Cerus Corporation

Good day, ladies and gentlemen. Thank you for standing by and welcome to Cirrus Corporation fourth quarter and full year 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Nupur Lipik, CIRS's Investor Relations Advisor. Ms. Lipik, you may begin.

Thank you and good afternoon. I'd like to thank everyone for joining us today. As part of today's webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.cirs.com. With me on the call are Obi Greenman, Cirrus' President and Chief Executive Officer, Vivek Jayaraman, Cirrus' Chief Operating Officer, Kevin Green, Cirrus' Chief Financial Officer, and Carol Moore, Cirrus' Senior Vice President. Cirrus issued a press release today announcing our financial results for the fourth quarter and year-ended December 31, 2024, and describing the company's recent business highlights. You can access a copy of this announcement on the company website at www.cirrus.com. I'd like to remind you that some of the statements we will make on this call relate to future events and performance rather than historical facts and are forward-looking statements. Examples of forward-looking statements include those related to our future financial and operating results, including our 2025 product revenue guidance, our expectations for bottom line and non-GAAP adjusted EBITDA performance, our operating expense and gross margin expectations, and our expectation for positive operating cash flows for 2025. expected future growth in our growth trajectory, a potential new and enhanced CE mark submission for intercept red blood cells, and other statements that are not historical fact. These forward-looking statements involve risks and uncertainties that could cause actual events, performance, and results to differ materially. They are identified and described in today's press release, in our slide presentation, and under risk factors in our Form 10-K for the year ended December 31st, 2024, which we will file in the coming days. We undertake no duty or obligation to update our forward-looking statements. On today's call, we will also be discussing non-GAAP financial measures, including non-GAAP adjusted EBITDA. These non-GAAP measures should be considered supplement to and not a replacement for measures presented in accordance with GAAP. For a reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures, please refer to today's press release and the slide presentation available on our website. We'll begin today with opening remarks from Obie, followed by Vivek to discuss recent business highlights, then Kevin to review our financial results and expectations for the rest of 2025, and lastly, closing remarks from Obie. And now it's my pleasure to introduce Obie Greenman, Cirrus' president and chief executive officer.

Thank you, Nipur, and good afternoon, everyone. I'd like to open the call by spending a few minutes reflecting on our strong performance in 2024, as well as our expectations for full year 2025 as we continue to establish our intercept blood system as the standard of care in transfusion medicine. 2024 was a milestone year for the company and its long history in that we successfully achieved positive adjusted EBITDA for the full year. Building off of this will allow us to invest in the continued growth of our business globally and our full Intercept portfolio and product improvements. Our year-over-year double-digit product revenue growth for 2024 was fueled by continued expansion in our global playlist business, along with the rising demand in our Intercept Vibranium Complex, or IFC, business in the U.S. Vivek will provide further insights into the strong demand we are experiencing in the IFC market, where we are providing an important and timely intervention for patients with major bleeding complications. This momentum underscores the critical importance of intercept-treated blood components and highlights the growing impact of our pathogen inactivation technology across transfusion services in the U.S. and internationally, from blood centers that manufacture pathogen-inactivated components to the hospitals and clinicians who transfuse them. For the fourth quarter and full year 2024, we executed our financial strategy effectively, delivering strong bottom-line performance and robust operating cash flows. As Kevin will detail shortly, key year-over-year financial highlights include double-digit growth and narrow gap net loss attributable to the company and positive non-gap adjusted EBITDA. With that strong foundation and in line with our 2025 product revenue guidance announced earlier this year, we anticipate year-over-year growth of 8% to 11% while focusing on the forward health of our bottom-line results. On the development front, In Europe, we are continuing to collaborate closely with our notified body, TUV SUD, on a potential new and enhanced CE mark submission for intercept red blood cells, or ABCs. We plan to have a more detailed update on these developments as those plans solidify in the coming months. I would like now to turn the call over to Vivek to discuss our commercial results and progress for the fourth quarter in full year 2024, along with color on the outlook for 2025.