Shares of Cerus Corporation (NASDAQ:CERS), a company focused on blood-transfusion safety, are on the move after the company reported preliminary third-quarter sales figures. The stock was up 15.8% as of 3:38 p.m. EDT.
Cerus Corporation's Intercept Blood System is currently approved to reduce blood-borne pathogens in donated platelets and plasma. While these two markets are much smaller than the one for red blood cells, Cerus still managed to report another quarter of strong sales growth.
Third-quarter revenue reached $15.4 million during the third quarter, a 43% gain compared to the previous-year period. The rise inspired management to raise its full-year forecast to a range between $58 million and $60 million from a range of $56 million to $58 million. According to the company, there's still plenty of room to grow.
Cerus Corporation thinks there's enough demand for transfusion-safety products to support a $1.2 billion market just within the geographic and product segments that the company already operates in. The market for red cells is expected to be even larger, and the company intends to submit for a CE mark in the EU later this year.
Cerus didn't include all the details in its investor presentation today, so we don't know how much cash it has on hand. The company finished June with $112 million in cash and short-term investments after burning through $27 million during the first half of 2018. Strong sales growth will probably slow the cash burn rate going forward, giving the company a slight chance to reach profitability before running out of runway.