Cerus (CERS) FY2018 results: revenue $76 million, up 48.2% on the year

Cerus Corp. (CERS) reported revenue of $76 million for fiscal 2018, the year ended 31 December 2018, up 48.2% on the year before. Net income was -$58 million, and diluted earnings per share $-0.44. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.

Revenue

$76 million

+48.2% on the year

FY2011FY2018

Operating margin

-72.3%

-112.1% a year earlier

FY2011FY2018

Net income

-$58 million

FY2011FY2018

Diluted EPS

-$0.44

FY2011FY2018

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2018 · Q2 FY2018 · Q3 FY2018 · Q4 FY2018

Income statement (profit and loss)

$ million	FY2018	FY2017	FY2016	On the year
Revenue	76.1	51.3	39.3	+48.2%
Cost of revenue	31.6	22.5	20.3	+40.4%
Gross profit	44.4	28.8	16.9	+54.3%
Gross margin	58.4%	56.1%	43.0%
Research and development	42.6	33.7	31.3	+26.3%
Selling, general and administrative	56.8	52.6	49.0	+8.0%
Operating income	-55.0	-57.5	-61.4
Operating margin	-72.3%	-112.1%	-156.5%
Interest expense	4.0	3.0	2.4	+32.6%
Pre-tax income	-57.3	-56.7	-62.7
Income tax	0.2	3.9	0.2	-94.1%
Net income	-57.6	-60.6	-62.9
Net margin	-75.7%	-118.0%	-160.2%
Diluted EPS	-$0.44	-$0.56	-$0.62

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2018	FY2017	FY2016	On the year
Operating cash flow	-31.2	-52.2	-53.5
Capital expenditure	1.1	0.4	0.6	+224.1%
Free cash flow	-32.4	-52.6	-54.1
Free cash flow margin	-42.6%	-102.5%	-137.7%
Cash from investing	-43.8	0.4	-19.9
Cash from financing	92.8	43.0	24.6	+115.7%
Depreciation and amortisation	1.4	1.8	1.8	-20.2%
Share-based compensation	10.4	9.4	8.1	+11.1%
Diluted shares, weighted	132m	108m	102m	+21.7%
Shares outstanding at period end	137m	103m	99m	+32.3%

Balance sheet

$ million	FY2018	FY2017	FY2016	On the year
Shareholders' equity	84.5	38.9	57.8	+117.0%
Debt	30.0	30.0	19.5	0.0%
Other liabilities	48.9	29.3	26.2	+67.0%
Total liabilities and equity	163	98.2	103	+66.4%
Fixed assets	8.1	2.1	3.0	+283.7%
Goodwill	1.3	1.3	1.3	0.0%
Intangible assets	0.3	0.5	0.7	-37.7%
Investments	88.7	47.0	45.1	+88.7%
Cash and equivalents	28.9	13.7	22.6	+110.9%
Receivables	8.8	12.4	6.9	-29.5%
Inventory	13.5	14.5	12.5	-6.3%
Other assets	13.8	6.7	11.4	+106.0%
Total assets	163	98.2	103	+66.4%

10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.