we the spend lot our business position mission scale we of

over timeframe we’ve guidance doubling in of manufacturing last again we to our been this for sort couple and have Kabi, such the could capacity we Fresenius of in doing and final respond of place a years with partner, throughout now that that mentioned end XXXX, that So, the plans year the previously.

capacity to So, we’re this need this, I like to guidance. years And years the of clearly think you down I think spot, for need that impending long-term we sort situation make to road. X in and we to – looking that quality in a a ensure X it’s that but the team is want good the focused always be on investments the final

Jordan Abrams

taking thanks. revenue throughout Great, should cadence the about for we think how one And more high-level, ‘XX? questions. Thanks

Obi Greenman

Yes, handle one. the last Kevin, I’ll let you

Kevin Green

namely American the the and has smooth Red who decreased EFS, as XXXX Yes, the converting that customers some volatility. on we standardized throughout Cross, well as the platelet from the so And large out really really revenue benefited quarter-over-quarter ramp platform.

patterns As patterns trajectory. growth our expect order we we and look on order overall is to predicated that XXXX, continue those and those guidance

so less should that in quarter-over-quarter XXXX we volatility maybe expect saw And and XXXX. we dynamic

Jordan Abrams

Okay. Thanks.

Obi Greenman

Thanks, Jordan.

Operator

for remarks. call I’m the to And back turn I’d Greenman this closing you. at Obi to over like showing further no time. questions Thank

Obi Greenman

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

participating will in be two We upcoming investor conferences.

We Healthcare the in actually next many First, Cowen tomorrow, in month, and we we’ll in Conference Conference XXth the there be seeing Annual be of at Healthcare you Thanks person. will to very forward much. participating look BTIG Snowbird the in participating Boston.

Operator

wonderful today’s day. Ladies for concludes your Have a this and gentlemen, Thanks participation. conference.

Cerus (CERS) 26 Feb 192018 Q4 Earnings call transcript