$CERS
CERUS CORP

2015 Form 10-K Financial Statement

#000119312516498617 Filed on March 09, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $34.22M $9.587M $10.36M
YoY Change -6.02% 3.85% -1.71%
Cost Of Revenue $23.46M $6.590M $5.689M
YoY Change 10.74% 33.43% -16.66%
Gross Profit $10.76M $2.997M $4.673M
YoY Change -29.35% -30.19% 25.75%
Gross Profit Margin 31.44% 31.26% 45.1%
Selling, General & Admin $45.99M $10.69M $8.724M
YoY Change 21.89% 43.88% 12.89%
% of Gross Profit 427.45% 356.69% 186.69%
Research & Development $25.64M $5.190M $7.250M
YoY Change 17.63% 12.39% 66.17%
% of Gross Profit 238.34% 173.17% 155.15%
Depreciation & Amortization $1.699M $430.0K $370.0K
YoY Change 20.07% 26.47% 184.62%
% of Gross Profit 15.79% 14.35% 7.92%
Operating Expenses $71.83M $15.93M $16.02M
YoY Change 20.26% 31.66% 31.98%
Operating Profit -$61.08M -$12.93M -$11.35M
YoY Change 37.24% 65.68% 34.73%
Interest Expense $1.705M -$6.910M $249.0K
YoY Change 184.64% -483.89% 507.32%
% of Operating Profit
Other Income/Expense, Net $1.536M -$240.0K $600.0K
YoY Change -74.15% -112.01% -104.99%
Pretax Income -$59.54M -$20.08M -$10.75M
YoY Change 54.41% 245.79% -47.4%
Income Tax -$3.671M $110.0K $8.000K
% Of Pretax Income
Net Earnings -$55.87M -$20.18M -$10.76M
YoY Change 44.16% 244.4% -47.52%
Net Earnings / Revenue -163.25% -210.51% -103.83%
Basic Earnings Per Share -$0.58 -$0.26 -$0.14
Diluted Earnings Per Share -$0.61 -$0.26 -$0.16
COMMON SHARES
Basic Shares Outstanding 96.07M 78.27M shares 75.19M shares
Diluted Shares Outstanding 96.91M 76.10M shares

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.9M $51.29M $47.60M
YoY Change 110.33% -11.1% -10.69%
Cash & Equivalents $71.00M $22.78M $22.34M
Short-Term Investments $36.90M $28.51M $25.20M
Other Short-Term Assets $6.000M $1.932M $2.429M
YoY Change 93.55% 337.1% 516.5%
Inventory $10.80M $14.96M $13.50M
Prepaid Expenses $1.210M $1.780M
Receivables $5.800M $5.493M $7.366M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $130.4M $74.89M $72.65M
YoY Change 74.1% -4.18% -2.48%
LONG-TERM ASSETS
Property, Plant & Equipment $3.500M $3.781M $3.882M
YoY Change -7.89% 72.73% 110.06%
Goodwill $1.316M $1.316M
YoY Change 0.0% 0.0%
Intangibles $1.142M $1.193M
YoY Change -15.03% -14.48%
Long-Term Investments
YoY Change
Other Assets $3.200M $144.0K $51.00K
YoY Change 357.14% 105.71% -29.17%
Total Long-Term Assets $9.000M $6.891M $6.743M
YoY Change 30.43% 31.83% 36.58%
TOTAL ASSETS
Total Short-Term Assets $130.4M $74.89M $72.65M
Total Long-Term Assets $9.000M $6.891M $6.743M
Total Assets $139.4M $81.78M $79.40M
YoY Change 70.42% -1.92% -0.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.200M $9.882M $4.115M
YoY Change -47.47% 74.16% 0.96%
Accrued Expenses $9.900M $8.444M $12.55M
YoY Change 17.86% -13.95% 4.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $21.90M $29.19M $21.15M
YoY Change -25.0% -25.97% -50.33%
LONG-TERM LIABILITIES
Long-Term Debt $16.80M $9.900M $9.900M
YoY Change 69.7%
Other Long-Term Liabilities $5.800M $1.081M $998.0K
YoY Change 427.27% 0.75% -10.89%
Total Long-Term Liabilities $22.60M $1.081M $998.0K
YoY Change 105.45% 0.75% -10.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.90M $29.19M $21.15M
Total Long-Term Liabilities $22.60M $1.081M $998.0K
Total Liabilities $44.60M $40.26M $32.12M
YoY Change 10.67% -0.82% -26.66%
SHAREHOLDERS EQUITY
Retained Earnings -$541.9M -$521.8M
YoY Change 7.7% 4.91%
Common Stock $583.5M $77.00K
YoY Change 6.87% 10.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $94.80M $41.52M $47.28M
YoY Change
Total Liabilities & Shareholders Equity $139.4M $81.78M $79.40M
YoY Change 70.42% -1.92% -0.06%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$55.87M -$20.18M -$10.76M
YoY Change 44.16% 244.4% -47.52%
Depreciation, Depletion And Amortization $1.699M $430.0K $370.0K
YoY Change 20.07% 26.47% 184.62%
Cash From Operating Activities -$51.13M -$8.630M -$11.74M
YoY Change 28.44% 32.16% 92.78%
INVESTING ACTIVITIES
Capital Expenditures $722.0K -$80.00K -$600.0K
YoY Change -65.72% -63.64% 130.77%
Acquisitions
YoY Change
Other Investing Activities $2.240M -$3.790M -$4.260M
YoY Change -315.38% -683.08% -85.4%
Cash From Investing Activities $1.520M -$3.870M -$4.860M
YoY Change -148.25% -1000.0% -83.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.30M
YoY Change 307.29%
Debt Paid & Issued, Net $113.0K
YoY Change -96.75%
Cash From Financing Activities 97.95M 12.93M 10.38M
YoY Change 168.72% 15.14% 521.56%
NET CHANGE
Cash From Operating Activities -51.13M -8.630M -11.74M
Cash From Investing Activities 1.520M -3.870M -4.860M
Cash From Financing Activities 97.95M 12.93M 10.38M
Net Change In Cash 48.34M 430.0K -6.220M
YoY Change -842.55% -91.62% -81.62%
FREE CASH FLOW
Cash From Operating Activities -$51.13M -$8.630M -$11.74M
Capital Expenditures $722.0K -$80.00K -$600.0K
Free Cash Flow -$51.85M -$8.550M -$11.14M
YoY Change 23.7% 35.5% 91.08%

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CY2014 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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CY2014 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
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CostOfGoodsSold
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AvailableForSaleSecuritiesGrossRealizedLosses
0
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CurrentForeignTaxExpenseBenefit
168000
CY2014 cers Purchase Commitment Payments
PurchaseCommitmentPayments
6800000
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DeferredIncomeTaxExpenseBenefitAndTaxBenefitFromUnrealizedGainOnAvailableForSaleSecuritiesOperatingActivities
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CY2015 dei Document Type
DocumentType
10-K
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
223000 shares
CY2015 dei Trading Symbol
TradingSymbol
CERS
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
837000 shares
CY2015 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0001020214
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
225000 shares
CY2015 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Concentration of Credit Risk</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px"><font style="FONT-FAMILY: Times New Roman" size="2">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments and accounts receivable.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2">Pursuant to the Company&#x2019;s investment policy, substantially all of the Company&#x2019;s cash, cash equivalents and short-term investments are maintained at a major financial institution of high credit standing. The Company monitors the financial credit worthiness of the issuers of its investments and limits the concentration in individual securities and types of investments that exist within its investment portfolio. Generally, all of the Company&#x2019;s investments carry high credit quality ratings, which is in accordance with its investment policy. At December&#xA0;31, 2015, the fair value of the Company&#x2019;s marketable equity securities of Aduro is subject to the underlying volatility of Aduro&#x2019;s stock price. At December&#xA0;31, 2015, the Company does not believe there is significant financial risk from non-performance by the issuers of the Company&#x2019;s cash equivalents.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2">Concentrations of credit risk with respect to trade receivables exist. On a regular basis, including at the time of sale, the Company performs credit evaluations of its significant customers that it expects to sell to on credit terms. Generally, the Company does not require collateral from its customers to secure accounts receivable. To the extent that the Company determines specific invoices or customer accounts may be uncollectible, the Company establishes an allowance for doubtful accounts against the accounts receivable on its consolidated balance sheets and records a charge on its consolidated statements of operations as a component of selling, general and administrative expenses.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2">The Company had three customers and one customer that accounted for more than 10% of the Company&#x2019;s outstanding trade receivables at December&#xA0;31, 2015 and 2014, respectively. These customers cumulatively represented approximately 49% and 36% of the Company&#x2019;s outstanding trade receivables at December&#xA0;31, 2015 and 2014, respectively. To date, the Company has not experienced collection difficulties from these customers.</font></p> </div>
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13681000 shares
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.58
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11800000
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2.35
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CY2015 dei Entity Registrant Name
EntityRegistrantName
CERUS CORP
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EntityCurrentReportingStatus
Yes
CY2015 dei Amendment Flag
AmendmentFlag
false
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CY2015 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Guarantee and Indemnification Arrangements</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px"><font style="FONT-FAMILY: Times New Roman" size="2">The Company recognizes the fair value for guarantee and indemnification arrangements issued or modified by the Company. In addition, the Company monitors the conditions that are subject to the guarantees and indemnifications in order to identify if a loss has occurred. If the Company determines it is probable that a loss has occurred, then any such estimable loss would be recognized under those guarantees and indemnifications. Some of the agreements that the Company is a party to contain provisions that indemnify the counter party from damages and costs resulting from claims that the Company&#x2019;s technology infringes the intellectual property rights of a third party or claims that the sale or use of the Company&#x2019;s products have caused personal injury or other damage or loss. The Company has not received any such requests for indemnification under these provisions and has not been required to make material payments pursuant to these provisions.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2">The Company generally provides for a one-year warranty on certain of its INTERCEPT blood-safety products covering defects in materials and workmanship. The Company accrues costs associated with warranty obligations when claims become known and are estimable. The Company has not experienced significant or systemic warranty claims nor is it aware of any existing current warranty claims. Accordingly, the Company had not accrued for any future warranty costs for its products at December&#xA0;31, 2015 or 2014.</font></p> </div>
CY2015 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
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EarningsPerShareBasic
-0.58
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, which are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions.</font></p> </div>
CY2015 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
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P6Y10M24D
CY2015 dei Document Fiscal Year Focus
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CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
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CY2015 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2015 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2015 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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CY2015 cers Purchase Commitment Payments
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CY2015 cers Agreement Expiration Date
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CY2015 cers Minimum Term Of Non Cancelable Operating Leases
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CY2015 cers Eligible To Receive Royalty Fee
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CY2015 cers Expiration Of Non Cancelable Operating Leases Maximum Year
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CY2015 cers Inventory Life Finished Goods Period
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CY2015 cers Effective Income Tax Rate Reconciliation Change In State Apportionment
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CY2015 cers Noncash Manufacturing And Development Obligation
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CY2015 cers Termination Penalty Per Unit
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