$CERS
Cerus Corp

2018 Q4 Form 10-Q Financial Statement

#000156459018026282 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $20.24M $19.33M $10.80M
YoY Change 24.63% 79.03% 6.11%
Cost Of Revenue $8.440M $8.140M $5.350M
YoY Change -7.56% 52.15% -1.83%
Gross Profit $11.80M $11.19M $5.449M
YoY Change 24.34% 105.36% 15.35%
Gross Profit Margin 58.3% 57.89% 50.47%
Selling, General & Admin $14.83M $13.96M $12.18M
YoY Change 18.55% 14.61% 0.16%
% of Gross Profit 125.68% 124.75% 223.53%
Research & Development $12.42M $10.83M $7.886M
YoY Change 59.64% 37.33% 12.13%
% of Gross Profit 105.25% 96.78% 144.72%
Depreciation & Amortization $340.0K $320.0K $460.0K
YoY Change -24.44% -30.43% 6.98%
% of Gross Profit 2.88% 2.86% 8.44%
Operating Expenses $27.26M $24.79M $20.12M
YoY Change 34.02% 23.24% 4.53%
Operating Profit -$15.46M -$13.60M -$12.38M
YoY Change 42.49% 9.84% -13.16%
Interest Expense -$1.150M -$1.050M $1.090M
YoY Change 35.29% -196.33% 86.01%
% of Operating Profit
Other Income/Expense, Net $460.0K $510.0K -$986.0K
YoY Change 228.57% -151.72% 84.99%
Pretax Income -$16.15M -$14.14M -$13.37M
YoY Change 39.71% 5.77% -9.63%
Income Tax $60.00K $60.00K $50.00K
% Of Pretax Income
Net Earnings -$16.21M -$14.19M -$13.42M
YoY Change 41.08% 5.77% -6.66%
Net Earnings / Revenue -80.06% -73.42% -124.28%
Basic Earnings Per Share -$0.12 -$0.11 -$0.12
Diluted Earnings Per Share -$0.12 -$0.11 -$0.12
COMMON SHARES
Basic Shares Outstanding 135.7M 109.8M
Diluted Shares Outstanding 109.8M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.6M $119.0M $59.60M
YoY Change 93.71% 99.66% -26.6%
Cash & Equivalents $28.86M $22.33M $17.24M
Short-Term Investments $88.72M $96.67M $42.60M
Other Short-Term Assets $7.000M $7.400M $4.100M
YoY Change 200.43% 80.49% -43.06%
Inventory $13.54M $13.30M $14.30M
Prepaid Expenses
Receivables $8.752M $10.50M $10.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $146.9M $150.2M $88.40M
YoY Change 63.41% 69.91% -18.15%
LONG-TERM ASSETS
Property, Plant & Equipment $8.130M $3.100M $2.300M
YoY Change 283.67% 34.78% -28.13%
Goodwill $1.316M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.050M $6.700M $4.400M
YoY Change -1.89% 52.27% 57.14%
Total Long-Term Assets $16.56M $11.50M $8.700M
YoY Change 98.39% 32.18% 7.41%
TOTAL ASSETS
Total Short-Term Assets $146.9M $150.2M $88.40M
Total Long-Term Assets $16.56M $11.50M $8.700M
Total Assets $163.5M $161.7M $97.10M
YoY Change 66.38% 66.53% -16.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.60M $13.00M $12.50M
YoY Change 69.45% 4.0% 81.16%
Accrued Expenses $19.80M $18.10M $10.70M
YoY Change 69.06% 69.16% 4.9%
Deferred Revenue $498.0K
YoY Change 11.91%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.900M $5.700M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $52.68M $43.20M $23.90M
YoY Change 127.74% 80.75% 4.37%
LONG-TERM LIABILITIES
Long-Term Debt $22.00M $24.10M $29.80M
YoY Change -26.17% -19.13% 106.94%
Other Long-Term Liabilities $4.250M $2.500M $6.300M
YoY Change 597.87% -60.32% -1.56%
Total Long-Term Liabilities $4.250M $26.60M $36.10M
YoY Change 597.87% -26.32% 73.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.68M $43.20M $23.90M
Total Long-Term Liabilities $4.250M $26.60M $36.10M
Total Liabilities $78.94M $69.90M $59.90M
YoY Change 33.11% 16.69% 36.76%
SHAREHOLDERS EQUITY
Retained Earnings -$778.9M -$709.8M
YoY Change 7.98%
Common Stock $863.7M $747.0M
YoY Change 13.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.52M $91.80M $37.18M
YoY Change
Total Liabilities & Shareholders Equity $163.5M $161.7M $97.09M
YoY Change 66.38% 66.55% -16.38%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$16.21M -$14.19M -$13.42M
YoY Change 41.08% 5.77% -6.66%
Depreciation, Depletion And Amortization $340.0K $320.0K $460.0K
YoY Change -24.44% -30.43% 6.98%
Cash From Operating Activities -$7.100M -$4.890M -$12.85M
YoY Change -29.28% -61.95% -20.92%
INVESTING ACTIVITIES
Capital Expenditures -$520.0K -$470.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $7.750M $1.010M -$12.34M
YoY Change -268.11% -108.18% -196.71%
Cash From Investing Activities $7.230M $530.0K -$12.33M
YoY Change -256.83% -104.3% -198.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.400M 12.39M 21.90M
YoY Change -43.51% -43.42% 146.62%
NET CHANGE
Cash From Operating Activities -7.100M -4.890M -12.85M
Cash From Investing Activities 7.230M 530.0K -12.33M
Cash From Financing Activities 6.400M 12.39M 21.90M
Net Change In Cash 6.530M 8.030M -3.280M
YoY Change -296.69% -344.82% -163.69%
FREE CASH FLOW
Cash From Operating Activities -$7.100M -$4.890M -$12.85M
Capital Expenditures -$520.0K -$470.0K $0.00
Free Cash Flow -$6.580M -$4.420M -$12.85M
YoY Change -34.46% -65.6% -19.74%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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;">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 nature and timing of satisfaction of performance obligations, the timing when the customer obtains control of products or services, the standalone selling price (&#8220;SSP&#8221;) of performance obligations, variable consideration, 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. The Company bases its 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 Concentration Risk Credit Risk
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<div> <p style="text-align:justify;margin-top:12pt;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, 2018, 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 two and three customers that accounted for more than 10% of the Company&#8217;s outstanding trade receivables at September&#160;30, 2018 and December&#160;31, 2017, respectively. These customers cumulatively represented approximately 61% and 53% of the Company&#8217;s outstanding trade receivables at September&#160;30, 2018 and December&#160;31, 2017, respectively. To date, the Company has not experienced collection difficulties from these customers.</p></div>
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2554000
CY2018Q3 cers Long Term Debt Maturities Repayments Of Interest
LongTermDebtMaturitiesRepaymentsOfInterest
8293000
CY2018Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInNextTwelveMonths
689000
CY2018Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
10327000
CY2018Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
10260000
CY2018Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFour
9463000
CY2018Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFive
7554000
CY2018Q3 cers Long Term Debt Maturities Repayments Of Principal And Interest
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterest
38293000
cers Minimum Term Of Non Cancelable Operating Leases
MinimumTermOfNonCancelableOperatingLeases
P1Y
cers Expiration Of Non Cancelable Operating Leases Maximum Year
ExpirationOfNonCancelableOperatingLeasesMaximumYear
2029
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
545000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3306000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2362000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2209000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2234000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
16860000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
27516000
CY2010 cers Proceeds From Landlord Financing Leasehold Improvement
ProceedsFromLandlordFinancingLeaseholdImprovement
1100000
CY2018Q3 cers Accrued Leasehold Improvements Current And Accrued Leasehold Improvements Noncurrent
AccruedLeaseholdImprovementsCurrentAndAccruedLeaseholdImprovementsNoncurrent
200000
CY2018Q3 cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
5600000
CY2017Q3 cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
3000000
cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
15700000
cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
9400000
CY2018Q3 cers Accrual For Manufacturing Of Entity Products
AccrualForManufacturingOfEntityProducts
6198000
CY2017Q4 cers Accrual For Manufacturing Of Entity Products
AccrualForManufacturingOfEntityProducts
4687000
CY2018Q3 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
1714000
CY2017Q4 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
231000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1

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