Cerus (CERS) 1 Aug 242024 Q2 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Cerus Corporation Second Quarter 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 Jessica Hanover, Cerus' Vice President of Corporate Affairs. Dr. Hanover, you may begin.

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

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

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

a the with review for Jessica, duration to everyone. the and quarter strong I'd from as of like afternoon, you, open call year. a Thank of positive second the outlook the well highlights as good our

ability our trends Given year, exceed expectations. seen this are the of half meet increasingly first the have and revenue confident our in product over we to we

for the range year previous to $XXX million our $XXX raising So $XXX full to from guidance we of $XXX annual our million are million. to revenue product million range

donor to Fibrinogen strategies of plasma to in of key from INTERCEPT deferrals. platelets a opinion Complex role Barcelona to at hospitals the ISBT see we range increasingly in Blood has and leaders to International Congress, blood recently, inactivation blood Blood of broad were the Our present centers relevant cells. Pathogen Most or INTERCEPT number of using inactivation globe. INTERCEPT and stems that are testing delighted Transfusion the of in growing red confidence blood and foundational safety and the across important addition part the become from Society pathogen on System a topics

the global warnings Since transfusion-transmitted and recognize risk and at transmission. This be our example data at the carried Dengue, an Prevention System for of of transfused INTERCEPT had our preparedness. One We a this in of for investigators board ReCePI for important the many Disease American the for can areas with we lead from Society are including INTERCEPT INTERCEPT AABB by study with clinical both advance members supply transmission. To locally blood the Annual context issued meetings, which against earnings major have realize are the Phase the along safeguard is the next and -- benefits transfusion medical need and donor many Disease from medicine threat Florida, be burdensome the Control clinical Blood about full red and and availability. clear in regional all virus, limited to Blood and advisory this the community Center Meeting. risk a more the meetings blood to steps. Later the and for for scientific this arbovirus blood and protects will this System the for call, when proactively last can blood locally fall, Control we've seeing supplies. In blood data safety program. growing European implications about Annual pandemic be rising U.S. number distributed of III treated ReCePI Centers Anesthesiology's Meeting requirements, and trial and presented a pathogen with risk is others platelets of members the transfusion of more collected Earlier the components, still summer, risks sustainable mosquito. the inactivation The at moment, dengue and can deferral cell portfolio continue Prevention Dengue

We have anesthesiology which surgery, medicine transfusion data been the and continue these with experts. cardiovascular encouraged by reception to received by be

process for clinical finalizing in submission ReCePI trial to second FDA. RedeS, enroll. the U.S. the report We the our are trial of clinical also to III continues Phase

mid-XXXX, sites coincident by PMA for we with enrollment FDA Turkey opened important well with recently the U.S. the to finalize process previously, an site the initiation thalassemia few mentioned an RedeS of a As approval. goal as as more within study in modular a

look has illuminator the our in new turn business, our later forward full to to breakeven we in more plan platform Mark booth LED opportunity This same into solid ISBT insight we the committed to respect to reaching as submission now their at to of on well our for INTERCEPT regulatory demo to future that the like whose year. With discuss received our adjusted the will gift. EBITDA for for later remain device input device Barcelona we this metric satisfying our the helped the and around approval benefits a year, continued of CE this well XXXX. this center new operators June. It realized, the Vivek to submit to this Congress Kevin foundational for on and our improvement to in financial outlook our the an the providing year by second had approval the Moving for and was progress results quarter of opportunity year. our to customers growth we showcase blood rare the time. I to over over half as second operational was call update of provide been the pathway most business foundation in indeed XXXX register for their design commercial instrument would to the

Thank and everyone. you, afternoon, Obi, good

continued the the half increase we U.S. trajectory fueled behind now share market full with primarily us, This by in continued increasingly as more platelet in growth in is our are we year this INTERCEPT year. confident business of than have As our mentioned, for Obi sales geography. to

many we this to platelets that was of to to expanding are was franchise the mentioned compelling ensure in INTERCEPT. for remain am our contributing a growth. Of geographies we the our to standard strengthened. first XXXX return As care global U.S. time last led platelet our growth focus pleased I and fundamentals note, safety treated our QX that see as key for half so of year, commercial business to team the INTERCEPT strong U.S. performance by platelet access

saw both each realize grows the Most collections all platelets. passing extend beyond was customer segments. From across underlying in blood importantly, the demand the based on with INTERCEPT mitigating that hospital and of hospitals platelet and benefits experience centers steady quarter, an well we market risk. real-world with perspective, of bacterial INTERCEPT larger check, there our volume overall slight and increase quarter, During channel for a growth

international Moving to business. the

Hema thrilled advance With intention our inactivation. its Quebec or CBS, production expected, completed as across now platelet report XXX% that, to implementation validation Services to at Simultaneously, implementation entire of to efforts CBS' INTERCEPT for pathogen Canadian to now platelet INTERCEPT continue We focus their Blood operation at turning completion. are towards plasma. complete, the and is is validate

Canada, in saw growth many Beyond solid international we regions.

attended recently At we ISBT of on referenced, full strength the international was Obi our the meeting, that Congress. display. franchise As

and as INTERCEPT long symposium Latin ISBT it commercialization Switzerland the I drive on international new you America with hosted encouraging commercial new We horizon, see opportunities LED will to their experience actively in by our long-standing into pathogen recruit in forward partners continue cells our proven look leveraging the With progress to updating technologies standing while initial France come. on exciting at growth meaningful XXX% educational incredibly and such for Asia-Pacific, to sharing red peer-to-peer as uptake. illuminator international rank. grounds the geographies only to is room and a customer Middle like East, cultivate to reduction. We and positive efforts INTERCEPT customers the quarters markets and the the serve customer

$X made Based are Complex new in in IFC with pleased large progress Fibrinogen center activation, guidance on quarter. our over $XX our business annual both great we our and revenue Turning progress awareness quarter. account education blood direct-to-hospital of during as remain the to million. We as INTERCEPT the or we efforts in the partners, IFC, to our via well confident million made

starting sales now benefits team. trained see our of and fully are the We to staffed really

last review to shortages in a IFC. to month Kaiser as time benefited American to Los in and product published efforts recent to weight Medical of improvements hospitals significant including we a Clinical implemented paper and in reduction weight transfusion, that reduction the in with XX% order XX% IFC, IFC. The with Group now observed XX% Permanente a due bearing Journal education have a Center own from pandemic. The from in issue retrospective to issue cryo Angeles the in reported Our IFC also clinical data XX% order its implementation fruit described Kaiser and time. Separately, in reduction in response Pathology able overall also published are Stanford a reduction share on are Group's

point, technology, and list IFC hypothesis of differentiation clinical who's to As peer-to-peer and departments. real utility leading innovative this several the growing is The for is of a is with At our that IFC us across of and clinical on direct clear institutions experiences demand IFC education hospitals using any about is virtual that it who invaluable. valid.

blood by still under more field hospitals we we BLA how Application parallel additional the express to and centers upon favorable organizations end, of center partners product its gain at or announce quarter, to interest we manufacturing on marked about during will as further. scientific from Biologics sales targeted approval to ensure License our received another a are that produce FDA increased to one FDA, inquiries IFC manufacturing contract have capacity BLA. At X To are attention in In IFC, demand, increase driving Our increase Furthermore, seeing happy requests marketing this continue blood inbound growth with starting new time, hard partners and are to meetings, to the push IFC approval, IFC. for in review to continue that we IFC. the which, even we supply. in

to are IFC in care we will franchise, Our IFC our to quarters. I a financial we directly progress future to turn our product their and from hearing materially to Kevin most with ability forward physicians improves results. deepens in the now look providing the review that importantly, QX providing progress on updates that confidence are for patients. their over in I call more our

$XX.X be Good XXXX. compared communicated the for In represents those start, and prior we of year XXXX results this second remainder financial the you revenue of to first U.S., million, half revenue half This by of along joining financial of quarter results XX%. I'll year. To for On our to plan quarter. of revenue sales from XXXX, and us. Vivek. today's with to year. North quarter afternoon, posted XX% were second quarter commentary the for outlook year-over-year thank the contributor XXXX the last during our we million first Thanks, our call, exceeded major product how all earlier second the on the discussing product levels brings American up growth the product revenues the XX% $XX.X and of platelet for growth

product for operation across anticipated, platelet first production year-over-year revenues the during and XXXX. second were sales and quarter extremely As FX to Services Year-over-year, we X% quarter. In were of EMEA, Canadian rates posted Blood up existing million also hospitals. were up prior business addition IFC quarter well the $X to around reached strong their for entire XXX% the new compared slightly of driven at as product QX, X%. Also EMEA headwind revenue in both $X.X up the of slight hospital period, the users a by as adoption from of million, we increased year

As Vivek will to IFC in to trajectory. massive his with and continue comments, experience in growth mentioned the clinician been be has of utility IFC's expanding hemorrhage key

site begin In clinical addition next in the decline. for III million to QX and to the was guidance, year completion product now totaled in period. revenue patients We months. primary $X.X ReCePI government our few revenue, for U.S. prior Phase included in expect the Turkish of not million enrolling driver $X.X The compared the our our to trial our contract

modest As contract expect that a in revenue. we government uptick happens,

contracts As our blood and in with for IFC. to U.S. FDA recognized agreement pathogen as contract under reductions agreement a included the reminder, milestone-based BARDA, our with reimbursement of lyophilized Defense further are with our revenues the Department our the government hold

now and Turning gross product our gross to profit margins.

the when close that factor, prior was profit second year during to gross Absent million relatively year. any stable balance to million year-over-year. XX% Product QX an we the increase will both product of gross margins the levels continue the of compared period, $XX.X the XX.X%, for year unanticipated expect prior to quarter second for Our were to gross QX compared quarter XXXX. margins $XX.X remain and

on. Moving

XXXX to type, noncash operating a this and were second million in $XX.X included in results, the was restructuring million expenses expenses year, period. expense year. operating quarter the ReCePI clinical of $X completion driven prior last the the R&D decline or June totaled Without XX% $X.X the expenses, expenses to June when were lower effects XX% compensation. trial million $XX quarter our million XXXX impact stock-based decline than the $XX.X compared of year million which the year. QX year-over-year $XX.X $X.X the lower second XXXX of prior quarter Similar during XX%. By $X.X restructuring June comparing million prior to specific million charge, Our the the totaled operating million by primarily implemented QX of the of

again of swings the do not by XXXX continued prior expenses SG&A year last million $XX $XX.X restructuring. remainder million the quarter period. Second The were decline and for year's compared SG&A to We our leverage during anticipate significant SG&A in driven anticipate from investments.

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

prior for June bottom year basis, share compared compared EBITDA a of $X.X QX loss net attributable line, of adjusted when $X Cerus the months under non-GAAP adjusted million positive just XXXX the remain share to improved XXXX, prior prior loss Cerus X to On approximates by $X.XX year our XX% reported or to to QX steadfast to the for period. adjusted to EBITDA narrowed million million attributable compensation the loss our $XX.X with as deliver for EBITDA $X.X period XXXX year Net in ended per year. result XX, a diluted per commitment stock-based in to and same net diluted adjusted significantly noncash the million of We're QX $X.XX positive whole. for period. previously. On or loss The for the compared a the EBITDA for mentioned a this pleased result generated

to growth goal. revised all second the anticipated continued contribute guidance, the we achievement are and our on generating of As gross leverage our our margins focus look a stable to expenses half operating ahead, contemplated from in expected

flows. a cash, amount equivalents only suggesting cash could the million, cash sheet. investments balance on at QX second stronger. At beginning short-term of $X.X that the position could the On levels revolving goal, and been foreshadowed year, $XX.X declined by a cash was reported balance have we not even the to possibly June on positive we achieving our EBITDA sheet of flows. but credit cash generate that with ended the that that adjusted quarter It's letter and of operating million note positive cash the XXth We important balance associated our drawn from

Here $X.X from flow too, operations positive $X.X compared to in cash year million second the million period. of operating a used we during the of quarter delivered prior cash

periods. guidance positive aren't flows flows subsequent are operating continued in line bottom of cash improvement which combined our and we formal to capital, XXXX, keenly providing the management While tight we on us report necessary on for provide could focused results of components cash with working

now Turning our guidance. to

Obi our XXXX of such, to prior guidance our raising to $XXX we both range guidance $XXX $XXX from range revenue Vivek to expectations. as As and million. year are confident growth million in million the are full described, increasingly product we $XXX of million our And

We in full $XX XXXX turn I'd are for year guidance expect $X to reiterating continue the million closing to our be to which back that, we range to of remarks. over Obi the IFC, to revenue for like million. With call now

validating increase coming continue revenue. Particularly markets Thank advance of use we Cerus Blood increased providing many is penetration geographic how routine IFC, profile studies IFC case commercial the of team the System INTERCEPT that to focused need. forward we positive our address business The in in product from the IFC you, and ahead. many clinical unmet looking confidence for potential in now case the year across continues the to of hospitals growing the in the developed expansion for combined to effort, approvals target the is Kevin. U.S. ramp are an product to with The and

anesthesiology their and is readily to product by service hospitals place hospital found has transfusion complex that surgery fibrinogen available staff safe use and Our the and within easy its teams.

in countries to across where easy to continued overlook where the realize we're There's going. will now has our over often questions. down to we the EBITDA history, I our and Cerus. to where but INTERCEPT targets we much it's expansion began. With to team of complexity where achievements Our for of us have product for important multiple globe, in Cerus care we to allow that the adjusted recently and your key geographic interest a the the are turn the been, becoming detail operator and and enable standard what to in our so mission you continued committed portfolio review our leadership it evolved self-funding increasingly from are achieving as company. Thank will call sat

[Operator from with Osborn first Ross comes Instructions] Cantor Bridge. Our question

off, hear saw any your you be if inventory I life. to rebuilding of shelf starting curious would following extended So

you As follow do shelf further platelet up, where a stand life? on extending

Thanks, would taking Ross. Vivek, this? mind you

growth No XX-month Sure. dating the see terms anticipate to but the to problem. just where get this the in We quarter, later extending of issues. continue in shelf products. shelf to didn't we rebuilding driving significant any filing were underlying of we life, prior so [indiscernible] was And for year really to life, see we back we inventories,

there the inventory So any in at customer the rebuild was material not level quarter. second

some And some see the Hema we it. Got could where exactly when on they you revenue to then looking Quebec, color them? stand incremental more start process and provide validation in Okay. at could from

Sure.

towards overall are Services they'll So that's reduced their of then sort to similar complete. trial Canadian completion portion phase They is successful inventory their where Blood full and small a have a validation with happened to follow that effectively implementation. move of path that's upon pathogen of going what

the of their we calendar inventory reduced pathogen with go towards 'XX implementation. initial in year that we're XXXX be full anticipating being where piece to So year

Great. Congrats results. again the on

Stephens. question comes Johnson next Jacob with Our from

the in of year. see fiscal for positive just I in way Kevin, And half positive of the Is maybe reason presumably, revenues revenue the this the in year. the we starting the the wouldn't the in on saw you're about this know continue quarter. quarter. I'll up EBITDA we the about But with there XQ. highlight any see we that we better half trend talking half breakeven or year, add think back of EBITDA you back any of quarter, as my And should saw the back congrats why

Yes. Thanks.

right. absolutely You're

half back As expect growth our the in the strong guidance year. suggests, we of pretty do

we do continue expect the of for In addition, get in year balance expenses. expect gross leverage stable stated as prepared we'll operating our fairly and that our from and margins to the remarks, increasing

give on confidence achieve of X adjusted in half EBITDA strength of those goal. our and year So for suggest the our non-GAAP back all of a we'll us the the statements lot results that

On a you And mention I things. it. Got Vivek. IFC, couple maybe for then heard of

opportunity constraining current could about of how wins impactful centers be? And like on your expanding new too, think I'm there you the we unpack product hospital customers Is line, that's with curious maybe doing to particular much about I'm that some for geographies? curious, those growth as online. from an dynamics? them, Just the more you're outlook and that today If how blood capacity it something that in hospital then of is of just could more side, come in some sounds kind within you

be happy clarification. I'd if to. sure. Yes, more And follow certainly, you up please require

So significant growth existing to depth from are XXX% just We're as There's sort customers. IFC. starting that get new fully of novo of customers de with handful our both. converted starting customers first growth opposed in with to of opportunity kind with to

acquisition. provides we're same-store that can express terms So I of growth. But customer It meaningful days really early opportunity for way. sales. in it

started is hospitals use is to user is haven't So candidate current vast yet base. the larger IFC that the majority fact our than

of it's growth. in -- really maintaining terms both we're So sustained approach and

the XXXX. believe anticipating of growth lines. a continue BLAs, the state sufficient supported and that that both are near sure we combined customers. And not who capacity talked our provides of so monitor We'll support don't constraining production here future. have transport ahead track worry we're BLAs to X and supply we through increase BLAs, in in We're through can very We year across but we closely. that have received sufficient And supply volume X the prior seeing front to more too expectations, in they product And of far about balance by as the demand, calls, that we've make stays now production to about up center demand. blood marked such so looking partners to it, always

think we're blood centers inbound from they're and receiving encouraging, that's the mentioned earlier, want and see, hospital hearing blood it thing provide and are that we're to keen other is who customers The be I to they who producers key seeing -- centers, I product. that their them inquiries try from

over we're and see significant midterm, step-up a terms the pretty production near going the anticipate to in number of of I So partners.

on are, we're early it's principally the value days, of the IFC in balance, physicians and validating our fact but So really fact, that still by encouraged and clinical utility value proposition.

Our next question comes from Cowen. Josh Jennings with TD

This is Josh. for Eric on

on As lay a progress. thinking I of how a follow-up about just IFC was in on you there, if IFC growth sort 'XX. for I If could, the congratulations wondering out you're about could road of

total at, good of growth Cerus I think Is the to XXX with year? has starting IFC Just point? here. all Street sales XXX XX% you curious next that be the in ballpark. I a Could think think sales the

certainly of Kevin, expectations number. the I to know you -- year. the terms I'll I'll the maybe down in be quantifying defer

us we're add, And discussed, just front a there here. mean, But our I we're guiding, of of of you guidance million I that's is, Anything to sort front in Eric, the to know, opportunity can of year. you this Well, Vivek? white clearly, you think million as XXXX of would growth in for not Obviously, Vivek, calibrate sort we $XX range. providing and else lot for space us. as $X speak

demand rule summer to into through that be the has quarter, in push that. The thumb, get partners here volume putting to going I probably that's been, us peer-to-peer building and and they in in we the as anticipate allows we're developing for to sufficient center think and kind us clinical supply demand up blocks numbers future trained working now produce sales ramped No. and have the -- have in more confident as the getting feel place quarters, we focus unconstrained. and key grow the we're and fall rough with is percentage organization do I able that conference really that to drive We've fully we're opportunities really ensure capacity, piece I who mean, customers. that And demand think a support cultivated our the increased range. get got center with XXXX interaction that start has to we we'll share closely we of really the -- more anticipate to can many of the to we we to production We're blood And once season, we last single then well. and evidence. staffed existing as a on

that lot the of fruit. a place So put have to of lot investments, now starting are the bear a things into really we

'XX, to compelling IFC that anticipate allowing will we so us for continue few really not to line. And top to next for the growth meaningful just grow, contributor but a the years be on to drive

of incremental as mentioned just largely And not I could, lot past if be investments remiss to growth leverageable, right? just made in they're and Vivek that, now So if I'd be a those that fruit. say I the didn't we've we expect bearing that

I well. -- line impact as bottom that think holds bodes well the So to

EU blood progress hoping there. cell sense. on to makes That program, And red Understood. for the the in hear your an update I INTERCEPT was

are guys you there. I what and with had the now between Just update a where we just completed wondering notified is the mentioned that a last think remaining you steps potential clearance? body. complete what stand response I the was quarter,

Yes, Eric.

about and just remind process. So to the you others

to have to and hear based not back out We yet, them still from is still we heard of be our -- summer have holidays. may competent due have the from back the it we CBG-MEB which So the Netherlands. authority,

expect to which their definitive the it approval is they opinion, to once TUV back over, the of and So quarter. And to something we on body, European after notified then get to then our are that moves so us do holidays end with of hear possibly the then an before goes decision. sort back

it's I as year. we're you their mentioned, But complete think questions feel we point like waiting did we So still -- in response. CBG-MEB the time, the to a this earlier in at for provided response

Our with Massaro Instructions] next comes from Mark [Operator BTIG. question

for on Mark. Vidyun is This

returning to of stabilizing the growth. So I of hereof sort is and that understand business XXXX

any platelet recovery Just upside the how or like donors. variables you're to 'XX just about restocking thinking guide, inventory consider to of of sources additional

handle Thanks, would to like Vidyun. Vivek, well? you as this one

Sure, to. be I'd happy

of the sort and full underpinning confidence our year terms year guidance. in So our the outlook how of in for full raise

revenue at a want at an So to upside. customers, currently of to of can not revenue safety healthy driver. we kind rebuild of inventory rebuild level any maintain inventory we not forecasting We but this anticipating a onetime the make time sure are we're stock that driver be customer as our

see production the and to in talked ultimately so produced We continues platelets it are blood the growth stabilization to well. the distribute products in to parallel, an as ability addition, we collections. and through of utilization for seeing to really grow partners center then supply But side our and of adoption increased in prior of what's and that for about signals hospital demand the of demand is sort of in questions, the collection driving some hospitals. And growing our then a platelets enthusiasm those as markets, our ability and some continued on level IFC produce stabilizing is INTERCEPT terms

half in So growth in of continued we the see the franchise the second year. IFC

to of those combination continue top our progress. So factors to us line in confidence really ability the see that it's give

the Understood. And touch I bit heard briefly you on think a illuminator. little guys I then next-gen

So thinking regulatory us is what just submission. us sort there? about if could And help the could timing of you of help the also planned improvements terms to and in of quantify the of the some you us remind think features

Vidyun. Thanks, Yes.

a what use to we So call space key customers with are of increase that this next-gen they trying illuminator, blood because for ease center needed things INT-XXX lot the and the centers constrained. of achieve also space that reduce operational of were would these blood very is we one the the

of will right INT-XXX the the take current So now, illuminator the INT-XXX. space X

So saver these a graphical to the the it of a sort blood really is it's reliability just space interface for easier lot with use centers, regard of for the to but and system. also user

were customers result. device, remarks, of the of with mentioned from we're prepared happy really we Barcelona. ISBT happy to was feedback on final I sort the they development this as this in So at see their in the the how really It customers who engaged early and in led feedback to

and in cycle We about to for a CE approval approval review file roughly Europe. Mark in be here it's are near looking the going relatively to for XXX-day term,

product expect that XXXX. launch So to we in

Craig-Hallum Group. Bonello next Capital comes William from Our question with

on Just can pending update opportunities of give North outside an wondering any of America? international sort you and if

Vivek, would this as Thanks, Yes. Will. well? you mind taking

Sure. Happy to.

but So for learning continue we local have to end anticipate not the talked and of whether this underlying on interest We in joint a we've by need demand and will venture we there previously, -- But that I a clinical in our this good or remains in clinical think the quite China. year, be make study. progress geography. about high INTERCEPT

and the what is follow mirror practice and a growth be through strong the materializing continue the Germany, the in decade. Similarly, and the part us, health standards. And East there's AABB the there Arabia, opportunity will push that's are of Middle Saudi really they partner and distributor Kingdom the in encouraging Europe, we hospitals that the lot for happens a then the opportunity Middle fantastic in East, in what's largest the towards strong and marketing single blood marketing -- since process. significant growth in So FDA centers of authorization towards we're there this regulatory and unit of largest the back Western care through a seeing investment patterns going U.S.

of examples are those of So snapshot geographies drive where think sort can we significant international X growth.

through this strong half they a EMEA, We year. well team the really the executing of ground have and in on been first have

So It's to for products the future our in going commercial a also initial component plans. geography of significant our pipeline. be the international franchise certainly is the growth

well So we'll illuminator red the cells. INTERCEPT where as first as introduce it's LED

a continues value of be for part really to franchise. our So

you these you rate magnitude, out some of Or could and think whatnot the as of keep these of are it no, add some we opportunities, I to clients to actually sort things of more as non-North of have about just of up big when accelerating those do American Canada you year And the at we years? growth next adding start that with to and kinds got about the sort past of over at couple look growth the and think for drive you an that to look mean, you?

geographic candidly, because ramp. the of potential bit part of the opportunity and of a of It's size little a it is the both, function

more a a geographies, there's but types. vulcanized while of decision that that they If on mentioned, kind so then you sized, have those and I and countries look our customer get both are of and with in maker, some about single have at board. Other a operations our organization. And have it partnering folks of takes significantly really history, once base, to sort you it they customer volume decide mix and geographies significant deployment go to have becomes

when come in go -- see, not IFC trying context it growth We're that these to internationally, of maintaining supply there. the I opportunity. upside of growth quickly of who we I also they some sure that's is up certainly if part ahead sufficient have you're make in and ramp that platelet but So significant we going IFC, the I But in can we referenced But merely how of our the it's think our see of to it well, on, to franchise. is goes stay franchise parallel some mentioned they U.S., rate. could a certainly geographies demand. But sort

for any remarks. like I to Obi turn closing over now call to the back would Greenman

for in very progress keeping upcoming Thanks to Well, thank much. today for conferences. and forward us investor you and again of calls We of interest rest through quarterly informed Cerus. XXXX the your you joining our look throughout

you. Thank the participation. Thank you conference. This your for concludes

You may now disconnect.