Financial Data and Key Metrics Changes - The company reported product revenue of $52.4 million for Q2 2025, representing a 16% year-over-year increase [22][28] - For the first half of 2025, product revenue increased 15% to $95.7 million compared to the same period in 2024 [22] - Non-GAAP adjusted EBITDA for Q2 2025 was $935,000, marking the fifth consecutive quarter of positive adjusted EBITDA [28] Business Line Data and Key Metrics Changes - IFC revenue for Q2 2025 was $5.6 million, up from $2 million in the prior year period, with strong demand driving growth [24] - The core platelet franchise continues to be a key revenue driver, with increasing adoption of pathogen-reduced platelets in the U.S. and international markets [9][14] - The INT-two 100 illuminator was launched, receiving positive feedback and contributing to product growth [10][15] Market Data and Key Metrics Changes - North American product revenues increased 17% year-over-year in Q2 2025, while EMEA product revenues rose 21% [23] - Canadian Blood Services transitioned to 100% routine use of INTERCEPT platelets, and growth was noted in the Middle East [15] - The company is addressing regulatory requirements in China to strengthen its market position [16][17] Company Strategy and Development Direction - The company aims to transform blood safety and availability through its INTERCEPT product portfolio, with a focus on expanding its market presence [6][31] - The anticipated regulatory approval of the INTERCEPT red blood cell program in Europe is expected to enhance customer relationships [32] - The company is committed to achieving positive non-GAAP adjusted EBITDA for the full year 2025 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the full-year 2025 product revenue guidance due to strong customer demand [7][31] - The company remains mindful of macroeconomic and geopolitical factors but believes its value proposition and pipeline position it well for future growth [20] - The strong commercial results and product development progress indicate a sustainable growth trajectory [20][31] Other Important Information - The company received a $7.2 million award from the U.S. Defense Department for a study evaluating the utility of early IFC in trauma patients [12] - The company ended Q2 2025 with $78 million in cash and equivalents, slightly down from $80.5 million in the prior year [29] Q&A Session Summary Question: Revenue guidance for the year and expected cadence - Management expects continued growth in the back half of the year, with a flattening from Q2 to Q3 due to seasonal factors and deferred revenue recognized in Q2 [35][36] Question: EU red blood cell opportunity and TAM - The expanded CE Mark submission allows access to all patient populations, reducing initial limitations and opening up new opportunities [37][38] Question: Key drivers for IFC guidance and quarterly cadence - The strong pipeline of new hospital customers and increased supply position are expected to drive growth, despite some backlog being cleared in the first half [42][44] Question: Operating expenses and investment growth - The increase in operating expenses is primarily due to government contract activity and cost of living adjustments, with no significant one-time expenses [45]