$CERS
CERUS CORP

2016 Q4 Form 10-Q Financial Statement

#000156459016027638 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q3 2014 Q4
Revenue $10.13M $8.045M $9.587M
YoY Change 4.86% -22.36% 3.85%
Cost Of Revenue $5.610M $5.560M $6.590M
YoY Change -8.93% -2.27% 33.43%
Gross Profit $4.520M $2.485M $2.997M
YoY Change 29.36% -46.82% -30.19%
Gross Profit Margin 44.64% 30.89% 31.26%
Selling, General & Admin $12.44M $10.93M $10.69M
YoY Change 10.28% 25.31% 43.88%
% of Gross Profit 275.22% 439.92% 356.69%
Research & Development $8.820M $7.689M $5.190M
YoY Change 23.18% 6.06% 12.39%
% of Gross Profit 195.13% 309.42% 173.17%
Depreciation & Amortization $430.0K $390.0K $430.0K
YoY Change -8.51% 5.41% 26.47%
% of Gross Profit 9.51% 15.69% 14.35%
Operating Expenses $21.30M $18.67M $15.93M
YoY Change 15.2% 16.52% 31.66%
Operating Profit -$16.78M -$16.19M -$12.93M
YoY Change 11.9% 42.6% 65.68%
Interest Expense -$450.0K $505.0K -$6.910M
YoY Change -70.97% 102.81% -483.89%
% of Operating Profit
Other Income/Expense, Net $850.0K $601.0K -$240.0K
YoY Change 2025.0% 0.17% -112.01%
Pretax Income -$14.71M -$15.59M -$20.08M
YoY Change -10.9% 44.96% 245.79%
Income Tax -$1.200M $95.00K $110.0K
% Of Pretax Income
Net Earnings -$13.50M -$15.68M -$20.18M
YoY Change -8.51% 45.74% 244.4%
Net Earnings / Revenue -133.34% -194.9% -210.51%
Basic Earnings Per Share -$0.13 -$0.16 -$0.26
Diluted Earnings Per Share -$0.13 -$0.17 -$0.26
COMMON SHARES
Basic Shares Outstanding 103.5M 96.86M shares 78.27M shares
Diluted Shares Outstanding 97.61M shares

Balance Sheet

Concept 2016 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.68M $99.76M $51.29M
YoY Change -30.03% 109.59% -11.1%
Cash & Equivalents $22.56M $50.80M $22.78M
Short-Term Investments $45.12M $48.97M $28.51M
Other Short-Term Assets $1.804M $953.0K $1.932M
YoY Change -62.06% -60.77% 337.1%
Inventory $12.53M $12.84M $14.96M
Prepaid Expenses $1.274M $1.535M $1.210M
Receivables $6.868M $5.646M $5.493M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $94.11M $128.4M $74.89M
YoY Change -27.84% 76.76% -4.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.985M $3.712M $3.781M
YoY Change -15.89% -4.38% 72.73%
Goodwill $1.316M $1.316M $1.316M
YoY Change 0.0% 0.0% 0.0%
Intangibles $1.142M
YoY Change -15.03%
Long-Term Investments
YoY Change
Other Assets $4.148M $123.0K $144.0K
YoY Change 60.84% 141.18% 105.71%
Total Long-Term Assets $9.371M $6.765M $6.891M
YoY Change 4.17% 0.33% 31.83%
TOTAL ASSETS
Total Short-Term Assets $94.11M $128.4M $74.89M
Total Long-Term Assets $9.371M $6.765M $6.891M
Total Assets $103.5M $135.2M $81.78M
YoY Change -25.77% 70.27% -1.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.587M $6.813M $9.882M
YoY Change 64.6% 65.57% 74.16%
Accrued Expenses $11.22M $8.108M $8.444M
YoY Change 13.85% -35.38% -13.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.900M $1.400M $0.00
YoY Change 130.0% -100.0%
Total Short-Term Liabilities $26.89M $19.92M $29.19M
YoY Change 22.99% -5.84% -25.97%
LONG-TERM LIABILITIES
Long-Term Debt $12.40M $18.40M $9.900M
YoY Change -26.19% 85.86%
Other Long-Term Liabilities $1.590M $1.215M $1.081M
YoY Change 25.89% 21.74% 0.75%
Total Long-Term Liabilities $1.590M $1.215M $1.081M
YoY Change 25.89% 21.74% 0.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.89M $19.92M $29.19M
Total Long-Term Liabilities $1.590M $1.215M $1.081M
Total Liabilities $45.69M $39.67M $40.26M
YoY Change 2.36% 23.5% -0.82%
SHAREHOLDERS EQUITY
Retained Earnings -$660.7M -$583.1M -$541.9M
YoY Change 10.52% 11.75% 7.7%
Common Stock $718.4M $673.8M $583.5M
YoY Change 4.83% 874900.0% 6.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.79M $95.52M $41.52M
YoY Change
Total Liabilities & Shareholders Equity $103.5M $135.2M $81.78M
YoY Change -25.77% 70.27% -1.92%

Cashflow Statement

Concept 2016 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$13.50M -$15.68M -$20.18M
YoY Change -8.51% 45.74% 244.4%
Depreciation, Depletion And Amortization $430.0K $390.0K $430.0K
YoY Change -8.51% 5.41% 26.47%
Cash From Operating Activities -$9.710M -$11.86M -$8.630M
YoY Change 10.47% 1.02% 32.16%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$230.0K -$80.00K
YoY Change 25.0% -61.67% -63.64%
Acquisitions
YoY Change
Other Investing Activities $18.90M $26.72M -$3.790M
YoY Change -18.43% -727.23% -683.08%
Cash From Investing Activities $18.70M $26.49M -$3.870M
YoY Change -18.73% -645.06% -1000.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 1.110M 12.93M
YoY Change -95.08% -89.31% 15.14%
NET CHANGE
Cash From Operating Activities -9.710M -11.86M -8.630M
Cash From Investing Activities 18.70M 26.49M -3.870M
Cash From Financing Activities 300.0K 1.110M 12.93M
Net Change In Cash 9.290M 15.74M 430.0K
YoY Change -54.28% -353.05% -91.62%
FREE CASH FLOW
Cash From Operating Activities -$9.710M -$11.86M -$8.630M
Capital Expenditures -$200.0K -$230.0K -$80.00K
Free Cash Flow -$9.510M -$11.63M -$8.550M
YoY Change 10.2% 4.4% 35.5%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
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CY2015Q4 us-gaap Assets
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us-gaap Operating Expenses
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Earnings Per Share Diluted
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us-gaap Increase Decrease In Restricted Cash
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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cers Non Cash Interest Expense
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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cers Non Cash Tax Expense Benefit From Other Unrealized Gain Loss On Available For Sale Securities
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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cers Increase Decrease In Manufacturing And Development Payment Liability
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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cers Payment For Manufacturing Of Entity Products
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cers Payment For Manufacturing Of Entity Products
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, including those related to the accounts receivable, inventory reserves, fair values of investments, stock-based compensation, intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, and accrued liabilities, among others. We base our estimates on historical experience, future projections, 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.</p></div>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Concentration Risk Credit Risk
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, available-for-sale securities and accounts receivable.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the Company&#8217;s investment policy, substantially all of the Company&#8217;s cash, cash equivalents and available-for-sale securities are maintained at major financial institutions 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&#8217;s investments carry high credit quality ratings, which is in accordance with its investment policy. At September&#160;30, 2016, the fair value of the Company&#8217;s marketable equity securities of Aduro is subject to the underlying volatility of Aduro&#8217;s stock price. At September&#160;30, 2016, the Company does not believe there is significant financial risk from non-performance by the issuers of the Company&#8217;s cash equivalents and short-term investments.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 unaudited condensed consolidated balance sheets and records a charge on its unaudited condensed consolidated statements of operations as a component of selling, general and administrative expenses.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company had three customers that accounted for more than 10% of the Company&#8217;s outstanding trade receivables at September&#160;30, 2016 and December&#160;31, 2015. These customers cumulatively represented approximately 47% and 49% of the Company&#8217;s outstanding trade receivables at September&#160;30, 2016 and December&#160;31, 2015, respectively. To date, the Company has not experienced collection difficulties from these customers.</p></div>
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CY2015Q4 us-gaap Available For Sale Equity Securities Amortized Cost Basis
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0
CY2016Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
4003000
CY2016Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
66512000
CY2015Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
85000000
CY2016Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
4004000
CY2016Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
20082000
CY2016Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
17000
CY2016Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
20082000
CY2016Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
17000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
20170000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
46000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
5528000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
3000
CY2016Q3 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2016Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2017000
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2017000
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1077000
CY2016Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2015Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
100000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
200000
CY2016Q3 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
500000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
200000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
200000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
100000
CY2016Q3 us-gaap Cost Method Investments
CostMethodInvestments
0
CY2016Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5907000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5198000
CY2016Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2717000
CY2015Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2337000
CY2016Q3 cers Accrued Customer Costs Current
AccruedCustomerCostsCurrent
337000
CY2015Q4 cers Accrued Customer Costs Current
AccruedCustomerCostsCurrent
987000
CY2016Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
632000
CY2015Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
438000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
577000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
893000
CY2016Q3 cers Debt Instrument Carrying Current
DebtInstrumentCarryingCurrent
5056000
CY2016Q3 cers Debt Instrument Unamortized Current
DebtInstrumentUnamortizedCurrent
87000
CY2016Q3 cers Debt Instrument Carrying Non Current
DebtInstrumentCarryingNonCurrent
14443000
CY2016Q3 cers Debt Instrument Unamortized Noncurrent
DebtInstrumentUnamortizedNoncurrent
61000
CY2015Q4 cers Debt Instrument Carrying Current
DebtInstrumentCarryingCurrent
3050000
CY2015Q4 cers Debt Instrument Unamortized Current
DebtInstrumentUnamortizedCurrent
94000
CY2015Q4 cers Debt Instrument Carrying Non Current
DebtInstrumentCarryingNonCurrent
16950000
CY2015Q4 cers Debt Instrument Unamortized Noncurrent
DebtInstrumentUnamortizedNoncurrent
102000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7013000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8178000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4308000
CY2016Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
19499000
CY2016Q3 cers Longterm Debt Maturities Repayments Of Interest In Next Twelve Months
LongtermDebtMaturitiesRepaymentsOfInterestInNextTwelveMonths
340000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfInterestInYearTwo
1160000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfInterestInYearThree
613000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfInterestInYearFour
1488000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Interest
LongTermDebtMaturitiesRepaymentsOfInterest
3601000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInNextTwelveMonths
340000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
8173000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
8791000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFour
5796000
CY2016Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterest
23100000
cers Minimum Term Of Non Cancelable Operating Leases
MinimumTermOfNonCancelableOperatingLeases
P1Y
cers Expiration Of Non Cancelable Operating Leases Maximum Year
ExpirationOfNonCancelableOperatingLeasesMaximumYear
2020
CY2010 cers Proceeds From Landlord Financing Leasehold Improvement
ProceedsFromLandlordFinancingLeaseholdImprovement
1100000
CY2016Q3 cers Accrued Leasehold Improvements Current And Accrued Leasehold Improvements Noncurrent
AccruedLeaseholdImprovementsCurrentAndAccruedLeaseholdImprovementsNoncurrent
400000
CY2016Q3 cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
4800000

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