Cerus at Cantor Global Healthcare: Strategic Growth and Market Expansion

On Wednesday, 03 September 2025, Cerus Corporation (NASDAQ:CERS) presented at the Cantor Global Healthcare Conference 2025, highlighting its robust Q2 results and strategic growth plans. The company emphasized its mission to make its Intercept blood systems the global standard of care. While the financial outlook is optimistic, challenges such as regulatory reviews and debt management remain.

Key Takeaways

• Cerus reported a 16% year-over-year revenue growth and increased its annual revenue guidance to $200-203 million.
• The Intercept FibroGen Complex (IFC) aims to become a standard in the U.S. market, leveraging FDA breakthrough designation.
• Significant expansion opportunities exist in the platelet and red blood cell businesses across Europe and Asia-Pacific.
• The company is focused on achieving positive operating cash flow and maintaining a strong balance sheet with $80 million in cash.
• Government funding supports the development of a lyophilized IFC version for military use.

Financial Results

• Revenue growth: 16% year-over-year increase, with guidance raised to $200-203 million.
• IFC revenue: Guidance nearly doubled to $16-18 million.
• Cash flow: $3 million cash burn in H1, with expectations for positive operating cash flow by year-end.
• Debt: $65 million term debt with amortization starting in April; $80 million cash balance.
• Profitability: Confidence in achieving a second consecutive year of positive adjusted EBITDA.

Operational Updates

• IFC Commercialization: U.S. market focus, targeting inclusion in major bleeding event protocols.
• Platelet Business: Achieving over 20% annual growth in the U.S., with 65-70% market penetration.
• Red Blood Cell Business: European regulatory review ongoing; U.S. clinical trials in progress.
• China Regulatory Pathway: NMPA approval expected in 2026, with support from partner ZBK.
• Next-Gen Illuminator: INT 200 device launch planned for 2027 in the U.S.

Future Outlook

• IFC Market Potential: Estimated total addressable market of $300 million.
• Geographic Expansion: Focus on Asia Pacific and potential growth in the UK.
• Red Blood Cells: European approval expected next year, focusing on irradiated red cells.
• Margins: Anticipated improvements through economies of scale and cost reduction initiatives.

Q&A Highlights

• Balance Sheet: Tight management of DSOs and payables; focus on generating operating cash flows.
• Government Funding: DOD contract supports IFC development for military settings.
• Debt Management: Option to extend term debt amortization; revolving credit line utilized for inventory.

For more detailed insights, readers are encouraged to refer to the full transcript below.

Full transcript - Cantor Global Healthcare Conference 2025:

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Alright. Let’s go ahead and get started. My name is Ross Osborne, the med tech and diagnostics analyst at Cantor. And today, we have Cirrus Corporation. We are excited to, you know, dive into details, but maybe before we do, you guys have a disclosure

Ovi Green, President, CEO, and Chairman, Cirrus: you wanna go through?

Kevin Green, CFO, Cirrus: Yeah. Thanks, Ross. Thanks for having us here. Today, we may talk about forward looking statements, so we call your attention to our risk factors in form 10 k and 10 q. In addition to the extent that we make any comments financial that are non GAAP, we would ask that you read those in conjunction with our financial statements.

Also, report non GAAP. K. Thank you. Got

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: that one down. Yeah. Alright. Jumping right in. Obi, you wanna provide a background on yourself?

We’ll start talking about coming.

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. My name is Ovi Green. I’m the president, CEO, and chairman of Cirrus. I’ve been at the company for thirty years now, and we’re really sort of transforming transhuman medicine in the context of making Intercept blood systems a standard of care globally.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. Kevin.

Kevin Green, CFO, Cirrus: Kevin Green, CFO. Been with the company for for quite some time and excited to have the opportunity to to work with this exciting technology that does pack millions of lives. And financially, I think we’re in a real inflection point in reaching profitability.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Absolutely. And then maybe to level set the room just for those less familiar with the story. Maybe could you provide a background on Cirrus?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. Cirrus was a company that was founded in the early nineties, during the, HIV and hepatitis, epidemics that were impacting the blood supply. And the goal at the time and still is today was to find a definitive safeguard for transduced blood components, platelets, plasma, and red blood cells. Been at this for many years. We were partnered with Baxter Healthcare for about the first fourteen years of our existence.

And then as they sold the division that we are working with to a private equity buyer, we ultimately got all the rights back and decided to go out and commercialize the the products ourselves and started in Europe and now have the product in over 40 countries around the world and are consistently penetrating the still largely untapped total addressable markets for the product.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. And then you guys somewhat recently reported strong 2Q results. Kevin, do want to maybe run through the top line for us and how we should start thinking about cash profile?

Kevin Green, CFO, Cirrus: Yes. So 16% growth year over year. We increased our guidance from the previous guidance to a new range of 200 to 203,000,000. Increased our guidance on our IFC product to 16 to 18,000,000, which is, excuse me, almost a doubling of that product profile. And we think as we look forward, that’s gonna be a very important growth driver for us in the midterm.

As far as the rest of the financials, we burned 3,000,000 for the first half of the year. That was largely anticipated. For the full year, we expect that we’ll be able to generate operating cash flow positive. Margins slightly improved, you know, but fairly stable, which is where we expected. And we continue to get increasing leverage on our on our s g and a and and r and d, which largely is reimbursed by the government.

So all systems go, which gives us confidence in our goal of establishing the second year in a row of positive adjusted EBITDA. This was our fifth consecutive quarter which we reported, and I think based on our guidance and where we see the rest of the business, we have increasing conviction that we’ll we’ll we’ll get there and improve from here.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. Then you mentioned IFC, which is obviously an exciting part of the story. So maybe for those that don’t know what IFC is, I mean, can you run through that business segment and market need?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. So IFC stands for Intercept FibroGen Complex. It is a pathogen reduced crap precipitate that has some unique benefits. Other than being just pathogen reduced, we have a what is a five day thought shelf life. And and what that affords is the ready availability of a fibrinogen supplement for patients that have major bleeding events.

So if you’re a physician either in cardiovascular surgery or in a maternal hemorrhage situation or trauma situation, the benefit of this product is that it allows for immediate availability of fibrinogen to address the bleeding coagulopathy that’s happening. And ultimately, you know, what that allows transfusion services to do is to really sort of be a hero in the moment where they can actively make this product available in advance of a problem. And then if the product’s not used, they can come back to the transfusion service. The historical competitors with conventional crap precipitate, it really takes about an hour for that product to be available, and and then it has a four hour, shelf life after being thawed, and that leads to waste rates anywhere in the range of 15 to 30%. So, typically, what that means is that the the physicians aren’t getting the product as fast as they want, and there’s a reluctance to provide it in the event that it’s wasted.

The other alternative to cryoprecipitate is fibrinogen concentrates, which are starting to be, made available in The United States. That products is a lyophilized product, but it still takes, you know, upwards of fifteen to twenty minutes to be reconstituted and has to be provided in a real time. So there’s an issue of timing and decision making, and it also has a short shelf life. So ultimately, we’re seeing now in the market is a a change in transfusion guidelines, where typically for massive transfusion protocols, we have a major bleeding event. There’s multiple rounds of blood components that get to the OR.

And now with our IFC product, that’s being put in the first round with the goal of ultimately, presiding the need for future rounds of that MTP protocol. So it’s really a exciting product for us. It’s still early innings as far as our product launch. We believe it’s roughly a $300,000,000 TAM, and so a lot of growth opportunities for us going forward.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. And then maybe just spend some time on commercialization of IFC, what geographies geographies you’re targeting, what the adoption rate should look like there. Is this something that could be worked into guidelines for major bleeding events?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. So our primary focus right now is in The United States, where we had a breakthrough device designation from the FDA, realizing the importance of addressing critical bleeding events. I think we are looking at ex US opportunities, but right now the main commercial focus is The United States. We still think it’s a very untapped market for us. And I mentioned the massive transfusion protocols has been one of the major sort of guideline changes that we’re seeing.

It’s being brought earlier earlier into those MTP rounds. But also just in general for CB anesthesia, for example, they they love having a product that can address, you know, bleeding or oozing post op or, you know, during the surgery so that they can get the patient out of the OR timely without having any kind of concerns for residual bleeding. So we’re seeing it really in the context of sort of investigator initiated studies, the product being used in trauma, maternal hemorrhage, CB anesthesia, liver transplant, so across a spectrum of indications.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. And then longer term, what geographies outside The US make sense after?

Ovi Green, President, CEO, and Chairman, Cirrus: There’s still a lot of markets that are using normal cryoprecipitate with the challenges that that product has as far as radio availability. The UK would be one example. Other markets where they have more established use of fibrinogen concentrates, we think those markets are also interesting. It’s just, you know, from a serious perspective, what are we prioritizing? And then ultimately, Asia Pacific is obviously the largest market for transfused blood components.

And so that’s clearly a focus for our commercial team over the over the sort of mid to long term.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. And then could you just provide an update on the platelet business as a whole? Pretty well adopted here in The US, but remind us where else?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. So our INTERCEPT product for platelets is is really benefited from the US FDA guidance on bacterial safety and platelets. That was finalized, I believe, was 2021 now. So we now we saw 20 plus percent accumulated annual growth rates for over the course of eight years for that product as we as the guidelines were finalized in The United States. We’re still, you know, about 65, 70% penetrated in The United States.

So there’s additional upside opportunity for growth in The US. Ex US, it’s somewhat binary. You either have certain countries like France or Switzerland that are a 100% INTERCEPT platelets and others that are not yet adopted. We made an announcement last week around the German guidance document that’s being established or sort of modeling The US situation around platelet safety. And that was a group called, which is sort of their blood safety and availability committee that we believe will lead to what’s called a or guidance document, if you will, on how blood centers in Germany have to implement new measures to address bacterial safety in platelets.

And then in other large markets, globally, we’re probably only about 25% penetrated of the platelet TAM. So some of the bigger opportunities are in Asia Pacific and China and Japan, but also in in Latin America.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. And I guess for you to the Asian markets within The US, I believe you mentioned 60% to 70% penetrated. What gets you guys up to 80%?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. So the main competition for us in The US market is large volume delayed sampling. That’s, I guess, easy way to describe that is that bacterial culture in and of itself is not that sensitive. And so what they do is they hold the platelets for three days before they take the sample to essentially have bacteria that are in the platelet components grow up, and then they sample more volume. And that allows for the product to be released because, theoretically, any bacteria that was in the platelet would be detected.

They’re all false positive and false negative results as a function of that. In The United States, comes down to does the hospital have access to pathogen reduced components, like, with INTERCEPT? What are the economics for them? So their blood supplier can say, well, we’re not, you know, providing that product at the price point you want, so you’re not allowed to have it. So a lot of it comes down to play and availability.

We do believe that as we launch the I n t 200 in The United States, which is our next generation illumination device that will be launched, you know, probably in the 2027 time frame, that that’s another opportunity to go out and detail those customers that are not yet at a 100% Intercept. And just for example, the the American Red Cross, which represents about 40% of The US market, is a 100% penetrated with INTERCEPT. So it’s one blood, which is about another 8%. So we have sort of a different it’s a little balkanized in the sense you have certain blood centers that are 100% penetrated with our technology and others that are, you know, sort of sub 25%. So we think there’s a lot of opportunity to grow, but we believe that the ultimate premise of having a pathogen inactivated component as opposed to just something that only addresses bacterial safety by improving bacterial culture efficacy.

It it just apples and oranges. So we believe that the the hospitals ultimately really want it in our.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. And then maybe turning to China as well as Japan. You know, what is the pathway to material adoption look like there?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. So in China, we have to go through the NMPA approval pathway. The historic concern there was that we needed Chinese clinical data to be able to get an approval there. We have been in routine use in Hong Kong for about a decade, and so we believe that that’s largely been addressed both between The US data that’s available, but also the Chinese Chinese clinical data. We have a very strong partner called ZBK in China has been helping us navigate the NMPA pathway.

And and on most recent earnings call, we’ve mentioned that the NMPA did come back to us sort of a a constant dynamic of the regulatory requirements in China at the moment. They came back and said, oh, we’d love to see some in vitro data coming from Chinese blood centers in Mainland China before we accept you know, go further with the NFPA process. So that’ll probably take us a quarter or two to generate that data, but we’ll be back on track in 2026. Other major markets are in Japan, where we have the Japanese Red Cross. It’s probably one of the largest blood suppliers in the world.

It’s a single decision maker. They’ve just rolled out our drawing delayed sampling, and we think that’s gonna impact overall player availability in Japan, but we’ll we’ll have to see. So that’s sort of the discussion ongoing with the potential partners in Japan as well.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Perfect. And then maybe switching gears to red blood cells. Could you walk through the market need there and where you guys stand on the regulatory front?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. So there’s, you know, sort of four major blood components that are transfused. You have platelets, we’ve talked about plasma, which is a derivative of of of plasma, and then finally, red blood cells, which makes up about seventy percent of all transfusions globally. So obviously, it’s sort of the one thing that all blood centers think about with regard to the blood supply every day. Do they have the red cells to to get to the hospital with these patients?

And and part of the reason I mentioned that is that, you know, when you’re a blood bank, you’re sort of like, okay. Well, I’ve got ways to have it inactivate the first three that I talked about, but not the last. And so we don’t have a complete solution till you get the full portfolio of Intercept products approved. Right now, we are under regulatory review in Europe. We hope to have an approval decision in the second half of next year.

So it’s this, you know, CE Mark MDR process. It is a a class three device in Europe, and they have a combination of a competent authority and a notified body. But, you know, we’re progressing through that process. It’s been four years now of a process, so we believe we’re hopefully coming to the end of that. In The United States, we have two phase three required study requirements required for a PMA submission.

We completed the first phase three study last year, and we have another one open enrollment in the second half of this year. And then once we have that data, which will be out in the second half of next year, we’ll be able to have discussion with the FDA about the PMA sort of submission time line.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. And then in Europe, what are the key risks to approval there?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. So historically, you know, there’s some concern about do you have enough clinical data both in acute and chronic transfusion? We we did a very large study in chronic transfusion recipients, thalassemia patients that read out positively. They initially, the the our competent sorry, notified body, TUV, said, well, we need to see additional acute data. And so, fortunately, we benefited from the phase three study that we did in The United States called Recipe that read out positively last year, and we submitted that as part of this submission process.

So I think they’ve accepted the full all indications for red cell transfusion now. So that’s one risk that we’ve hopefully checked the box on. The other concern that the notified body had historically was around the impurity profile in the API or the active pharmaceutical ingredient that goes into the INTERCEPT red salt system. And there, we’ve done additional toxicology studies. There’s just a new requirements that are under the ICH m seven guidelines about impurity profiles in pharmaceuticals.

So we think we’ve also addressed that issue, but we will be getting back feedback or questions from our submission from our competent authority to check Sukho body here in the near term. So, hopefully it seems like things are moving in the right path, but we’ll know more definitively if that’s not an issue. Right.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: And then post approval, hopefully, second half of next year, when is the commercialization plan there? Yeah. Well,

Ovi Green, President, CEO, and Chairman, Cirrus: the initial focus will be on the red cells that that are radiated. So about twenty percent of all red cells are radiated to prevent what’s called graft versus host disease. It’s when the white cells in the red cell component from the donor attack the recipient, who might be immunocompromised, or if you’re a child, you typically get irradiated components as well. Varies between ten and thirty percent. Sometimes hospitals irradiate all their components because they’ve got a very big population of immunocompromised patients.

And what happens when you irradiate a red cell is it damages the potassium ion channels in the red cell leading to potassium leakage and an impact on overall red cell viability. And so it short dates the red cell component from typically a forty two day shelf life to fourteen days. With our system, we inactivate white cells much better than radiation does, and we have a forty two day shelf life plan. So I I think that fundamentally, that’s an obvious market to go after, and if we can capture 20% of the overall TAM for red salt right out of the gate, that’s an obvious focus for us.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Definitely. And then I guess maybe switching back to the financial model, Kevin. We walked through key drivers on the gross margin line that we could see some leverage there.

Kevin Green, CFO, Cirrus: Yes. So excuse me. There’s a few factors. First and foremost is the economies of scale. We have a fairly simple set of SKUs.

So getting more capacity out of the manufacturing facilities is the first driver. The other is product mix. As platelet customers convert from single dose to double dose kits, you know, think about it as an extra bag, but we’re able to generate almost two extra revenue for, you know, a couple of euros more of

Ovi Green, President, CEO, and Chairman, Cirrus: of global

Kevin Green, CFO, Cirrus: product cost. So that’s another driver of gross margin expansion. And then lastly, which plays out over a longer period of time is some of the COGS reduction initiatives that we’ve had underway for three or four years. So sourcing components from lower cost jurisdictions like The Dominican Republic, more manufacturing of subassemblies in those geographies. And then lastly, overall, just development of product configuration and getting at a lower cost, higher throughput product configuration.

All of those really lead to COGS improvements. Over time, we expect that we’ll be able to continue to get price increases for the value that we’re converting to customers, especially here in The US, where we really would wanted to address the guidance document that we referred to and make sure that we have product available to customers. We’re starting to see that customers are benefiting from that. And as we get a seven day claim, as we have the LED illuminator, we’ll want to make sure that we’re capturing some price increase for the value that we’re offering to customers. So I

Ovi Green, President, CEO, and Chairman, Cirrus: think all of

Kevin Green, CFO, Cirrus: those combined to a fairly direct line of sight into margin expansion.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Makes sense. And can you spend some time discussing single dose to double dose? Why that would be attractive to a customer and Joel?

Kevin Green, CFO, Cirrus: Or Yeah. I mean, there’s a a number of factors on their overall blood collection operations whether or not they do apheresis versus buffy pill like they do typically in Canada or in Europe. It it also depends on their donor profiles. So to the extent that, you know, the number one cost for a blood center is donor recruitment. So if they have donors in their database where they know they can get a double dose, so one donor and get two therapeutic doses, that’s a direction they want to move towards because it’s a lower cost for them.

So we want to make sure that we have that product available to them. In Europe, as I mentioned, they do typically buffy coat. So it’s basically a whole blood derived that’s spun down. They’re able to get a double dose much more easily than you would necessarily for donor recruitment and an apheresis platform like The US. So we’ve seen a lot of, movement towards a double dose kit in Europe, also in Canada, and we expect that that’s going to continue.

Ovi Green, President, CEO, and Chairman, Cirrus: I would add just that we spent a lot of time as a company helping with the operational efficiencies for blood centers and and what that ultimately does is lead to leads to better economics. You know, the the the highest price product that they have are platelet products and so the more they can get out of any collection or my donor pool really optimizes their economics, but also the availability of play in general.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Got it. And then you alluded to this earlier, but could you run through your next gen illuminator?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. So for the first gen product, initial luminaire was used at UV bulbs. So since most light bulbs are going out of business right now and everyone’s moving to LEDs, same thing is true for for our product, and that led to a development of a whole new LED based light system to to illuminate the the plate or plasma components that use the the photochemical mechanism of action that we use for for intercept for for those components. That was a pretty big r and d investment just given that both the European and The US regulators saw it as sort of a a new product just because we changed the the the way the light was being delivered to the components. The upside of it is is that we really took the time with our customers to figure out, like, how do we wanna optimize this so it’s a lot easier for you to use the product, reduce labor in a faster throughput, and then also create a whole IP platform for us, not only in The US and Europe, but globally to sort of extend our our IP protection for the platform.

I think we’re the main protection for what we do is it’s just very complicated. We’re a drug device combination that’s regulated as a biologic. So there’s no sort of biosimilar or logical way that you can go after and get this product approved even if there was no IP production without going out and doing all the clinical trials that we’ve done. But, you know, just speaking to the LED eliminator platform, the initial law in Europe, you know, obviously, it’s something that we’ve been very focused on looking at as far as its performance and and how reliable it is given the historical reliability of our platform. And and the one thing I just wanna make sure I had part is that now that we’re the standard of care in many countries around the world, we can’t go down as a company.

So if we don’t supply our kits or our our reliable devices to blood centers, the blood supply chains, because we’re really the only game in town in most markets around the world. And so there’s a big responsibility for the company, and and we sort of live every day that we’re helping our blood center partners maintain the safety and availability of blood supply globally.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Got it. And maybe going off of that, it’s a bit of a double edged sword. Can you talk about some the expenses associated with being a sole supplier?

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. Well, obviously, every tender award, every contract we have, there’s be business continuity planning that goes into that. So how do we maintain assurance that that there isn’t gonna be a problem? So that’s one of the things having redundancy and supply, carrying inventory levels of safety stock, the other day, obviously, impact financials. I think the other thing is the nature of the products because of this complexity from a regulatory standpoint, it’s a drug device combination.

So anytime you change any part of that, it’s regulated at sort of the highest standards possible. And then ultimately, the blood component is also regulated after you treat it. So in many countries around the world, you have the initial approval, but then you have the approval of the product as a blood component. All this being said, it’s you know, it is sometimes a burden and it’s expensive, and at the same time, we’re creating the standard of care that will be very hard to displace.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Definitely. And then you also benefit from government funding. Yeah. Should you walk through your DOD contracts? Alright, Chris.

Ovi Green, President, CEO, and Chairman, Cirrus: Yeah. We’ve got a few areas of government funding just because of the need for ensuring the safety and availability of of the blood supply. We do have a DOD contract with the Department of Defense for a lyophilized version of our IFC product. The idea there being that when you have war fighters sort of far forward, it’s very hard to get them blood components real time when they need it. Typically, was what historically was called the golden hour during the wars in Afghanistan and Iraq.

That if you got patient or a soldier to an Operating Room and and could maintain them for the first hour with or at least get them transfused within an hour that you would save their lives. And the data was really remarkable. Now the goal really is, well, how do you maintain them for that first fifteen minutes even? And one of the ways you do that is whether lyophilize or freeze dried blood components. Big focus historically has been on plasma, but with the benefit of IFC being a concentrated version of fibrinogen and other clotting factors, if you can get that far forward, that that will have a big impact.

So that’s what the the DOD is funding, and they just funded a study for us in The United States called the cryo first study, really trying to show that IFC can deliver sort of similar results clinically so that the future state with a lyophilized version of IFC can sort of can sort of show comparable efforts in that in that setting.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Great. Any questions from the audience? Yes.

Ovi Green, President, CEO, and Chairman, Cirrus: Mhmm.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: I’ll just repeat the question quickly on the balance sheet and cash runway.

Kevin Green, CFO, Cirrus: Right. Yeah. And the the debt and the payables and the receivables. Yeah. Yeah.

So I think it’s a growing business. We manage our DSOs pretty tightly. We also manage our payables pretty tightly. So those are generally in concert with each other. On the debt load, we do have 65,000,000 of term debt that starts to expire starts to amortize in April.

We do maintain an option to extend that for an additional year, which we’ve met the requirements for. So what we’re focused on right now is getting the business to a point where we’re generate continuing to generate operating cash flows and can service that debt either ourselves or through a refinancing mechanism to lower overall cost of capital and or use part of the balance sheet, which we have about 80,000,000 on the balance sheet today to bring that the overall principal balance down. Beyond that, we really do like the revolving line of credit, the asset baseline, because we are growing 20% or so. So maintaining those inventory levels that are so important to customers, maintaining DSOs even even if the DSOs don’t change, the business growing at 20% consumes more and more capital, and we’d like an attractive cost of capital to offset, otherwise, the balance sheet cash. So that’s how we think about it.

You know, I think we’re the business generally operating from an operating perspective is at a point where we’re really quite confident that we’ll be able to service that debt and move forward.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Perfect. Well, with that, any last remarks or comments you wanna leave

Ovi Green, President, CEO, and Chairman, Cirrus: it? No. I really appreciate the opportunity to come in and have a discussion with you today, Ross. And, yeah, I’m excited about what’s coming between now and the end of the decade. There’s just a lot of opportunity to finally realize the you know, our company is very mission focused and it’s just been very focused on how do we make this product a standard of care globally.

We’ve obviously demonstrated that in many markets, but there’s a lot of other opportunities. The final goal of making sure that patients have access to citywide in real time. I think the company was really founded, as I mentioned, before in the early nineties when there was a lot of uncertainty about the blood supply. We’ve had a number of epidemics and pandemic sites. Fortunately, with COVID, it wasn’t a transfusion transmitted disease, but if it had been, it would have been a real mess.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor: Thank you for being here. Appreciate the time.

Ovi Green, President, CEO, and Chairman, Cirrus: Appreciate it.

Kevin Green, CFO, Cirrus: Thanks, Ross.

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