Cerus Corporation

Good day, ladies and gentlemen. Thank you for standing by. And welcome to the Cirrus Corporation fourth quarter and full year 2025 earnings conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Tim Lee, Cirrus Head of Investor Relations. Tim, 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.cirrus.com. With me on the call are Obi Greenman, Cirrus' President and Chief Executive Officer, Vivek Jayaraman, Cirrus' Chief Operating Officer, and Kevin Green, Cirrus' Chief Financial Officer. Cirrus issued a press release today announcing our financial results for the fourth quarter and full year ended December 31st, 2025. The company's recent business highlights and outlook. You can access a copy of the announcement on the company website at www.cirrus.com. I'd like to remind you that some of the statements we'll 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 2026 product revenue guidance and our expectations for product gross margin, non-GAAP adjusted EBITDA performance, P&L leverage, and our government-reimbursed R&D expenses and corresponding revenue, expected future growth, the potential for us to reach GAAP profitability, the availability and related timing of data from clinical trials, our mission, to establish Intercept as a global standard of care, plan regulatory submissions, commercial expansion prospects, projected market opportunities for the Intercept blood system, including for IFC demand, expectations with respect to our group purchase agreement with Blood Centers of America, our potential platelet opportunity in Germany, the anticipated impact of import tariffs and ongoing inflationary pressures, and other statements that are not historical facts. These forward-looking statements involve risks and uncertainties that can 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, 2025, which we will file shortly. 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 and the percentage of growth in EMEA and total product revenue excluding the impact of changes in foreign currency exchange rates. These non-GAAP measures should be considered a 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 to the extent reasonably available, 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 2026, and lastly, closing remarks from Obie. And now, it's my pleasure to introduce Obie Greenman, CIRA's President and Chief Executive Officer.