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Cerus 4Q loss narrows on revenue boost

Fri, 03/04/2011 - 5:45am
The Associated Press

Biotechnology company Cerus Corp. reported a smaller fourth-quarter loss on higher revenue.

Cerus makes the Intercept Blood System, which inactivates blood-borne pathogens in donated blood used for transfusions.

Claes Glassell, its president and CEO, said he expects slower revenue growth this year than for 2010.

He said "economic headwinds and prolonged adoption decisions will impact our growth rate in the near term" and said the company officials "conservatively anticipate 2011 revenue growth of 20 percent" compared with 29 percent growth in 2010.

Cerus shares dropped 47 cents, or 14 percent, to $2.89 in morning trading Friday.

After the market closed Thursday, the California company reported a net loss of $2.6 million, or 6 cents per share, for the three months ended Dec. 31 compared with a net loss of $4.9 million, or 13 cents per share, a year earlier.

Revenue rose 18 percent to $6.5 million from $5.5 million.

For the full year, the company reported a net loss of $16.9 million, or 42 cents per share, compared with a loss of $24.1 million, or 69 cents per share, in 2009. Revenue rose to $23.1 million from $18 million.

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