Saris at TD Cowen Conference: Strategic Growth and Challenges

On Wednesday, 05 March 2025, Saris Corporation (NASDAQ: CERS) presented at the TD Cowen 45th Annual Healthcare Conference, offering insights into its 2024 performance and 2025 outlook. The company highlighted robust growth in its platelet franchise and international markets, while also addressing regulatory challenges in Europe. Saris aims to maintain stable margins and leverage its business model for continued profitability.

Key Takeaways

• Saris achieved strong growth in 2024, driven by its U.S. platelet franchise and international expansion.
• The company reported mid-50s margins and expects to maintain these through cost reduction and economies of scale.
• Regulatory challenges in Europe are impacting the INTERCEPT red blood cell product.
• Saris is transitioning to a kit-based sales model for its IFC product to enhance economic value for hospitals.
• The company is focusing on expanding its market presence in China, Brazil, and Germany.

Financial Results

• Margins for 2024 were approximately 55%, with expectations to maintain stability in 2025 through cost-saving initiatives.
• Saris outperformed its breakeven EBITDA guidance for 2024 and anticipates sustained profitability due to top-line growth.
• The company plans to increase margins over the long term through sales of double dose kits and the evolution of IFC to a kit-based business model.

Operational Updates

• The platelet franchise grew 15% in 2024, capturing two-thirds of the U.S. market and showing strong international performance.
• Saris is focused on expanding its U.S. IFC business and strengthening its presence in EMEA and strategic growth areas.
• The company is increasing manufacturing capacity to meet rising demand for its products.
• Saris is addressing a setback in the European regulatory process for its INTERCEPT RBCs due to a disagreement over impurity profiles.

Future Outlook

• Saris expects continued growth in the U.S. platelet market and international markets, including China and Brazil.
• Plans are in place to roll out a new LED illuminator in Europe over the next two to three years.
• Saris is working on gaining regulatory approval for its products in the public sector market in Brazil and other regions.

Q&A Highlights

• INTERCEPT platelets have become the standard of care, with high adoption rates.
• Saris is focused on ensuring supply chain security and extending the shelf life of platelets in the U.S.
• There is significant global potential for INTERCEPT RBCs, with plans to submit a PMA in the U.S. following the Phase three RETA study.

For a deeper understanding of Saris’s strategic initiatives and financial performance, readers are encouraged to refer to the full conference call transcript.

Full transcript - TD Cowen 45th Annual Healthcare Conference:

Josh Jennings, Analyst, TD Cowen Medical Devices: Good morning. I’m Josh Jennings from the TD Cowen Medical Devices team, and we are in the presence of some West Coasters here. Thanks for making a trip across country and coming to Boston. We have a a Saris CEO, William Obi Greenman, CFO, Kevin Green and Chief Operating Officer, Vivek Jayaraman. Gentlemen, thank you guys for participating once again in our conference.

It’s a pleasure and looking forward to kind of digging into the Sarah story a little bit here over the next half hour and it’s an underappreciated growth story. Maybe just to set the stage just to maybe review the 2025 guide and let investors know about the type of growth that you guys maybe review 2024 growth outlook off of a strong year in 2024 and we’ll start there.

William Obi Greenman, CEO, Saris: Yes, great. Well, we guided this year about $194,000,000 to $200,000,000 in sales for that’s product sales for 2025. And Vivek, I guess you can probably elaborate on sort of where we see the growth coming from.

Vivek Jayaraman, COO, Saris: Yes, sure. I’d be happy to. We grew last year 15% product revenue growth that was driven largely on the backs of strength in our U. S. Platelet franchise.

We’re about two thirds of the market in The U. S. Infiltration, but we also saw a strong performance in our international platelet franchise as well. We saw a normalization of donor trends in some geographies where we have majority share, in some cases, 100% share, and so that all contributed. And then in addition to that, we have our growth platform in The US, our IFC business, Interceptor FibroGen Complex, and that performed really well in 2024, and we anticipate further growth in that business in 2025.

So as we look forward to this calendar year, and it’s hard to believe we’re already in March, but we’re anticipating continued share capture in The US platelet market, continued strong growth with the US IFC, and we continue to see an international markets both in our established EMEA geography, Western Europe predominantly, but then also in some strategic growth areas continued strengthening the business. We’ll also have the benefit of this calendar year of new illuminator approval internationally, a CE Mark approval for our next generation illuminator. And that’s another opportunity to reengage customers, provide new technology, show our commitment to the space, and we anticipate that’s going to allow us to further solidify and strengthen our franchise.

Josh Jennings, Analyst, TD Cowen Medical Devices: Excellent. And I know, Kevin, you and the finance team have been driving some margin expansion, but work your way through the path to profitability. Love to maybe just review the margin and EBITDA performance in 2024 and how sustainable living in positive EBITDA territory is for Saris these days.

Kevin Green, CFO, Saris: Thanks. So margins are right now in the mid fifties, so about 55% for the year. We expect that there is gonna be several puts and takes that allow us to maintain stable margins for 2025. There’s potential for upside. Certain COGS reduction initiatives that we’ve been undertaking over the past several years come to fruition sooner than we anticipate.

And then it’s really for for our business, it’s an economies of scale play. As we produce more, we have economies of scale. We get better pricing. In addition, we’re continuing to see increases in our overall ASP. I think the LED Illumizer gives us a fresh, ability to reengage customers and price for the value that we bring to our customer base.

And then longer term, we expect that as the product profile continues to evolve, when we sell more double dose kits, which is a high margin product for since IFC evolves from a therapeutic business to more of kit business, we’ll see elevation of our overall margin. And then lastly on EBITDA, we guided 2024 that for breakeven, we outperformed. We expect that that will be durable, with top line growth as we guided to stable margins. And then I guess, we’ll talk about the leverage that we have in the business, and we expect that that will be durable.

Josh Jennings, Analyst, TD Cowen Medical Devices: And maybe maybe we can expand on just the leverage there, Kevin, if if you don’t mind, and break that down for us.

Kevin Green, CFO, Saris: Sure. So the markets that we sell into the customer base is are fairly concentrated. We’ve been at this for a while in Europe, US, and for the first dollar, revenue is expensive. But we’re now starting to see real, evolution of customer adoption, both, as Vivek mentioned, you know, with US and then IFC. And we expect that we’ll be able to continue to get a tremendous amount of leverage from the SG and A instance that we have as depth within existing accounts and as we expand.

Josh Jennings, Analyst, TD Cowen Medical Devices: Great. Love to to dive into the the, intercept platelet franchise and start in The U. S. I think, Vivek, you talked about 60 or two thirds of market share approximately. Clearly, intercept platelets are standard of care, taking up accounting for the majority of the of the platelet dosages that are that are delivered in The US.

Wanted to just want to just talk about the market, and some of the trends over the last couple of years and where we stand in 2025 just in terms of the donor pool and and the platelet supply.

Vivek Jayaraman, COO, Saris: Sure. So if you think about the market in total, as I mentioned, rough estimate is about two thirds intersex treated platelets and one third we’d call conventional platelets. We had been we’ve talked historically about the fact that this is a fairly concentrated marketplace and that the big five blood center families represent about 75% of total platelets. But if you take a even deeper couple, you realize the American Red Cross represents, you know, about 40% of the market, high thirties. They’re at a %, percent adoption.

You add that to one blood, another one of the big five blood centers that are north of 90 plus percent. What you have is effectively a bit of a bimodal distribution. You have that 60, sort of high 60% of the market that is almost fully penetrated. And the remaining 40 ish percent probably has about a third penetration. So you have these and that combined gets you to that sort of mid sixties overall penetration.

So what that pretends for us is there are still significant opportunities for growth. And if you think about kind of how we got there, one thing that we’ve come to realize over time is, you know, the impact of COVID on our business, if you look at our top line results during COVID, we posted pretty strong growth throughout that period. But if you look a little bit deeper, what was happening was it was really depth with an existing customer because those that had already started the process of adopting intercept, sort of that in those initial activation activities, start up costs, what have you, they continued with that process. But as we all know, whether it was at hospitals or blood centers, once COVID hit, it was really about triage. People were, annual labor, and and blood centers are highly manual intensive in terms of labor.

They just didn’t have the bandwidth to take on a new project. So had we if we hadn’t started intercept adoption yet, it really got kicked to starting really about now when they have they’re kinda coming up from COVID. They’re fully staffed again. They have the bandwidth hospitals are amenable to taking on new projects, and you saw that with clinical trial enrollment, COVID as an example. And so that sort of was part of the underlying dynamic that created this overall market share situation that we’re currently in.

The encouraging thing, and I think our 2024 results are reflective of that, is we’re continuing to capture share. And even at the beginning of this year, we’re seeing those customers who are slightly later to the game, pressing interest in adopting intercept. We’re continuing we continue to believe there’s room for growth in The US market, and we have the benefit now of a tremendous volume of real world experience domestically. You know, millions of intercept treated platelets have transfused in The US. And so our story just continues to get stronger with time.

Josh Jennings, Analyst, TD Cowen Medical Devices: Thanks for that. And, you know, I think one of the the, challenges for investors is just to understand how blood space blood industry moves a little bit slower than, say, the cardiovascular industry where you have a new product like Boston Scientific post field ablation that has a strong clinical value proposition

Vivek Jayaraman, COO, Saris: on

Josh Jennings, Analyst, TD Cowen Medical Devices: the safety side. The strongest and they do $1,000,000,000 in sales within a year. But the INTERCEPT platelet technology clearly has a strong clinical value proposition as well and improves the safety of the platelet supply. And it’s being recognized clearly as you guys take and share year in and year out and are now in such a dominant share position and could get in looking to get even more dominant. Any other kind of elements like seven day indication or kind of advancements of the intercept probably at the new, LED system?

Maybe just talk about other elements of kind of continuing to take share in The United States and as the technology evolves and indications the label expands potentially? To rephrase your question

William Obi Greenman, CEO, Saris: a little bit, but if you look at the overall TAMs for the PlayLit business, we’re still sub 10% penetrated globally. Clearly, we have a dominant position in The U. S. Market, but there’s still growth opportunities that Vivek mentioned. They and I had the opportunity yesterday to go visit Beth Israel where they’re 100%, intercepted adopted for platelets and happy with the product.

The seven day claim did come up, you know, because we have globally a seven day platelet shelf life with exception in The United States where it’s day five and also Germany are the two markets where we don’t have that claim yet. The reason they asked about it was that they just don’t get enough platelets. So they’re triaging platelet demand. And so that’s another thing to think about when you look at the global TAM for playouts is you get a sort of organic growth year in, year out of, you know, 4% to 5% just because of the evolution of patient needs and aging of the population. And that’s we hear that all the time.

So clearly, in seven day product, even though they don’t have enough playlets, they just like to have more operational ease of use, if you will, to be able to maintain and never waste a plate and move the products around. So we’re still looking at how we can address that with the FDA. We have sort of the near term priority, as you alluded to, is how do we get the new INT 200 approved. We believe that the approval in Europe is imminent. So that’s great news.

We’ll be able to roll that product out over the next two to three years in Europe. And then we’re planning a PMA submission in the second half of next year for The U. S. And then sort of on the back of that, we’ll be looking at what can we do to generate the data for that data.

Josh Jennings, Analyst, TD Cowen Medical Devices: Great. And you’ve already entered my next survey. No, no, no. Just perfect. Nice segue lead me up, give me up, just on the international opportunity.

I mean, low penetration rate, huge runway, but just the international place have been become standard care in numerous countries, but a lot more ground to cover. Let me just talk about as you have in the past, just the country that I think you already talked about 10% global penetration. But where the near term and medium term kind of access opportunities to new countries and driving deeper into countries like Germany. Sorry. It’s a high level question covering the whole international sphere, but I’ll hand it over to you.

Vivek Jayaraman, COO, Saris: Yeah. I’d be happy to to answer that. And certainly, if if you wanna dive deeper into any particular geography, we can go there as well. As Obi indicated, you know, there are significant growth opportunities for us internationally. Typically, when we think about international market access, the long pole in the tenth tends to be regulatory clearance and or reimbursement approval and sometimes both.

Both, you know, at this point in time with our track record with the number of geographies we’re in with the validation of the technology both in the context of of clinical studies as well as real world, clinical usage, our ability to submit strong dossiers, gain approval, and so forth has only gotten better. And so as we think about the sort of the time frame of the next this calendar year through the next five years and maybe the outlook for the balance of the decade, areas where we anticipate strong intercept adoption and growth include but are not limited to China where we’ve announced joint venture partnership there. We anticipate our first regulatory approval this calendar year and that will start the clock for reimbursement, which is about an eighteen month period after which we’ll move into full commercialization phase. And the clinical enthusiasm and desire for the product in China is is extremely high. And it’s a relatively speaking concentrated market, so we already know the initial centers that we plan to enter into.

We’re in the process of attempting to gain access to the public sector market in Brazil. The health care market in Brazil, you know, has both a private and a public arm. The public arm is by 80% of, the total marketplace. We have history in Brazil that dates back to efforts we made to stand up intercept in advance of the twenty sixteen Rio Olympics. Right?

So you talk about sort of time frame and, you know, these gestational cycles sometimes are measured in decades or half decades, but those investments do bear fruit because you develop clinical champions in those markets. There was recently the annual med lab congress in Dubai, and in The Middle East is I think many of you see a lot of these sovereign wealth funds as they’re transitioning from natural resources as a driver of economic growth. They’re looking at many different verticals to drive the economy, healthcare being one of them. We’ve seen in sports and other things as well, entertainment, tourism. But health care is a clear area of investment and focus.

And so we have, some pretty ongoing strong partnerships in Kingdom Of Saudi Arabia and other areas of Middle East, and we’re seeing solid growth there. They tend to mirror the AABB US FDA standards. So having US FDA approval, having these AABB standards in place, being a market share leader in The US with the American Red Cross, who’s really influential globally being at a %, that all has positive impact in terms of influence and adoption in what is a pretty high growth area for us. And then lastly, in terms of sort of meaningful opportunities in the near to midterm, We continue to make progress in Germany. That is a market that will move a little bit slower.

There’s some concentration with the German Red Cross sites in terms of overall volume. But what we’re seeing, we’re in the process of contracting with the single largest site in Germany at present. They’re surrounded by countries, whether it’s Austria, Switzerland, Belgium, France, that are 100% intercept adopters. And so there’s certainly a decent amount of peer influence outside of their borders. But we believe, you know, between those opportunities and as they’re more of a stair step as opposed to gradual because we’ve got to get the regulatory approval first, but there’s plenty of plenty of room for us to grow.

And then maybe, you know, further on, you have geography like Japan where the Japan Red Cross is, you know, arguably the single largest customer in in the world, and they’re currently adopting bacterial detection. But we we have an opportunity to introduce our technology later on in the period. So long answer to a short question, but hopefully gives you some context as to why we feel there’s plenty of opportunity for growth.

Josh Jennings, Analyst, TD Cowen Medical Devices: Absolutely. And I wanted to just highlight just the stickiness of of adoption and utilization. I mean, once you add that an additional layer of safety with intercept platelets, my understanding is, I mean, it’s just an annuity model and just you just until you get to a % like the American like in The US or the Red American Red Cross, you’re not going back. But maybe just to reemphasize my statementquestion, Obi, and just help us understand how sticky, Intercept platelet utilization is once once the adoption and the decision to adopt is made.

William Obi Greenman, CEO, Saris: I mean, it’s clearly, you know, sort of the baseline for the business model we have. And at the same time, we take that responsibility very seriously because if the technology were go down for whatever reason, it’s now been implemented into how blood components are processed in that country, then you can’t release products. And so part of, you know, the investment strategy and and sort of our focus on customer service is that we really need to make sure we have supply chain security, and we spend a lot of time and money on that because we realize the key role we play and there’s not alternatives. So that being said, you know, it maybe, you know, has historically been expensive to make sure that you have that kind of solid foundation upon which to grow the business. Now we have it, and it continues to expand.

I think we do pride ourselves on the deployment service that we have. And, you know, as we mentioned, with the, you know, imminent approval of this LED Illumina, we have the opportunity to roll that out and deliver something that’s actually a dramatic improvement upon the existing platform, which has been very reliable. But, you know, obviously, it’s was developed twenty years ago, and so now we have the opportunity to refresh the brand with that. So in answer to your question, I think we we really are focused on making sure that we are the go to technology for decades to come.

Josh Jennings, Analyst, TD Cowen Medical Devices: I think, the the experience with The US and international intercept platelet launches and and traction that you’ve garnered in in across the board is still long runway ahead of you. But, you know, then now you’ve got another product, Interset FibroGen Concentrate or IFC, and you have launched in The United States and you’ve continued to expand that offering. A little bit of a change up in the commercial model, but a long runway for that product as well and multi $100,000,000 just U. S. Opportunity.

But maybe just talk about where you are today and your confidence that IFC can have similar success as INTERCEPT platelets in The United States.

Vivek Jayaraman, COO, Saris: So, I think you categorized it well. It’s still relatively speaking early days with IFC, but, the clinical enthusiasm and the feedback and sort of the use cases that we’re seeing at some of the leading institutions in the country, you know, Stanford, Peter Sinai, you know, Florida, Duke as an example, that it really validates what our hypothesis was going in was, which that if you can get if you can help to to cease bleeding earlier on in a clinical event, whether it’s high risk OB trauma, CV surgery, whatever the case might be, that would have an absolutely visceral immediate impact on the clinician. She or he would understand the value and importance they would advocate for the product. In addition, given some of the dynamics of the product, we knew we could garner a material reduction in wastage because, you know, use it for five days, which we’ve certainly seen nonclinical decision makers, purchasers, administrators, financial types say, okay, that’s a real economic benefit for our institution. So it’s one of those rare situations where you have the win win.

You have the clear clinical utility that resonates with the treating physician, and you have the economic value proposition that resonates with those who are attempting to balance the budget within the hospital. The onus on us, especially at the outset, was to ensure clinical education awareness building. And, you know, that takes up quite a bit of work if you think about the number of, you know, the thousands of hospitals, there are here in the country. That being said, we are now at a point, and I think it was most pronounced when we attended the AABB meeting last October and for the first time presented real world data on IFC and in particular highlighted Washington University Barnes Jewish Hospital went to 100% huge center in the middle of the country. That really resonated.

We saw a tremendous amount of inbound demand post ABB. We’ve always been somewhat measured in terms of making sure demand and supply grow at the same rate. And so but as we start this calendar year and part of what informed our guide is we have good line of sight to continue strong growth in that franchise. We’ll need to continue to be vigilant about increasing manufacturing capacity. And as Kevin mentioned earlier, we’re transitioning from selling that product directly to hospitals to selling kits to blood centers who then sell the finished good into the hospital.

But all of those, I mean, it’s always a, you know, sort of a bit of a balancing act, but things appear to be going fairly well here as we move into the back half of the first quarter, actually the back third.

Josh Jennings, Analyst, TD Cowen Medical Devices: Awesome. And just two quick follow ups on quick, but just two follow ups on IFC U. S. IFC franchise and the potential to expand internationally. But one, I mean, is there a timeline where investors should think manufacturing will be at the level?

Or is it more you I mean, I think you may have just addressed it in your last answer. You guys are going to continue to build out manufacturing, your transition to blood center manufacturing, you guys supply kits. But I guess and that will go at the pace of adoption?

Vivek Jayaraman, COO, Saris: Yeah. I mean, I think that, you know, we’re we have we announced, I think, at the end in the fourth quarter that, our production part a couple of our production partners have received approval for their biologics license application, right, which enables them to transport product across state lines. Because a dynamic that was in place for a decent part of ’24 was that we would have a hospital in a state that would articulate an interest in the demand for the product, but there wasn’t a production facility in that same state that was making IFC, so there was no mechanism to get them that product. Those restrictions now are pulled up, especially as one of our higher volume suppliers has received their BLA. I mean, ultimately, when you talk about the full market, you’ll need the country’s largest blood center producing IFC.

They don’t do that yet, but that will come. But we don’t feel like supply will be a constraint to delivering on our growth expectations for 2025. And we’re gonna move like hell to make sure that supply can allow us to unlock even greater, opportunity should demand continue to increase, which is what we’re seeing.

Josh Jennings, Analyst, TD Cowen Medical Devices: Right. And and just the plan for international expansion or ultimately launching IFC in, countries outside The United States?

Vivek Jayaraman, COO, Saris: So as as you can imagine, the more attraction we get in The US, the more success we have. I think I I mentioned earlier that there are, you know, ones in The Middle East that really look to The US as, and and so there there are some potential for international adoption with everything we have on our plate right now between the next generation illuminator launch, continued capture of platelet share both internationally and domestically and then this U. S. IFC business. IFC international expansion isn’t on the immediate horizon, but I can certainly see that being something that we feather into our growth portfolio over the balance of the decade.

Josh Jennings, Analyst, TD Cowen Medical Devices: Another layer of growth that’s on tap is the INTERCEPT red blood cell offering, and you guys have been working methodically through the European regulatory process with some stops and starts, but you’re on the cusp. Maybe just review, one, any updates to timelines, and then and then, two, just your outlook in terms of the, ultimately, the international launch of intercept RBCs and and any pent up demand that you can you can share.

William Obi Greenman, CEO, Saris: So the INTERCEPT red cells is an important product to complete the portfolio. It’s the largest TAM that we have, you know, sort of the the highest volume blood component that’s transfused in the hospital. And, clearly, our existing customers in Europe are interested in, you know, sort of having the complete portfolio safeguard the blood supply. So it is has been a priority for, you know, a long time at Syrris to get that product across the goal line. We had a hiccup last year, as you refer to, going through the MDR process.

And plus early eleventh hour, our competent authority, you know, decided that there was some disagreement around how to characterize the impurity profile, in the the medicinal substance, which was what they were reviewing. And to remind you all, the the, the process is you go through the comp, notified body. They review all the dossier, and then it gets transferred to a competent authority to review a substance, you know, basically a drug. And there’s new ICH M7 guidelines that exist for all pharmaceuticals, and this that’s where we’re rolled into that, looking at the impurity profile and how you characterize that. And so this is something that, you know, we had ongoing discussion with them, but with a single cycle review process.

And then

Vivek Jayaraman, COO, Saris: at the eleventh hour, as

William Obi Greenman, CEO, Saris: I mentioned, they sort of said, well, we disagree on how you’re classifying this this compound. It was a discussion we have with multiple other regulators, including the FDA, that said, you know, sort of agreed with our position. But needless to say, so that led to, you know, essentially a negative opinion. So we’re going back and looking or in discussions with our notified body, TUV, to outline the pathway forward for a refile, and that will be happening sometime this year. We clearly are focused on this, and once we have clarity on the timeline, that’s when we’ll discuss it more openly.

But I think there’s an ongoing need for the product. We believe it’s an approvable product. And then I think last year you also saw the readout of The U. S. Phase three recipe study in cardiovascular surgery patients showed there was no difference from a non inferior endpoint between test and control red cell.

So that was a really important clinical study outcome that leads to an ultimate PMA. We plan to start filing in 2026 after the completion of the Phase three RETA study this year.

Josh Jennings, Analyst, TD Cowen Medical Devices: Maybe we can just review the global TAM, for for INTERCEPT red blood cells and, and just, maybe at ABB, I mean, we’ve captured on on the periphery just over the years increased enthusiasm, by the by the physician community and American Red Blood Cell exec American Red Cross executives as well, about, INTERCEPT red blood cells with clinical value proposition. So maybe just share with us some of the the the pent up demand that’s building and, and how you would you would classify it.

William Obi Greenman, CEO, Saris: Yeah. I think once you have pathogen activation for platelets plasma and IFC like we have today, sort of the logic as well, where is red cells? And does this allow us to fundamentally revisit the safety paradigm for transfused blood components? And so what comes with that is can you remove certain tests? Like Babesia testing here in Northeast is a big problem as far as donor deferrals.

Malaria is another one. If you’re traveling to a country that has endemic malaria, you’re not allowed to donate blood for a period of time after that. There’s a lot of other donor deferrals that, you know, with with a intercept red cell approval that would really allow more donors to come into the blood supply. So that’s, you know, foundational for blood centers who are trying to bring donors in and maintain the blood supply. And there’s a really important segment, which is the irradiated, red cell segment of of of, the red cell transfusion market.

And red cells are radiated today to prevent what’s called transfusion associated graft versus host disease. It’s basically you’re inactivating the white cells in a transfused red cell product so it doesn’t attack the recipient. The white cells from the donor don’t attack the recipient. And in order to address that today, certain countries like Japan irradiate 100% of the red cells because of, sort of the, you know, typical similarities in the population. You know, in other patient populations like pediatric hospitals, really have a concern around pediatric transcription associated graft associated to lower 8100% of the units just so they don’t have to worry about which products went to which patient.

And so we really sort of see an opportunity with our product because it just leads to a better red cell red cell product. The in vitro function of of, intercept red cells relative to gamma rated red cells are are it’s just night and day and ongoing concern about the damage that radiated components cause. So we think that’s a logical segment, you know, whether it ends up being ten percent of the market or 20% or in certain markets like I mentioned 100%, you know, how do we sort of show the value proposition there? So, you know, I think we’ll work through it. I mean, as you said earlier, this is not a field that moves quickly, so they will be very focused on real world experience.

And I think, fortunately, we have, you know, a lot of funding historically from, US BARDA to support the ongoing collection of that data so that this technology is a safeguard for pandemic preparedness as you look at, emerging infectious disease.

Vivek Jayaraman, COO, Saris: Yes.

Kevin Green, CFO, Saris: So, we of all our products, it’s roughly a $7,000,000,000 TAM, $5,000,000,000 of that’s RedCell. So segmenting it to 10%, it’s still it’s a pretty good

Josh Jennings, Analyst, TD Cowen Medical Devices: Absolutely. I think just this discussion just can highlights the numerous layers of growth that you guys have in store, everything from continued penetration of The U. S. Platelet market, OUS regional expansion. And for INTERCEPT platelets, you got IFC in The U.

S. With the long runway, potentially even IFC internationally and then this massive US sorry, global intercept RBC opportunity. So we’re looking forward to tracking you guys for years to come and you guys are likely to post continued strong growth. So great to have you guys out East and great to see you in person.

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