Cerus (CERS) 2 Aug 232023 Q2 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by and welcome to the Cerus Corporation’s Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to President conference of like Hanover, to now Vice Cerus' Corporate would hand over the Jessica I Affairs. Dr. Hanover, you may begin.

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

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

slides access Investor the the ir.cerus.com. Relations You at from can website

With Vice Cerus' Richard Officer; Dr. Officer Leader; Kevin Cerus' Program and Green, Chief Cerus' call Financial Cell Chief President Chief blood Executive Greenman, Red the Corash, Affairs Scientific me Cerus's and Officer, Medical Officer; Chief Obi senior Regulatory Laurence Officer; Nina and Benjamin, Operating Cerus' Mufti, Dr. dr. of Quality. on are president of Development Vivek Jayaraman, Chief Moore, and Vice Cerus' President Carol Cerus'

results Cerus describing issued for XXXX, June company's quarter the a and XXth, ended press second release financial business our the highlights. recent today announcing

and trials product goal future operating timing sales, savings, expected our expectations, expected events potential and including efforts, of and guidance, on can of the plans related as a launches, we remind that on include product revenue ongoing product are some and You of including like activities. Examples historical our financial forward-looking future development future our facts strategy, rather results, company those regulatory and the than XXXX statements website operating make our product call our of announcement and statements and and adjusted to expense expenses, copy EBITDA future our www.cerus.com. I'd events future and commercial to well development, and you clinical initiatives future this as future operating these statements. access updated the related performance forward-looking growth and related to this at ongoing will growth

Factors that will which forward-looking identified Risk They These results file release involve our differ the quarter XXth, described to risks performance XXXX, form we materially. June and ended and for and in are under uncertainties in press XX-Q could cause today's events, and actual shortly. statements

discussing no measures, call, undertake non-GAAP to a for should EBITDA. obligation with and replacement forward-looking adjusted on non-GAAP considered a not financial duty our statements. measures today's update presented accordance be GAAP. including in be non-GAAP to supplement or We also will we measures These

of refer non-GAAP financial today's most press For the comparable a GAAP measures measures, financial to to reconciliation please release.

today begin review Vivek to our Obi, remarks with discuss business opening expectations We'll highlights and for from results to Kevin followed XXXX. financial recent and by

and now, And my Obi Chief pleasure it's Greenman, president Officer. to introduce Cerus's Executive

have commentary I afternoon, and the progress Thank business. expansion Today, we QX our everyone. commercial with across our intercept the begin full about you, like made Jessica of with ongoing to call would combined in a good the portfolio,

will the into our While for we part our we you questions the in approval. for INTERCEPT MBR gained from and Mark the U.S. recall, program. EU, second quarter, significantly of as Red MEB, received our European previously our submission timelines EU authority CE competent new as CBG, Cell MEB process Blood for during visibility or overall

when associated the The process approvals addressing sound review we on MEB the positive and point. questions meeting was was with for were and the in our it MBR to meeting regulatory June very confirmed approach device to questions. for for their clarification EU, is authorities for late strategy workload due addressing a able have with our new to MEB's

will accept to year. in their discussion our the QX this comprehensive we responses of questions this expect of on Based meeting, MEB the

body, to our by further they notified will we issues no TUV opinion, them expect first prepare Assuming are MEB, half of provide year. the in positive a next to which identified

the approved, review then second would of our with all in program which of of CE the XXXX, a submission, the across product sites completed Through half has the MDR Europe. would of we rollout decision Mark requisite at process, associated already because a if initial TUV expect approval enable hemovigilance multiple modules the its

Advisory in we leaders in cells red INTERCEPT medicine. for the with a field blood Scientific Board Meeting held Also June, of transfusion

During needs pathogen patients anemia this transfusions chronic value reduced valuable cell the proposition red cells. of into meeting, for and insights requiring existing red gained unmet we blood

Coming process. out product deleterious on in patients clinical function to radiation is its we attribute immediate continue the transfusions. chronic need and profile key of the meeting, believe replace for gamma cell a this blood red and to impact cell of ability INTERCEPT receiving red the associated The

transfusion event, two to patients RedeS lock being data we in Turning days after module to X HX U.S. our trial Phase a on this the XXXX, transfusion initial our patients study are in one this planned ReCePI we on trials, X QX in culminating XXXX. we plan their now remaining PMA HX With in the for enrollment Based enroll top-line XXX trial, of continued BARDA last funded the enrollment at database readout expect complete planning good rate. U.S. RBC and with the an on second for ReCePI, Phase patients modular RedeS, enrolled program, a to XXXX. year. begin and from the submission in clinical U.S. ongoing XX now

the in the evaluation successfully define the for November design Department have DoD process, our pipeline, as pathway the ongoing DoD we of INTERCEPT to more of lyophilized Defense LyoIFC Fibrinogen LyoIFC. Since with scaled earlier stage preclinical announced include met of materials regulatory the funding steps, up funding to or in $X clinical initial to lyophilization from provided prototype than the received million additional respect development, FDA manufacturing XXXX, and and we to to receiving the June, With we Complex and additional for award U.S. support studies.

is a development FDA of been of manufacturing processes scale-up in International awarded in submission implementation Society Blood LyoIFC by more we a of studies. June FDA the additional we hosted product continued or the dozen during The with blood XXXX, to of also We've than illuminator. enable customer focused required have technology for the XX since preclinical over anticipated Congress of ISBT centers. first and the time to in-person support support continued now for to work Sweden, our to on generation designed bankers contract group meetings held LED-based manufacturing to the initiation data clinical the Transfusion, and next from Gothenburg,

pleased of hands-on provided and last the with years guide the new from the are to important the We over have during for demonstration that device group customers excitement the grateful the feedback our several development.

at experience oral of role medicine INT addition, new in In improved the an product LED comparability XXX France research presentation collaborators the will field. serve for current our the our This ISPT demonstrated over iterations EFS Congress coming gave property customer the with in illuminator the the and illuminator. independent furthers Illuminator as leadership transfusion operating a future intellectual our decade position platform and the

from insights first commentary a mine. the half With our to in provide rest growth the following and year will for to we of commercial expectations his respect Vivek emerge more into of challenging business, XXXX.

Complex with production Fibrinogen make blood an partner, We increasingly advanced larger even centers to OneBlood, as role and expect INTERCEPT for IFC we with our discussions important this or play U.S. newest strong progress product.

cryoprecipitate look and the utility continued Medicines WHO our We on by Essential are or of business global it pipeline pathogen-reduced forward for encouraged additional for because progress addition calls. product. our Organization, the the World Health We list, IFC our to providing commercial validation provides to in recent updates of future

remainder quarter the outlook discuss the the the over commercial highlights to to to like turn I call the and for would second year. of now Vivek

obi you, call. good joining and everyone Thank afternoon today's on to

growth temporary As our shelf XX%. kits, shelf ordering INTERCEPT rebalancing led quarter, associated customer reported in life to an recent for XXXX minimize our within FDA first the for revenue release in earlier life which obsolescence. our the of on today, a to U.S. with of Due FDA in customers six-month from the second a reduction product inventory sequential showing was press significantly quarter, quarter approved to platelet required the total experienced the change, their we component patterns levels for the up impact order kits.

We studies regulatory the U.S. reduction ordering bodies issue and size levels but need period, share This did the not elsewhere inventory change to unique stability for did this for Europe the see patterns. efforts not to did see real-time kit. market, affect right because component any in is in the shelf-life the other to the during

to pursuing life in submitted to to further impact throughout the months XXXX to with the then and shelf-life extend actively nine shelf improvements the next be customers on quarter are ordering return FDA year, year. follow this patterns dating to remainder normal designed growth. the will plan this supporting of expected kit quarterly We We our later regulatory filing of allow within alleviate a to the first resume, and believe

the on producers. many partners, of a strong Looking FDA to market, leading recent treated and who guidance reduced at intercept overall the way platelet we patched safety, choice to continue and platelets center for an blood have This development cold-stored platelets production or be are providing becoming on XXX% for are patient transfusion platelets The with alleviate shelf the to XX for option days will platelet added manufacturing life. preparation constraints to help customers supply. recent includes flexibility the to in patients improve extension U.S. our of new INTERCEPT with with active availability bleeding INTERCEPT, U.S.

country see the clinical at bills. awareness to hospitals pathogen increased across the the of continue benefits leading as INTERCEPT of We adoption reduction

their with to guidance that infectious bacterial range simply remain ensure center our customers blood possible with committed unmatched provide product. pathogen-reduced threats. they platelets potential against safety protection We FDA hospital customers compliance, best wide partnership of ongoing Beyond a can the offer to the U.S.

platelets Outside four year. INTERCEPT or now on all than complete be the CBS Canadian their of continue first are to ongoing with in INTERCEPT activities the of treated INTERCEPT half track are XX% eight rollout Blood and rollout with the the of platelets of CBS. manufacturing with U.S., currently sites More by next to live pleased Services of we

we acute Our reduction excited the ongoing to in donor the collections north. to our some we broaden and are pathogen-reduced related a with is neighbors Hema-Quebec Belgium in platelet to and work due experienced platelets to going Europe, in access validation France to availability. headwinds well

As of you supply. will recall, utilize countries rightly platelet reduction pathogen safeguard XXX% to their these

impacted share during impact in So, these in we quarter, saw EMEA regions. Also, franchise. on the sanctions new no INTERCEPT Russia our

account the situation our for monitor access process to patients a license closely we to in help can gain continue these to for sanctions technology. are ensure this to of We and applying that

to are strong awareness on demand. access to many more fully we IFC. the We and interest hospitals in continue now are and drive to see sales side able staffed

large experience IFC end, discussions productive, making are partners Most replicate demand to with centers working we In has in been been other with and are accessible blood recently, particularly we with customers this other production available to is partnerships. to closely partnership to strong. OneBlood our commitment our We blood supply with ensure for parallel, that their has as look as U.S. increases. center to hospital this IFC.

encouraging, is IFC the we see On in onboard and the side, clinical hospital the level of centers product. medical continue provider to interest major

of as INTERCEPT able and respect Congress, quarter, noted, product engage we feedbacks in Congress Obi At Gothenburg, recent to we customers, industry trial ISBT a strong enjoyed to complete the and with were many during the our the very collaborators, showing the positive at clinical portfolio. partners substantial gained with Sweden.

the journey programs such illuminator as data, were presented to During several with area. feedback Blood in users positive in Dr. of CEO use routine both well RBCs. provided INTERCEPT their experiences deploying about which the scientific focused across Services, service LED their talks, intercept sessions, developmental INTERCEPT, INTERCEPT-focused as and their on Graham compelling date Sher, Canadian there platelets as

as and clear to back, are make globe Taking blood is push that to to we continue a we ensure wins access products. safe the it strides meaningful accruing meaningful step across

sequential we of and the faced XXXX outlook for commercial for we still a saw years in said, growth half QX, the resumption to our meaningful optimistic remain headwinds some second of strong That growth the in in about the we While franchise. come.

would passing more reduction of to quarter, quarters. for IFC I real coming things momentum move we in of on the we we our and love look progress real-world while benefits each are see in can U.S. updates franchise. experiencing the clinical faster, forward validation to our platelets for With patching providing

turn more to Kevin discuss over in now results will detail. outlook Thanks, I our Vivek. to and

EBITDA discussing be year the the will and have our I guidance Today, for financial year-over-year and continue factors of second the we’ll the representing levers $XX.X adjusted of end reaching to we year. due second a of primarily towards the results we everyone. for as progress product revenue afternoon, quarter Vivek on earlier. our XXXX by revenue work this good and Vivek by our posted product decrease to Thanks, noted quarter, million, utilize we X%, breakeven

more begin in slightly historical rebound by levels sequentially, of to the that X% but year-over-year. significant step-up a to confirming see U.S., our business saw would down we product revenues the from a of earlier were expectations XX%, QX growth.

year-over-year FX basis In benefit revenues around provided were of X% slight year-over-year, a product and down points. XXX EMEA, X% sequentially. rates

recognized addition blood with revenue and for pathogen BARDA, totaled included the period. QX, government revenues under the our in our our our in for $X.X not with guidance, reduction of whole to to contract the agreement further prior-year our reimbursement contract million million revenue our to the revenue in In government are as Department product agreement U.S. with $X.X FDA Defense and compared contract Included lyoIFC.

As our this are noted pleased million, total to an $XX.X program, has $X.X the increase with the funding and bringing scope in us value million. we release, agreed QX, that additional earnings to during and of DoD awarded the contract

gross XXX-basis product quarter gross margins a $XX.X period stable and our profit to consistent was point prior-year the XX.X%, the product product the increase and for generally prior-year with now Turning gross profit from period. margins. million, second versus were our gross QX. quarter

our operating in included expense $X.X higher on, specific prior-year compensation. $XX.X period million stock-based to activity quarter agreements. $XX.X totaled million associated the second which of development million, $X.X than expenses, were our prior-year quarter next expense the our BARDA, by increased DoD million the activity R&D million, type, reimbursed non-cash increased Moving totaled had $XX.X second along illuminator, with R&D period. with FDA during government for We generation and and compared

associated recorded products. we FDA regulatory increased with costs data surrounding questions our addition, and answering agencies, In the namely developing from existing

of towards operating in lesser to in expenses sales period. quarter expense drive driven with our $XX.X flexibility during operating was related included inflationary $XX.X drive second bolster charge acceleration to business one-time a a reorganization primarily to to hires of Also, breakeven. for IFC expense general and quarter, million, quarter impacts. The million, was to restructuring compared by extent, Second increase our during EBITDA personnel million the providing the resources our of was a modest additional SG&A the $X.X of adjusted us prior-year SG&A

charge restructuring We we expect use the cease plan. part take to as of real of as another leased certain in restructuring QX estate comprehensive

cumulative these basis. on the operating that $XX savings estimate in initiatives million an we effect forward, generate annualized Going of approximately will expense

loss months expenses compared XX, to line, XXXX same to totaled when June the Cerus notably the attributable On bottom $XX.X XXXX. reported loss the attributable Cerus for ended was period to three million, period. prior-year QX loss. Net were net $X.XX diluted in diluted higher compared charge share, of per increased for for including the or share impact the per $X.X largely responsible restructuring or $X.XX million, the the to Higher operating net for

move We and expect we improving this forward trend expenses. itself margins revenue with anticipated to gross reverse higher operating comps, as moderated

Moving our on EBITDA adjusted metric. to

second adjusted of year. non-GAAP during to negative quarter this totaled compared million quarter and $X.X of negative negative million $X.X a EBITDA the during Second the quarter million, $X.X first XXXX

adjusted negative a XXXX. EBITDA On half first our a non-GAAP a XXXX year-to-date decreased to to basis, of of in compared the first the $XX.X $X.X in half million, million negative

year the our to beyond, breakeven EBITDA efforts this second adjusted achieve year. the of we As to half we and reaffirming look are

provide second year-over-year a We we our expect and will return on top gross to half growth margins. stable line expect fairly the

an earlier, quarter the As noted our during development commercial restructuring on undertook I second eye we priorities a effort and key initiatives. with

foundational goal. this restructuring in some are combination, will cash to operating we expect EBITDA aforementioned relief our the expenses We meeting believe adjusted flows, to taken and components our provide and

and position quarter the balance flows. short-term cash of cash sheet second balance Turning and the the cash, a investments equivalents strong with on cash to we million, sheet. ended $XX.X

the half second $X.X approximately will period. some prior-year half terms the to second million our Clearly, year. reverse the during used in $XXX,XXX provided challenges cash utilization, compared operations first the of we of cash operational expect was In quarter, from for the

byproduct perspective, challenges overproduction From flow a of of inventory. cash those an was a

expect production. our As the you half anticipated can we second on this flow we with see in by sales, production trend first reverse half balance the and will monetizing of sheet, are moderating the growth year over the in cash that

patterns the XXXX kit guidance full-year with market our to remain to and of that EMEA, life, million in Given the continue believe of want a U.S. platelet out next. in France, of related million. changes to adjusting trajectory to and revenue and we the trainers impact lost customer see we that reduced $XXX share on at strong to half growth We down the product coupled shelf point platelets market and have are a and $XXX in range back demand we in to not Russia, dynamics U.S. ordering we to temporary the year return the into Belgium

priorities, product by lowered continued we will as expenses licensure focused last security, adjusted have capacity Furthermore, remain our to generation for red aligning with submissions and which infrastructure. supply LED next be and achieving in macroeconomic least, guidance very XXXX illuminator commercial not of on regulatory and government our along committed we global continue but and light chain support year-end and I key to been breakeven with operating include revenue potential ongoing mentioned, in of activities reimbursed and EBITDA conditions, expansion previously our our cell blood EMEA

With the Q&A. back call operator that, for over the me to turn let

Thank question you. [Operator line Instructions] from of of Our Johnson first Stephens. Jacob comes the

line open. Your is now

Jacob, of comes the question now of Jacob is first Our Johnson Stephens. your line open. line from

Hey.

talk on first hear related Maybe, that's much guys? the just everybody. much related afternoon, million inventory through that you I guidance, reduction is how Apologies. in $X Europe? of Sorry, how the me, you on Good was to of and mute. to just Can can

Yes, we now. can Thanks. you hear

Yes. that. about sorry I’m

cetera? can $X and how Europe, much much Sorry, related inventories how of in that's of you to that's out change of guidance, related to terms et U.S. then million just in that the just flush

to want handle that? you do Vivek, thanks. Yes,

half of whether not readjustment U.S. we associated the headwind related by specifically to of Sure, comes patterns, with in main what versus leads that I'd in but the But was U.S. the seen shelf our break life. the the is where of certainly that the in of to component sure kind of reduced out ordering majority the we the I'm Europe from. confidence inventories we've year, it's back now that be the of happy it year, normalized faced to. the main realize that's growth half first which The to

coming versus Vivek. of that's expect savings, kind you modeling out And on the think understand just helpful. about of maybe of of $XX COGS Thanks, much you Okay. cost Kevin, to we can that's realize, how us million that? help SG&A as then,

Yes.

wanted correct FX in we remarks. something I'll that prepared directly, XXX. answer I XX but was to that rather points, the realized than First, The impact X.X% basis

So, savings I and the and specifically, for it's expenses had that. going from come don't to to from We typo. it's question is answer come both R&D SG&A. we come apologize a But from to going going that operating expect your COGS, to

we'll So of see basis, an of expect do estate, on least after savings. our we $XX at annualized real of that use cease some we billion annualized

Okay, great. leave there. Kevin. it I'll Thanks,

you. Thank right. All

Thanks.

stand next Thank you. our Please for by question.

from Our Matt line Stifel. next question comes Blackman the of of

now open. Your line is

Can okay? afternoon, me, everybody. you hear Good

hear can we it. Yes,

hear We can you hear Can you. us?

hear can you. I Great.

Okay.

for Yes, thanks the little Well, that start more to or and reply you expand just a could just your bit maybe questions. taking was know. maybe question, question. on checking. I to hoping I Vivek,

a ordering return I you to about commented patterns. think seeing normalized

the in the follow-ups. sort of that of that here sort you. bit you I've and half sort just maybe then saw of are got back of largely the the expand could second gives you quarter in of again, issues couple on a you confidence why maybe, a third And think little that quarter, the here behind I early quarter, that

obi degradation largest The And for has fact the that with to Yes. of share. single I'd saw welcome Kevin we be no happy confidence do sure, well. reason as to Green certainly

just blood deployment shelf inventories. the short partners. we as our function the life know, impact of And work was you with organization, so of our And the very think, I our just given of nature really, rebalancing a business, closely center

how into they a produce how good have distributed operations, product. We insight they product, their

and where come and sort in our of of And the meet in the be of they manage the again also about their good of that year. platelet terms appreciate to in feel confidence largest so to outlook of gives return single growth in they this we which normalized we've us inventory, inventory. normal U.S. a ordering safety no confidence the standard for half seen is that terms demand able all of my as But reached of in patterns, driver how to of ability were share reduction is to pathogen reduction saw second platelet we maintained in continues of care the level

that after just play first do And had behind can out then where that drawdown. And here ask I sure that. largely Cross inventory front. we expected? Red second the is I that up have we one the Did in quarter just the to the want in quarter, Red and I Okay. make obviously, And follow stand then follow-up you? on Cross, on as

Yes, sure. Absolutely.

talked I answer entire continues platelet to very back think Cross partner. indicated harmonizing that, and anticipated. played So, at moving the yes, time about we They've strong question, they're strong for them. of pathogen out part reduction. The had They're Red to partnership first the be nearly seeing point we as there largely we're a their April in that around continued strategic towards franchise this that in

the it think I you is described So, way accurate.

in of us my but how let's past you contribution, this, U.S. in growth questions. one, period Europe until about last for appreciate would guess the half we taking realignment all my have timeline. here in just general, the the a you XXXX; call move business I then normalized first cell in as I red And Okay. inventory trajectory 'XX, XXXX in think get we it

should next expanded to anything over as grow such. the business how Just period here expanded for the waiting frame as we're approvals indications, thanks. the help

on about be if Obi of ask markets, Red of any think In back cover Cells, when finish. Europe joint that kind you We've to significant ZBK. opportunities markets still I Kevin I'll in There's add here growth talked maybe continued and where again, to in with has certainly jump partnership our to America thoughts And initiating there the to up introduction past in we're Western and platelet in venture about untapped. to. of happy just stepping yet sure, the major and Yes. global U.S. market. to a as advance yet, There's in basis, platelets of Latin that, China start. are or either headroom

guidance standard care period, So significant of opportunities real and sort momentum still that's settling in an feedback I the platelet in U.S. a while in there IFC then access and compliance lot -- see post franchise, growth where the for of the terms finding driver, are increasingly we increasingly. enthusiasm we're getting fully about we're something hospitals that's product. we're staffed of clinical our of reasons the market. to we're into that's for growing focus, hospital IFC area facing utilizing independent think we and And We're of U.S. if sales team. influential be to onboarding a been and really hospitals

patterns we're we're be would in I position, areas confident able again, cells, a that return of franchise. a we advance overall a to why those feel where top-line to of the the in And for growth. So, where seeing ordering red see and being deliver growth us normalization

Thanks, Vivek.

that I'd I contracts unlocks they they components blood partner covered with directly one what And about OneBlood, think add have to and around a our the is comments. prepared IFC thing in relationship it. the can new We insert hospital regard into. obviously, production you talked just with existing, that other channel. The

don't worry that to have we contracting about So, hospital in context.

academic across that well U.S. across progress making, progress the as they're of really the as lot so we're excited hospitals And a about

in queue. I'll back you. Thank get it. Appreciate

Matt. Thanks, Okay.

last you your for question. Please for Thank question. by our stand

Our of Jennings comes last the of from question line TD Cowen. Joshua

Your line open. is

and build demand potential up still build facing platelets you U.S. out driving the up terms adoption, And demand. hospitals the and demand both just I afternoon. IFC impacts Hi. to the early I impacts also the share that’s trickling increased can early. get the hoping customers’ that in of hospital and was of to anything of but creeping in Great, an thanks. on for their Good centers reps. out of just it's salesforce, know up, on blood XQ, the update just drumming of INTERCEPT very

Thanks, Yes. Josh.

commercial the a turn couple the ago, U.S. But context in really all various midst the to engaged of Vivek, customers around a give it I'll over to I meetings. with was interaction want a since discussion weeks Vivek had we here with. As that? hospital out back more great team do it guess he was little that and they're you of those

Yes, guess of sure. taking to. back. kind be a I step happy I'd

very One was things, those received roles. that resumes the we classic IFC, when volume posted you compelling that's Josh, of position encouraging of the is of a and we as sale. preference just more CVs know, Selling

the terms being multiple one in in points are the her there his strong process, stakeholders benefit While patients. or champion, decision-making impact able who of in sees key starting a as clinical to practice of

so with specialties And high a OB. get relationships able who have CV, were surgery, trauma, we to from reps risk variety of different to come in,

a the marketing, terms We're itself. out lot platelets, and hospital and and ago drive IFC. California on certainly raising a we now, being when hands well seeing did our are hospitals to demand we board, brought respect about visits, in as lot month both hired get We're their Obi fully team as impact who to to seeing cross they're IFC really sales meaningfully together see user of the a which heavy about indicated, as we training magnitude and And already there. have of in seeing encouraging order in with platelets impactful. on we're was we of an ones, of in an that platelet pretty so step-up discussions opportunities further peer-to-peer is clinicians on And engagements. of hospitals

opportunities trying to take cross-pollination full and are there lot we're that. a advantage So, there of of

but we as in in huge and clinical upon days able us and sales deliver pointed to out, of the awareness asset being team you So, that. generation still, of it's falls early is a that know responsibility, against terms terms demand

of follow I to then internal running and us studies kind case through just I year, the the but any action of City academic be building up wanted metrics you on? that's and impactful is of adoption giving half in a XXXX. ramp New for launch, could IFC out the on, clinical just York foundation any clinical center I use update know maybe, not and that's And you're expectations think more Thanks. or year. on called Great. out ahead hard going first of you States. studies you're think this could the an in help I something, medical United to IFC use of those the case, your think when on

Josh. Thanks,

has that unfolded, as think the we seeing sort to academic There's to behind facilitate that interest obviously real seems and we're I we from centers interactions, rollout year were expecting, be this So, trying of momentum those. peer-to-peer are ramping. and of a type the

I think technology and State, their more much it broadly and like centers major seeing the academic others then institutions So, is roll within out compelling. and really adopt really Ohio UCSF

mentioned with our internal partnerships even around the And to center institutions. to that then previously And of that OneBlood their major just I gives types do around sort we're blood those institutions doing the New across existing expand are? just and It's provide the access market. not us combined opens team sales the Larry, than bit larger what thing really hospital you other the hospital want observations in channel to that really as one but of up a color of was little blood, York teams. also the that country study initial contracts we exist, entire

patients running time New at IFC on Cornell that from delivered of have Center, we're minutes. York to Weill and seeing average in XX study, is which we is be can Medical a what Yes. order

have that product received the and accumulating year. the we've later well next So, changed setting, year this we'll of we're that data early pattern or rapidly transfusion use in this and dramatically for being it's

All great. Thanks so much.

Josh. lot, a Thanks

now question-and-answer the Thank back closing Obi I'd call. you. over of to like for the portion the concludes now This our Greenman, of pass to call Cerus, remarks. CEO

lot the Well, of thank Cerus. for forward for you your We our on joining today today. you us Thanks rest to continued us interest the year. and through updating progress a look for again, in joining

This concludes call. participating. you conference you. today's Thank for Thank

disconnect. now may You