CERS - Earnings call transcript Q4 2024

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Operator

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Cerus Corporation Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Nupur Lipik, Cerus Investor Relations Adviser. Ms. begin. may you Lipik,

Unknown Attendee

good today. like and for thank joining us afternoon. you, to I'd everyone Thank

of webcast, part can As today's follow. that displaying you slides we are simultaneously

quarter ir.cerus.com. the You results press Greenman, Obi Chief Operating and Moore, year Vivek Relations slides fourth Officer; access Financial Officer; President on Vice a from announcing Senior Executive XX, Cerus' can website call Carol the Cerus' at December Jayaraman, With recent Chief are and Kevin and me issued Cerus' the the release Officer; Cerus' Investor Chief for our XXXX, financial and Cerus President. today company's the highlights. ended describing business Green,

described and operating XXXX, operating and our performance, cash for for revenue operating EBITDA that guidance, growth non-GAAP future on potential performance margin adjusted including Mark rather announcement to related year release, slide can materially. bottom the forward-looking to like under our product They Factors uncertainties coming EBITDA. our Form non-GAAP measures at measures, and results differ and performance company On could identified some in a this GAAP. events, fact. XX, expectations future discussing be undertake the financial and positive for non-GAAP of for forward-looking statements ended presented growth CE in and cause and our INTERCEPT measures events facts and website the and our will considered trajectory, for submission adjusted a cells line to gross These statements involve with those our flows are that XXXX, obligation historical you expectations update that call, statements. I'd and presentation We duty in risks expectation we statements in and other of will XX-K and These statements we call not Risk today's including historical Examples our press of be December You forward-looking not the accordance to non-GAAP access relate make our for forward-looking our days. and today's this in are and financial on a replacement statements. are www.cerus.com. supplement new expected than no expense remind to or results, XXXX file we enhanced will which copy future red to also include should blood a actual

presentation pleasure comparable to release financial financial For press a most opening measures, our to XXXX Vivek of by then and website. remarks discuss and introduce the We'll today my Cerus' recent begin of Obi. and and the expectations President review And highlights, to reconciliation from available now non-GAAP slide business GAAP today's for financial Obi, measures it's to on lastly, refer to Greenman, Kevin please followed from Obi results Executive Chief the Officer. remarks closing our with rest

William Greenman

to expectations a for care on to I'd you, off Blood successfully our globally year and performance of that milestone in of and full adjusted long of in and growth for minutes Building continued XXXX and INTERCEPT our our improvements. well in continue full company as our we portfolio achieved and as the everyone. Thank good history the year. XXXX will invest strong like full standard the establish a for few business the afternoon, open call spending transfusion by reflecting as System this was to XXXX year product as Nupur, its INTERCEPT we've EBITDA us the medicine. positive our allow

into This the business, Vivek INTERCEPT expansion business with our the Fibrinogen timely are in centers where pathogen the or experiencing was the demand internationally in across XXXX further bleeding we market, transfusion global and and our highlights the inactivation strong hospitals manufacture double-digit patients technology major product IFC with to we U.S. along that the demand of IFC Complex in providing them. who components of for intervention services year-over-year insights an fueled the inactivated complications. transfuse underscores momentum our Our for critical importance rising in continued platelets impact revenue blood the components are growing in growth will for and U.S. clinicians important INTERCEPT-treated blood by pathogen provide and

our strong quarter and delivering For bottom year performance the financial strategy fourth cash flows. line executed XXXX, full and robust we operating effectively,

the EBITDA. net we shortly, will X% line GAAP of and product financial that of results. detail Kevin our earlier focusing adjusted attributable with positive anticipate year-over-year health bottom foundation while line growth to company non-GAAP announced to year, XX% narrowed in XXXX strong on and revenue loss With the As key this growth our year-over-year double-digit guidance highlights forward include and

outlook and blood are red INTERCEPT in the more Mark to we enhanced collaborate would a to coming results turn as our for On on the for along SÃœD TÃœV Europe, cells, update We XXXX. progress front, XXXX, in our plan and have months. new submission those and a continuing development notified detailed with with CE these potential solidify plans the body, like RBCs. on closely to call full commercial to developments year discuss over now color on I for the to fourth Vivek the quarter

Vivek Jayaraman

everyone. and afternoon, Thank good you, Obi,

we a XXXX, top to committed return growth. entered we line As to

team, to meet to transport challenges blood cross-functional we XXXX. customers, started enable clearance line that compared we in U.S. receive life and kits at partners with state X believe our not shelf the platelet of to We headwinds. with center to performance of ability solid month most combined were successfully growth, strong were yet delivering partnership Thanks XX% growth compelling our production across we Cerus the to them of many by able lines. on our to our these with time, the the BLA While top without year IFC commitment in had to address IFC and deliver

stage the U.S. balance demand in platelet We set fourth the markets. we for driven In XXXX, growth well in saw from decade. contributions for business this strong as franchise. global meaningful particular, as commercial key IFC results strong of In addition, for on strategic we made delivered our primarily that growth our of our compelling by progress initiatives international quarter will the

PR trends in Canadian stabilized, example, is at their our witnessed an now Services which a market XXXX, adoption platelet XXXX. we Blood As platelet donor and for XXX% previously production. were normalization Overall, in core headwinds in

key In growth several addition, we of meaningful progress our made initiatives. on

start platelet XXXX, across we of signs we global franchise. seeing traction As our are strong

meeting, the reported As last we AABB annual which place in Houston, quarter, excellent showing in at October. took an had Texas

at the hospitals predicted, translated inbound in we we blood centers. into inquiries, from spike both a AABB witnessed As and interest

quarter, ramping BLA this center meet IFC a manufacturing in production are process demand. During of partners few IFC increased received and to volumes the up of blood our approvals

in As is value banks with grows, demand. hospital reduced being order momentum our wastage XXXX up meet ensure to We acute access as are to in real-world experience greatly Clinicians the with ramp blood IFC IFC product to proposition production highly exited well as franchise, earlier value availability. Fibrinogen in that strong our appreciate to we continuing validated. assumed see that and volumes to both from time reduction our growing order focus and is

is growing and exited the confident line U.S. ability revenue anticipate manufacturing in we meet global This in platelet with IFC in our further are As clinical in expected to to the come our stated as XXXX deliver preliminary we top the real capacity, in expanded share franchise. line our to strength business are U.S. expansion continue and with expect to compelling franchise as sight internationally. we we guidance, experiencing We growth in momentum capture and IFC begin from XXXX into our of we growth. demand

and from performance trajectory, very and on rewarding global today on collaboration wait calls. we back to INTXXX Most for launch to in helping access blood great can't are poised commitment be progress efforts excited to EMEA updating center future continue for forward. during our products. I blood in financial are the year, to our to and you reaffirm in around outlook the to our ensure project we gaining and it partners, deliver this with and is for in now product Cerus that It this world commercial that As growth input over The a results new market. forward in we outlook them. turn are more illuminator look the moving forward teams new more their of importantly, the it's strong exciting, to and I'm we will result XXXX. patients This so to XXXX to to discuss operational and detail. innovation are to and our is our do quarterly close look grateful Kevin to we a is at

Kevin Green

full for On our results listening. everyone the our to well XXXX year for be as as XXXX. quarter hello fourth call, and Vivek, guidance revenue discussing Thanks, and today's financial I'll product

highlight success Finally, key some term. I'll improvement off move of solid are continued we as base the XXXX focused on factors toward over a forward, long we building the financial that

year XX% latest and January, in representing revenue preannounced ahead XXXX were revenues XXXX full product product As million, our $XXX.X of growth guidance year-over-year.

representing U.S. platelet platelet product XXXX, For of $XX.X growth increases X%. of sales our year-over-year revenue from the posted bulk of growth quarter. product sales this the quarter well fourth EMEA million, revenue as we as of drove

In up around headwind FX the slight basis basis, full FX revenues EMEA on by fourth top had was the up points XX% XX a growth results. prior The impact on we When product realized FX of drove for fourth the basis, XXXX of points. to XX% EMEA quarter see that rates XXXX were of year our largely impact were on levels growth, business significant opportunities uptake. to over quarter North and prior we growth when and the a to XXXX INTERCEPT Full And driven franchise On the While revenues levels QX quarter XXXX blood the also platelet center looking our prior rates was little at to X%. year year-over-year. prior penetration provided of year over XXXX up XX% headwind EMEA, a around year. much a expansion. comparative the QX for little year revenues comparing no almost product of period organizations, American full IFC This where provided business by XXXX, when comparing sales basis business. at fourth the year, increased continue U.S. exceeded product IFC XX year consolidated

sales XXXX platelet levels the million. $X.X our full over plasma and up to franchises, XX% year, for Beyond IFC by were

IFC up million period, by standing accounts. we year more $X For product orders existing QX revenue prior million, posted within in of and depth the driven XXXX, roughly from $X.X

the guidance, to the $XX.X prior compared clinical year in to XXXX decline. driver quarters, trial with our XXXX million for QX completion included and ReCePI prior addition $X.X III to was product for not government the U.S. our Consistent million the in In contract in million period. our revenue $X.X totaled primary for for of dialogue $XX.X compared revenue million and Phase

As delivering we the and access ahead, to advancing our continue on contracts we federal to look government expect safe components. blood patient with

and our to gross now product Turning margins. gross profit

profit million, the the $XX.X gross up for For was million XXXX. year, from full product $XX.X

quarter gross as margins for compared $XX fourth profit an points product consistent levels. year XX within prior was X.X% were XXXX $XX.X period, million the during of to year whole Our Product increase gross of a at million XX.X%, basis the year-over-year.

down small driven in stronger last a slight margins into fourth U.S. products. to in number gross individually shipments QX, were the certain product the The items, freight to For dollar XX.X% slightly higher-than-expected reported discard expedite gross by product and of for U.S. year. from was the a cost XX.X% in margins including decline of QX rates quarter,

demand, scale mid-XXs. that we exchange factors margins the mix, production are product we IFC and product and volumes XXXX, variability, gross production As initiatives in not expect could several will of cost There meet including, to, to of increasing reduction foreign generally but ahead coming at to timing drive look COGS online. limited the quarterly rates, remain economies

on. Moving

the operating to expenses For to million were year, $XXX.X compared for X% XXXX. $XXX.X million down than more

$X.X By XXXX QX operating in period. compensation. for activities expenses for expenses compared and LED-based in $XX.X attributed ramp in can specific quarter to including work covered million, prior to to our R&D submission new the XX% BARDA year. were on which $XX.X expenses R&D were million XXXX during quarter million the increase $XX.X our $XX.X RedeS at be expenses, under period. the SG&A included contract. in $XX.X compared site were $XX.X our type, million were $XX.X million flat The year from marking, fourth expense quarter XXXX million $XX.X the Fourth from down noncash $XX.X quarter stock-based prior during million expenses million. relatively QX prior fourth illuminator, from SG&A of Our up R&D million operating to million XXXX. CE $XX.X enrollment expenses Fourth totaled million totaled year expenses the

accrued During the artificially for SG&A recognized catch-up had a the cumulative we expenses our distorted expenses quarter. quarter, of certain that

up revenue As are a ahead XXXX, investments we growth. we not we will go spend expect and XXXX to of function from leverage compelling of that With modestly to see cost and we as will significant SG&A on impact. from to new look continue SG&A levels, expenses primarily relative planning the expected said, expect living that that our inflationary

Let's and results. line non-GAAP on bottom now the EBITDA focus adjusted

by for for bottom to $XX.X XXXX. attributable the line, XX% $XX.X On million XXXX Cerus improved to from reported million net loss

million $X.X or the $X.XX share months For or prior year attributable XXXX, ended compared for share loss per million $X.X period. $X.XX was Cerus the per December XX, also X to net to

we of and a full stock-based noncash net less loss the QX the As generating, measure year operating than for compensation. are was the our leverage

the a which generating $X.X of compared prior the Beyond $X.X significant stated improvement positive top XXXX to mentioned, objectives, for growth, adjusted of for achievement prior year. another year the of quarter This announce EBITDA the as negative achievement positive the adjusted represents a Vivek over our are million of EBITDA, third one of suggestive the we leverage the of QX period. was was million are $X.X of and million positive XXXX $XX.X pleased straight EBITDA generating, line adjusted for we to year. million double-digit the

gross our Underpinning with management thrilled the mid-XXs, this our are in for expenses, continued with durable. this plan maintain improve or will achievement, adjusted by and of we measure will off be to leverage XXXX as that we expect of strong planned build foundation close XXXX. this guidance, coupled on confidence, revenue positive we we EBITDA While our product margins expect suggested operating and

$XX.X flows, ended consecutive on fourth quarter million fourth investments cash flows. the the positive we and with quarter On cash, we Operationally, balance sheet short-term our sheet. balance associated and equivalents, cash of of the cash operating posted

For the to million operating respectively, $XX.X $X.X and $XX.X for full full year quarter the generated operations flows for used we and cash $XX.X million, and fourth of cash million XXXX, compared positive year the quarter fourth and million respectively. of XXXX,

On business, and capital positive call investments to for support expect in our flows closing namely inventory XXXX. to like finished to the we to cash that expect we now goods working of continued growing operating note, Although make remarks. receivables, Obi turn I'd generate for back over some

William Greenman

Kevin. you, Thank

X first remain us, of the the With us. XXXX the almost behind ahead year of about we positive months of rest

addresses exceed the significant market reflects technology, to in in a addressable and place INTERCEPT growth need blood total trust and safety our annually. Cerus confidence availability, estimated and Our which a $X customers billion the with unmet

revenue sub-XX% barriers advantage, a lot for licensed first-mover and for INTERCEPT continued With superior for growth we we While are there's product to and runway markets are both we products, in standard existing strong portfolio. have technology realized a our growth those transfusion meaning strong globally, entry, revenue medicine. setting new our in of IFC penetrated platelet our

call interest and base for to concentrated Thank in I drive a for significant strong from a stream. operator positioned you will expanding solid generating us well the leverage your I financial continued revenue is over customer for our Our turn the pipeline, continued a SG&A, profile With Cerus believe now recurring mature questions. success. and allows Cerus. to

Operator

from first Jennings Instructions] TD the with [Operator line of Our question Joshua Cowen. comes

Joshua Jennings

in dollar of hoping kind just steps the in I demand. on with customer multi-hundred that, through to capture us start opportunity on that like It of U.S. to was terms IFC. you million that continues left inflect utilization, and build. on the access for is optimism just just then walk of foundation state cusp it's unlocked. in full hoping that of of could The Cerus seems just secondary market U.S. to market up are XXXX. adoption before just or XX% to front kind your I the of And you can Congratulations beginning the was performance IFC. to franchise strong

William Greenman

for question? Vivek, a Thanks Josh, cover like lot, would to that you the question.

Vivek Jayaraman

Sure, for to Thanks from happy the hear you, to. Good I'd be Josh. question.

received the product transport out as I mentioned, the well. will excited and podium coming and manufacturer. at unlock we think a states of increase wasn't state in the year the market in both in I demand, enable parallel, the In validation couple the in-state into boost was categorized to lines, we mean of them end at of entering momentum you to on our that peer-to-peer discussions about strong which received we're demand a AABB, across saw and where partner we added of certainly we the an there production sites, state BLAs will previously XXXX. the

thinking we continue sure in of demand we the market about forward supply. how key So drive to things and unlock terms and making the progress, constantly balance are

So as spiking, to we're are that add as can maturing we I grow. that it's demand And IFC category think in nice what experience, penetrate market. with real-world are fairly to broad hospitals and one confidence to supply evidence, gives quickly factors continue seeing presents that avenues And may us experience this bring which with across have we're the that the seeing continued going us allow those and is, to diffuses it then market fact, user institution, the clinical into in opportunity it that realizable. where the certainly, clinical

Joshua Jennings

know just have one follow-up opportunity. maybe JV. on just the you Excellent. I a And China

you remarks. that unlocking global the a steps is piece in billion talked referenced in prepared But of meaningful a to that China which little earlier we think next TAM, I this $X TAM January. your bit that about

the Cerus and outlook franchise China So the contribute maybe could when revenues. just start seeing there

William Greenman

an Chinese that are will to this provincial a complete. sort NMPA the take we year. sometime a subsequent estimate for year be question. And approval, process of Josh, Thanks, Yes, approval Yes. there will expecting that reimbursement we to about

provincial centers continue sequence reimbursement place. actively various approval that in the on happens. are And we with and do China, that how we blood it's discussing sort in rollout So we will just of really until have provincial the their interest, NMPA once

reimbursement and to place, So -- allows that penetrate still once this year. contribute in reimbursement market we're globally. the is But not meaningfully is have that place to us provincial to approval do see and provincial in continue once mentioned platelet going meaningful very company then we the we it's sub-XX% prepared the in we market opportunity remarks the to being a for that revenue the

So for there's continued a business. the lot platelet opportunity of

Operator

Our next comes line from with the Jacob Stephens. question of Johnson

Jacob Johnson

This one Vivek. is probably for

is much that there of do to need on you timing the mentioned on additional demand. $XX bringing we outlook year, about And this that to is playing about throughout year? out Vivek, coming as meet of any And -- million IFC million think supply about need supply about as Can we revenue to revenues to we IFC online? talk on $XX to just predicated think we that think you how the dynamic? that, additional IFC Just then for

Vivek Jayaraman

question. respect in to that some Great. to to on for exists benefit without Yes. allows impact With states do the Thanks it we and us the that enables for the what an have time address of in-state manufacturer. known demand is an supply, us having BLAs

and now so license So have ramp they the IFC those up and hospitals demand. have are to blood that meet hospital hands that operationalizing an the in that now BLAs that centers supply avenue access can

that to meet as feel the going-forward in we're contemplated guidance progress constraint spot supply a increasing see to continue supply we the sight to be having because into with a basis. of manufacturing where sufficient the line to year be for shouldn't we we on into going year, with continue making, increase supply but a But on demand, good work As we're we demand we'll well. went

Jacob Johnson

gross Got the of helpful. heard margins. maybe, kind product Then for it. one Kevin, just mid-XXs That's year. you on for I

that of of U.S. you. it's bit couple kind monitoring we in items repeat discount isolated that any year? keeping whether should think in of You those XQ this to freight could this how just talk be XQ? kind year were that we of rates, IFC margins about called mind kind of should from out costs, XQ Can any kind or dollar, or Just just investments, you some that about of gross

Kevin Green

the for question. Jacob, Yes, thanks

What that's expect I becomes does I we those for most bottom out think dollar If an actually is the euro, say, of since the say have watch the our P&L. would last. impact and but line. strengthen called continues in I top XQ bigger is across and out, dollar impact contributor to is The them our to to revenue relative FX to obviously, the that have a the going episodic. a items were bigger one our benefit, would to don't rates. We a it sourced as most I U.S. see line strengthening, product of line negative on obviously euro,

watch that have one we don't So obviously, that's the out absolute over. control

As costs, truly discards, don't shipping saw where to are some the far product those those as that episodic. expect ancillary continue. we We

Operator

of Ross next Fitzgerald. the line question from comes Osborn with Our Cantor

Ross Osborn

one just the relative slightly you up is question I one-time slightly SG&A guidance. during clarifying slightly Or said the 'XX? adjusted versus 'XX up an occurred the it fourth believe that to number? item on quarter? include up in Does Maybe

Kevin Green

a whole. really We're as XXXX talking about Yes.

we'll as investments, we the was Where pressures. be clearly, growth. the from relative for it those going is characterize continued catch-up. able making anomalous. roughly see think not mentioned, cumulative significant I'd with to impact to investments, top inflationary to We're saw that I we $X leverage probably as but we're really expect incremental generate we investments quarter continued line this growth million that a

as rather So a it's specific on was comment whole really a that predicated XXXX than a quarter.

Ross Osborn

Okay.

comments to with take the walk could to Brazil, China. timeline, commercialization that you through heard I there? steps need regards the bit. a around around jumping sorry, Then great. Sounds But you

William Greenman

like Would that? you Vivek? to Yes, cover

Vivek Jayaraman

agencies in to in gain that's health year. sector, of we that's market. you're Brazil, us gain distributor together government and later ongoing, dossier anticipate approval would sector them commercial of From a really aware, to is about ministry, becomes sector. the our public process to a currently the That it and and we of from but combination operationalizing Sure, this there, private in applying the and are the We're to as access the rollout. a small partner access process receiving public from really the putting of portion hearing

deployment our devices France. government, into happened getting with the market working it So decision kind which what year. organization, the and is not happen from the at out really But this anticipate rolling distributor we calendar first in there, would of awaiting from dissimilar step some point later

Operator

question Our John with next comes from line Wilkin Craig-Hallum. of the

John Wilkin

to due are America in I Or to just wanted comps in year-on-year there other it is some platelet in quarter. to down that just slow now looks year? just wondering driving early was very ones tougher easy ask, growth like reasons the North meaningfully after that? started I the pretty

William Greenman

Vivek? you Would that? like Yes. to Kevin guys or take

Vivek Jayaraman

Sure. certainly any I'd have jump to other happy be in weigh thoughts. and if Kevin you in

comp. had a do with So bit to little it

the in but that course anticipate seek XXXX might and we to to more so we talked get things year. stocking would course potentially one -- did levels do year potentially not. had continue XXXX. place going in we But there the also at last of through a normal we market XXXX. that this North the share capture life to of of we so knew we and through came we We that shelf doing knew that towards the the end towards of balance taking of XXXX, American issue the addressing We We were through we about inventory when was some thought to have

and was So North strengthening for if really us. underlying underlying within a benefited platelet certainly you American Blood be with heading, think adoption a of that, no our XXX% from business where sort But Services. business year our issue that beyond trends Canadian about continues We there is full to franchise. of

Hema But comes see you'll So board, we fundamentally, of bit Canada. growth little to U.S. capture a will Quebec share. on the continue anticipate you'll in market as that see

John Wilkin

specific that stages adopting maybe the updates countries are other potentially Got Then it. geographies in other any early around near That's the or future? INTERCEPT helpful. or in

Vivek Jayaraman

Sure.

to we're got that on well this a progress but but not as encouraged need partnership by interest level enthusiasm we're the are we've we the as As caliber marketplace. partner there, of about steps some talked and we've There the venture China. previously call, in through in joint making, of our clinical that walk only

days of progress for bit think strong. remaining There's opportunity continues investment to FDA Europe. in Medlab in health And mentioned Congress Arabia I in of recently a the previously standards. mirror quite terms market at and that's single That in the then our particular, Dubai represents largest in we've Annual early Germany. us folks for Western we in quite be had in off market the AABB Middle Saudi the to East, and tend happening of a Kingdom, us in they the of care and number in

awareness to INTERCEPT. adopt of enthusiasm of there's lot and a So interest

of path over that geographies reasonable years. feel represent there's towards couple examples growth, next where So course the and of drivers be of those could a some we growth would the

Operator

Our BTIG. next of with Mark Massaro line question comes from the

Vidyun Bais

centers on X you in a Bais of the just Vidyun is nice speaking Congrats This on blood for major discuss the in U.S. terms quarter. Mark. Could

penetration I call drove that you there. increased you heard out think some I

stands you penetration walk thinking about the could just So how at level and what currently opportunity? us you're of that through just remaining

William Greenman

for Thanks, think. Vidyun. Vivek? another This is you, one I

Vivek Jayaraman

in Thanks consolidation the exception Cross Red larger at own question, market, to those I to don't with their their center levels date to continues provided announced share publicly when volition families. PR. the Obi. we centers we've blood centers, move blood American with the some intention think upside in particular, be with to the Vidyun. the of the we as for U.S. There Thanks see XXX%

financial But we're terms of other adopt terms why the of sort opportunities you respect Where bacterial with context We're capture from which continuing confers not in the centers. the We compliance those as I seeing total our look share our say is we're what centers operational what long importantly, and information as guidance blood in is the the penetration from support well centers real-world inquiries in really if So and the in more in preparedness for of past It's out and of FDA, inbound penetration continued of increased keep that INTERCEPT, U.S. but period. the in the INTERCEPT. blood overall of to market. internal. is maturity compliance at seeing only seeing just guidance benefits that pandemic exist can even of evidence PR

it to a and So XXXX we as anticipate in the case big was that well XXXX. contributor performance, being

Vidyun Bais

understand on you just the I guys guide this. contract revenue. government one Perfect. Then don't to

little model came $X.X it our Or the think for that be run quarter. Do think there in a million a above that? any timers one you bit XXXX? rate in in I were good would

William Greenman

Do Kevin? this you. cover want Thank one? to you

Kevin Green

Yes, XXXX. sure. Vidyun. for it's a baseline Yes, that I good know don't

we As agreement a awarded BARDA you'll XXXX were year. in the late recall,

Some spending and started, that that revenue. contract in they're initiatives not the those bump but activities the we'll awards of do on revenue running in government and contract government all that XXXX we're those towards meaningfully of the really overall contributing have a contracts. overall the concurrently We will be expect up see

QX. I wouldn't off So of model it

contribute. kick I going grow to continue to way think it's as initiatives and those

Operator

Obi I'd remarks. time. to back over currently further Greenman at like this closing showing hand to I'm no call the questions for

William Greenman

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

in we It be you. participating and will progress great sharing month, you with TD a forward Conference, year. Cowen we be our should Next throughout Annual XXXX. XXth the Thank to Healthcare look

Operator

for you conference participation. today's call. your Thank concludes This

You disconnect. may now

Cerus (CERS) 20 Feb 252024 Q4 Earnings call transcript