10-K · March 2, 2026
Cerus reports revenue momentum in 2025 with total fiscal-year revenue of $234.0M (Q1 $49M; Q2 $60M; Q3 $60M; Q4 $65M) and stable gross margins (~59.9%). Operating performance improved materially (FY operating margin…
Earnings analysis · 10-Q
CERS earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Cerus Corporation's Q1 2026 report reveals a revenue of $59.9 million, exceeding estimates of $51.2 million and an EPS loss of $0.01, surpassing an expected loss of $0.03. The report also includes raised full-year…
Read full summary
Cerus Corporation's Q1 2026 report reveals a revenue of $59.9 million, exceeding estimates of $51.2 million and an EPS loss of $0.01, surpassing an expected loss of $0.03. The report also includes raised full-year product revenue guidance to $227-$231 million, up from a previous range of $224-$228 million, showing optimism for growth despite ongoing challenges in the regulatory landscape and high operational costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.01
What stood out
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Revenue Surpassed Expectations
Q1 2026 revenue was $59.9 million, exceeding estimates of $51.2 million, marking an increase from $48.8 million in Q1 2025.
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EPS Better Than Consensus
Reported diluted EPS loss was $0.01, better than the consensus estimate of a $0.03 loss.
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Raised Revenue Guidance
Full-year product revenue guidance increased to $227-$231 million from $224-$228 million.
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Increased Cash Reserves
Cash and cash equivalents increased to $27.9 million from $20.0 million the prior quarter.
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Decreased Interest Expense
Interest expense decreased to $1.872 million from $2.110 million in Q1 2025, reflecting a decline in financing costs.
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Growth in Product Revenue
Product revenue rose to $53.7 million from $43.2 million year-over-year, primarily driven by increased sales volumes.
What to watch
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Dependency on BARDA Funding
Future funding from BARDA is uncertain; if funding is reduced or terminated, it could hinder product development activities.
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Regulatory Approval Risks
Challenges with the regulatory certification of the red blood cell system could delay commercialization and increase costs.
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Supply Chain Vulnerabilities
Reliance on sole suppliers for key materials poses risks of disruption; recent market volatility may exacerbate this.
Management's outlook
Full-year 2026 product revenue guidance raised from $224 million - $228 million.
Earlier filings 4
10-Q · November 6, 2025
Cerus reported total revenue of $60.237M in Q3 2025 (product revenue $52.698M; government contract revenue $7.539M), up vs Q3 2024. The company recorded operating income of $1.236M (vs an operating loss of $0.961M a…
10-Q · May 1, 2025
Cerus reported Q1 revenue of $43.239M (product $43.239M; government $5.614M) — up year-over-year but below consensus — with a net loss of $7.718M (EPS -$0.04). Gross profit on product revenue was $25.424M (gross margin…
10-K · February 26, 2025
Cerus describes a focused commercial strategy to expand adoption of its INTERCEPT Blood System for platelets, plasma and cryoprecipitation (commercialized in the U.S. and multiple international markets) while continuing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.