$CERS
CERUS CORP

2021 Q3 Form 10-Q Financial Statement

#000156459021053617 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $42.10M $29.19M $26.83M
YoY Change 44.23% 27.75% 19.35%
Cost Of Revenue $17.58M $10.95M $9.710M
YoY Change 60.57% 44.46% 19.71%
Gross Profit $24.52M $18.24M $17.12M
YoY Change 34.42% 19.53% 19.22%
Gross Profit Margin 58.24% 62.49% 63.81%
Selling, General & Admin $20.36M $16.30M $16.11M
YoY Change 24.89% 0.99% -3.76%
% of Gross Profit 83.03% 89.36% 94.1%
Research & Development $15.29M $15.92M $15.62M
YoY Change -3.97% -1.0% 8.32%
% of Gross Profit 62.35% 87.28% 91.24%
Depreciation & Amortization $765.0K $810.0K $780.0K
YoY Change -5.56% -723.08% -33.9%
% of Gross Profit 3.12% 4.44% 4.56%
Operating Expenses $35.64M $32.22M $31.73M
YoY Change 10.63% 0.0% 89.55%
Operating Profit -$11.13M -$13.98M -$14.61M
YoY Change -20.41% -17.57% 513.87%
Interest Expense -$1.443M -$440.0K -$660.0K
YoY Change 227.95% -65.89% -37.14%
% of Operating Profit
Other Income/Expense, Net -$1.238M $350.0K $460.0K
YoY Change -453.71% 2.94% -164.97%
Pretax Income -$12.36M -$14.07M -$14.80M
YoY Change -12.13% -21.44% -15.43%
Income Tax $73.00K $70.00K $70.00K
% Of Pretax Income
Net Earnings -$12.44M -$14.14M -$14.87M
YoY Change -12.04% -21.31% -15.32%
Net Earnings / Revenue -29.54% -48.44% -55.43%
Basic Earnings Per Share -$0.07
Diluted Earnings Per Share -$72.35K -$84.89K -$90.46K
COMMON SHARES
Basic Shares Outstanding 171.9M
Diluted Shares Outstanding 171.9M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.0M $135.1M $136.5M
YoY Change -11.21% 58.75% 41.89%
Cash & Equivalents $80.74M $31.47M $34.90M
Short-Term Investments $41.50M $106.2M $101.6M
Other Short-Term Assets $6.232M $6.500M $6.500M
YoY Change -4.12% 12.07% -26.14%
Inventory $29.42M $19.46M $18.43M
Prepaid Expenses
Receivables $22.44M $16.20M $17.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $178.1M $177.3M $179.0M
YoY Change 0.42% 40.38% 31.78%
LONG-TERM ASSETS
Property, Plant & Equipment $25.09M $27.70M $28.30M
YoY Change -9.41% -5.46% 84.42%
Goodwill $1.316M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.49M $7.000M $4.414M
YoY Change 106.93% -4.11% -8.08%
Total Long-Term Assets $40.89M $36.10M $36.49M
YoY Change 13.28% -5.25% -5.92%
TOTAL ASSETS
Total Short-Term Assets $178.1M $177.3M $179.0M
Total Long-Term Assets $40.89M $36.10M $36.49M
Total Assets $218.9M $213.4M $215.5M
YoY Change 2.6% 29.81% 23.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.19M $19.20M $18.83M
YoY Change 36.39% -4.0% -10.58%
Accrued Expenses $26.18M $19.55M $16.87M
YoY Change 33.97% 5.94% 1.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.986M $5.000M $5.000M
YoY Change 99.72% 0.0% 11.11%
Total Short-Term Liabilities $64.72M $46.20M $43.10M
YoY Change 40.08% 1.32% -15.13%
LONG-TERM LIABILITIES
Long-Term Debt $54.68M $39.50M $39.50M
YoY Change 38.42% 0.25% 0.51%
Other Long-Term Liabilities $18.48M $18.40M $713.0K
YoY Change 0.43% -1.6% 334.76%
Total Long-Term Liabilities $73.15M $57.90M $713.0K
YoY Change 26.35% -0.34% 334.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.72M $46.20M $43.10M
Total Long-Term Liabilities $73.15M $57.90M $713.0K
Total Liabilities $138.9M $104.1M $101.0M
YoY Change 33.4% 0.48% -7.36%
SHAREHOLDERS EQUITY
Retained Earnings -$955.2M -$881.4M
YoY Change 8.12%
Common Stock $1.035B $994.8M
YoY Change 12.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.08M $109.2M $114.5M
YoY Change
Total Liabilities & Shareholders Equity $218.9M $213.4M $215.5M
YoY Change 2.6% 29.81% 23.4%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$12.44M -$14.14M -$14.87M
YoY Change -12.04% -21.31% -15.32%
Depreciation, Depletion And Amortization $765.0K $810.0K $780.0K
YoY Change -5.56% -723.08% -33.9%
Cash From Operating Activities -$6.582M -$4.680M -$7.810M
YoY Change 40.64% -78.94% -39.36%
INVESTING ACTIVITIES
Capital Expenditures -$221.0K -$240.0K -$460.0K
YoY Change -7.92% -87.63% -85.62%
Acquisitions
YoY Change
Other Investing Activities $21.95M -$5.140M -$1.140M
YoY Change -527.04% -142.94% -7.32%
Cash From Investing Activities $21.73M -$5.380M -$1.590M
YoY Change -503.88% -153.69% -64.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.581M 4.170M 10.65M
YoY Change 9.86% -68.07% -9.82%
NET CHANGE
Cash From Operating Activities -6.582M -4.680M -7.810M
Cash From Investing Activities 21.73M -5.380M -1.590M
Cash From Financing Activities 4.581M 4.170M 10.65M
Net Change In Cash 19.73M -5.890M 1.250M
YoY Change -434.94% -784.88% -122.73%
FREE CASH FLOW
Cash From Operating Activities -$6.582M -$4.680M -$7.810M
Capital Expenditures -$221.0K -$240.0K -$460.0K
Free Cash Flow -$6.361M -$4.440M -$7.350M
YoY Change 43.27% -78.11% -24.07%

Facts In Submission

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us-gaap Use Of Estimates
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<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;">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 (“SSP”) of performance obligations, variable consideration, the collectability of accounts receivable, inventory reserves, fair values of investments, the allowance for credit losses, stock-based compensation, intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, accrued liabilities, and incremental borrowing rate, 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>
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us-gaap Concentration Risk Credit Risk
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<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’s investment policy, substantially all of the Company’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’s investments carry high credit quality ratings, which is in accordance with its investment policy. At September 30, 2021, the Company does not believe there is significant financial risk from non-performance by the issuers of the Company’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 accounts receivable 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 </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on its condensed consolidated balance sheets and records a charge on its condensed consolidated statements of operations as a component of selling, general and administrative expenses.</span></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’s outstanding accounts receivable at both September 30, 2021 and December 31, 2020. These customers cumulatively represented approximately 61% and 51% of the Company’s outstanding trade receivables at September 30, 2021 and December 31, 2020, respectively. To date, the Company has not experienced collection difficulties from these customers.</p>
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23391000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23305000
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="text-align:justify;margin-top:2pt;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;">Guarantee and Indemnification Arrangements</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 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’s technology infringes the intellectual property rights of a third-party or claims that the sale or use of the Company’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.</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 generally provides for a <span style="-sec-ix-hidden:F_000463">one-year</span> warranty on certain of its disposable kits and illuminators 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 September 30, 2021 and December 31, 2020.</p>
CY2021Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
0
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
0
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
77745000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
77869000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
64857000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
65117000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
10145000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
10202000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
37672000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
38086000
CY2020Q4 us-gaap Inventory Net
InventoryNet
23254000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
103625000
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
87890000
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
88071000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
102529000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
103203000
CY2021Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2021Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2020Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2020Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
0
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
300000
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
88978000
CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
11938000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5097000
CY2021Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
23418000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
18157000
CY2021Q3 cers Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
35356000
CY2020Q4 cers Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
23254000
CY2021Q3 us-gaap Inventory Noncurrent
InventoryNoncurrent
5936000
CY2021Q3 us-gaap Inventory Net
InventoryNet
29420000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14908000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15999000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3573000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3020000
CY2021Q3 cers Accrued Development Costs Current
AccruedDevelopmentCostsCurrent
2710000
CY2020Q4 cers Accrued Development Costs Current
AccruedDevelopmentCostsCurrent
1237000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4993000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4497000
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
26184000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24753000
cers Minimum Term Of Non Cancelable Operating Leases
MinimumTermOfNonCancelableOperatingLeases
P1Y
cers Expiration Of Non Cancelable Operating Leases Maximum Year
ExpirationOfNonCancelableOperatingLeasesMaximumYear
2030
us-gaap Operating Lease Payments
OperatingLeasePayments
2605000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
132000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y9M18D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.089
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
830000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3134000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2981000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2769000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2733000
CY2021Q3 cers Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
13337000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25784000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8089000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
17695000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
780000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
846000
us-gaap Operating Lease Cost
OperatingLeaseCost
2425000
us-gaap Operating Lease Cost
OperatingLeaseCost
2509000
us-gaap Lessor Operating Lease Lease Not Yet Commenced Description
LessorOperatingLeaseLeaseNotYetCommencedDescription
the Company had no leases that have not yet commenced.
CY2021Q3 cers Short Term Purchase Commitment Amount
ShortTermPurchaseCommitmentAmount
19100000
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
2800000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
225000000
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000
CY2021Q3 cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
18800000
CY2020Q3 cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
8000000.0
cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
41000000.0
cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
22500000
CY2021Q3 cers Accrual For Manufacturing Of Entity Products
AccrualForManufacturingOfEntityProducts
12761000
CY2020Q4 cers Accrual For Manufacturing Of Entity Products
AccrualForManufacturingOfEntityProducts
13838000
CY2021Q3 us-gaap Nontrade Receivables
NontradeReceivables
2662000
CY2020Q4 us-gaap Nontrade Receivables
NontradeReceivables
2380000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1

Files In Submission

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cers-10q_20210930_htm.xml Edgar Link completed
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