CERS - Cerus sheds 19% after issuing 2023 guidance

• Cerus Corporation ( NASDAQ: CERS ) dropped ~19% in the morning hours Monday after the maker of INTERCEPT Blood System set its forecast for full-year 2023 product revenue at $165M – $170M. Wall Street forecasts the company to report $193.3 of total revenue in 2023.
• Cerus ( CERS ) Chief Executive William Greenman attributed the underperformance to current macro headwinds and forex impact, noting that “we expect 2023 to be a bridge year for the Company as we continue to build the foundation for broader INTERCEPT adoption.”
• “…..we believe these will be most acutely felt during the first quarter as customers assess the year prior to entering into more normalized and consistent operations,” Greenman added.
• The company also announced unaudited preliminary financials for 2022, indicating $162.0M and $44.0M product revenue for Q4 and full year 2022, which imply ~10% YoY and ~24% YoY growth, respectively.
• In November, the company lowered the mid-point of its full-year product revenue guidance to $160M – $162M from $160M – $165M in the previous outlook.

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