On January 10, 2021 Cerus Corporation (Nasdaq: CERS) reported preliminary product revenue for the fourth quarter and full-year 2021, provided product revenue guidance for 2022 and provided an update on its INTERCEPT Blood System for Cryoprecipitation offering, which is used to produce INTERCEPT Fibrinogen Complex (Press release, Cerus, JAN 10, 2022, View Source [SID1234598469]).
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Cerus’ unaudited preliminary product revenue for the fourth quarter of 2021 totaled $39.9 million, representing an increase of 41% over the $28.2 million recognized during the fourth quarter of 2020. The Company expects its unaudited preliminary full-year 2021 product revenue to be $130.9 million, exceeding the Company’s most recent 2021 product revenue guidance range of $127-$129 million. The preliminary product revenue results have not been audited and are subject to change.
"Cerus’ commercial momentum during the first three quarters of 2021 carried on during the fourth quarter, continuing the Company’s growth trajectory. Strong uptake of INTERCEPT platelets in the fourth quarter of 2021 was again led by U.S. blood center adoption and growing hospital demand. I am pleased to report yet another record quarter and the corresponding positive impact on patient access to INTERCEPT-treated blood components," stated William "Obi" Greenman, Cerus’ president and chief executive officer. "With the INTERCEPT Blood System for platelets being adopted so rapidly in the U.S. market, I am proud to say that on a run-rate basis, more than half of platelets in the U.S. are now treated with our technology, helping us realize our mission of making pathogen inactivation the standard of care globally. In this age of pandemic preparedness and awareness, we believe 2022 will see a continuation of our positive trajectory and result in another record year for product revenues for the Company."
The Company expects full-year 2022 product revenue will be in the range of $157-$164 million, representing strong growth of approximately 20%-25% compared to preliminary unaudited 2021 full-year product revenue of $130.9 million.
"In addition to the commercial momentum that we expect will continue in 2022, we have several exciting initiatives on tap that we believe will extend our leadership position in transfusion medicine globally," continued Greenman. "We remain committed to balancing these investments in these initiatives in the future with the financial discipline necessary to potentially achieve cash flow breakeven."
Finally, Cerus is beginning the nationwide launch early for INTERCEPT Fibrinogen Complex after one of the Company’s blood center production partners, Gulf Coast Regional Blood Center, received its Biological License Application (BLA) approval from U.S. Food and Drug Administration (FDA).
"As the launch of INTERCEPT Fibrinogen Complex continues in 2022, I am pleased to announce that we have made strides to expand access to this new product across the U.S.," added Greenman. "The receipt of the first BLA approval was sooner than we expected and we are excited about IFC’s potential to drive growth for us over the next several years."
Cerus will provide complete fourth quarter and full-year 2021 financial results and host a call to discuss both 2021 results and 2022 expectations in late February.